Results 11,681-11,700 of 35,639 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I welcome the fact that section 56 increases commercial stamp duty from 6% to 7.5%. However, the Minister knows the position we put forward prior to the budget. We believe that stamp duty for commercial property should be further increased to 10%. We make those points for several reasons. First, we believe that the €376 million in additional revenue is needed. Probably more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I have raised the contribution the banks are paying to the State, which is absolutely ridiculous, on numerous occasions. The only contribution they are paying is the bank levy. As we know, they do not pay corporation tax because they are allowed to carry forward losses. The latter reduces their tax liability and will continue to do so for more than 20 years. This changes the rate but...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I move amendment No. 103: In page 100, between lines 34 and 35, to insert the following: “Report on restricting banks from carrying forward losses 60. The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on restricting the banks from carrying forward losses against taxable profits in a manner which could result in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I move amendment No. 104: In page 100, between lines 34 and 35, to insert the following: “Report on impact of increase in non-residential stamp duty 60. The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the impact of increasing non-residential stamp duty by 4 per cent given the threat of overheating in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: On amendment No. 104, we had a conversation about this matter in the context of earlier sections and the increase of 1.5% in commercial stamp duty. I noted the Minister's comments on the scope in future finance legislation and so on but I assume that this will be under consideration in the context of the tax strategy papers. Given the risks of overheating in the sector and the availability...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I know. That is why we may need to go further and figure out if the commercial stamp duty is having an effect on dampening down some of the overheating. I take the Minister's point and, on that basis, I will withdraw the amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I move amendment No. 105: In page 100, between lines 34 and 35, to insert the following: “Report on applying full rate of stamp duty on non-residential property to all corporate structures including REIT and IREF in certain circumstances 60.The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on introducing...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I want to discuss it a bit further. Until this Act is passed and signed into law by the President, a REIT can dispose of its assets to a buyer and those assets are valued at the market price on the day of the sale, meaning there is no gain within the REIT even though the REIT could have gained over a period of four or five years by up to 50%. That is wrong and we have decided to close it...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: No. That is the point I am making. Under the Stamp Duties Consolidation Act, it is not 1% but 6% if the company's shares are mainly made up of commercial property. The problem is that while a REIT or an IREF may satisfy that condition, there is a further condition that has to be satisfied which is that there had to be development of a commercial property. I plead with the Minister to look...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: The last thing I will say to emphasise the point is that while I acknowledge the change in terms of the 15-year rule, that deals with the capital gains tax issue. Somebody buying a building on the main street in Letterkenny would also have to pay capital gains tax if there were gains relating to that property and would also have to pay 7.5% stamp duty. Whatever about the arguments put...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I will withdraw it and give it another go on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I move amendment No. 106: In page 100, between lines 34 and 35, to insert the following: “Report on rate of stamp duty for agricultural land 60.The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the possibility of a separate rate of stamp duty for agricultural land.”. I am also withdrawing this amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I have spoken about this before and I have an amendment relating to it, which I will resubmit on Report Stage. I agree with Deputy Burton's position on banks paying more. I will make just one point because the Minister has stated on three occasions as an excuse for not moving in this year that to apply an additional or increased corporation tax on the banking sector would mean that it would...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I do not agree with the proposal contained in section 64. Inheritance is one of the major ways in which inequality arises in our State. We have an inheritance threshold which is set at €320,000 for group A. The Minister proposes to increase that to €335,000. Indeed, Fine Gael and the Taoiseach have said with Fianna Fáil that they want that threshold to increase to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: The Minister says it is not a massive change but it is an €11 million change. It is not small change. We could go over different aspects of the Finance Bill, including the investment to deal with the trolley crisis, autism services, mental health services and many other things. There are many areas where there is greater dependency and in which an €11 million injection is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: In fact, we take the same view on that. The Minister believes also that capital acquisitions tax is a feature of the tax code, which means inheritances passed to children should be taxed. The only difference between us is that the Minister believes a larger portion of that should be tax free. The Minister should not try to suggest that he argues for a right of parents who work hard to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I have ideology also. I have never suggested I do not.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I move amendment No. 113: In page 120, between lines 25 and 26, to insert the following: “Report on introduction of measures to combat hoarding of land 74.The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of measures to combat the hoarding of land needed for development, examining the options...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Pearse Doherty: I move amendment No. 114: In page 120, between lines 25 and 26, to insert the following: “Report on introduction of measures to combat aggressive tax avoidance 74. The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of measures to combat aggressive tax avoidance, such as a tax surcharge of 30 per...