Results 11,181-11,200 of 11,861 for speaker:Brian Hayes

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Deputy Boyd Barrett is excluding the €30 billion they can write off.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: We can go through that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: They do not use tax data. They do not use the Revenue's official figures. They only use economic modelling.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: There is no change in the tax rates and bands. It is good news.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: These are discussions we have at ECOFIN meetings constantly. The issues are exactly the same. We had a very useful discussion in Lithuania on the basis of the OECD report and on how we move from the current double taxation agreements to the automatic-exchange-of-information agreements, which was discussed before this committee in the past. Countries raised at the meeting the view that if...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Could we be given some time to collate all the information and produce a report for the committee? It would be helpful. Perhaps it could be produced in the early part of next year.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: The point is that the EUROSTAT figure is 6.8% and the European Commission figure is 14.4%. The public and the Deputies rightly ask how the figures can be reconciled. The argument I am making is that the EUROSTAT figure is actually based on macroeconomic information, not necessarily on tax. A report laid before the committee might help to distil the issues.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: It will take a little longer. It may be in the first quarter of next year.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Does the Deputy want us to do it for every other country also?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: It depends on the assumption of the methodologies employed.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: I thank colleagues and the debate has been useful. I will give a commitment to produce a note before the committee by the end of quarter 1 in 2014.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: I move amendment No. 70: In page 60, to delete lines 25 to 38, and in page 61, to delete lines 1 to 4 and substitute the following:“ “(1B) (a) In this subsection—‘connected person’ has the same meaning as in section 10; ‘debt’ means a debt or debts, in respect of borrowed money, whether incurred by the person making the disposal of an asset or...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: I apologise it did not happen on this occasion. It is a point we will have to incorporate into the consideration of the Bill.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: I move amendment No. 71: In page 61, to delete lines 7 to 28 and substitute the following:“41. (1) Section 598 of the Principal Act is amended in subsection (1)(a), in the definition of “qualifying assets”, by substituting the following for paragraph (v):“(v) land which has been let by the individual at any time in the period of 15 years ending with the disposal...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: The person has to be farming for ten years to obtain the benefit of this. Yes, it is an extension and moves outside the nuclear family model. The objective, however, is to ensure the land can be passed on to a younger farmer. The relief will only apply in circumstances when the land has been let for a ten-year period.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: The purpose of the extension is to encourage older farmers who have no children to lease their farms on a long-term basis.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: My understanding is that they can dispose of it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: The answer to that question is "Yes".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: My understanding is that his or her capital gains tax position is determined when he or she subsequently disposes of it.