Results 7,061-7,080 of 32,527 for speaker:Paschal Donohoe

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: It is very difficult to say if it will increase at all after seven years. It is difficult for me to give a forecast on that. If it does increase further I would expect it to be an incremental increase as opposed to an increase of multiples.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: We do not have any revised figures on the revenue loss. We are currently engaged in 11 days of meetings on the technical nature of the agreement on the rate. I anticipate that, at the end of this year and early next year, a huge amount of technical work will develop within the OECD on the reallocation of taxing rights. The point at which I can offer a revision of the revenue impact will be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: The Deputy's logic as regards the pillar relating to the rate is correct. If the rate goes up, assuming no change in our revenue base, that in isolation will lead to higher revenue. That assumption is correct. I have always said that where we will lose revenue will not be on the change in the rate; it will be due to the reallocation of taxing rights. A key issue that I have always been...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: At the earliest stage that I have a figure I am confident I can stand over, I will, of course, share it. For so long we have worked under the shadow of what global tax reform will look like and what impact it will have on our Exchequer. As soon as I have figures that I am confident are robust and that I can share with the Exchequer, we will share them with the Deputy and this committee. I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I acknowledge it is a very significant moment. The European Commission will be bringing forward a directive regarding this change. The reason it will do that is that most of the changes that have been made through the OECD base erosion and profit shifting, BEPS, process have been implemented via a directive. We will have to consider that directive carefully when it is published and I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: To return to the earlier exchange so as to inform the questions Deputy Tóibín will have, I shared the global figures earlier. From a national point of view, out of the 1,500 subsidiaries registered in Ireland, 56 have a headquartered presence here and they are the companies that would be in scope with regard to pillar 2. To deal with Deputy Tóibín's question on how we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: No, I think we would have come to this point anyway. I do not believe it was due primarily to where we are with Ireland’s rate. The evidence for that belief is the fact the OECD process up to this point has not been focused on the rate. It has been focused on other elements of international tax plans, international tax co-ordination and co-operation. The entire BEPS process up to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I certainly know why it is the case. It is the case because some of the larger economies within the G7, which are trying to provide the framework for this to move ahead across the world, had interests in the extractive sector and the regulated financial services sector. Having been involved in this process for over four years, it is one of the catalysts of the process and one of the things...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: That is captured in the figure of €2 billion we have shared to date. The Senator suggested there is a possibility or risk of those assets moving from Ireland. I would not at this point consider that a large short-term risk but it is certainly a medium-term risk. A number of different things could trigger it. It depends on larger economies and their tax treatment of these issues....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: Digital service taxes are off the table at the moment within the EU because of the EU's expectation that the OECD agreement will be faithfully implemented by all those who have signed up to it. As long as there is evidence that is happening, I do not expect to see the issue of digital service taxes come back into credible consideration within the EU. The second point the Senator raised is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: There is an effective tax rate of 15% in each of those jurisdictions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: They will have to pay the minimum effective tax rate in each of those jurisdictions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: If it goes through ECOFIN it has to be done on the principle of unanimity.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: Can I hear the Deputy's last question again? I did not understand it fully.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I will deal with each of the questions in turn. What are the countries that will benefit from this? It would tend to be economies that have a low number of companies headquartered in them, that have large markets in which a lot of consumption would occur and that would have a rate that is higher than 15%. In those circumstances, they will benefit from the reallocation of taxing rights into...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I will now speak about the general scheme of the Central Bank (Individual Accountability Framework) Bill 2021, which was published in July and is currently being drafted. This Bill seeks to ensure greater levels of accountability, leading to better outcomes across the financial sector, and to provide financial institutions with the tools to address meaningful cultural change. The Bill...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: In speaking about it being operational in the early part of 2023, it is because I anticipate it will take time to get the legislation through the Oireachtas effectively and deal with the matters I am sure the Deputy and others will raise with me. In truth, the process of bringing this through the Oireachtas is only a small share of how long it has taken to develop this legislation overall. ...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I am not sure why the Deputy has used the example of nationalising banks overnight.