Results 6,801-6,820 of 32,527 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Next year, the Government will invest €4 billion in the delivery of more homes in our country. We will invest €2.6 billion directly through the Exchequer and a further €1.5 billion through the Land Development Agency. The funding we have, in current terms alone, for responding to our housing needs is €1.4 billion. What is that leading to? This year, it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will make a few brief points in the same spirit as Deputy Doherty. He made his points quickly and I will do the same.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Regarding the first set of questions that the Deputy put to me, I have no current plans to travel to meet such investors. I will put a question to the committee - if a group of businesses or a business is interested in building homes in Ireland, are we getting to a point in this debate where Sinn Féin is saying I should not meet it? If Deputy Doherty has the privilege of being Minister...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I am giving the Deputy a response.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: The Deputy is well able to use a bit of rhetoric himself,-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: -----so just allow me to make a few points in return. It is a little rich for the Deputy to accuse me of using simplistic arguments or figures to make a case. I will turn to his argument on REITs and IREFs, but I will first welcome his acknowledgement that these entities play a role in purchasing-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Let me finish, please. They play a role in purchasing apartments up front. The Deputy said that. What that enables developers to do is to have confidence that they have already pre-sold a certain share of the apartments they are going to build. That gives them the confidence they need to build the overall development. This is not an ideological view. Rather, it is the reality of what is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: -----that are capable of providing the investment and credit that we will need to build more homes. I will turn to the Deputy's point on mica, which I want to discuss. If I decide to meet those who have been affected by this awful plight, it will not be because of the political points that the Deputy is making at this meeting. It will not be because of the cheap juxtaposition that he is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: With regard to the final point the Deputy made on Northern Ireland, I am well aware of the responsibilities and differences between myself and the Minister of Finance, Mr. Murphy MLA. I am well aware of the starting point and the differences between housing prices in the North and here. I did not suggest the starting point was the same at any point. I simply said similar trends are on the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 33: In page 45, line 13, after “exercise” to insert “, directly or indirectly,”. I am introducing two amendments to section 30, which are technical amendments to correct a drafting error and to ensure the correct terminology is used in the legislation. The purpose of the amendments is to ensure the section operates as intended. They do...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 34: In page 49, to delete lines 11 to 15 and substitute the following: “(i)is a common contractual fund, all obligations falling on the common contractual fund pursuant to this Part shall be fulfilled on behalf of the common contractual fund by the management company who is authorised to act on behalf, or for the purposes, of the common contractual fund and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 35: In page 50, to delete lines 10 to 15 and substitute the following: “ “(iii) under section 835AAE for total spare capacity (within the meaning of Part 35D) arising to the company in an accounting period beginning before the change of ownership for any accounting period after the change of ownership.”.”. I am introducing several...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will try to deal with the different questions put to me by Deputy Farrell. On the question regarding the orphan structure and the stand-alone company, as the committee will be aware, an orphan company is a company that is bankruptcy remote. This means that in the event of a bankruptcy, the assets of the securitisation company are ring-fenced against the liabilities of that company. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: On the question regarding the financial instrument, if it was issued before that date and unchanged, it would be exempt. After that date, if the terms are changed in any way, it would then be subject to this new rule. On perpetual bonds, they do not fall into this legacy exemption. As milestones for drawdown must be included in the terms of the bond, they do not fall into this exemption....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yes, it is that directive. The anti-tax avoidance directive, or ATAD, provided for a general transposition date of 1 January 2019, but it was also specified that where member states had pre-existing rules relating to interest deductibility that were equally effective at preventing BEPS risks, implementation could take place up to 1 January 2024. My view, which is supported by the analysis...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: It is important to put our efforts on ATAD transposition into context. There were many other elements of the ATAD that were equally important and that Ireland fully delivered on time, for example, changes with regard to exit tax, control of foreign companies, hybrids and the work we have under way in this Finance Bill with regard to reverse hybrids. It is the case that while we delivered...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: That is the key issue I am aware of. If any other issue has been raised that is of equal importance and which I am not aware of, I will share it with the committee. That is the key issue that was raised.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 36: In page 53, to delete lines 21 to 26 and substitute the following: “(v) such portion of the profit or loss on- (I) a financial asset (within the meaning of section 76B), or (II) a financial liability (within the meaning of section 76B), the coupon or return on which principally comprises interest or one or more of the amounts referred to in this...