Results 8,321-8,340 of 11,861 for speaker:Brian Hayes

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: This is an interesting debate on all sides and we will do our best to answer all the points made. Senator Quinn is right in saying that this is a delicate plant. It is not an exact science. Our commitment in the programme for Government was to reduce tax on labour-intensive industries from 13.5% to 12% across the board. We examined this again and, as an initial measure, decided the way to...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: That is why newspapers were included. The Senator also asked why hairdressing was included. The rationale is that, first, it is a labour intensive service and, second, if there is any improvement in the domestic economy, it is one of the areas in which we will see some pick-up in terms of people getting their hair done for a night out and so on. It is not something I have done often myself.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: I am told by people who get their hair done on a regular basis that it can be expensive. That is why this measure was included. Senator Jim Walsh makes a fair point about the construction industry which has gone through an enormous collapse from a point some years ago where it employed 85,000 to the current dire situation. Despite all the palaver about developers and the like, the reality...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: It is one of the areas in which the economy is doing well. We must ensure our approach is successful in stimulating greater demand and facilitating the creation of jobs. We have done our best, as part of the initiative, to introduce new funding on the construction side. We will not get back to the numbers employed in the industry at the height of the boom, but I agree that we must work to...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Nobody wants to talk about this and the fact that not everybody wishes to live in an apartment. We must acknowledge that the construction industry is part of the country's future, despite all of the understandable anger directed at certain people because of the effects of the property bubble. Senator Paschal Mooney asked about certain musical performances. I understand from my officials...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The Senator's prediction of a forced devaluation is somewhat apocalyptic in nature. As he is well aware, all of our debts are in euro. Were we to leave the euro and join another currency or re-establish the punt, all of our debts would, in effect, double overnight. If the Senator is of the view that we currently have a problem in respect of public and private sector debt, then he should...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Yes, theatres are exempt. I had thought the exemption applied just to the national theatre but apparently that is not the case. I understand it relates to all theatres. However, there are some theatres which have restaurants attached to them. If there is food and drink available, then one pays VAT as one goes in. What we have done in this exemption is remove them for the purposes of...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: No.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: For the purposes of clarification, will the Leas-Chathaoirleach confirm that we are dealing with recommendations Nos. 9 and 10?

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: I apologise for interrupting the Senator.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: I understand that recommendations Nos. 9 and 10 are in the name of Senator Byrne. May I respond to them first and then deal with the other issues raised in the context of the section? In dealing specifically with recommendations Nos. 9 and 10-----

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: I am in the Cathaoirleach's hands. These recommendations seek to deny an insurance company or pension scheme trustees the option to adjust current or future benefits of the pension scheme or contract of assurance to take account of the levy being paid by them. It is up to the trustees and administrators to decide whether and how the levy should be passed on and who should be affected, as...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: While I understand the point, this is not some centralised Soviet republic in which, through law, the Government effectively can tie the hands of administrators and trustees to such an extent that-----

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: My apologies. Maybe I am being a bit dramatic in how this can be applied. The Senator said that this is about retrospection. Let us be honest, this is a temporary tax on the current value of these funds for a number of years.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: In 1988, the Members opposite proposed a levy.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The Senator's party proposed a levy for one year.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: I was just making the point that in 1988 a levy was introduced. In 2002-03, a levy was also introduced, but both those levies were later removed. This is a temporary levy or tax. One of the reasons the Pensions Board has not replied is that, despite all the comment about this 0.6% levy, the bigger issue for the pensions industry is the very point that Senator Reilly referred to earlier -...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The reason is that the Bill gives power and authority to the Revenue Commissioners to review these cases where assets are disposed of. Power currently exists within the Revenue Commissioners to make findings of fact on these matters, which could be beneficial in terms of the full implementation of this measure.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The Commissioners have significant oversight authority to review instances where benefits are adjusted as a result of the payment of the levy to ensure that such adjustment is made in accordance with the requirement of the levy legislation. That power is already in place for the Commissioners to use at their discretion. That requires a level of public awareness of the role of the...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: It concerns the assets backing that person's liability.