Results 1,381-1,400 of 2,551 for speaker:Pat Carey

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I am advised the rule applies to everyone.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: There are various reasons for the increase of three percentage points in the DIRT rate. It was necessitated by general budgetary constraints. The Minister announced in his budget speech that this overall measure, including the increase on collective investment funds and life assurance products, would raise €85 million in 2009. The capital gains and capital acquisition tax rates were...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: With this recommendation, Senator Twomey seeks to introduce a volume-based tax credit scheme for research and development, with effect from 2009. There have been calls over the years for the research and development tax credit to become a volume-based scheme in which all expenditure in this area, and not just incremental expenditure, benefits from the tax credit. This would involve a dead...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I will try to be as helpful as I can to Senator Twomey. Since the scheme was introduced in 2004, expenditure on new or refurbished buildings used exclusively for research and development activities has attracted a tax credit of 20% of that expenditure, paid over a four year period. Data emerging from the operation of the scheme suggest this part of the scheme is not being used. This...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Stop-over flights are not covered by the tax. On Senator Buttimer's point about small aeroplanes, other EU member states and countries that operate a similar travel tax have a similar arrangement for smaller aircraft. I have a note on the general issue of the travel tax if the Leas-Chathaoirleach wishes me to read it out.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I will try to get information on the last point raised by Senator Buttimer. Air travel tax will be charged on the departure of a passenger on an aircraft from an airport in the State with effect from 30 March 2009. The general tax applying will be €10 per passenger. However, a rate of €2 will apply in the case of a flight from any part of the State to another airport not more than 300...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Yes. All Irish departures to locations such as Manchester, Liverpool and Glasgow will be subject to the €2 charge. Airline operators are liable to pay the tax. Detailed arrangements for the collection of the air travel tax will be contained in regulations to be made by the Revenue Commissioners. Ireland is not unique in introducing an air travel tax. The UK, France and the Netherlands...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I am advised that the category of disabled would likely apply to the people referred to by Senator Doherty. The regulations are being drawn up by the Revenue Commissioners, so I will bring the Senator's suggestion to the attention of the Minister for Finance and we will see if it can be incorporated. I am advised that a flight from Donegal to Barcelona via Dublin would incur a €10 charge,...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Section 72 gives effect to the budget increase of 0.5% in the standard rate of VAT from 1 December. The budget introduced a general package of revenue-raising measures to fund key public services, one of which was increasing the standard VAT rate. Already we borrow more than 10% of all day-to-day spending on public services before capital spending. This is unsustainable and we faced...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Much emphasis has been laid on retail sales, but retail sales are down in all countries, not just in Ireland. Retailers are currently offering sales with discounts of 20% to 50%; in effect, the VAT rate increase is being absorbed.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The VAT registration thresholds for small businesses were increased in the 2008 budget to €37,500 in respect of services and to €75,000 for goods with effect from 1 May 2008. Ireland operates some of the highest registration thresholds in the EU. Some member states do not operate any VAT registration threshold requiring all business to register. Registration thresholds reduce the...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: While I am not in a position to accept the recommendation, I undertake to take the suggestion back to the Minister for evaluation for consideration in a future Bill.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This section repeals section 110 of the Finance Act 2007 and reinstates it again with the same charging provisions but subject to certain exemptions being made to those charging provisions along with some minor technical amendments. The purpose of the original section 110 and this reinstated section is to address the arrangements that are being used by some developers that give rise to an...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This new section also makes provision for exemptions from the charge. These include public private partnership arrangements and incentive schemes for capital allowances purposes with regard to nursing homes, convalescent homes, private hospitals, mental health centres, palliative care units, the mid-Shannon corridor tourism scheme and child care facilities. This provision is subject to...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This section amends section 81 of the Stamp Duties Consolidation Act which exempts from stamp duty transfers of land to young trained farmers. The amendment gives effect to the budget announcement which extended the exemption for another four years until 31 December 2012. This is an important relief for the farming sector as it incentivises inter alia the early transfer of the farm to young...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The valuation date is the date of death but discussions can be entered into with the Revenue Commissioners to negotiate instalment arrangements for paying the tax.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The valuation is the market value at the time of death.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: It works both ways. It applies the other way when the value increases.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I will have an explanation prepared for the Senator.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The argument can be made that when values are rising, the valuation date means that less tax is paid than would be paid if valued at the price when sold.