Results 7,541-7,560 of 36,188 for speaker:Pearse Doherty

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: I thank the witnesses for appearing before an coiste and for the three presentations. I will start with the research and development tax credit, the larger of the three being discussed. All members of the committee recognise the importance of developing innovation, high productivity and a high-wage economy, and the importance of research and development in that regard and in fostering...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: The principle of having an enhanced tax credit for small and micro businesses was not an issue for the Commission. It just needed to be targeted. That is a positive step.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: That takes me to the next point. Why do we not disentangle them? Why do we not have a separate research and development tax credit using the definitions the Commission is asking us to use in regard to having a targeted, state aid approved support package? We could have two separate applications and a micro business could apply to either, technically. Why do we not do that? You would then...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: Absolutely.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: I understand Ms Donaghy's point. By excluding businesses you make the main tax credit a targeted credit and therefore it needs state aid approval as well. Why would you have to go down that road? Why can you not have in legislation that if you claim the micro, enhanced, targeted credit that you automatically rule yourself out of the main credit? Therefore it is not targeted because it is...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: The good news is, it is not dead in the water as a policy. It is just a case of time, resources and being able to look at another track.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: Is there any likelihood of something appearing in the finance Bill this year in regard to it? The heavy lifting is done to a certain degree.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: Okay, and Ms Donaghy will probably put the paper in front of the Minister.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: That brings me neatly on to the second issue which we have been raising for many years as well, that is, the problems faced by indigenous small and medium enterprises, SMEs, which is the over-burdensome procedure in regard to the credit. Many SMEs do not have access to the large accountancy firms. It is acknowledged that the process in Britain and in the North is much simpler and less risky...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: That is helpful. The key finding from UCD and what we hear from SMEs all the time is that this was designed for FDI, that is, it was to design an R&D tax credit for SMEs in terms of the application process and the reporting process. We all recognise the importance of FDI and the R&D tax credit, which need to be maintained, but we have two different and completely unequal systems for...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: I appreciate that. Another question on this area that we have been putting forward is in regard to the timeframe in which the credits can be drawn down. Ms Donaghy mentioned 33 months whereas we would argue that should be available in one instalment in 12 months. Again, there is a cost to this but it is a cashflow cost because these are being paid out anyway. As we are supporting...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: The activity happened in year one because the credit was realised in year one. The only thing is that it is not being fully realised or cannot be drawn down for up to three years, which, for a company that is emerging or growing, is a big issue in terms of cashflow. Obviously, it is not able to draw it down because it would not have the corporation tax liability, so we are not talking about...

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: It is only €25 million, which is small in the context of the amount of corporation tax we are receiving, and it is not a cost and is only a cashflow issue.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: I think the cost we got was €25 million but I can come back on that. One other area I want to touch on is the knowledge development box. The surprising figure is that only 17 companies are availing of this. Can Ms Donaghy give us any indication in regard to FDI versus SME or indigenous companies? There is a crucial question I would ask in regard to the knowledge development box....

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: It halves it, yes.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: Yes.

Committee on Budgetary Oversight: Tax Expenditures Review: Discussion (22 Jun 2022)

Pearse Doherty: I thank the officials. I appreciate the responses.

Written Answers — Department of Transport, Tourism and Sport: Driver Test (21 Jun 2022)

Pearse Doherty: 147. To ask the Minister for Transport, Tourism and Sport if a Cat D driving test will be expedited for a person (details supplied); and if he will make a statement on the matter. [32398/22]

Written Answers — Department of Transport, Tourism and Sport: Tax Data (21 Jun 2022)

Pearse Doherty: 149. To ask the Minister for Transport, Tourism and Sport the estimated first and full-year cost of equalising quarterly, half-year and annual payment costs of motor tax equal to the annual payment cost. [32479/22]