Results 17,381-17,400 of 35,756 for speaker:Pearse Doherty
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: Therefore, one cannot get the exemption at this point in time. By the end of December 2018, however, five years will have elapsed so one will get the exemption. That means the provision incentivises the investor to sit on the vacant land, to do nothing with it even though we are in the middle of a housing crisis and hold it for another year because it is of major financial benefit to the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: The properties were bought by NAMA at knock-down prices.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: Yes, I apologise, from NAMA. The properties are not being sold off because the companies will benefit from the CGT exemption after five years. I am also referring to individuals who bought, from NAMA, land that is currently undeveloped. The individuals will not develop or sell on the land because to hold on to it, at this point in time, is more financially beneficial to them.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: That is if they reinvest the profits within the fund but that is not what is happening here. The Government would not be closing down this loophole if that was the case. The Government is closing down the loophole because it knows fine well that it engineered a loophole into the Finance Bill last year that incentivised people to hoard land and property. I welcome the fact that the loophole...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: No. The Government has given a year's extension and incentivising.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: The Government is incentivising the investors who bought at the bottom of the market in 2013 to continue to hoard property because they will escape the 20% dividend withholding tax. There is no ifs, buts or maybes about that. The Government can vote for that and Fianna Fáil can abstain if it wants but the Government needs to understand the consequences of the provision. Multi-million...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: No, they will not.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: No, they will not.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: No they will not. Not for the gain, no they will not.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: Let us say a property was bought in 2013 but is sold in December 2018, that €1 billion of gains were made on it during that period and those gains were disbursed through dividends to the shareholders in the property, which are foreign shareholders. Would there be a dividend withholding tax on that €1 billion of dividends that are paid to the foreign investors in the fund?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: That is the bloody point.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: The Minister of State mentioned cases where all of the gains are re-invested. If that is the case then let us scrap all of the taxes because they just go around in circles.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: What are the percentages of foreign and domestic ownership of these funds?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: These fund are set up specifically for foreign investors. A total of 85% is foreign investment. They are structured in such a way as to benefit foreign investors - that is the point. These are foreign investors. This is why it is so important for the dividend withholding tax to be paid. The rate is set at 20%. We will come to this point later, but they do not actually pay 20% because of...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: So, we should facilitate them to do it tax-free. Is that what the Minister of State is arguing?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: Let us suppose a fund bought massive amounts of land from NAMA during January 2013. Can the Minister of State at the Department of Finance explain why it would decide to dispose of that land now, when the Government is indicating, through the Finance Bill, that if it holds on to the land for another 12 months, it will not pay the 20% dividend withholding tax on the gains relating to it?...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: How many will have CGT exemption because of the extension of the deadline?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: Is that four or five funds that have CGT exemption now or that will have by 1 January 2019?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: Given that vulture funds came in during that period and started picking over carcasses------
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Pearse Doherty: What are the combined assets of the four or five funds that have CGT exemption?