Results 12,881-12,900 of 32,547 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: Some of the Deputy's points are better suited to the discussion on section 28, which begins to deal with the taxation of REITs, IREFs and so on and which will take place later tonight or tomorrow. In regard to the dividend withholding tax, the anchor of 25% is to try to make it equivalent to where we would be from the point of view of income tax, where there is a 20% rate and a USC rate of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: It is important to put into context the scale of these REITs and the effects they are having on markets. I am using information that is available from the Central Statistics Office. Its figures indicate there are approximately 126,000 apartments in Dublin and 210,000 apartments nationally. Residential properties owned by REITs account for 2.38% of the total Dublin apartment stock and 1.4%...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: Let me finish. In relation to chasing things, most of the key measures I introduced were implemented on budget night via resolutions. I decided that the appropriate way of dealing with this matter was to do so immediately. Many of the measures that we may discuss later were implemented on the night of the budget. I accept the Deputy's point that when addressing issues such as this, one...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: We can discuss this further when we debate the appropriate level of capital gains tax to be applied. I repeat the point I made regarding the number of measures I brought in on budget night to ensure they were immediately implemented. I take the Deputy's point that we should look at the share of what has been purchased. In parallel to looking at that, it is also the case that by forward...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: No. I am not looking to make any further changes in capital gains tax beyond what I have already indicated in the Finance Bill.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: We can debate why that is so later on in the Finance Bill but that is the case.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I am not blind to the issues the Deputy is raising. That is why I instigated a number of pieces of work that have guided me to make significant changes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: The Deputy acknowledges that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I am aware of what the risks of scale are and that is why I have worked to try to measure what the scale of these REITs and IREFs are now that they have been in place for a while. I have given the Deputy some figures here, he has made a fair pushback on those and I will have a further look at that. However, we did a piece of work to look at the scale of these entities. I am also aware of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: On the first question, yes that is for next year's Finance Bill. On the second question, it is possible that it could be a rate of zero but this is one of the things we will have to tease through.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: How long does the Chairman intend the committee will sit for?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I am available for as long as the committee wants but if we go to 10 p.m. or beyond, can we have a five or ten minute break?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I am happy to go to 10 p.m. or beyond if the committee wants, but if we are to go on for much longer, I would like to have a ten minute break now.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I move amendment No. 25: In page 24, line 36, after “amount” to insert “or pursuant to section 766C(4)”. I propose to take amendments Nos. 25 to 28, inclusive, together. Section 24 of the Finance Bill 2019 provides for several new measures to encourage micro or small-sized companies to undertake research and development activities and avail of the research and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: It will be four to six months.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I move amendment No. 26: In page 25, line 5, after "amount" to insert "or an amount pursuant to section 766C(4)".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I move amendment No. 27: In page 25, line 6, to delete "or section 766A(4B)" and substitute ", section 766A(4B) or pursuant to section 766C(4)".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: I move amendment No. 28: In page 25, to delete lines 14 and 15 and substitute the following: "(ii) in paragraph (c)— (I) by substituting the following subparagraph for subparagraph (i): "(i) Subject to subparagraph (ii), where a company makes a claim in respect of a specified amount or pursuant to section 766C(4) and it is subsequently found that the claim is not as authorised...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: We have not introduced the process the Deputy has described that takes place in Northern Ireland. We have tried to make a number of changes to make it easier for these smaller companies to apply for the changes we are making, but the broader changes to which the Deputy referred a year ago are not part of this in terms of the application process. Of course, if I had said "Yes", God knows...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: One of the key areas of difference between the Republic and Northern Ireland is the degree to which it is possible to gain some of the research and development tax credit up front. That could be one of the matters to which the Deputy is referring. I understand that Her Majesty's Revenue and Customs is beginning to review the nature in which some of its credits are available up front,...