Results 141-160 of 4,717 for speaker:Neale Richmond

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I am not going to engage on every point.

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: As Senator Gavan is aware, the Gambling Regulation Act is under the remit of the Minister for Justice. Therefore, I am not in a position to discuss the legislation in a Finance Bill context. However, any potential change to betting duties is kept under review as part of the tax strategy group and budgetary cycle. This is in line with how the Department of Finance develops and monitors tax...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: A number of factors affect the final retail price of fuels, including energy market dynamics, wholesale pricing, individual retail pricing policy, transport costs, exchange rate fluctuations and taxation. It is important to note that despite the restoration of excise rates which occurred in April and August this year, as well as the carbon tax increase on 9 October, national average retail...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: There are two substantive recommendations here. This was raised in detail on Second Stage, particularly by Senator Higgins. I will try to be brief because the clock is against us, but both recommendations merit debate. Senators will be aware that the Government is genuinely committed to tackling climate change and decarbonising the economy by 2050 and is aware of the challenge that these...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I will ask the Minister for energy to follow up on that directly.

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: When we discuss comparisons between 2024 and 2021, it is important that we acknowledge what happened in that period and what caused major increases in energy prices. We have subsequently seen those increases decline. It is easy to choose a period before Russia invaded Ukraine and we saw massive inflation in the has sector, and then talk about what has happened since when those prices came...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I will refer to the Second Stage debate in this regard.

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I will respond briefly. The banking levy was retained and the Senators are seeking a report on the rate of the levy relative to the net interest income and operating profit for all in-scope institutions since the levy was introduced. It is, therefore, important to point out that it would not be possible to produce a report as requested within that timeline. Credit institutions licensed by...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I am worried because that is the second time that Senator Gavan has agreed with senator McDowell in this session.

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: If it happens a third time, I do not know what will happen. Perhaps Beetlejuice will appear. This Bill introduces a new section 89A to the Capital Acquisitions Tax Consolidation Act 2003 to provide for a revised form of relief from capital acquisitions tax for gifts and inheritances of agricultural property. The primary policy rationale for the relief is, of course, to promote the...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I think it is incumbent to state that quite a number of us in the Chamber are active members of trade unions and would personally benefit from that financially, and I am one of those. Senator Gavan and I have debated the benefits of trade union membership many times previously. I do not think I was ever found wanting on that, which is why I was quite taken by some of these comments. I...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: We are in a political Chamber but not necessarily in a party-political Chamber.

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: That is why I am saying we should remove the emotion in the politics concerning what was a very serious suggestion by Senators Gavan and Warfield. What was referred to was done before. The rationale outlined very clearly by Senator Higgins has merit in the context of the overall rationale for what is being aimed at, but what she desires is not going to be achieved by this measure. That is...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: It is important to come back in on this. There will be wider debates on the directive, and the House had one this morning. Such a debate is important but we are here to speak about the actualities of the Finance Bill and the costs as opposed to wider signals and motives. We are bringing into a debate an emotive aspect that is out of place here. We have had the discussion-----

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: If the language is not acceptable to the Senator, I will correct it. This is a very serious debate but we are bringing in a secondary debate on the specifics of the request for a report and a recommendation that I know is made by the trade union movement every year. I have met the movement’s representatives, read the proposal and have said I would happily benefit personally to the...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I will send all three reports to the Senator.

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I will speak to the two specific points as I know the Senator has had a good discussion with the Minister, Deputy Chambers, already. On the issue of the introduction of refundable tax credits, they could potentially prove to be very costly and provide relatively little benefit to the majority of individuals, including those working full-time and earning at least the national minimum wage,...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: I will briefly mention two things in a potentially less negative response than usual but couched in the fact that, ultimately, we will not be accepting this recommendation. Obviously, those of with young children know that Isofix is often an influence in getting a larger car, unfortunately, for many of us. A weight-based tax was discussed as part of this year’s tax strategy group...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: It should be noted that the Bill provides for an increase to the rate of the vacant home tax from five times to seven times the property's existing base local property tax rate. This is not exactly a move which one would associate with someone who does not like taxing vacancy, but that is exactly what is being done. The residential zoned land tax is a new tax introduced in the Finance Act...

Seanad: Finance Bill 2024: Committee and Remaining Stages (6 Nov 2024)

Neale Richmond: The vacant homes tax is only one part of a much broader suite of measures. The Minister for Housing, Local Government and Heritage launched a vacant homes action plan in January 2023 and a progress update was published in April. This document outlines the progress that has been made in addressing vacancy, along with the actions being pursued to return as many vacant and derelict properties...