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

Eoghan Murphy: I move amendment No. 85: In page 36, line 16, to delete “applies;” and substitute the following: “applies, (c) the portion of a specified security treated as attributable to the specified property business in accordance with paragraph (c)(ii), or (d) units in an IREF (within the meaning of Chapter 1B of Part 27);”.

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

Eoghan Murphy: I move amendment No. 87: In page 36, line 22, to delete “or”.

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

Eoghan Murphy: I move amendment No. 88: In page 36, line 23, after “business,”, to insert the following: “or (d) activities which are preparatory to paragraphs (a) to (c),”.

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

Eoghan Murphy: I move amendment No. 89: In page 37, line 24, to delete “who is within” and substitute “who is resident in the State and within”.

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

Eoghan Murphy: I move amendment No. 90: In page 37, line 28, to delete “distribution” and substitute “distribution,”.

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

Eoghan Murphy: I move amendment No. 91: In page 37, to delete lines 29 and 30.

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

Eoghan Murphy: I move amendment No. 92: In page 37, line 37, to delete “or”.

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

Eoghan Murphy: I move amendment No. 93: In page 37, line 42, to delete “company that is” and substitute “company, is”.

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

Eoghan Murphy: I move amendment No. 94: In page 38, line 9, to delete “convertible preference equity certificates,” and substitute “instruments which are neither debt nor equity financing”.

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

Eoghan Murphy: I move amendment No. 95: In page 38, between lines 20 and 21, to insert the following: “(IV) an IREF (within the meaning of Chapter 1B of Part 27), or (V) an investment undertaking, other than an investment undertaking which would be a personal portfolio IREF (within the meaning of section 739M) if all references in that section to IREFs were references to investment undertakings,...

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

Eoghan Murphy: I move amendment No. 97: In page 38, line 24, to delete “and” and substitute “or”.

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

Eoghan Murphy: I move amendment No. 98: In page 38, line 27, after “246(2)” to insert “and such tax which has been properly deducted is not refundable”.

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

Eoghan Murphy: The amendment applies to accounting periods beginning on or after 5 September 2016. Given that an accounting period for tax purposes generally lasts 12 months, it is unlikely that tax returns for these companies will be filed until some time in late 2017. Therefore, as the information will not be available, it will not be practicable to prepare the report in the timeframe requested....

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

Eoghan Murphy: Probably late next year.

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

Eoghan Murphy: I thank the Deputy. The point is well made and I understand it. It is difficult to know exactly what we will be examining. Some of it will be marketing material, as the Deputy mentioned. Officials will be monitoring this situation. I will speak with the Minister to determine whether it is possible to provide something meaningful within that timeframe that would give us an indication of...

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

Eoghan Murphy: I thank the Deputy for supporting my continued presence in the Oireachtas as a Member. I also wonder whether we will be in the committee in 15 months’ time.

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

Eoghan Murphy: I do not disagree that we need to keep it under review. When one implements any such change in taxation, it is important that the Oireachtas does its detailed legislative work and gets to grips with the area, as Deputies Pearse Doherty and Donnelly said. There is an onus on the Oireachtas to review the changes as they happen. I am not sure to what extent we could measure the effectiveness...

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

Eoghan Murphy: I can raise it with the Minister, Deputy Noonan, and reconsider it on Report Stage.

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

Eoghan Murphy: I support the principle. It might be helpful to tie it into the work of the Committee on Budgetary Oversight in its preparation for next year’s finance Bill. This might be the best way to ensure we have something time-bound to ensure the issue is addressed in the Oireachtas.

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

Eoghan Murphy: I move amendment No. 100: In page 38, to delete lines 39 to 41, to delete pages 39 to 41, and in page 42, to delete lines 1 to 12 and substitute the following: “(a) in section 739B(1) by substituting “In this Chapter, in Chapter 1B and in Schedules 2B and 2C” for “In this Chapter and in Schedule 2B”, (b) by inserting after Chapter 1A the following:...