Results 12,901-12,920 of 36,748 for speaker:Pearse Doherty

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

Pearse Doherty: One point that has been made is that for a small or micro-company involved in research and development and claiming this credit, there is a clawback scenario that can occur. If that company, which is not trying to scam the system, falls foul of the technical rules, that clawback could have a serious impact on it. The suggestion is that many of them just stay away from it because the risk is...

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

Pearse Doherty: On EII more generally, I have two questions. The first concerns the 40% that is to be claimed upfront in year one, as opposed to 30%, and then the 10% in year three. The 10% in year three was subject to conditions laid out by Revenue in terms of research and development and job creation. Do those conditions still apply and, if the relief has been paid out in year one, is there a clawback...

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

Pearse Doherty: Is there no concern in regard to funds changing direction in that Revenue might not be able to claw this back, for example, if these are institutional investors?

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

Pearse Doherty: The second question is in regard to the consultation that was carried out, and this was included in the tax strategy papers. Obviously, they looked for the 40% upfront and they also argued for micro support to mirror the seed enterprise investment scheme, SEIS, in Britain, which provides 50% for micro companies, given the volatility and higher risk in regard to start-ups. I am interested to...

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

Pearse Doherty: Is that 50% as well?

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

Pearse Doherty: The micro support is the same as the EII. One of the four points that came out of the consultation, however, was that there should be the introduction of a micro SME similar to the UK seed enterprise investment scheme, including an enhanced investor return of 50%. The British one provides a 50% return and exempts the shares from capital gains tax, which is to do with the higher risk of...

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

Pearse Doherty: While we seem to be making changes to the EII scheme every year, there were significant changes to the EII scheme in last year's Finance Bill, not in terms of its rates, but in terms of the process, the application and streamlining in general. This followed quite a bit of criticism, it is fair to say, from some companies and sectors in regard to delays, documentation, getting approval and so...

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

Pearse Doherty: I move amendment No. 31: In page 30, between lines 15 and 16, to insert the following: “Report on revised threshold for High Wealth Individuals 26. The Minister shall, within 3 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of a new threshold for High Wealth Individuals defined as persons in possession of net assets of...

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

Pearse Doherty: We should do it now.

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

Pearse Doherty: I have a few questions. First, with regard to the amendment, would a company disposing of a property where it is subject to capital gains tax be able to reduce that against the debt that would be held on the property? That is my understanding of what the amendment does.

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

Pearse Doherty: I will make my point on the overall issue. My concern about this section, which deals with REITs, is the tax that will be paid now on the disposal of property. It will not be capital gains tax at 33% but, presumably, class 4 corporation tax at 20%, which is not what other companies would pay if they were disposing of properties. This refers back to my earlier comments. This is property...

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

Pearse Doherty: Notwithstanding my issues regarding how IREFs are taxed and so on, some of the amendments go in a direction of dealing with aggressive tax planning within the structure, and I welcome that. The Minister was not mincing his words when he stated it is deeply technical. We will need his expanded speaking notes and we will look at the amendments further on Report Stage. It will be too late at...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: I will pick up on some of the points. I welcome our guests. I apologise because I am a bit under the weather today. Regarding the statistics, we know that 40,100 customers were affected by the tracker mortgage scandal according to the Central Bank's final report of May 2019. Has that number increased since the final report?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: What is the final number?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: Yes. Perhaps Ms Rowland might explain why there is an extra 400 since the final report.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: Is it Ms Rowland's view that this is absolutely the final number? I appreciate that she has only been in her current position since 2017, but we have been here since 2015. Indeed, it was this committee that wrote to the Central Bank asking, encouraging and demanding that it carry out the investigation in the first place. In the interim, we have seen different figures that have increased...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: Were those complaints to individual banks or to the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: We deal with people who make these complaints. They are deeply frustrated by the banks, but also by the Central Bank. I acknowledge the work that the Central Bank has done latterly in terms of pushing and pressuring the banks to own up to their responsibilities for what they have done, but the Central Bank supervises all of the work that they do. Every tracker mortgage is examined in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: I ask Ms Rowland not to try to misinterpret me in suggesting that what I am trying to argue is that the Central Bank would in any way try to close down an option of appeal.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)

Pearse Doherty: I will put the point more bluntly. The Central Bank was asleep at the wheel regarding the earlier period of this investigation. Customers who took cases to the then Financial Services Ombudsman, including extended family members of mine, had to wait four years as Permanent TSB dragged a test case through the ombudsman service, the High Court and then the Supreme Court and for campaigners,...