Results 13,381-13,400 of 26,610 for speaker:David Cullinane

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: My final question about Brexit might be more difficult to answer. Nonetheless, it is pertinent and the question everybody will be asking. Mr. Cody is in a good position to answer it. He has said that as this is in the political sphere, we do not know what will happen. There is a draft agreement. Obviously, the majority want it to be implemented. In the event that it is not implemented...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Obviously, the Revenue Commissioners have already looked at that issue. Is that the case?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: The question I am asking is more technical. World Trade Organization rules are the ones to which we have signed up. Obviously, certain obligations follow from them. If these rules kick in, what actual practical obligations, if any, will be placed on the State, Revenue and the Customs service on this side of the Border?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: That is the response and it answers the question. I am saying there are no automatic legal procedural responses which would have to kick in. There will be political responses in deciding what will happen. Is that accurate?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Mr. Cody could take a leaf out of the book of the Comptroller and Auditor General who does not watch any of these proceedings because he does not have a television. I can recommend that course of action to Mr. Cody.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Let us get to the reason we are here - the report of the Comptroller and Auditor General, page 222 of which relates to high wealth individuals. The report states, "...information relating to assets is not required for income tax returns. This makes identifying HWIs and assessing associated risks challenging for revenue bodies". Will Mr. McCarthy expand on what exactly that means?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Is it just a statement of fact? Is Mr. McCarthy saying that might be a problem?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: I wish to raise a point with Mr. Cody. Is there any benefit in looking at that? I have no wish to stray into policy or the political sphere, but in recent times there has been debate about whether we should have a wealth tax. One reason it is difficult to have that debate is we cannot get an answer to the question of how much could be generated from such a tax. That is because we do not...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Let us suppose the State was to take a decision to introduce a wealth tax on assets over a certain amount. Would Revenue be in a position at this stage to forecast how much tax such a measure would generate? Could such forecasts be based on knowledge of what assets are owned by people?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: I thank Mr. Cody. On page 222, it is also stated that artificial capital losses are a prominent feature in many tax avoidance schemes. I imagine that when the Comptroller and Auditor General spoke about artificial capital losses, he was referring to spurious losses that are not real.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Can Mr. McCarthy provide examples of how that works or in what types of areas it happens?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Could Mr. Cody provide examples?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Are there examples of successful cases that have been brought in the context of artificial capital losses as tax avoidance?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: I have two more questions. I appreciate that the witnesses responses are lengthy because of the questions being put but perhaps this one is a bit more distinct. If I am reading it right Mr. McCarthy raised the issue, or concern, about how high wealth individuals are classified in the State, which starts at €50 million. Is Mr. McCarthy saying this is outside the European norms and...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: What is the average in Europe?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: We do not want to be on the extreme right when it comes to HWIs. Will Mr. Cody explain why we are in that space?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: I have a final question. It relates to what is stated on page 237 in the context of tax collection. Basically, it breaks down as tax paid by HWIs, 57 of whom had taxable incomes of €36,000 to €125,000 and 88 of whom had taxable incomes of less than €36,000. There were 83 who had taxable incomes of less than the average industrial wage. It is interesting that Mr....

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: Could Mr. McCarthy expand on that? When people see the headline figure for people who have assets of that value but are paying taxes that seem to be so low, what is the reason? Can Mr. Cody unpack that and explain it to us?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: In a nutshell, are some of these instances of people who are asset rich but may be income, not poor, but certainly-----

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

David Cullinane: The income does not reflect the assets.