Results 17,101-17,120 of 35,756 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: Would the Irish Funds Industry Association be opposed to full recoupment of the cost of regulating the funds industry in Ireland?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: I think the skin in the game for the Central Bank is that if Mr. Lardner's industry colleagues get it wrong, they will wreck our economy.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: Can the witness explain that to me, If he does not mind?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: Very well. The witness mentioned that 60% of the cost of regulation is recouped by the Central Bank currently. Does he have any estimates, or guesstimates, of how much per annum that is? What does it amount to?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: Is it tens of millions, hundreds of millions, what-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: This is an industry that has €4.4 trillion in assets.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: Yet, it does not generate a big role in terms of regulation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: No, I am not making that point. I am making the comparison between the net assets, whether of Irish-domiciled funds or otherwise, which make up about half of all the funds in the State, and the amount of tax they pay. One of Ireland's big attractions for the fund industry, which has gone from assets of about €600 million in 2006 up to about €4.4 billion, is the tax structure....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: What is the European growth rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: The last seven years' growth of net assets was 27%, which is high. The yearly figures were 8%, 18%, 8%, 22%, 13%, 9% and 9%. I presume that is well above the European average over the same period.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: No, it is a different risk. We know that, but there is a risk.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: My final question relates to the fund industry, the qualified investor-alternative investment funds and the Irish real estate fund, IREF, the new structure that has been in place since the Finance Bill last year. Did the witness's association lobby the Minister on the dividend withholding tax exemption for capital gains tax, CGT, the five year rule, last year when it was brought in? Did it...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (28 Nov 2017)
Pearse Doherty: I am familiar with that. I am talking about the couple of billion that is in Ireland, particularly the money connected to property. The first lesson in taxation is that property should be taxed in the jurisdiction it is in. However, the structures the Irish fund industry has been able to carve out for itself meant that this was not being taxed at all because of the qualified...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: I thank Mr. Coffey for bearing with us. None of us thought we would be here at this hour. We thought we would be putting up our election posters in west Donegal. I have a couple of questions. I want to commend the witness in regard to his work and also in regard to the blog that he put up which teased out one of his proposals. That is the 80% cap that has been enacted on budget day. It...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: It comes as no surprise. I agree with what Mr. Coffey said. On this committee I have to question things that I do not agree with. Would companies have taken their intellectual properties onshore based on 100%, which was the existing law at the time? They took these corporate decisions based on the capital allowances that they believe would be available for them for them over the next...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: That is possible in some of these cases. On the change that took place, from 80% to 100%, does Mr. Coffey think we could be walking into a dangerous space with regard to state aid issues?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: What about the change from 100% to 80%? Compare a company today that can only carry forward 80% to a company making profits in two years. One company can carry forward 80% and the other company can carry-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: That is a timing issue but in any given year, there is a difference.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: On the reputational damage-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Review of Ireland's Corporation Tax Code: Discussion (28 Nov 2017)
Pearse Doherty: We will let the Commission work that one out. On a previous point with regard to applying the 80% for all intangible assets that have been onshored, how would that make it more reliable, for want of a better word, for our tax base?