Results 741-760 of 6,295 for speaker:Michael D'Arcy

Seanad: Finance Bill 2018: Report and Final Stages (11 Dec 2018)

Michael D'Arcy: Senators may be aware that during the response to amendments of a similar nature during Committee Stage in the Dáil, the Minister, Deputy Donohoe, advised that officials in the Department of Finance have already commenced further work to examine the activities of IREFs and REITs in the Irish property market. It was previously agreed by the Dáil on Committee Stage of the Finance Act...

Seanad: Finance Bill 2018: Report and Final Stages (11 Dec 2018)

Michael D'Arcy: Senator Devine is very good at seconding.

Seanad: Finance Bill 2018: Report and Final Stages (11 Dec 2018)

Michael D'Arcy: In October 2016, the Department of Finance published a report on tax expenditures, which included a review of the treatment for tax purposes of trade union subscriptions and professional body fees. The review found that a scheme of tax reliefs for trade union subscriptions would fail to meet the evaluation threshold laid down by the Department's tax expenditure guidelines. The reinstatement...

Central Bank (National Claims Information Database) Bill 2018: Order for Report Stage (6 Dec 2018)

Michael D'Arcy: I move: "That Report Stage be taken now."

Central Bank (National Claims Information Database) Bill 2018: Report and Final Stages (6 Dec 2018)

Michael D'Arcy: I move amendment No. 1:In page 5, line 27, to delete “or”. We had a fruitful discussion and consideration of the issues on Committee Stage last week, including discussion on several proposed amendments. On foot of that consideration and an amendment proposed by Deputy Doherty relating to the inclusion of mediation as one of the settlement channels detailed in section 4, I...

Central Bank (National Claims Information Database) Bill 2018: Report and Final Stages (6 Dec 2018)

Michael D'Arcy: I move amendment No. 2:In page 5, between lines 27 and 28, to insert the following:“(g) mediation (within the meaning of the Mediation Act 2017), or”.

Central Bank (National Claims Information Database) Bill 2018: Report and Final Stages (6 Dec 2018)

Michael D'Arcy: Now.

Central Bank (National Claims Information Database) Bill 2018: Report and Final Stages (6 Dec 2018)

Michael D'Arcy: I thank everyone for their help in concluding the Bill. This is the second occasion that important insurance legislation has been moved through the Houses. I hope that we will move this through the Seanad next week. I wish to put on record that I will meet the Garda Commissioner next week to discuss the establishment of an insurance section within the Garda National Economic Crime...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: Before I start, I wish the Acting Chairman, Senator Feighan, and his good lady wife the very best of luck for the future following their nuptials of last weekend. I thank Senator Conway-Walsh. On Committee Stage in the Dáil of the Finance Bill 2017, the Minister for Finance committed to providing to the Committee on Finance, Public Expenditure and Reform, and Taoiseach a report on the...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: This matter was discussed extensively in the Dáil and Seanad during last year's Finance Bill 2017. As part of the reintroduction of the 80% cap for assets onshored on 11 October 2017 it has again been discussed extensively on Committee and Report Stages in the Dáil and the Seanad in this year’s Finance Bill. It has been noted in those debates that, for the purposes of...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: The Senator is absolutely talking about retrospective taxation.

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: The Senator is. There is not €720 million lost.

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: The cap was reintroduced not to raise additional revenue but to effect the smoothing of corporate tax receipts over time. Therefore, retrospective application of the cap would not have resulted in any additional receipts, simply a change of time periods. The Senator is looking for retrospective taxation and we do not do that in this jurisdiction. In respect of tax matters it is almost...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: The Finance Act 2014 amended the company residence rules in section 23A of the Taxes Consolidation Act 1997, to provide that an Irish incorporated company would be regarded as resident for tax purposes in the State. In essence, the change was designed to ensure that a company could no longer use an Irish label of incorporation without being tax resident here. As the previous Minister for...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: The 1% rate of betting duty is at an all-time low. It is lower than the rate applied in other countries and, certainly, the receipts are exceptionally low when compared to other sectors subject to excise taxes. Betting duty receipts account for less than 1% of all excise receipts at a time of raised public consciousness of the social consequences of problem gambling. All proposals have...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: In response to Senator Lawlor, I would like to clarify that there are two strands to this increase. The 1% is going to 2% but the 15% for online terminal betting is increasing to 25%. The Minister for Finance is clear that the sector can contribute more in taxes. Subsequent to the budget, the industry came forward with an alternative, the gross tax model, which we will review. The...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: This recommendation seeks a report on the economic impact of section 38, which discontinues a provision in the 1992 Act whereby a partial repayment of vehicle registration tax is available to vehicle leasing businesses, hiring businesses or school of motoring businesses. This measure is part of an ongoing process where the Department reviews reliefs that have been in place for a long time....

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: Yes.

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: I thank the Senator. Currently, the standard rate of VAT applies to food supplements. However, there is a Revenue concession which allows the zero rate to be applied to certain types of food supplements, including vitamins, minerals and fish oils. The practice of zero rating vitamins, minerals and fish oil food supplements has been applied since the introduction of VAT in November 1972...

Seanad: Finance Bill 2018: Committee Stage (5 Dec 2018)

Michael D'Arcy: The previous tax relief in respect of rent paid was abolished in budget 2011, and it is no longer available to those who commenced renting for the first time from 8 December 2010. That followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage...