Results 1,521-1,540 of 34,618 for speaker:Seán Fleming

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: All I see in front of me is 33% capital gains tax on the company and then, when the person gets his or her dividend, he or she pays 40% tax on money that has already suffered 33% tax in the first place. If what the Senator is proposing is a 75% tax on a person who invests in a house, property or apartment, I am not going there.

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I will conclude on this by saying capital gains tax is different from income tax. If the Senator or I happen to have a property that we sell and it is not a principal family residence, we pay capital gains tax of 33%. We might have other income that we pay 20% or 40% tax on, depending on our income. They are two unconnected taxes paid by one individual but one is not added on top of the...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I understand the general point being made but this matter could be discussed in more detail at another time. The issue of bank profits not being subject to corporation tax because the loss is brought forward is the essence of what we are discussing. Although the precise impact of Covid-19 for the full 2020 year may not be known until early next year, AIB, Bank of Ireland and Permanent TSB...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: The Senator's last three words were "in the future". She has clearly stated in her that if we were to implement this measure, it would have no practical effect this year because we all know the banks are in a loss-making situation and that is not likely to change on 31 December 2020. The Senator is aware of the volume of supports available that are affecting people's daily lives. I would...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: The question of carbon tax is one on which many people have many views. The programme for Government is very clear on this matter and we gave a clear commitment on it in advance. During the election earlier this year, people were aware of our party's views on the carbon tax and that it would be increased. To compensate for that, there is an increase in the fuel allowance of €3.50...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I am very clear that on budget day, the Government stated it was targeting those people in receipt of those three particular social protection payments as the three categories that were most identifiable. There are many people who will end up being net payers of carbon tax but who will not get anything back out of it. It generally falls to people in the workforce who are earning income....

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I take the point the Senator is making and it is the same formula of an amendment that we have had previously. People, however, can detect and see for themselves with the level of reporting of this carbon tax, that it is going to be fully scrutinised and that there will not be any shortage of debate, discussion and reports on this issue. As I have already said, the Minister, Deputy Michael...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I accept the spirit of the recommendation but we want to do more than what is recommended in it. I do not want to tie my hands just to producing a report. It would be only half of what is needed. What we would do with that report and the measures we would put in it and introduce are the key issue. We will be getting to that point. A report is step 1 along a more important process but I...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: There are two similar type sections in the Bill. Section 30 deals with excise duties and this section deals with VAT. Both cover the same issue. This section amends the Value-Added Tax Consolidation Act to align Irish VAT legislation with the provision for the EU VAT directive. The purpose of this is to align with a long-established EU VAT directive. The VAT directive requires member...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I will explain it. If an Irish company was working on a contract in some country in Europe or on a site under the European Union Common Security and Defence Policy and there were VAT implications, this section deals with that. There is no change to the constitutional provisions relating to armed forces, which effectively prohibit foreign forces being based or maintained in the State. I...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I remember this issue well from the Brexit Bill. It relates to the retail export scheme. I want to clarify what has already been said in the Oireachtas. This recommendation calls for a report on the operation of the scheme. I remind Members that the Minister for Foreign Affairs gave a commitment in the Oireachtas on Second Stage of the Brexit Bill that his Department and the Revenue...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: We are back to the pandemic unemployment payment and there is a significant difference of opinion on the basic question as to whether it should be taxed. The issue is deeper than getting a report on how it is working out. It would not be physically possible to do a report within a couple of months of the year's end. In an earlier debate, we were asked for a report on how much tax arose a...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: On the issue of the annual cost of these section 110 companies, I am advised by Revenue that while there are figures available on the number of section 110 companies, it is not possible to calculate the amount of tax that would have been paid if a company had not submitted a notification to Revenue that it is a qualifying company for section 110 of the Tax Consolidation Act 1997. This would...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: In an effort to be helpful, the Minister and the Department consistently keep the section 110 regime under review and make changes when issues are identified. If Revenue becomes aware of a particular issue, it brings it to the attention of the Department of Finance and changes are made. For example, the Finance Act 2011 made a change in respect of profit participation notes. The 2016 Act...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: We are going on to Report Stage. I may be able to respond to the point then.

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputy for proposing this amendment. It is good to tease out the issue. The decision to allow proxy voting is at the discretion of individual credit unions. If a credit union provides for proxy voting, the legislation sets the deadline for depositing an instrument of proxy. This deadline balances the needs of the member, who is an individual, and of the credit union, which has...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: We are all supportive of the credit unions and believe they will run their organisations as best they can. That is why we did not want to be overly-prescriptive by limiting proxy voting such that a proxy voter can only act on behalf of one person. I gave the example earlier of an elderly couple who want their son or daughter to represent them both at the AGM. The Deputy is suggesting that...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputies. The section indicates a credit union "may" and I keep referring to that word. We are here to facilitate and help credit unions run their businesses and the conduct of voting at an AGM should be regulated by the credit union's own rules, which vary between such credit unions, rather than through legislation. The big change we are making in this legislation is to allow...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputy. Everybody is concerned about the integrity of AGMs, including proxies, timing and the secrecy of the ballot. The Deputy will be satisfied to hear that the amendment relating to ballot secrecy is not necessary as the legislation details exactly when secret ballots are required and that the board of directors of a credit union shall be elected, in any case, by secret...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: In December 2017, CUAC did publish a policy paper on alternative means of voting by members. I accept that there is not a widespread view among members of credit unions that they should have proxy voting. Some people have said that it might facilitate a greater attendance at AGMs. We all know credit unions have thousands of members and there might be 70 people or 80 people at an AGM....