Results 10,781-10,800 of 33,175 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. 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)”.

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...