Results 33,121-33,140 of 34,956 for speaker:Seán Fleming

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...

Saincheisteanna Tráthúla - Topical Issue Debate: Mortgage Insurance (15 Dec 2020)

Seán Fleming: I thank Deputy Ellis for raising the issue, which is obviously a very difficult one for the family concerned that wanted to purchase their own home. While I have an appreciation of the difficulties individuals may find themselves in as a result of the Covid-19 pandemic, neither I, the Minister for Finance, nor the Central Bank of Ireland can interfere in the provision or pricing of insurance...

Saincheisteanna Tráthúla - Topical Issue Debate: Mortgage Insurance (15 Dec 2020)

Seán Fleming: I thank Deputy Ellis for his remarks. There are some cases where a person getting a mortgage for a house may not require life cover but that does not apply in this case. In some cases it may be purchased with a higher cost. I met representatives of Insurance Ireland today and raised this matter. The meeting was nicely timed because I had notice of the Deputy's matter. They told me...

Seanad: Nithe i dtosach suíonna - Commencement Matters: Credit Unions (15 Dec 2020)

Seán Fleming: I thank both Senators for raising this issue. The Government recognises the important role credit unions play in society as a volunteer co-operative in the area of financial institutions. In the current environment, credit unions are appropriately focusing on the health and well-being of their volunteers and staff, and on continuing to serve the needs of their members. Credit unions are...

Seanad: Nithe i dtosach suíonna - Commencement Matters: Credit Unions (15 Dec 2020)

Seán Fleming: As I already said, the Central Bank is independent in its role but I hope it is aware of this debate and takes it into consideration. It will not change its view on the matter but, at least, it will hear what is being said about it. The various credit unions should contact the Central Bank where they feel they need to make these payments. They can propose a mixture of a small dividend,...

Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Report and Final Stages (16 Dec 2020)

Seán Fleming: I welcome the opportunity to speak on this Bill and I thank the Deputies for their contributions to this Stage of the debate. I want to put a few points on the record. I agree with Deputy Doherty that this legislation has improved from its original iteration in the previous Dáil in that there are greater procedures in place to identify the beneficial owners. Other than that, I...

Seanad: Finance Bill 2020: Report and Final Stages (16 Dec 2020)

Seán Fleming: I thank the Senator. The recommendation differs from that put forward on Committee Stage in that it proposes to exempt the PUP from taxation for the period prior to 5 August, rather than maintaining that the payment is not currently taxable.The Senator has accepted that the payments have been taxable since August and is now proposing that payments from March, when they were introduced, until...

Seanad: Finance Bill 2020: Report and Final Stages (16 Dec 2020)

Seán Fleming: As set out in the legislation to which I have referred, that is, the Social Welfare (Covid-19) (Amendment) Act 2020, the period of applicability in the context of the payment is from 13 March onwards. That legislation was passed by this House on 29 July and then brought into effect on 5 August. I wish to confirm that those are the dates in question.I do not agree with the Senator's...

Seanad: Finance Bill 2020: Report and Final Stages (16 Dec 2020)

Seán Fleming: We discussed the issue, the principle, the background and the information that led Senator Mullen to put this recommendation forward on previous Stages. We had quite a detailed discussion and the Senator provided a lot of information on the matter. Section 195 of the Taxes Consolidation Act 1997 provides for the exemption of certain earnings of writers, composers and artists and allows the...

Seanad: Finance Bill 2020: Report and Final Stages (16 Dec 2020)

Seán Fleming: We are not excluded from making an artistic contribution to the country.

Seanad: Finance Bill 2020: Report and Final Stages (16 Dec 2020)

Seán Fleming: Regarding otherwise high-earning individuals, in addition to the €50,000 cap, those claiming the exemption that also avail of other specified reliefs, continue to be subject to the high earners' restriction, which limits the amount of tax relief that can be utilised in any one year to €80,000 before the restriction begins to apply. It is now a more limited scheme targeted at...

Seanad: Finance Bill 2020: Report and Final Stages (16 Dec 2020)

Seán Fleming: Recommendation No. 5 calls for a report on carbon pricing and carbon levies, outlining how the Government intends to apply the aforementioned principle between individuals and corporations, and the potential implications of such pricing and levies as regards costs associated with EU emission reduction commitments and future liabilities under investment protection schemes. The United Nations...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I thank the committee for the invitation to appear before it today to give it an overall view of the Government's new insurance reform agenda. This marks the first time I will do so in my role both as Minister of State with special responsibility for financial services, credit unions and insurance and as a member of the new subgroup on insurance reform under the Cabinet committee on economic...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: The representatives gave that assurance to this committee publicly on behalf of the insurance companies they represent. They gave it directly to the Department of Finance more recently. In my meetings with insurance industry representatives over the past two months, I referred to the action plan for insurance, with its specific deadlines. The vast majority of the actions are to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: There are two halves to that question. The second half concerns information on profitability and costs. The Central Bank of Ireland is the regulator and has complete access to all that information on a company-by-company basis. Part of our work will involve greater liaison with the Central Bank from a governance point of view without interfering with its independence or regulatory role....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I have met representatives of the Law Society of Ireland and the Bar Council of Ireland on that issue. Their view is that their members are brought in only if a client comes to them. They say their members are not out looking for business. That is a moot point but what we are doing, as part of a key element, is engaging in PIAB reform. Under the action plan, there is to be public...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: That is fine. The first aspect concerns getting more players and competition into the market so that we will not be just relying on eight or ten insurance companies. That is exactly the reason the new office was established. It was created to promote competition and it held its first meeting yesterday. We saw that one of the key problems was exactly as the Deputy described it. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: The only way of absolutely removing discretion from the Judiciary, however, is by constitutional amendment, and that is an issue. Some people might agree with doing that, but others might cite the example the Deputy gave at the beginning of a catastrophic case in which it is estimated that a person might live for 50 years when an award is being settled, but it might turn out that he or she...