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Financial Resolution No. 2: Capital Gains Tax

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Financial Resolution No. 2: Capital Gains Tax

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Snippet Contents:

I am afraid it has not. The Minister basically told me what I told him. He says it replaces the current narrow provision and is not simply a replacement for the current exit tax. The current tax is capital gains tax, payable at 33%. There is no explanation of why the taxation of this intellectual property should be at a rate of 12.5%. That question was not answered.
Before the Minister replies, I have read the Coffey report and this evening I read the directive so that I would be up to speed on it. This is a very careful and calibrated discussion. The notion that there is an agreed approach that should be rubber-stamped this evening in a financial resolution that the House has only seen an hour or two ago is not true. Article 5 of the anti-tax avoidance directive requires Ireland, by 1 January 2020, to have an exit tax in four particular circumstances that are set out in the report. We currently have an exit tax, which will be replaced by this provision. What are the considerations that the Government has given in transposing Article 5 of the anti-tax avoidance directive? Is that not a reasonable debate to have? Why has the Government landed on a rate of 12.5%? Can we not have a debate about that? I know the Minister has been lobbied for this measure but it is a matter that should be debated in a democratic way in the Finance Bill, not passed by fiat. I cannot amend the rate the Minister has set in the financial resolution. Nobody from the Opposition benches can amend it.
In 40 minutes, it is proposed to significantly change the taxation of intellectual assets in this country. That is not the way we should do our business. If we have learned anything from the way we have done business in the past, it is that this is not the way to do it. The Minister has given me no reason it has to be done by midnight. He says that no money will accrue from this measure and very few transactions will be subject to it. In that case, why not wait the ten days or so for the Finance Bill to be published and debated properly?