Results 3,621-3,640 of 49,836 for speaker:Stephen Donnelly

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I agree with what Deputy Doherty said and I seek a ruling from you, Chairman. Most of the amendments I have tabled have been ruled out of order on the grounds Deputy Doherty mentioned. The amendments oppose proposed changes to the tax law so, by definition, they cannot impose a charge on the State. They are unambiguously in order. This ruling has been applied to most of my amendments....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: The Minister can reply to this if he wishes. His position is well known. I know the Minister's response but I believe it is worth mentioning. I take the Minister's point that people believed the USC was coming in as an emergency measure or to replace a number of taxes as an emergency measure. However, it is probably fair to say that was mis-sold as an emergency measure. The Minister...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I have one brief follow-up question on the argument of work activation, which is the main argument I have heard from Fine Gael for abolition of the USC. I agree with the Minister on the simplification of the taxes. Having line after line on one's payslip is unhelpful. The example the Minister provided relates to the second parent going back to work and whether this is worth doing. The main...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I take the point but would the Minister consider the assessment? We have different political views on it, which is fine, but I specifically refer to the work activation piece, which is the main argument I hear put forward. It is testable and we could do an impact assessment. Is it something the Minister would consider?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I thank the Minister.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: On the point about the process, I was handed the rationale for my amendments being ruled out of order when I walked into the Chamber this morning. My amendments that are in the same grouping we are discussing now should be out of order but they are not. Amendments that propose to stop something that currently does not exist have absolutely no basis under Standing Orders for being ruled out...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I thank the Chairman. Can I speak to the other amendment? I can skip over my two amendments because they are essentially the same.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I also welcome the move towards full equalisation of the tax credit. The amendment has been tabled in the spirit of speeding it up. Last year the Minister went halfway-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: Okay, but my hope was that it would have been completed this year. When we get to the issue of vulture fund tax avoidance, I will demonstrate to the Minister where plenty of additional discretionary taxes could be applied. The figure in last year's budget document was €33 million. These figures are first order effects; therefore, when the impact is factored in, the rule of thumb is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: Understandably, we seem to have moved into a conversation on policy rather than the specific amendment. If I could, I will also do the same. When we went through this with the Minister at the budget oversight committee, he agreed it would be a demand-side policy measure and, in increasing profits to developers of new homes, it would fuel development of new homes, even though it would...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: I take on board the points the Minister makes. We both agree that supply must increase and that people need access to the market. I agree fully that many first-time buyers cannot raise €20,000 to €50,000. Where we might differ is that I believe the access argument applies both to first-time buyers and the negative equity generation. While I do not agree with what it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: The Minister has put forward a very reasonable argument. I agree with some of it and disagree with some of it. That is fine. I believe it is reasonable, I just disagree with the price aspect of it. The Minister's position is clearly a well-considered position and an intervention targeted at a group that is trapped. They are trapped by the 3.5% household income ratio that might allow them...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: Could a note be sent to me from the Department about what the Central Bank has done?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Stephen Donnelly: In the context of the Minister's argument for first-time buyers, can he address the deposit issue? The income multiple is not the issue - it is the deposit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Stephen Donnelly: I have a query on the same topic. The last time I looked at this issue was about two years ago as it applied to the charity sector. Some businesses were able to get around this by recognising it and providing additional payments in lieu, which is absolutely not the way to do it. I support Deputy McGrath's amendment. Perhaps the Minister could also ask his officials to look at this measure...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Stephen Donnelly: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Stephen Donnelly: I move amendment No. 71:In page 30, between lines 26 and 27, to insert the following:“(3) Where an individual has rented their primary residence and is also renting another property, to apply full deductibility of rent paid on rent received, for the purpose of calculating tax liability.”. One does not like being the last amendment after a four hour session. This amendment is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Stephen Donnelly: I thank the Minister for his response. I cannot see the unintended consequences. The idea of someone using the measure to rent out a string of properties does not hold up. This is a very simple idea. The idea is that if one owns a home, rents it out and pays rent on another, one can offset one against the other. Let me put it at its simplest. Imagine two families living beside each...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Stephen Donnelly: If I could sit down with the officials, it would be very useful. To put it very simply without going into any of the detail, let us say rent in Dublin is about €1,500 a month now and for most the costs probably amount to about €500 a month. A lot of them are on tracker mortgages so the interest payments are reasonably low for now. With regard to the worked examples I have...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Stephen Donnelly: Sure. That is it. I would like to sit down with the officials. I am more than happy to put case studies together. Will the Minister or Department put together ways they think it could be abused? It would be very helpful in teasing this out. Is it something the Minister thinks we could do?