Results 1,141-1,160 of 2,551 for speaker:Pat Carey

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Section 72 gives effect to the budget increase of 0.5% in the standard rate of VAT from 1 December. The budget introduced a general package of revenue-raising measures to fund key public services, one of which was increasing the standard VAT rate. Already we borrow more than 10% of all day-to-day spending on public services before capital spending. This is unsustainable and we faced...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Much emphasis has been laid on retail sales, but retail sales are down in all countries, not just in Ireland. Retailers are currently offering sales with discounts of 20% to 50%; in effect, the VAT rate increase is being absorbed.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The VAT registration thresholds for small businesses were increased in the 2008 budget to €37,500 in respect of services and to €75,000 for goods with effect from 1 May 2008. Ireland operates some of the highest registration thresholds in the EU. Some member states do not operate any VAT registration threshold requiring all business to register. Registration thresholds reduce the...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: While I am not in a position to accept the recommendation, I undertake to take the suggestion back to the Minister for evaluation for consideration in a future Bill.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This section repeals section 110 of the Finance Act 2007 and reinstates it again with the same charging provisions but subject to certain exemptions being made to those charging provisions along with some minor technical amendments. The purpose of the original section 110 and this reinstated section is to address the arrangements that are being used by some developers that give rise to an...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This new section also makes provision for exemptions from the charge. These include public private partnership arrangements and incentive schemes for capital allowances purposes with regard to nursing homes, convalescent homes, private hospitals, mental health centres, palliative care units, the mid-Shannon corridor tourism scheme and child care facilities. This provision is subject to...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This section amends section 81 of the Stamp Duties Consolidation Act which exempts from stamp duty transfers of land to young trained farmers. The amendment gives effect to the budget announcement which extended the exemption for another four years until 31 December 2012. This is an important relief for the farming sector as it incentivises inter alia the early transfer of the farm to young...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The valuation date is the date of death but discussions can be entered into with the Revenue Commissioners to negotiate instalment arrangements for paying the tax.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The valuation is the market value at the time of death.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: It works both ways. It applies the other way when the value increases.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I will have an explanation prepared for the Senator.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The argument can be made that when values are rising, the valuation date means that less tax is paid than would be paid if valued at the price when sold.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: We can look at it but I am not sure there is any scope for the Minister to do anything other than what is the current practice.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: What the Senators are asking would involve a change in the current law. The Revenue Commissioners are implementing the law as they see it.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This section amends section 89 of the Capital Acquisitions Tax Consolidation Act 2003. The section grants relief at 90% in respect of the market value of agricultural property situated in the State where such property is comprised in a gift or an inheritance taken by a farmer. For the purposes of this section, agricultural property includes agricultural land situated in the State. To...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: This section makes three amendments to sections in the Taxes Consolidation Act 1997, which deal with Revenue Commissioners' powers. The definition of "financial institution" has been aligned in a number of sections to include financial institutions authorised in another member state operating in Ireland under a passport arrangement. These institutions will now come under these provisions in...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Paragraphs (g) to (i) amend section 906(a) which permits access by the Revenue Commissioners to information held by financial institutions, section 908(a) which enables them to obtain a District Court order to access information in a financial institution to enable them to investigate an offence and 908(b) which enables the Revenue Commissioners to apply to the High Court for an order...

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: Two minor drafting errors have come to my notice and in accordance with Standing Order 131, I request the Cathaoirleach to instruct the Clerk to make two corrections in the Bill as follows: On page 167, lines 31 to 33, to delete ", shall be recoverable from the stock borrower" and in lines 37 to 39 to delete ", shall be recoverable from the repo buyer".

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: The levy will be introduced in separate legislation to be brought forward by the Minister for the Environment, Heritage and Local Government.

Seanad: Finance (No. 2) Bill 2008 (Certified Money Bill): Committee and Remaining Stages (19 Dec 2008)

Pat Carey: I cannot anticipate what might be in the Bill.