Results 12,781-12,800 of 36,748 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: What does that mean?

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

Pearse Doherty: There is no requirement for VAT relief to be linked to VRT rates. We are just piggybacking on the existing model.

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

Pearse Doherty: The 156 g/km threshold has not changed in ten or 11 years. From an environmental point of view, is it the intention of the Government to reduce it further? Is there a certain availability of commercial vehicles at this level and was that part of the consideration?

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

Pearse Doherty: We have amendments to this section.

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

Pearse Doherty: I ask the Minister to speak to section 54.

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

Pearse Doherty: I thank the Minister. I oppose this section. I have tabled an amendment that is similar to Deputy McGrath's amendment, if not identical. The amendment is looking for a report as a mechanism in this regard. There is a core issue here. This matter has been the subject of a great deal of discussion at this committee and in the Dáil. The Minister has explained how this measure was...

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: I was also going to make the point on the 9% rate. I understand it was part of the consideration in the tax strategy group papers, which highlighted that a number of rates were under consideration, including 23%, 13.5% and 9%. They suggested the option of remaining at zero could not be considered because of a legal point as opposed to a policy point. The Minister could have gone for a...

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. 90: In page 99, between lines 7 and 8, to insert the following: “Report on VAT treatment of food supplements 55.The Minister shall, within 3 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the VAT treatment of food supplements and on whether certain categories of food supplements should be retained in the zero rate...

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.