Results 9,041-9,060 of 15,555 for speaker:Eoghan Murphy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: That is my understanding.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: The product is new to me. It is not here yet but Revenue is considering its implications. To be helpful, the understanding is that the industry is not planning to introduce it here, certainly not in the near future.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: No.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: It is not illegal. VRT is not harmonised among EU member states. There is a different application depending on the country. I am informed there is a case ongoing on which I cannot comment but the position is a strong one on this side.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: The hearings will take place at the end of the month.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: It probably speaks to a wider problem on Brexit in terms of the ultimate outcome of the negotiations on free movement. It is probably too early to know to what extent there might be an impact.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: VRT will still apply and will still be payable on an import.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: To be brief on this, in terms of the amendment, the Minister, Deputy Noonan, mentioned in his budget day speech that he had asked his officials to engage with the working group with a view to reviewing the options available to provide compensation to charities as regards the burden of VAT, while being mindful of fiscal constraints. I understand from officials that contact was made with the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: Not for the moment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: On 1 January 2017.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: As far as this section is concerned, the provision has been inserted as an enabling provision to allow a review to be conducted if Revenue has a concern.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: No.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: The new section 86A will provide the Minister with the power to make to make an order excluding particular agricultural goods or services as specified in that order from the flat-rate addition scheme. The power can be exercised where the Revenue Commissioners have carried out a review and the Minister is satisfied that because of business structures, contractual arrangements or models in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: There are indications that certain structures or models have emerged in some sectors which, through a combination of normal VAT deductability rules and a flat-rate scheme, result in a much higher level of flat-addition payments and VAT recovery in the sector than would otherwise be available. VAT should not be a cost of business but simplification schemes should not result in businesses...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: I cannot speak to a particular sector but this is just an enabling provision. Nothing is coming into effect from 1 January 2017 as it might pertain to a particular sector. The Revenue Commissioners might do a piece of work or carry out a review, and if the Minister is satisfied, following that work, that there are business structures, contractual arrangements or models employed within a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: If those structures were found to be in place, they could be unravelled so, in effect, the Minister would not need to make an order. That is also a possibility that would remain open if this was found in a particular sector. The order would be by statutory instrument.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: If there is a particular sector that feels the provision is directed at it, people should know it is an enabling provision and there is more than enough time for structures to be changed in order that there would not be any concern if the Revenue Commissioners did a review to find if excessive VAT recovery had been achieved in a systematic way. Nothing is happening on 1 January 2017 with...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: I move amendment No. 124: In page 72, between lines 4 and 5, to insert the following: “Amendment of section 86 of Principal Act (exemption relating to certain dwellings) 51. The Principal Act is amended by substituting the following for section 86: “Exemption relating to certain dwellings 86.(1) In this section— ‘dwelling house’...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: This will be in effect from the passing of the Finance Bill.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Eoghan Murphy: During the financial crisis, it proved necessary to reduce the threshold at which capital acquisitions tax applied to preserve the level of revenue as far as possible. In budget 2016, the Minister was in a position to begin a process of reversing these reductions. He increased the group A threshold from €225,000 to €280,000. He also saw this increase as the start of a process...