Results 8,661-8,680 of 33,175 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I am not sure how Deputy Doherty can derive the analysis of spectacularly failing in any way given that other finance ministers will make a decision regarding what is in the interests of their people and economies. That has what has happened with more than 130 countries. I can engage with them. If we are going to recognise that I have a prerogative here I also have to recognise that other...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: There will be an opportunity to form a view in October regarding where that process stands. If the Deputy is still where he is now at that point, he will be able to form a view on it as well when we get to October. Of course I am aware of the commentary about Ireland, as I have been for a number of years. I have always made the case that we have made far more positive and proactive change...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I assure the Deputy that we very much have our act together, to use his language, with regard to what we are doing. That is seen, for example, in the number of homes that are being built directly by local authorities, through the Government, throughout the country. Given the importance of laying out our budgetary framework, there is a great deal of engagement going on at the moment in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I thank the Deputy for his questions. The measures we have brought forward aim to make progress against some of the issues he raised. In particular, on the issue of evasion or aggressive tax planning opportunities, there are two aims of the changes we are making that are relevant to his concern. The first is that double taxation agreements provide for the exchange of information between...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I thank the Deputy for his question. He is right in that I said there were other countries that had a similar view to Ireland on this issue but I did not say there was also a very large group of countries which share that view. I accept, and it is a matter of public record, that the majority of countries have indicated they will be part of the consensus. As to what that means for us, as I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I am focused on making our case and considering the different scenarios open to me. If, on the other hand, I had indicated last week we would go into this agreement, a whole range of issues and concerns would have been created by that, for which I would be held to account as well. I must be aware of that in the context of decisions I make. In assessing where we are currently, it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: My recollection is the Revenue Commissioners regularly publish information in which they make available, on an anonymised basis, the effective tax rates available for groups of companies that are based in Ireland. I understand the last time they published this information they indicated our effective tax rate is just below the nominal tax rate of 12.5%. Publications from the Revenue...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: We are in the final phase of what has been a very good process in finalising the summer economic statement. There is debate and discussion but there is complete agreement on the need to make a higher level of funding available to the Department of Housing, Local Government and Heritage to deal with the many grave difficulties and challenges we have in housing. That is what I am doing. I am...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: All I am doing is trying to ensure we have the right level of spending in place to make progress on a vital issue for our society, economy and all I serve, which is building more homes, making that money available at the right point and in the right way, and given that this is money we will be borrowing, having a careful plan for how that borrowing will be managed. We will get agreement on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I will deal with the first question raised. Of course we are going to do all we can to try to deliver a significant increase in the building of homes as quickly as we can. I do not need to tell Deputy Durkan about the step back we have taken in home construction due to the impact of Covid-19. This is why trying to open construction in Ireland safely is so important and that is what we are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: It does not but I wish to set out one example to flag one benefit of doing this. Kosovo has double tax agreements with other countries. By virtue of our moving into an agreement with Kosovo, we get consistency versus what is happening with other countries that have double tax agreements with Kosovo. The overall competitiveness benefits are negligible, if any. We are doing this for other...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I will address the point of geography, our size and where we are located. These are issues I regularly raise when I am involved in discussions regarding the competitive status of Ireland and, for example, the contribution that corporate tax has made to it. I assure Deputy Durkan that I regularly and forcefully make this particular argument. However, in the spirit of candour it is also...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: The universality of application is a very important question and one which I cannot answer at the moment. It will be an important issue later in the year. A key issue for all in the OECD process is if an agreement is reached, how will it be enforced and when will it be implemented? That is deeply important. If countries will move, they will do so in an expectation that others are doing so...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: If the Deputy can put her second question to me now, by the time she finishes I might be in a position to answer her first question.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: The impact of double taxation agreements on developing countries is something we are considering at present. As I said earlier, we are engaged in a process of public consultation on this issue. We have engaged with stakeholders and NGOs, some of which have advanced strong views on this. We are considering different submissions and I hope we will be in a position to be able to draw...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I will bear in mind the Deputy's suggestion.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I thank the Chairman for his question. We have changed the Taxes Consolidation Act 1997 by amending sections 8 to 6 of that Act. This is to allow for agreements to be made with countries with non-governmental entities. This has paved the way legally for engagements with a view to seeing whether an engagement or a conclusion is possible with Taiwan. Those discussions are ongoing at the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I will ask my colleagues to share with me the details of other countries we have written to. While they are doing that, I will deal with the Deputy's first question as to why we are dealing with our colleagues in Germany through a protocol. As he will be aware, most of our double tax agreements will be modified using a multilateral convention to implement tax treaty-related measures to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I would love to be in a position such that members of the committee will be able to talk about something they have seen. Similarly, however, I have to ensure that the same right is afforded to members of Government. That is an equal imperative for me. I think the Deputy will understand that I have a duty to brief Government on an economic statement when it is concluded. As soon as I have...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I assume it is, yes.