Results 10,141-10,160 of 32,547 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I would prefer to take the questions from Deputies Farrell and Boyd Barrett together, if the Chair does not mind.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I thank the Deputies. When we look at the knowledge development box, we should not think that it is the only thing the Government is doing to try to support research and development, and a high-innovation economy. We are, through may different investments, doing the kind of work to which Deputy Boyd Barrett has referred in our universities and places of higher education. That is funded...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: It would be possible but certain criteria would have to be met to then allow that IP to be part of the knowledge development box. In particular, it would need to be demonstrated that there was research and development expenditure that was relevant to the intellectual property that was incurred by the company and income arising to that company as a result of that research and development...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: No. The research and development has to happen here.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: It does not extend the time period over which the tax is due to be paid. It remains at five years during which six instalments are to be paid.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: There are a considerable number of issues with the proposal the Deputies have suggested, including Exchequer cost, significant erosion of the tax base and impact on the competitiveness of our tax code. I note that the Deputies have not specified the level of income tax rates that would apply under this proposal. However, it is estimated that the removal of the application of the universal...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 105: In page 33, line 21, to delete “paragraph (b)(i)” and substitute “paragraph (c)(i)”. Section 15 updates Part 35A of the Taxes Consolidation Act 1997 which provides for transfer pricing. In particular, section 15 updates the definition of "relevant person" in section 835A and replaces section 835E, which provides for an exclusion from...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I will come back to the Deputy with an answer to that question. It is quite technical and, while I have a fair idea of the answer, I will not risk misleading the Deputy by not giving an accurate answer. I will get a written answer from my officials and provide it to the Deputy later today.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 106: In page 33, line 27, to delete “subsection (5)(b)(ii)” and substitute “subsection (5)(c)(ii)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 107: In page 33, line 30, after “shall” to insert “only”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 108: In page 33, line 42, to delete “subsection (5)” and substitute “subsections (5) and (6)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 109: In page 34, to delete lines 9 to 12 and substitute the following: “(i) whereby a loan is made by a supplier to an acquirer, otherwise than in the course of a trade carried on by the supplier, and— (I) where the acquirer is a company referred to in clause (I) or (II) of subparagraph (ii), the acquirer is within the charge to corporation tax and the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 110: In page 35, line 32, after “reasons” to insert the following: “and not as part of a scheme or arrangement the main purpose of which, or one of the main purpose of which, is the avoidance of tax".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 111: In page 35, between lines 32 and 33, to insert the following: “(b) In the case of an acquirer referred to in clause (III) of paragraph (a)(ii), where, and to the extent that, the proceeds of a loan (in this paragraph referred to as the ‘replacement loan’) are used by the acquirer to repay a loan (referred to in this paragraph as the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 112: In page 35, line 33, to delete “(b)” and substitute “(c)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 113: In page 35, line 37, after “(a)(iii)” to insert “or clause (III) of subsection (6)(b)(iii)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 114: In page 35, line 42, to delete “subsection (7)” and substitute “subsection (8)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 115: In page 36, between lines 2 and 3, to insert the following: “(6) (a) In this subsection, a reference to a ‘debt’ is a reference to an amount of money owed by an acquirer to a supplier, which— (i) arose directly from a supply of goods, services or assets under an arrangement to which section 835C(1) applies (referred to in this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 116: In page 36, line 3, to delete “(6)” and substitute “(7)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 117: In page 36, line 6, to delete “(7)” and substitute “(8)”.