Results 4,481-4,500 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: Taxpayer confidentiality cannot be ignored and no individual’s information will be made available. The aggregate data can be applied to REITs and IREFs, however. I am happy with amendments Nos. 22 and 25. Amendment No. 23, requiring a report on the influence of REITs and IREFs on property prices, is somewhat broad, however. I do not want to commit to a report we might not be able...

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) (9 Nov 2017)

Michael D'Arcy: I bring to the attention of the committee that, in respect of sections 22 and 24, I intend to bring forward new sections on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: Capital gains tax. There are potentially unintended consequences of the capital gains tax avoidance measures. We put the committee on notice that they will be considered. We may also have to bring make some alterations on Report Stage to section 613 of the Taxes Consolidation Act 1997. The Minister for Finance has asked me to tell the committee that he may bring forward an amendment on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: In respect of carrying out a study of introducing a financial transactions tax, I refer to the joint Central Bank of Ireland-Economic and Social Research Institute, ESRI, report published in April 2012 which considered the possible economic impact of the application of such a tax. That report analyses the potential economic impact on the financial industry at that stage...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: The local property tax is designed to provide a more sustainable system of funding for local government and place the provision of local services on a sounder financial footing. The local property tax is also a significant base-broadening measure. The level of income expected to be generated by the local property tax in 2018 is in the region of €470 million. ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I remember Deputy Donnelly raising this issue in the past number of years. While I am not committing to anything, I would appreciate if the Deputy could provide me with that note. He is going to speak with the Minister, Deputy Donohoe. I will also speak with him. I will not commit to advancing anything, but we will certainly look at the Deputy's suggestions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: The Government has no plans to introduce a wealth tax, although all taxes and potential taxation options are of course constantly reviewed. Wealth can be taxed in a variety of ways, some of which are already in place in Ireland. Capital gains tax, CGT, and capital acquisitions tax, CAT, are, in effect, taxes on wealth, as they are levied on an individual or company, on the disposal of an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I do not intend to get into the tracker debate during our deliberations on the Finance Bill. Quite a lot of work has been done on that issue, as the Deputy is aware. The banks met the Minister for Finance, Deputy Donohoe, a number of weeks ago and it was agreed that 12,000 of the 13,000 customers who were identified at the end of September would be paid before the end of this year. We...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I will read the note on the tax on sugar-sweetened drinks. Chapter 1 of the Bill provides that a sugar-sweetened drinks tax will apply when such drinks are first supplied in the State. The introduction of this tax forms part of the Government's comprehensive plan, A Healthy Weight for Ireland, which aims to tackle the obesity and overweight problem in this country. The tax will apply to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I agree with the Deputy, fundamentally, in terms of physical education in schools but the matter is outside the scope of the Finance Bill. The sugar tax is a new strategy and the Department of Health has requested that the tax be implemented. We have some more information. Some matters in other jurisdictions have been assessed. There was an evaluation of the impact on consumption. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I am advised by the Department of Health that the available evidence on health impacts is not currently sufficient to justify the inclusion of artificial sweeteners. The tax will of course be kept under review.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: Effectively, the Chairman is saying that the full increase is not being charged on the cheaper packs.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: The analysis shows that we are not seeing a significant increase in the lower end of the cigarette market.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: The matter is kept under constant review.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: No, we have been told that there has not been significant growth in the lower end of the cigarette market.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: That is what Revenue is saying.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: Let me have a look at this between now and Report Stage. Is that fair enough?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: We will get a note on it.