Results 43,141-43,160 of 46,267 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 40: In page 38, line 34, after “writing” to insert “at the time the return to the Collector-General is made”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 41: In page 38, line 41, after “the” where it secondly occurs to insert “fund”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 42: In page 39, line 4, to delete “in section 787R(3D)” and substitute the following:“a notification referred to in section 787R(3D) (in the circumstance referred to in section 787R(3E))”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I am informed that approximately 90% of AMRFs are valued at less than €250,000. While this might seem like a lot of money, in the case of an individual retiring at the age of 60 or 65, it is clearly not because the money may have to last both the individual and spouse or partner for a period of time of 25 years or more. The Finance Bill amendment reduces the imputed AMRF distribution...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: We do not have that information because we are not given that information. The Revenue inform me that there is very little tax coming in with regard to the imputed distribution so therefore, people are drawing down and paying tax on it. I do not have the data the Deputy is seeking.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The concern is that these funds will run out because people are living longer. It is designed to slow down the process to ensure a pension pot lasts longer. The current imputed distribution rate of 5% per annum applying to AMRFs invested in PRSAs with assets of €2 million or less is higher than the current yields or interest rates paid on most single or joint life pension annuities...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 18: In page 29, line 21, to delete "on 1 February of the tax year" and substitute "at the time of the payment or transfer".Section 17(2)(b) amends the approved minimum retirement fund, AMRF, provisions in the Taxes Consolidation Act 1997. The change allows the beneficial owner of an AMRF to draw down up to 4% of the value of the assets each year. Heretofore, the capital...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 19: In page 30, to delete lines 19 to 23 and substitute the following:" " 'fund administrator' means a qualifying fund manager of an approved retirement fund or an approved minimum retirement fund or the PRSA administrator of a vested PRSA (within the meaning of section 790D(1)), as the case may be, (in this definition referred to as the 'fund') the beneficial owner of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: That is correct.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I am happy to do so.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I am not passing the buck but much of what the Deputy referred to is under the remit of construction employment contracts. I accept Revenue has a role to play, although it cannot be all of the solution. I would argue that in terms of the example the Deputy has given of people being paid in brown envelopes in pubs, this sort of provision will disincentivise that. We want a situation where...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Less risky in terms of the chances of one actually paying one's taxes. It is a judgment that Revenue makes. I outlined in my speaking note, which I know was quite technical, the position on people who are registered and known to Revenue versus people who Revenue do not have any knowledge of. It is a technical change. I appreciate it is an important change but this principle already...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: It is not a panacea for everything but it is an honest effort to improve that situation.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Revenue will not be seeking recourse to the individual who made a donation in good faith. I am happy to clarify that. It is not a case that if one made a donation to a charity, presuming it was still a charity, Revenue will come knocking on one's door. That is not the case. I will outline for the Deputy the effect of this section. The amendments being made apply only to approved bodies...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Donald Trump is not a little guy.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: We do. I cannot let the Deputy's comment stand. The tax system in Ireland has many complexities. I argue, and the Deputy will disagree with me, that the Government has taken measures in the budget to improve the lot of everybody paying income tax and USC. If we want our small open economy to prosper we must keep trying to attract key decision-makers. They do not pay tax here because they...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I am pleased to do so. The provision is another attempt to align what we are doing on the tax side in terms of support for businesses wishing to look at exporting and spending time in emerging markets. We are aligning the list of countries that are eligible, under this initiative, with the integrated plan for trade, tourism and investment by the Department of Jobs, Enterprise and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: For three years I have tried to convince the Deputy to agree with me on an issue so let us give it a go. Much of what the Deputy referenced relates more to the Construction Contracts Act than to the tax side and, therefore, it would be important to get that Act implemented. Responsibility for the Construction Contracts Act has been given to the Minister of State at the Department of Jobs,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: This is the joy of tax. Where a withholding tax should have applied to the payment, this is not available as a credit to the subcontractor as the subcontractor received the payment in full without the operation of the relevant contracts tax but the principal is liable for the RCT which should have been deducted from the payment. In addition, the principal contractor is liable to a penalty...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: There is no specific job creation requirement under this legislation. The point, and I have raised it with Deputy O'Donnell and others already, is that it brings key decision makers and those with key skill-sets to Irish boardrooms and to companies based here, so that it better positions Ireland and also multinational companies based in Ireland or with operations in Ireland to attract...