Results 2,361-2,380 of 2,386 for speaker:Michael Finneran

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: I understand the universal social charge was dealt with earlier. Substantial reform has taken place in the budget and the Finance Bill on stamp duty. Some of the major changes introduced will be of extraordinary benefit compared with the previous regime. Properties valued up to €1 million are now liable to stamp duty at the rate of 1%. Where the value of the property is in excess of...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: I accept Senator Bacik's argument but I must be practical in what I say in response. It would be great if Senator Bacik could tell me where she can buy a house for €125,000 in Dublin city at the moment but no such price has come across my desk in the Custom House. The current regime is a great improvement on the previous regime. First-time buyers must live within their means. They buy...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: The Capital Acquisitions Tax Consolidation Act 2003 relates to the payment of gift tax and inheritance tax and the filing of returns in respect of these taxes. I understand this is the area of interest to the Senator. The amendment brings the date of the file and payment forward from 31 October to 30 September. Section 70, as passed by the Dáil, brings forward the pay and file date of the...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: In the Finance Act 2010 the dates for pay and file returns by the self-employed and for capital acquisitions tax were brought forward. After concerns were expressed by the self-employed, they were removed from this provision in this Bill. There were valid reasons for bringing forward the dates as it allowed for the making of more accurate forecasts. The general concerns about the...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: An attempt is being made to portray what is being done in section 70 as some type of oversight or mistake on the part of the Minister. I categorically deny this is the position.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: That is not the situation. The position is that the Minister responded to concerns expressed by the self-employed and others regarding this matter. That was quite a practical step to take. Different dates apply in respect of the payment of various taxes. What is new about that? I wish to reassure the House that the Minister took this decision-----

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: -----in response to submissions he received. The self-employed were concerned that, perhaps, there had not been adequate engagement with them. The Minister was correct to take this practical step.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: Many things have changed in the past 12 months. I accept the point to the effect that the Minister wanted to bring forward the date. There is no question about that. If he had not responded to the concerns expressed by the self-employed, I am of the view that a counter-argument would have been put forward by Senators during this debate.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: The Minister responded in light of the concerns expressed by-----

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: -----the self-employed, IBEC and others. An attempt is being made to state that what is being done resulted from the involvement of some other individuals. I completely reject that assertion. There was a short timeframe involved and the self-employed, IBEC and the others to whom I refer had concerns with regard to the level of consultation that had occurred. It was quite appropriate that...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: Section 74 introduces a number of measures in respect of the attachment of debt. The Senator's recommendation would remove from the Bill the provision that allows the Revenue Commissioners to attach emoluments to recover unpaid liabilities of taxpayers. Attachment of an enforcement is an option available to the Revenue Commissioners to recover unpaid tax, unpaid interest or unpaid penalties...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: It only occurs where people have practically ignored the Revenue Commissioners. It only moves forward on the involvement of a principal officer or appointed assistant principal officer, and in circumstances where the Revenue Commissioners are aware of substantial income being available and people not meeting their liabilities.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: I am assured by the Revenue Commissioners that they will have full regard to taxpayers' financial circumstances when using this power. It is to be noted that the section provides that the attachment, where used, may provide for the recovery of taxes over a period so as not to cause undue hardship to the taxpayer.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: The Revenue Commissioners will draw up strict guidelines on the use of attachment-----

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: I will get around to Senator Norris's question shortly. The Revenue Commissioners will draw up strict guidelines on the use of attachment on the same basis as the existing guidelines that apply to attachments generally.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: For a moment I felt that perhaps people are in support of tax defaulters. Certainly, I am not and-----

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: Some of the arguments might be inclined to lean towards that.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: The provision is not intended to replace the current practice of recovery of small tax underpayments from PAYE employees by means of adjusting tax credits etc. The question of constitutionality has been raised. As is the case in every item of legislation, including this Finance Bill, its provisions have been thoroughly investigated by the Attorney General and his staff and are deemed to be...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: The entire income-----

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed). (29 Jan 2011)

Michael Finneran: It is not the case that the entire income of anybody would be taken. It is the case that where there is income, and indeed adequate income, the Revenue Commissioners would work out over a weekly, monthly, two monthly or six monthly basis the returns that should be made, in line with the income of the person concerned, provided he or she can afford it.