Results 7,021-7,040 of 32,527 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: Iwill deal with the different points put to me. I will begin with Deputy Farrell’s amendment. The reason I am not in a position to accept the amendment from the Deputy is that I anticipate that the further information we will need to be able model the impact of the OECD changes on our corporate tax revenue will not be available to us until the second quarter of next year at the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I dealt with a number of the issues that have been raised by Deputy Conway-Walsh in the exchange of views I had with Deputy Farrell. I will return to some of the further points that were made by Deputy Boyd Barrett. I want to emphasise the point I made earlier. According to the Deputy's argument, looking at the total amount of tax that is paid on the return from labour income, and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I will tell the Deputy what he and his relative will need to do in order to be consistent with the world of transfer pricing that we are talking about. The good idea that the Deputy's family member comes up with will need to be registered and they will need to have a patent. It will need to be properly valued. They will probably need to employ an accountant to do that. I hope that will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: That could be a delicate discussion-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: -----which is one, I think, the Deputy is best placed to have. The Deputy can tell his mum that if her idea-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I am monetising them. If the Deputy's mum has a good enough idea, that is the model for it. While I make the point to the Deputy flippantly, it should be said that many family businesses operate on similar principles. I will leave it at that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: On the question about how many properties this has brought back into use over recent years, in 2017 it was 1,225 and in 2018 it was 2,115. It was just over 3,330 properties brought back into use. That is over 3,000 tenants and their families who are now in refurbished rental accommodation that was not available to them before the landlord made use of this allowance. In terms of what the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: A business may claim capital allowances on capital expenditure it incurs on certain types of business assets. Section 284 of the Taxes Consolidation Act 1997 provides for capital allowances for wear and tear of plant and machinery to be taken as a deduction for tax purposes. In general, such capital allowances are claimed at a rate of 12.5% annually, over eight years. Data centres are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I move amendment No. 29: In page 29, to delete line 29 and substitute the following: “ “(d) where section 502(2)(b) applies, the date the conditions set out in section 508B(4)(a) are satisfied.”,”. Amendments Nos. 29 and 30 are purely technical in nature. Amendment No. 29 corrects an error in relation to the reporting requirements for investments made after...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I move amendment No. 30: In page 32, between lines 30 and 31, to insert the following: “(2)Paragraphs (e)(ii)(II), (e)(iii), (f), (g), (h)and (i)(ii)of subsection (1) shall have effect as respects shares issued on or after 1 January 2022.”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: On the Deputy’s first question, which relates to the ability of investors to access the scheme itself, we are proposing that we will allow a qualifying company to repay, redeem or purchase share capital from an individual who has made investment in multiple years where some of those investments are no longer within their compliance period, but for other EII investments that are within...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I am very familiar with the Deputy’s questions on orphan structures at this point. I must find out at another point what they did to provoke such a long-standing interest.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I am sure they are. Dealing with the rationale for what we are doing, the committee may recall hat last year I brought forward some amendments to transfer pricing and these garnered quite a reaction. It became evident that legitimate business activities that many Irish companies are involved in were going to get caught up in the sweep of changes that we were looking to make and that was not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: Sure. In my own efforts to understand this issue - it does require some effort because this is far from clear - I spent a significant amount of time with my officials seeking to understand it. What we have done for the benefit of the committee is that we have prepared a couple of real life examples so that members can fully understand it. I can circulate these to the committee so that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: If they thought the issue of loyalty between you and your mum was complicated, wait until they consider this. An example is where transactions are structured in such a way that there is a benefit to be gained by mismatching the two different corporate tax rates we have. I am conscious that might not make it an awful lot clearer, but a few moments reading this note - members may do so now or...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: When we are debating the role of REITs and IREFs, it is important to embed the debate within the overall Government policy with regard to housing, which is one of investment and planning for all forms of housing. As for where we are at the moment, we have invested €4 billion in the Housing for All plan for next year. That €4 billion fund and investment will be used to build a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: In advance of this measure coming to an end next year, we would conduct a full review. We are going to do it and we will ensure that any ideas that the Deputy brings forward, which I think he has already done-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: We will not deal with this in three minutes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: No problem. We can circulate them to the committee and maybe find a way of returning to the issue tomorrow. Obviously, we will be able to return to it on Report Stage. To give an example of the kind of things that could be in play here, it could be where a leasing agreement inside a company is structured in such a way that it is allowed to benefit from the mismatch between the 12.5%...

Written Answers — Department of Finance: Insurance Coverage (11 Nov 2021)

Paschal Donohoe: At the outset, it is important to note that neither I nor the Central Bank of Ireland have any influence over the pricing or provision of insurance products, as this is a purely commercial matter. This position is reinforced by the EU legislative framework for insurance (the Solvency IIDirective). Having said that, the Government is acutely aware of the concerns felt by many sectors,...