Results 20,581-20,600 of 35,894 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I will study the Minister's note on this issue before Report Stage because it was difficult to follow when he read it out. Is it the case under the current scenario that for certain sportspersons, earnings derived directly from participation in sport, namely, prize money, performance fees, etc., as opposed to income from sponsorship, advertisements or endorsements, are subject to relief...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: Let me take the example of a golfer who earns €500,000 in prize money for winning a competition. The individual in question is an Irish resident and his or her income is taxable in Ireland. Is it correct that he or she will not pay income tax on this portion of earnings?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: The net effect is that the golfer will not pay income tax on this portion of income because it can be claimed back.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I am not picking on golf but the net effect of this measure is that income tax will not be paid on prize money from golf competitions. It would be paid initially and reimbursed on retirement.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: Does the 40% relief apply to prize money or earnings? For example, in the case of a football player paid €60,000 per annum, is 40% of annual salary exempt from tax?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: My understanding is that this change takes the measures currently in place a little further. I ask the Minister to correct me if I am wrong. If a 30 year old football player with an annual income of €60,000 and a sponsorship deal with a particular company which gives him €50,000 year, making a total annual income of €110,000, avails of the existing relief under section...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I will read the Official Report. I thank the Minister for explaining that to us. We may engage with his officials as well.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: The Minister's figures show that there has been a high uptake of the scheme with 68,000 individual pieces of work across 46,000 properties to a value of over €1 billion. Deputy Burton's proposal has merit. The Minister has mentioned problems related to the amendment and its uptake, but they have to be addressed within the scheme. Interestingly, when one delves into the figures, one...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I welcome the fact that the Minister will let us make further contributions between now and Report Stage. I urge him again to consider the issue. The figures for the scheme tell us a very clear story. When one considers it overall, it works out at €1 billion of works. When one drills down into the detail of it, 70% of that €1 billion of works is being carried out between...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: That is the point. We are trying to encourage people to carry out works, but the threshold one must reach is quite significant. While changes were made to the scheme to allow one to roll it over and build up the €5,000, many people do not think like that. They think they must get the windows or doors done, which can come in at €2,500, so they just get a contractor in to do...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: Is it correct that amendment No. 14 allows for a company to lend the director of the company the money to purchase the house, and he or she would be still eligible as long as interest was paid to the company?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: Has there been any update from the clerk on the reasons amendments have been ruled out of order because we are proceeding to the next section?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: Before we come to amendment No. 16, I want to take issue with some of the Minister's comments on the section. Before the break the Minister gave his view as to why the scheme is necessary and the relevant sections are necessary in the Finance Bill. He made the point very clearly that this was related to the inability of individuals to amass the necessary down payment or deposit to meet the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: This is not a good idea. I do not wish to rehash the points I made earlier. First, the Minister should carry out the assessment beforehand. There is no reason for not carrying it out. We are now going on a hunch or a feeling and what the CIF is telling us. That is not good enough. Second, I accept that the Minister must take risks and see how things work, but this is a risk without any...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I know I am including second-hand houses. I am talking about the demand that is out there. I have stripped away first-time buyers. If we look at the overall number of mortgages that are being approved every month, it is 3,400. That is about 40,788 per year. In terms of first-time buyers, there will be about 19,000 mortgage approvals if the current trend stays static. Without this idea...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: Some of those people will buy second-hand homes and some of them will buy new homes. Some of the other 20,000 people, who are movers and second-time buyers, will buy new homes as well. The point I am making is that when there are 40,000 approvals of mortgages and we are building 16,000 houses or 20,000 houses next year, the problem is not in demand, it is in supply. I do not know what I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: These are not my arguments. They are from the Banking and Payments Federation's reports.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I will tell the Minister where they are.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: No, I am not misinterpreting the figures.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Pearse Doherty: I appreciate that.