Results 5,421-5,440 of 6,295 for speaker:Michael D'Arcy

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: A very detailed examination of the operation of the EII scheme has just been completed and is available on the Department's website. The findings include the fact there is a continued need for the incentive but that the design of the relief is such as to cause major delays in obtaining approval. On foot of this, a package of priority measures has been brought forward in this Bill to address...

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: The scheme as constructed is deemed to be too complicated in terms of application. Many companies applied. It took three months for their applications to be processed and they were then told that they did not meet the criteria. We are trying to simplify the scheme so that companies can self-certify and get up and running. As mentioned by Deputy McGrath, many people are of the view that we...

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: I wish to put on the record that the independent finding of the external consultants, Indecon, was that the scheme was too complicated. It is now being simplified so it will be easier for companies to apply for a better scheme. This has been made available online by Revenue. To put into context the complexity of the scheme, companies did not even know whether they were able to apply when...

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: Yes.

Finance Bill 2018: Report Stage (Resumed) (21 Nov 2018)

Michael D'Arcy: He is very jovial right now.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: If I recall correctly, we had much the same discussion this time last year. I will not go into the details, but I will mention the action plan for the future of VAT in the European Union. In January the European Commission published a proposal for the reform of VAT. The outcome of any discussion on the VAT rating proposal and the eventual adoption of the proposed legislation will clarify...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Revenue's position is that food supplements are not food and, as such, they are not entitled under VAT law to the zero rate of VAT.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Therefore, the standard rate of VAT applies. The concession in relation to vitamins and the like is proving unworkable as the industry seeks to use the concession to achieve a zero rating for much of the product range in the sector. I accept there is confusion. What the Minister conceded on Committee Stage was that the tax strategy group, when it reports, will bring clarity to the...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Yes.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: The 9% VAT rate was introduced as a temporary measure in the Finance Act 2011 to cease at the end of 2013. This period was extended subsequently, but during last year's Finance Bill a commitment was given to undertake a review of the 9% VAT rate. Everybody knows that it was said here in this Chamber that the 9% VAT rate in budget 2018 would be considered at that stage.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Reviewed. The review was published in July 2018 and the budget decision to increase the VAT rate was made following that analysis, which indicated that the majority of activity at the 9% rate is driven by income growth more than price and that the retention of the rate provides little additional benefit relative to its cost. The review of the 9% rate found that tourism expenditure is more...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Section 110 of the Taxes Consolidation Act 1997 sets out the regime for the taxation of special purpose vehicles set up to securitise assets. Securitisation is both useful for banks in freeing capital to allow them to continue to lend to all taxpayers and for the productive economy as it can underpin the supply of capital market financing to industries and companies in Ireland, Europe and...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: And it is Thursday evening.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: The previous tax relief in respect of rent paid was abolished in budget 2011, and it is no longer available to those who commenced renting for the first time from 8 December 2010. That followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: The report will be made available before the end of this year. It is in draft form at present. The Minister, Deputy Donohoe, just has to read it and then it will be published.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Yes.

Seanad: Fossil Fuel Divestment Bill 2016: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: Last week in the Seanad, I indicated that the new provision inserted in the National Treasury Management Agency (Amendment) Act 2014 by the Fossil Fuel Divestment Bill 2016 would have to be commenced separately by a commencement order under the 2014 Act. I have been informed that, in fact, the obligations imposed by the Fossil Fuel Divestment Bill will come into effect immediately on...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: I must oppose this amendment, which is the same proposal that was already defeated on Report Stage in Dáil Éireann earlier this month. It puts essentials of the HBFI scheme at risk while conferring no additional powers on the agencies and these circumstances have not changed in the short period since it was rejected by the Dáil. Accepting this amendment could restrict types...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: The lending facility will not be made available for individuals. It is for developers. If somebody has a scheme that is built and there is a requirement for remedial works, the developer who owned the full development and may still have public areas and a liability relating to remedial works can apply to HBFI for funding for remedial works, but they must be on a commercial basis. We cannot...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: Not to management companies but to the owner of the development, the person who built it who still has a liability.