asked the Minister for Finance whether any of the 36 foreign assurance companies, that hold licences to transact life and industrial business, made returns to the Revenue Commissioners for the purpose of assessment of income-tax on profits earned from business transacted in the Republic of Ireland, and, if so, how many.
Ceisteanna—Questions. Oral Answers. - Foreign Insurance Companies: Income-Tax.
asked the Minister for Finance whether any of the 36 foreign insurance companies, that hold licences to transact fire insurance, glass insurance, accident insurance, public liability insurance, employers' liability insurance, engineering business insurance, guarantee insurance, and burglary insurance, made returns to the Revenue Commissioners for the purpose of the assessment of income-tax on profits earned from business transacted in the Republic of Ireland, and, if so, how many.
asked the Minister for Finance whether any of the 39 foreign insurance companies, that hold licences to transact mechanically propelled vehicle insurance business, made returns to the Revenue Commissioners for the purpose of the assessment of income-tax on profits earned from business transacted in the Republic of Ireland, and, if so, how many.
I propose to deal with Questions Nos. 29, 30 and 31 together.
Returns for the purpose of assessment to income-tax are made by three of the foreign assurance companies that hold licences to transact life and industrial business in this country; two of the foreign assurance companies that hold licences to transact fire, glass, accident, public liability, etc., insurance in this country; and two of the foreign assurance companies that hold licences to transact, in this country, mechanically-propelled vehicle insurance. The other foreign companies, being resident in Britain and not resident here, are entitled to exemption from Irish income-tax under the provisions of the residence agreement between Ireland and Britain. This agreement is, of course, reciprocal, so that a person resident in this country and not resident in Britain is entitled to exemption from British income-tax.