Clare Daly (Dublin Fingal, Independent)
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297. To ask the Minister for Finance the number of times that the section 110 clause has been amended since it was put in place; the degree of lobbying that was involved relating to the last amendment to the scheme; and if he will make a statement on the matter. [25661/16]

Michael Noonan (Limerick City, Fine Gael)
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Section 110 of the Taxes Consolidation Act 1997 has been amended a total of 5 times since implemented in its current form in 2003.

The Finance Act 2005 introduced the option for section 110 companies to make an irrevocable election to continue being taxed on the basis of 2004 Irish GAAP.

In 2008 the assets which a section 110 company could hold/manage were extended to include greenhouse gas emissions allowance, contracts for insurance and contracts for reinsurance and also to include a partnership interest in any of the qualifying assets.

The Finance Act 2011 brought about a further extension of qualifying assets to include plant and machinery, commodities and certain carbon offsets. An anti-avoidance provision was also inserted to disallow a deduction for interest and other payments made by a section 110 company to connected non-resident persons who do not pay tax on that income in their country of residence.

In 2012 the definition of qualifying assets was further extended to include forest carbon offsets and to include any right directly attributable to a carbon offset.

An administration amendment was also made in 2012, this clarified that the requirement to notify Revenue of the intention to be a section 110 company must be made by the return filing date for the accounting period that the company is first a section 110 company.

In terms of the Finance Act 2016 I am proposing an amendment to ensure property/land in the state is taxed appropriately and Ireland's tax base remains protected. Details may be found in my press release regarding Section 110s on the 6th of September. As is standard practice when a technically complex piece of legislation is being examined, officials from the Department of Finance and the Revenue Commissioners held meetings with industry representatives including meeting with members of the Irish Debt Securities Association, the body that represents the securitisation industry.

Clare Daly (Dublin Fingal, Independent)
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298. To ask the Minister for Finance his views on whether it is acceptable for a company (details supplied) to use charities to facilitate hedge funds cutting their tax bills; his proposals regarding same; and if he will make a statement on the matter. [25662/16]

Michael Noonan (Limerick City, Fine Gael)
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The matter of whether it is acceptable for a company to use charities to facilitate hedge funds cutting their tax bills is a question best referred to the Charities Regulator. It is my understanding that this issue is currently subject to an in depth review.