Results 17,541-17,560 of 32,864 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Broadly, the risk identified by the Deputy is the reason I increased stamp duty on commercial property last year from 2% to 6%. I believed there was a risk of overheating in the sector. In particular, I believed that we were facing an issue because, from the point of view of the Government, we had a preference for economic resources and human capital to be deployed in supplying homes but...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The transaction time for commercial properties and all the work that has to be done in that regard is rather long and these projects tend to be big. Given these factors it is still too early to be able to evaluate the effect this measure has had apart from the additional yield it has brought in. I expect that by the time we get to next summer we will be in a position to assess whether it...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: It will. I am more hopeful that we will see that happen because of indications relating to the supply of homes, accommodation and what is happening with planning permission. I am hopeful we will see that change happen but all these indicators will be much clearer to us in advance of next year's budget. The judgment call I made was that to make a further change so soon after tripling this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: This relates to-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I want to first set out the current position on capital acquisitions tax, CAT, agricultural relief. The purpose of agricultural relief is to encourage the productive use of agricultural land and to prevent the sale or break-up of farms to pay a CAT liability. Agricultural relief operates by allowing the value of agricultural assets received to be reduced by 90% of its value for the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: That is correct. The UK will no longer be a member of the European Union. That means that we will have to change our primary legislation but before I get to the point of being able to make that change there are other issues with our tax code that need to be settled. We need to do that work first and that is the issue we have to deal with.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I cannot give a commitment yet on what we will be able to do on that matter because there are a number of issues that we will have to resolve when the direction of Brexit becomes clear. All I can do at this point is reiterate my understanding that this is an important matter and that I will do my best to resolve it in an orderly and fair way. However, before we can get to that point we have...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: If the UK leaves with a transitionary period in place, legislation will be needed. The importance of having that period means that the legislation will not be emergency legislation because the great benefit of having a transitionary period is that it will give us and the UK the time that is needed to settle a vast array of issues. In the event of the UK leaving without a transitionary...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Yes. Discussions are ongoing on transit and access.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I move amendment No. 157:In page 142, between lines 14 and 15, to insert the following:“Amendment of Part 5 of Schedule 24A to Principal Act (orders pursuant to section 826(1E) in relation to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting) 59.Part 5 of Schedule 24A to the Principal Act is amended by inserting the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Will I also address Deputy Michael McGrath's amendment?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Article 12 of the multilateral convention introduces a new test for when an agent can constitute a permanent establishment or a taxable presence in another jurisdiction. This article is not a minimum standard under the multilateral convention so signatories are free to opt out of this article. I am not adopting this provision but I am committed to keeping it under review. It is open to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: My view is that the BEPS process has a long way to go and we are some way of running out of road. Interestingly, the most recent set of US corporate tax changes contained a number of features that were strongly related to BEPS. In the recent paper I published on corporate tax reform, I outlined work that needs to be done across the next two to three Finance Bills to implement a BEPS process...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The reason I will not accept the amendment, but I am open to looking at how I can provide further information if Deputies so require, is because of how much work we have already done with the Oireachtas on this issue. When the issue first developed the Department, as it is required to do, sent a comprehensive set of scrutiny notes to the Oireachtas. Subsequent to this, officials from the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Yes, the Deputy is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I will address the Deputies' points. As Deputy O'Brien said, this has already been the subject of debate in the Oireachtas. My officials were in front of the committee and this is the report that we produced before the summer. Deputy Burton said at the start of her statement that I gave an extensive answer to the questions she raised and at the end she said that I had given a bland...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Section 110 of the Taxes Consolidation Act 1997 sets out a regime for the taxation of special purpose vehicles set up to securitise assets. Securitisation is useful, both for banks in freeing up capital to allow them to continue to lend to all taxpayers and for the productive economy, as it can underpin the supply of capital marketing finance to industry and companies in Ireland, Europe and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Sure.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I am alive to the fact that the price changes we have seen in the property market could have a number of different causes. To deal with a commitment that I made last year, in the tax strategy group, TSG, papers of this year we dealt with some of the issues that were raised. To respond to Deputy Pearse Doherty's question, what I did in the aftermath of last year's Finance Act was ask for an...