Results 241-260 of 4,707 for speaker:Neale Richmond

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: If it is in receipt of State moneys, it does.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: For a possible audit, the information will be submitted by the Central Bank.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: The first port of call on this is the State Claims Agency. It is the most relevant body. The Comptroller and Auditor General will review the insurance compensation fund, and the Motor Insurers Bureau of Ireland will be part of this review. It must be stated that this approach is utterly consistent with the separate collection (deposit return scheme) regulations 2021. There is nothing new...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I am sorry, I read that wrong. I referred to the regulation reviewing the deposit return scheme.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: We are talking about multiples, to be fair. It is not about the individual. As per the regulations, it can be a large transfer.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Perhaps we could, in a parallel session, provide more information on the entire governance framework. I completely understand the point the Deputy is making and I understand the aspiration. Equally, the Deputy can understand that when we talk about the level of commercial exposure and the potential for individual privacy and everything else, it is difficult to achieve. As I said, I am more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Absolutely.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I completely understand the Deputy's point and am more than happy to take it away and check with State Claims Agency. If it is possible, I will try to meet the Deputy in the middle. This is not a matter about which the Deputy and I disagree.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I do not want to do anything to jeopardise the swift passage of the Bill or the Deputy's confidence in it. As I said, I am more than happy to take that point away and come back to the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I thank the Deputy. The Department identified a potential drafting ambiguity in the text of the Bill as initiated insofar as section 27 could potentially be interpreted as making the rights of the compensation body set out in section 27(c) of the Bill unavailable because of where the amendments to the 1964 Act are positioned in the text. Accordingly, this could hinder the ability of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I thank the Deputy. The directive imposes a strict three-month timeframe within which the compensation body must make an offer of compensation or reasoned reply to the claimant. In order to work within these strict timeframes, any audit that is carried out on an ex-ante basis needs to balance the interests of carrying out a comprehensive audit of as many claims as possible with the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I move amendment No. 3: In page 29, after line 41, to insert the following: “Circumstances in which Compensation Body or compensation body (other) to be creditor of relevant insurer 30. The Act of 1964 is amended by the insertion of the following section after section 3J: “3K. (1) The Compensation Body shall, in the case of any compensation paid by it under section 9 of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: No.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: That is not in my gift. The Deputy knows better than I that there is a very busy legislative schedule but we asked the Chief Whip to get this to this as soon as possible, potentially next Wednesday. I thank the Leas-Chathaoirleach and the committee for this session, particularly for allowing us to go into private session to provide clarification. I hope it will be next Wednesday, all going...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief (Taxes on Income) (Jersey) Order 2024 and Double Taxation Relief (Taxes on Income) (Sultanate of Oman) Order 2024: Motion (3 Jul 2024)

Neale Richmond: I am pleased to be here today to bring before the committee two draft Government orders giving force of law in Ireland to a new double taxation agreement with Oman and, separately, a new protocol to the existing limited-scope double taxation agreement with Jersey. The new double taxation agreement with Oman was signed by ambassador H.E. Gerry Cunningham, Ireland’s representative to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief (Taxes on Income) (Jersey) Order 2024 and Double Taxation Relief (Taxes on Income) (Sultanate of Oman) Order 2024: Motion (3 Jul 2024)

Neale Richmond: Does the Deputy want me to answer her questions individually or as a block?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief (Taxes on Income) (Jersey) Order 2024 and Double Taxation Relief (Taxes on Income) (Sultanate of Oman) Order 2024: Motion (3 Jul 2024)

Neale Richmond: As stated, the protocol incorporates two minimum standards to combat the abuse of tax treaties as agreed under action six of the BEPS project, which relates to tax planning. The first is contained in Article 1 of the protocol and inserts a new preamble into the original agreement. The preamble contains an express statement emphasising the role of the treaty in combating abuse. The second...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief (Taxes on Income) (Jersey) Order 2024 and Double Taxation Relief (Taxes on Income) (Sultanate of Oman) Order 2024: Motion (3 Jul 2024)

Neale Richmond: It might be easier to answer them in a block, if that is all right.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief (Taxes on Income) (Jersey) Order 2024 and Double Taxation Relief (Taxes on Income) (Sultanate of Oman) Order 2024: Motion (3 Jul 2024)

Neale Richmond: Absolutely. I appreciate the technical nature of the questions. It is important to state that the treaty only covers a limited class, namely, the income of individuals. It does not cover corporations, as such, or businesses. It is just individuals. It is focused on that and allows for the usual sort of monitoring of individual compliance. The monitoring relates to what those sources of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief (Taxes on Income) (Jersey) Order 2024 and Double Taxation Relief (Taxes on Income) (Sultanate of Oman) Order 2024: Motion (3 Jul 2024)

Neale Richmond: If they are paying their tax in Jersey, they should be domiciled there. That is how it works. If they are living in Ireland for an extended period, they are liable to pay tax here. However, if they are living in Jersey for an extended period, and that is where they are based and domiciled, they are liable for taxation in Jersey.