Results 4,341-4,360 of 6,295 for speaker:Michael D'Arcy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: I would remind the Deputy that I was on the same side as the Deputy this time last year. I do not propose-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: I do not propose to debate last year's budget proposals this year. What is in front of us, we believe, is the right thing to do to encourage as much property onto the market as we can in the coming year. I do not know that many people would disagree with that position. As the Deputy said, that was last year. The committee can vote for or against it. The matter was not successful last...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: This measure was introduced in the Finance Act 2016. It would be very sudden to remove the measure just one year after its implementation. Doing so would negatively affect Ireland's international messaging on the certainty of our tax system, which is crucially important to investment. Signalling the change one year in advance will help to address any negative effect this change might have...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: No. We have said, rather than bringing down an immediate shutter on the provision-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: -----after only putting it in place a year ago, we think it would be unfair on somebody who made an investment prior to that. We think the provision gives people an opportunity to advance this without the withholding tax applying for the next 12-month period. Taxes, companies, investment and individuals require certainty. We think that putting the provision in place in one budget and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: That is correct, yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Bought from NAMA.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: From NAMA.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: I wish to point out a couple of things to the Deputy. He has discussed sections in isolation. He mentioned a piece of land owned by a company or an investment stream and assumed that there is a gain on the purchase of a single parcel of land. The provision will work, and we anticipate it will work, as follows. If a company or an investor has a gain and reinvests it then there will not be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: That is why we are doing this, Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Can I clarify the matter?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: That is not the case, Deputy. Earlier I gave an example. If there is a gain, and the gain is re-invested in the fund, then what the Deputy has said is correct but, potentially, there may not be a gain. If investors take the moneys out and choose to take it out on the basis of a dividend, then they will pay tax on the dividends.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: No, they will.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Yes, they will.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: The Deputy gave the example of somebody who takes profits from the company and a dividend must be paid-----