Results 801-820 of 34,585 for speaker:Seán Fleming

Ceisteanna Eile - Other Questions: Insurance Industry (16 Jun 2022)

Seán Fleming: There are a couple of things I want to say on that. I acknowledge the case of that business. I am happy to talk to the Deputy about that company next week. If it is closed, it is closed, but if there is anything we can do through the industry, rather than through the Department of Finance, such as putting it in touch with people who may be able to help, we will be happy to help in that way...

Ceisteanna Eile - Other Questions: Insurance Industry (16 Jun 2022)

Seán Fleming: We expect the PIAB and duty of care legislation to pass through the Oireachtas this year, although it will be after the summer. With regard to the issue the Deputy is referring to, which is the publication of independent information as to what is actually happening, we can have a very useful discussion next week. Next week, the Central Bank will publish its second ever report on employer...

Ceisteanna Eile - Other Questions: Departmental Reviews (16 Jun 2022)

Seán Fleming: I thank the Deputy for raising this issue. As she has said, she has consistently raised this matter with the Minister for Finance. The help-to-buy incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new home or apartment. The Deputy knows this but I am saying it for those listening. There are many different schemes so I wanted to put on...

Ceisteanna Eile - Other Questions: Departmental Reviews (16 Jun 2022)

Seán Fleming: I will clarify because it may be a little bit confusing. The Deputy may understand it but not everyone watching will. The selection from a number of bidders was in accordance with the relevant public procurement guidelines for procurements costing in the range of €25,000 to €144,000. It was expected that the tender would fall within that range. It is not necessarily the...

Ceisteanna Eile - Other Questions: Tax Collection (16 Jun 2022)

Seán Fleming: It is expected the top 1% of taxpayers, who are those with an annual income in excess of €200,000, will have paid 25% of total income tax and USC last year. That is a very large proportion of our total income tax. In comparison, it is estimated that 75% of taxpayers, those with an income of less than €50,000, will have paid 18% of the total income tax last year. They are the...

Ceisteanna Eile - Other Questions: Tax Collection (16 Jun 2022)

Seán Fleming: I understand there is a small handful of wealthy people. I do not know any of them or where they live. I have not encountered them but I take the Deputy's point. If they are tax resident in Ireland, they are covered for all taxation therein. A small proportion of taxpayers, some 1%, pay 25% of all income tax. We have a similar pattern in corporation tax, where a small handful of major...

Ceisteanna Eile - Other Questions: Insurance Industry (16 Jun 2022)

Seán Fleming: I thank the Deputy for highlighting the issue of the insurance market in Ireland. It is a key priority for this Government and, as he will be aware, we have established a Cabinet subgroup on insurance reform, chaired by the Tánaiste. Several Departments sit on the quarterly group meeting. The Department of Finance has a key role because insurance is a regulated industry. It comes...

Ceisteanna Eile - Other Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: On fuel excise, a package of measures, to the value of €320 million, was introduced on 10 March. I know the Deputy said that was little or nothing but €320 million is a substantial figure and that was only done quite recently. That reduced the VAT, inclusive of excise duty on petrol and diesel, by 20 cent and 15 cent per litre, respectively. These reductions mitigate the cost...

Ceisteanna Eile - Other Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: The Deputy's question is specific about the reduction in excise duties for petrol, diesel and marked gas oil. I know he said he has concerns about other issues and people on lower incomes and social welfare payments who might not be affected to the same extent as people trying to get to and from work. The question he asked was specifically on that issue and I have been confining my remarks...

Ceisteanna Eile - Other Questions: Tax Collection (16 Jun 2022)

Seán Fleming: I thank the Deputy for bringing this recently published paper on wealth taxation by Emmanuel Saez and Gabriel Zucman to the attention of the Department of Finance. The paper is being reviewed but, in summary, it describes the historical experience of wealth taxation in Europe and draws lessons from this. It concludes that the wealth tax base was narrow in European countries due to large...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: Our ability to reduce excise duty is impacted by various EU directives. I have covered the current MOT rates on petrol and auto diesel extensively. The MOT rates per thousand litres are €465 for petrol and €405.38 for auto diesel. Prior to March, the MOT rate on petrol was €636 per thousand litres, which was reduced by €170, representing a substantial cut of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: The Deputy has again mentioned the ESRI report. I thank its authors – Ms Michelle Barrett, Dr. Niall Farrell and Dr. Barra Roantree – on their excellent report, which was funded by the Community Foundation for Ireland, whose chief executive wrote in the foreword, "Many of the 5,000 voluntary, community and charitable groups we work with will be looking at this report and no...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: The Deputy knows there are different issues affecting VAT. He is aware excise is applied to a unit of fuel and remains the same regardless of the fuel's price. It is based on volume. Therefore, no extra revenue is raised from the excise duty if the price increases. VAT is different. People ask why excise duties cannot be reduced, but excise is based on volume, not price. However, I...

Ceisteanna Eile - Other Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: I propose to take Questions Nos. 5, 21, 23, 44 and 65 together. I thank Deputy Ó Snodaigh for raising this question. As the House will be aware, excise duty is applied to fuels on a volumetric basis in the case of non-carbon charges and on the basis of carbon dioxide omissions in the case of carbon tax. As such, the revenue raised from excise duties does not increase in light of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (16 Jun 2022)

Seán Fleming: I thank the Deputy for raising this issue because it is one that affects hundreds of thousands of people, especially since Ulster Bank announced its withdrawal from the Irish market as part of the NatWest group, and KBC has announced likewise. The retail financial services sector is going through a major period of change. In the past year, we have seen a number of announcements from the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (16 Jun 2022)

Seán Fleming: I hear what the Deputy said about the regulations not being conducive but it is all about providing financial services. Every single financial service provided in Ireland does not have to be provided by a regulated body in Ireland. Such a body can be regulated in any EU country and provide services in Ireland. For example, and I do not want to overemphasise it, there are 1.6 million...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (16 Jun 2022)

Seán Fleming: On the farming sector, the Deputy mentioned credit unions. As he knows, they have a very good product called cultivate. Several credit unions in all the provinces provide that scheme, which provides 50,000 unsecured loans to farmers. It may not be a lot in the context of the scale of some farming activity, but it is quite significant for many farmers. That is an important source of new...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fuel Prices (16 Jun 2022)

Seán Fleming: Again, this is a very significant issue affecting many people. Ireland's taxation on fuel is governed by European Union law set out in various directives, commonly known as energy tax directives, ETDs, which the Deputy will be aware of. These directives prescribe minimum tax rates for fuel, which all member states must comply with. These directives' provisions on mineral oils are...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fiscal Policy (16 Jun 2022)

Seán Fleming: I acknowledge the remarks the Deputy made about the Minister for Finance. He is chairing a Eurogroup meeting today. I think everybody is aware that he had his mother's funeral on the last day, which was totally unforeseen. Everybody understood that, but I take the point he makes. The Deputy will be aware that the Government has responded in a timely and forceful manner to limit the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Fiscal Policy (16 Jun 2022)

Seán Fleming: I understand that. The inflation situation has been increasing. Aside from the budgetary effects that came in on 1 January, we did introduce measures very quickly and promptly after that in February. Everybody knows that included the €200, including VAT, energy credit to every electricity account holder in the country. Everybody should have received that by now. More importantly,...