Results 1,041-1,060 of 34,832 for speaker:Seán Fleming

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

Seán Fleming: I will not go through the full list of measures we have introduced on an almost bimonthly basis since 1 January. Most recently, we reduced the rate of VAT for the hospitality sector to increase employment. The main task we have is getting people back to work. The best way of dealing with poverty in a household is to have an earned income in the house. That is better than the alternative....

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

Seán Fleming: We will continue to assist households in dealing with the cost of living where it is possible to do so. It is imperative that policies are designed in a manner that does not increase inflation. Putting more Government and taxpayer money into the economy to try to counteract the effects every time there is an increase in inflation rates would add to the inflationary pressure. Budgetary...

Ceisteanna Eile - Other Questions: Derelict Sites (16 Jun 2022)

Seán Fleming: I thank the Deputy and appreciate his raising this matter. Addressing vacancy and dereliction, and maximising the use of the existing housing stock, is a priority objective of the Government, as evidenced in the Housing for All strategy. One of the four pathways in the plan is specifically dedicated to this area. The Minister for Finance has been advised by his colleague, the...

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

Seán Fleming: I thank the Deputy for the additional questions. I do not have some of the information to hand. I will ask officials to forward to the Deputy as much information as possible on her questions in the coming days. I am not sure whether information on the cost of the review can be provided. I do not know the answer to that. There is a broader issue. I am generally in favour of the...

Ceisteanna Eile - Other Questions: Credit Unions (16 Jun 2022)

Seán Fleming: To date in 2022, I have had 13 meetings with various credit union stakeholders, including the representative bodies, the Credit Union Advisory Committee, CUAC, and individual credit unions. I have also spoken at the AGMs of the Irish League of Credit Unions, the Credit Union Development Association, CUDA, and the Credit Union Managers Association, CUMA, as well as at the National Supervisors...

Ceisteanna Eile - Other Questions: Credit Unions (16 Jun 2022)

Seán Fleming: The proposals being brought to Cabinet are specifically for legislation. They concern the 12 topics on which we want to legislate and there is agreement on those. After the proposals have been brought to Cabinet, I hope they will go for pre-legislative scrutiny as quickly as possible. On the timeline for getting the legislation through the Dáil in the second half of this year, the...

Ceisteanna Eile - Other Questions: Credit Unions (16 Jun 2022)

Seán Fleming: The Deputy raised a number of points, which merit a more detailed discussion on another occasion, given the time constraints today. The levies the credit unions pay have been cut by 55% since this Government came into office, resulting in a very substantial saving of around €6 million. Three different credit union proposals have been approved by the Central Bank for lending to...

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...