Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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30. To ask the Minister for Finance if he will provide details of meetings held between his Department officials and vulture funds during his terms as Minister for Finance; if he or his officials suggested to these funds that they might benefit from tax loopholes such as section 110 of the Taxes Consolidation Act or any other tax loopholes for the purposes of minimising their tax contributions; and if he will make a statement on the matter. [27595/16]

Michael Noonan (Limerick City, Fine Gael)
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While the term vulture fund is not recognised in the Taxes Acts, a small number of structures that have been using section 110 TCA 1997 to avoid paying tax on Irish property transactions have been brought to my attention.  To address these concerns, on 06 September, I published a proposed amendment which tackles any misuse of the current section 110 regime in relation to Irish property. Details may be found in my press release on my Department's website regarding Section 110s.  The amendment as published is not finalised and may be subject to further refinements to clarify certain aspects of the provision.

In the context of the State's interests in NAMA, IBRC, the banks and other financial institutions, my officials would have met with representatives of companies that would have been involved in bidding for and purchasing loan books.  However, at no stage would my officials have been in a position to suggest any mechanisms regarding the minimisation of tax.

The rationale for publishing said proposal was to ensure appropriate feedback is received on a technical and complex section of the Taxes Acts.  As is standard practice when a technically complex piece of legislation is being examined, officials from the Department of Finance and the Revenue Commissioners have held meetings with a broad range of stakeholders including meeting with members of the Irish Debt Securities Association, the body that represents the securitisation industry and other members of the accounting, law and tax professions.  My officials are currently in consultation to clarify certain aspects of the provision and to ensure the proposal successfully carries out the intention for which it was created. This is an ongoing process and I would like to reiterate that we welcome input from all stakeholders, including Deputies, on the matter.