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Public Accounts Committee: Business of Committee (10 Dec 2015)

John Deasy: I agree with the Chairman. It is ironic that a week after the Secretary General of this particular Department talked about any further pay increases or promotions being based on productivity as opposed to longevity, we are still dealing with these kinds of issues. On the one hand, there is an aspiration to become like the private sector in some respects, but the reality is there is no...

Public Accounts Committee: Business of Committee (10 Dec 2015)

John Deasy: It is unusual for us to find a State agency which does comply with the procurement process.

Public Accounts Committee: Business of Committee (10 Dec 2015)

John Deasy: Our experience over recent years is that it is the exception to the rule, to be honest. We are becoming desensitised to the non-compliance.

Public Accounts Committee: Business of Committee (10 Dec 2015)

John Deasy: We have dealt with Mr. Robert Watt who, when it comes down to it, with the Office of Public Procurement is the top echelon as far as public administration is concerned. We then deal with the Department of Education and Skills underneath that when it comes to procurement and compliance. The Comptroller and Auditor General has been dealing with this for years. The Chairman asked Mr. Watt...

Leaders' Questions (3 Dec 2015)

John Deasy: There is a lot of wind from over there.

Public Accounts Committee: Business of Committee (3 Dec 2015)

John Deasy: The plans for 4 February 2016 are quite ambitious.

Public Accounts Committee: Business of Committee (3 Dec 2015)

John Deasy: I was contacted this morning about the Conal Devine report into allegations of abuse of foster children. It seems that the HSE still has not released the sections of the Conal Devine report as directed by the Office of the Information Commissioner. The eight-week appeal period expired over a week ago. I think it expired on the 24 November or 25 November. This really flies in the face of...

Public Accounts Committee: Business of Committee (3 Dec 2015)

John Deasy: The Information Commissioner should express his view on this delay as well. If he makes a direction, examines the issue and comes to a conclusion, he has a role in terms of expressing a view on withholding it as well. He should do that.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: I will come back to IBRC in a moment. The officials are all very welcome. May I ask about the general issue of tax inversions and where we stand as a jurisdiction? As the officials are aware, Pfizer and Allergan have effectively created the largest pharmaceutical company in the world which will now have its headquarters in Dublin. The estimates with regard to tax windfall vary but it is...

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: We are talking about Pfizer, a $160 billion company that was paying tax at 35% in America, which is the highest corporation tax rate in the world. The reason that it comes to Ireland is because of the 12.5% tax rate. The estimates I have seen of the tax payable by the company to the Irish Exchequer range from €400 million to €600 million per year.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: I agree with Mr. Moran. The United States tax rate is 35% and this is more to do with its repressive corporation tax regime than with our low corporation tax rate at 12.5%. That is their problem. If companies make these decisions they have to be a bit more inward looking with regard to how they treat the taxation of those companies and why they are leaving. If there is a choice between...

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: Has the Department been contacted by the United States Treasury?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: Beside what the Minister has said, that there are negative connotations around this issue with companies leaving jurisdictions like the US and coming to Ireland, I have no great difficulty with this if it is as Mr. Morgan said in respect of factors such as push versus pull. We have become too sensitive about the Irish corporation tax regime, as the issue has more to do with the regimes in...

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: Has Mr. John McCarthy any information on the matter?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: Does it account for the bump in the-----

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: That surprises me. I have rough figures in my head on what these companies were worth, what they paid in tax and what they will pay in tax here. The reason they came here was to pay tax here. That is a very considerable amount of money. How could Mr. McCarthy say that?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: The answer-----

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: They may not have figured it out properly. Is that what Mr. McCarthy is saying? Its negligible or not-----

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: Yes, I get that.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John Deasy: I understand but surely there is a windfall for Revenue. Is the Department of Finance saying that there is not?

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