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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Of course.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: The amount of data being provided to us is brilliant. We could always do with more to keep us up late at night.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: I am sure Mr. Cody opens the purse strings and all the rest. I saw a video on TikTok in the past couple of days on how to get money out of a company. Any company director will know about the problem of having money locked in a company that is going well. Under Irish tax law, somebody earning €18,000 does not pay income tax and they may pay USC. The point was made that, instead of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Is that because a director could do exactly what I said, given the change that has happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: I have raised this with the Minister for Finance but no concern has been expressed on the floor of the Dáil. Tax advisers are telling companies to use the loophole. It was created in the Finance Act 2022 and the Society of Chartered Actuaries warned against it. It wrote to the Department of Finance in advance of the change with its recommendations and stated there were some concerns...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Okay. Mr. Cody has raised it with the Department.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: I understand that, and that is always the trick. I put on the record of the Dáil the actual correspondence of the tax advisers to the companies. They cannot believe what has happened. When the loophole came into being in the Finance Bill in 2022, they thought it would be closed down. A year passed and it was still there. I started this conversation because company directors have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Is there anything that could be done? For example, the guy who owns a corner shop in west Donegal and has approximately €2 million invested in the company knows that if he draws it down, he will have to pay a 40% tax rate. He may be thinking of retiring but his pension pot might be small. He has not put a huge amount of money into his pension and his pension pot may only be at...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: The point is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: The point is that Revenue, and I will come to this shortly, is able to act very flexibly because much of our legislation is under the control and management of Revenue. We utilised that to the nth degree during the pandemic, when we did not change legislation, rather, we allowed Revenue to do a huge number of changes that were not legislated for-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: They were legislated for afterwards. The point is why Revenue cannot do this now. Can it do this now and we will fix it in legislation with the Finance Bill?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: That is fine. I am moving on from that issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Yes, I understand that. On the same subject of care and management in respect of excise, do we need a legislative change to defer the August increase in excise?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Revenue cannot legislate afterwards under care and management. On mortgage interest tax relief, only 10% of the money has been drawn done so far. It is not deducted at source. Hundreds of people have applied for it, but they do not have a tax liability. They have not paid tax, maybe because they are looking after disabled children and do not have a tax liability. Is Revenue supposed to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: Revenue is not informing somebody who does not have a tax liability to go to the Department. It does not have those mechanisms set up. Are people applying online anyway?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: I will. I will send Mr. Cody a note.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: I appreciate that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: That is fair enough.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Revenue Commissioners: Discussion (15 May 2024)

Pearse Doherty: I have a very brief last question. We are dealing with the Gambling Regulation Bill, which is going through the Seanad at present. Under tax law, and Revenue has an updated opinion or guidance on this, VAT does not apply on the sale of tickets in local GAA club lotteries and so on. I will make a declaration, and it is in my declarations of interest, that I am involved in a not-for-profit...

Dublin and Monaghan Bombings: Motion [Private Members] (14 May 2024)

Pearse Doherty: Friday will mark the 50th anniversary and the 50th year since 34 innocent lives were lost as a result of the Dublin and Monaghan bombings. As we heard, hundreds were also injured on that day. The Dublin and Monaghan bombings changed the lives of so many forever, and not just those who were killed or injured. I want to acknowledge the presence, as my colleagues have, of some of the families...