Results 8,781-8,800 of 15,555 for speaker:Eoghan Murphy

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 56:In page 48, lines 38 and 39, to delete “the IREF is a personal portfolio IREF in respect of any of the unit holders” and substitute “subject to section 739N, the IREF is a personal portfolio IREF in respect of the unit holder". I propose to take amendments Nos. 56 and 57 together. Amendment No. 56 does two things. First, it deletes section 739N...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: Section 22 introduces a new withholding tax on non-resident investors investing in property in the State. It will mean more money coming into the Exchequer by capturing an activity where we have taxing rights. Amendment No. 47 removes from section 22 the ability of an investor who has influence or control over an IREF to receive a distribution of capital gains without the operation of the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I will speak to Deputy Boyd Barrett's point initially. I appreciate the difficulty when there is a large change such as this but we debated this at length on Committee Stage. We debated the operation of funds and the benefits of funds as collective asset investment vehicles in which people could make investments where they could previously not do so and thus take advantage of the larger...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I had said on Committee Stage that we would be bringing forward further technical amendments on Report Stage. They are technical amendments. I appreciate that Deputies take it in good faith that this particular amendment being brought forward by the Government makes technical changes. In so far as quantifying the amount we hope the changes might bring in for the State and the taxpayer next...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I thank the Deputies for their questions. On Deputy Burton's comments, we did speak about this on Committee Stage and about the work put in by the Revenue Commissioners in trying to calculate the yield in extra revenue to the State from these two changes. The figure of €50 million is based on the potential profits made on the sample of mortgages that were valued at approximately...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 45:In page 44, line 30, to delete “loan origination business of the IREF;” and substitute the following:“loan origination business of the IREF, and any necessary amendments to the definition of ‘loan origination’ shall be made so that it applies to a business carried on by an IREF rather than a qualifying company;”. I propose to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No: 47:In page 44, to delete line 40, and in page 45, to delete lines 1 to 20 and substitute the following:“(a) in relation to a unit holder in respect of which an IREF is not a personal portfolio IREF having regard to the IREF assets concerned (other than those referred in paragraphs (b) to (e) of the definition of ‘IREF assets’)—(i) any profits...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 42:In page 43, line 27, to delete "the IREF profits" and substitute "the IREF profits, including any retained IREF profits,". The amendments relate to the Irish real estate funds, IREFs. In particular they relate to the calculation of the IREF taxable amount. The amendments are largely technical in nature, in that they correct the drafting to ensure that the formula...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I ask the Deputy to repeat the question.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I accept Deputy Burton's point about this being a technical matter that the Revenue Commissioners, the Department and the committee are working to address. Much work has gone into drafting, improving and informing this section, which amends the Taxes Consolidation Act. I do not propose to go over ground that has been covered in detail on previous Stages as we have dealt with this matter. I...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I hope Deputy Donnelly is not misrepresenting my reply, because I did not say that we would not be able to have any data within 18 months. What I did say, on the advice of the Revenue Commissioners, is that to get complete data may take longer than the timeframe suggested. Therefore, given those constraints and others, it would not be appropriate to put the preparation of the requested...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I thank the Deputy for acknowledging the work of the officials. On the Department's side, we find those engagements helpful because we are all trying to work in the same direction. In so far as the amendment is concerned, I am advised by the Revenue Commissioners that a change in law such as this may trigger behavioural changes, meaning that section 110 companies might simply stop...

Topical Issue Debate (Resumed): Tax Code (23 Nov 2016)

Eoghan Murphy: I very much appreciate the concerns of the Deputies on this issue but I must underline again the independence of the Revenue Commissioners. The Department of Finance does not deal with the individual tax affairs of citizens. I suggest that the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach takes up Deputy Brassil's suggestion and examines this issue so it can be...

Topical Issue Debate (Resumed): Tax Code (23 Nov 2016)

Eoghan Murphy: With regard to Deputy John Brassil's proposal that I request the chairman of the Revenue Commissioners to appear before the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, it is a matter for the committee to set its own work agenda and to issue invitations accordingly. I am sure the Deputy will request the committee to do that himself. Since the establishment of...

Questions on Proposed Legislation (23 Nov 2016)

Eoghan Murphy: We will get a better idea of what the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach is recommending tomorrow when it publishes its report on its investigation into the cost of motor insurance. The working group that the Government set up during the summer under the Minister for Finance, Deputy Michael Noonan, published its emerging recommendations earlier this week...

Finance Bill 2016: Report Stage (22 Nov 2016)

Eoghan Murphy: There are already a number of taxes on sources of wealth, as I outlined in my initial contribution. If we did not have an environment that was pro-investment, people would not invest. That is how the Government plays its role in trying to create jobs for our citizens. In response to Deputy Paul Murphy, Ireland is not a tax haven. Nobody knows the future but it is precisely because of the...

Finance Bill 2016: Report Stage (22 Nov 2016)

Eoghan Murphy: I thank the Deputies. The Government has no plans to introduce a wealth tax, although all taxes and potential taxation options are, of course, constantly reviewed. Wealth can be taxed in a variety of ways, some of which are already in place in Ireland. Capital gains tax, CGT, and capital acquisitions tax, CAT, are, in effect, taxes on wealth, as they are levied on an individual or...

Finance Bill 2016: Order for Report Stage (22 Nov 2016)

Eoghan Murphy: I move: "That Report Stage be taken now."

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: Deputy Michael McGrath is aware of the DIRT changes announced in the budget by the Minister, Deputy Noonan, and as such I will not go through them again now. The Deputy is also aware that in the past the rates payable on a series of other taxes, including exit tax, on life assurance policies have tended to move in line with DIRT. However, on this occasion the Minister took the decision that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: The link no longer exists. A decision has been made that breaks that link. The policy decision in so far as DIRT is concerned is clear. The two remaining taxes that were traditionally linked will need to be considered next year in the context of preparation of the tax strategy group papers. From a pragmatic point of view we cannot afford to retain the linkage because the cost to the...