Results 5,541-5,560 of 33,118 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Countries are free to enter into agreements with other jurisdictions as they see fit. That is the whole point of the BEPS process: that we have common standards in place so there is a level playing field on certain aspects of tax co-operation. What this should look like is that, as more and more countries transpose the common standards as we have done through a multilateral instrument, any...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: If Revenue or I become aware of issues we believe are illegal and inappropriate, of course we will respond to them. Can I guarantee the Deputy there is nothing out there that should be of concern to us? In truth I cannot. Tax planning and tax law are immensely complex areas. However, I will go back to the point I offered a moment ago. The value of the OECD agreement is that putting common...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Of course.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I thank the Chairman for his long-standing interest in this matter. As he has acknowledged, like the rest of its EU partners, Ireland adheres to the one China policy. As a result, we do not have diplomatic relations with Taiwan. However, this does not preclude the development of economic trade relations. Some of my EU colleagues have negotiated a DTA with Taiwan. At present, my...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I am sure I will get a view from my officials in a moment regarding who needs to take the next step and where that stands but, as I said earlier in response to Deputy Doherty, we have priorities as regards who we will conclude DTAs with. The current priority is to prioritise G20 countries first. Given that Taiwan is not a member of the G20, I do not expect we will make any immediate...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: As I said, I am very much aware the Chairman has raised this matter with me regularly. I appreciate the interest he has in it. I understand, from a correspondence point of view with Taiwan, and a tax perspective, we have responded to the different correspondence it has shared with us. A key issue that is still unresolved is how such an agreement could be concluded and signed. I will be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I will certainly take it on board. If the Chair wants to give me the details of his constituent we will contact the person.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: The fine of €96.7 million is the largest fine imposed by the Central Bank with regard to the tracker mortgage issue. The scale of the fine shows how seriously the matter was taken by the regulator. It shows the scale of harm and difficulty caused to many tracker mortgage holders. I recognise the role of the committee in continuing to give this matter the prominence it deserves. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: The Deputy knows, though, that part of the limitation I have as a shareholder is that I cannot get involved in commercial decisions. Deputy Doherty knows this.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: No, I listened to the Deputy and I ask him to let me finish.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I ask the Deputy to just let me conclude. The Deputy knows that as a shareholder I cannot and do not get involved in commercial decisions. All that being said, what happened with the tracker mortgage issue was an absolute scandal. I used that word when the scale of harm involved for so many became apparent, not just to those families and people affected but to this committee and to me....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I play a role in that at the AGM.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: That is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: The issues we are discussing were instigated and are primarily the responsibility of the management of the bank. That has been made clear by the regulator. I have reappointed the directors that have been in place in AIB. I believe they have performed their functions well and I supported them at AGMs. Those who were at the heart of the scandal we are referring to were those who were...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I will have to get that information for the Deputy. In fairness, I came to the committee to discuss the double taxation agreement, but I did of course say I would take any questions the committee wished to put to me, which I always do. I will get the information Deputy Doherty wants.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I hope it will be next week. We have just accepted an invitation from the Committee on Budgetary Oversight for Thursday next. We will need to have it published by then.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: We will definitely get back to the Deputy on those matters. It shows his prominence and seniority within the Oireachtas that other Members make representations to him about issues such as this. I can only imagine worried colleagues coming to Deputy Durkan to express concern about the absence of an ATM in Leinster House, because they know there is no better man than the Deputy to raise the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Well, there we go. The three banks - Bank of Ireland, AIB and Permanent TSB - should absolutely come before this committee to answer questions with regard to their work. With regard to the shifting over of accounts and how that is going, I will certainly furnish to the committee details of the engagement that I, my officials and the Central Bank have had with the banks that are leaving and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: However, I will get the information and I will write to Deputy Durkan with it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: It is clearly understood that the ability of America to move forward on both pillars is an essential element of what this will look like. I will emphasise another point on where we are. It is my strong view that if this OECD agreement does not move forward, our country will be presented with a whole other set of risks and challenges. In the absence of the OECD agreement, the risks of...