Results 10,161-10,180 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 move amendment No. 118: In page 36, line 16, to delete “(8) Subsection (7)” and substitute “(9) 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. 119: In page 36, line 27, to delete “(9)” and substitute “(10)”.

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. 120: In page 36, line 27, to delete “subsection (8)” and substitute “subsection (9)”.

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. 121: In page 36, line 29, to delete “(10)” and substitute “(11)”.

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

Paschal Donohoe: The changes that we are making through the Bill by removing exemptions in the application of particular rules relating to CFCs will have a significant effect on dealing with very aggressive tax planning or potential tax planning with jurisdictions that are on the greylist created by the EU. These rules will not apply to countries that are not on that list. The rules are demanding in nature...

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

Paschal Donohoe: Yes. As to whether a displacement effect could occur, we do not know the answer. We will have to evaluate how the rules are applied. Am I correct in saying that the Deputy's inference is that, for example, financial or tax entities might be shifted to other countries?

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

Paschal Donohoe: Her point is that this would allow the perpetration of taxing activity that is not seen as acceptable anymore. My judgment is that that is probably unlikely because the list of countries that are not inside the scope of our tax co-operation or of our tools for dealing with tax non-co-operation is very small. The combination of this list and, for example, measures taken through the OECD will...

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

Paschal Donohoe: If Deputy Naughten bears with me for a moment, I want to double-check that a term I used in answering an earlier question from Deputy Farrell was accurate. I used the term "greylist". I should actually have used the term "blacklist". The substance of what I told the Deputy was correct, but I used the wrong term in describing the list. The list covers a group of countries that are seen to...

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

Paschal Donohoe: To qualify under sections 598 and 599 of the Taxes Consolidation Act 1997, a relevant individual must have owned and used the qualifying asset - farmland, in this case - for a minimum of ten years prior to disposal. The provision allows for the aggregation of periods of ownership of the qualifying asset by each spouse or civil partner for the purposes of the ten-year ownership test. It does...

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

Paschal Donohoe: I have outlined why I believe there are consequences to what the Deputy is seeking that we should avoid. I acknowledge that in putting forward the amendment, he is not in any way seeking to indirectly facilitate tax avoidance. I fully understand that and the policy issue he wishes to address but I do not believe that the Bill is the place in which a commitment to reports should be put into...

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

Paschal Donohoe: Prior to the Finance Act 2017, agricultural land that was leased for solar panels was not classified as qualifying agricultural property for the purposes of capital gains tax retirement relief or agricultural relief from capital acquisitions tax. Following a review of the tax treatment of the installation of solar panels on farmland in 2017, a change to this approach was announced in budget...

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

Paschal Donohoe: I am reasonably sure that a number of sheep farmers work in the Revenue Commissioners, in particular given the intricacies of tax law in respect of agriculture. It would appear that farmers of all varieties work within the Revenue Commissioners. At some point, when the public health guidance allows, I will certainly take the Deputy up on his offer to have a look at land that allows 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. 128: In page 41, to delete lines 6 to 12 and substitute the following: “ “(6A) (a) Notwithstanding subsection (6), where a debt owed by a bank which is not in the currency of the State, and which is represented by a sum standing to the credit of a person in an account in the bank, is transferred by the person in whole or in part to another account...

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

Paschal Donohoe: The purpose of this section is to support business development and growth by allowing for dilution in shares throughout the period of ownership so that business expansion is not penalised as a result of raising equity in a fast-growing business. This is a minor but helpful change to this section of our tax code and we are not anticipating there being any significant cost or revenue change...

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

Paschal Donohoe: Are we now speaking on amendment No. 134?

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

Paschal Donohoe: Okay. Amendment No. 134, as the Deputy has said, focuses on the agricultural sector and amendment No. 133 is much broader than that. He has spoken on amendment No. 134 so I will confine my comments to that for now. The main exposure that the agricultural sector faces to carbon tax is through the use of marked gas oil, MGO, also known as agricultural diesel or green diesel. It is already...

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

Paschal Donohoe: The way this measure differs from other taxes is that we have made a commitment that we will use the revenue raised from this carbon tax to fund the activities needed to lower carbon use in our economy. Unlike every other tax I will debate with the Deputy on the Finance Bill, we will not use the revenue from carbon taxation to fund general expenditure. We are using it purely with the...

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

Paschal Donohoe: In dealing with the different points that have been made, it is worth emphasising again that all the revenue being raised via carbon tax is being recycled to invest in the things that can help communities reduce the need they have for carbon. For example, out of the €238 million that is now being raised in additional carbon taxes as a result of the changes made in this year's budget...

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

Paschal Donohoe: Looking at the distributional and incomes issues the Deputy raised, would they not simply be bigger and more severe in scale if we were to make a smaller number of bigger moves? I cannot help but feel that if we did get to 2023 and were proposing a very large move, I am not sure he would be supportive of it at that point. If we cannot get the Deputy's agreement to a series of smaller moves,...

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

Paschal Donohoe: I will deal with each of the points made by the Deputies. On Deputy Mairéad Farrell's point, there is a very clear commitment in the programme for Government to increase social welfare allowances. It is a matter for the Minister for Social Protection to decide if automatic indexation should be granted in respect of certain payments. It is likely that new payments and new forms of...