Results 8,801-8,820 of 35,563 for speaker:Pearse Doherty

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)

Pearse Doherty: There are obviously major changes in the international landscape. I am conscious the last time the Minister was before the committee, there was agreement in July of a rate of at least 15%. The Minister made the case he was still convinced that we could secure the 12.5% rate within the agreement. It has not turned out that way. However, I believe the 15% rate still allows us to 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)

Pearse Doherty: Did the Minister say 100 or should that be 1,000?

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)

Pearse Doherty: And the Minister has no indication at this stage how many of those companies are tax resident in Ireland.

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)

Pearse Doherty: On those 100 companies, pillar 1 will change within seven years so that number will obviously increase. Does the Minister have any detail on that?

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)

Pearse Doherty: The Minister made the point that the assessment is that the agreement will impact on corporation tax receipts to the tune of approximately €2 billion. That will be kept under review, as he said, but we can all agree that number is well outdated at this stage. That was an earlier number from even before the July agreement, which gave greater clarity. Now we have the final agreement...

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)

Pearse Doherty: I fully appreciate that. Pillar 1 was always where the €2 billion figure came from. The Department of Finance estimates never envisaged what the rate would be, and rightly so because there were negotiations going on. It was always factored in at 12.5%. We now know that it will be a minimum effective tax rate of 15%, so it not just about the tax rate but the effective tax rate....

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)

Pearse Doherty: I do not want to labour this point but pillar 1 is a guide of €2 billion and that may move as the technical details are worked out. That is fine but there is no guide on pillar 2 and there is going to be an increase in tax revenue if things remain the same. There is no guarantee that they will but there is no guide provided as to what will happen as a result of the effective rate...

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)

Pearse Doherty: My final question relates to the transposition of this agreement. I understand that pillar 1 will be dealt with domestically but pillar 2 is going to be transposed through the use of a directive at EU level. I support this agreement but I have serious concerns about how we transpose it. For the first time, this would allow the EU the right to set the effective rate of tax by taking this...

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)

Pearse Doherty: I thank the Minister. We are finally scrutinising legislation that we have been calling on the Government and its predecessor to bring forward for years. In July 2018, the Central Bank asked for individual accountability for those in the financial sector and here we are at the end of 2021 with the heads of Bill. It is not even the full legislation, and the Minister tells us that will not...

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)

Pearse Doherty: "Some time" has been four and a half years. It is four and a half years since the Central Bank stated it needed these powers. It has taken four and a half years for the Minister to produce not even the legislation but the heads of the Bill. It has taken four and a half years of engagement with the Central Bank and legal counsel. I simply do not believe that. If it takes four and a half...

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)

Pearse Doherty: I can explain it to the Minister.

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)

Pearse Doherty: When the Government wants to rescue the banks, it can be done overnight.

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)

Pearse Doherty: I was just trying to clarify the point.

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)

Pearse Doherty: I am not trying to shout down the Minister. I was trying to offer him the rationale behind my point. He said he did not understand why I mention the nationalisation of a bank overnight and I was trying to explain the reason. I will take a minute to further explain why I used that example. When it comes to trying to rescue banks or bail out bankers, it can happen overnight. It has...

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)

Pearse Doherty: On this legislation.

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)

Pearse Doherty: It is not the point.

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)

Pearse Doherty: That is exactly what this needs to be. Everybody knows there were fines levied against the banks for the tracker mortgages scandal. That is not the point but it is a good diversion from the Minister. The point is the Central Bank publicly told us all, but more importantly it told the Minister, and he is not a commentator but the Minister for Finance. He is the only person who can bring...

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)

Pearse Doherty: It was.

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)

Pearse Doherty: Can I just say-----

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)

Pearse Doherty: I welcome that but I want to make the following point. I was one of the first people to raise the issue of tracker mortgages in this committee many years ago and to call it out. The reason I became aware of the issue is an extended family member of mine was one of the first people to take a case to the ombudsman against Permanent TSB, a bank in which the State owns the majority. I sat in...