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Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: Does that mean it does not come up for them, even if there is a hole in the pension fund?

Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: Chairman, I have two more questions, and I promise I will finish then. The Comptroller and Auditor General has given the University of Limerick a clear audited opinion, but obviously Deputy Cullinane and others have serious concerns about Limerick. Was this an exceptional year, where everything was tickety-boo?

Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: Are we going to have meetings about that? Okay.

Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: I see here that the health and social care professional council promotes standards of professional education, training, competence and so on. It is a clear audit opinion, but it states, attention is drawn to the non-recognition of pension costs and liabilities.

Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: Can the Ministers of various Departments do that?

Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: When An Post was in some time ago, I asked for a schedule of Prize Bond winners over the past 20 years. An Post said no problem. None of us knows anyone who ever won it. Has any correspondence come back on this? If not, we might request it.

Public Accounts Committee: Business of Committee (22 Feb 2018)

Marc MacSharry: I have to leave now but I will be back for my slot at 2.30 p.m.

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: Thank you, Chairman. I will not be using my 20 minutes and I will be happy to cede time to my colleagues. I thank the deputation for coming in. Following our queries last week, the Revenue Commissioners sent a detailed note to us and I thank them for that. It is an example for other Departments and State agencies in terms of how they could to respond to and respect this committee in the...

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: You will stop me, Chairman, if I stray into any areas that I should avoid.

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: You will be, Chairman. I will start with a basic question. We often hear the term "aggressive tax planning" in media and from commentators. Is that a term used by the Revenue?

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: I understand that. The term is used by the Revenue Commissioners. Is it fair to say, or otherwise, that it would tend to be used to denote non-compliance?

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: It means not paying tax.

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: If company A used the law to the nth degree to minimise its tax liabilities, would it be described as aggressively planning?

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: I was not here this morning. It is a self-generated question.

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: So be it. Another thing we hear about frequently in media is brass plate companies. It would be an interesting point for Mr. Cody to tease out for the viewers at home. What is the understanding of brass plate companies? I am not a tax consultant or anything like that. To me a brass plate company is where someone puts up a brass plate inscribed with Joe Bloggs Limited, but that is it.

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: I wish to make a couple of points on Apple to understand how we approach things, if that is possible. Again, if I am straying into territory that is not permitted, stop me, Chairman. Have we the €13 billion in an escrow account yet?

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: I simply decided to check because I am sure some of the Revenue Commissioners representatives know.

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: Is there any indication of the amount this has cost us so far?

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: What is the outlay so far in this process?

Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed)
(22 Feb 2018)

Marc MacSharry: Is it planned that the fund will be self-financing when it is operational?

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