Results 1,641-1,660 of 6,295 for speaker:Michael D'Arcy

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: Senators will be aware that the help-to-buy initiative has been in operation since January 2017. It is designed to assist first-time buyers with obtaining the deposits required to purchase or build their first homes. With a view towards increasing the supply of new housing, the relief is only available in respect of new-build or self-build properties. Following its introduction in budget...

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: Section 23 of the Finance Act 2016 introduced a new tax regime for funds that hold Irish real estate to be known as Irish real estate funds, IREFs. The section was introduced to address the use of certain fund vehicles to invest in Irish property by non-resident investors. IREFs are investment undertakings, excluding undertakings for collective investment in transferable securities, UCITSs,...

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: The tax strategy reports will be published, but one of the things that became quite clear following Committee Stage and Report Stage is that there are a small number of these entities. Because of this, we will not debate them and Revenue will not provide information on them to the Department as it is not allowed to do so because of taxpayer confidentiality.

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: I am not giving any commitment that there will be any further debate on the matter.

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: Bona fide management buyouts are not affected.

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: The State does not implement policy based on how much we contribute to the EU. It flows subsequently based on GNI. In this year's budget, it was proposed to limit the deduction for capital allowance for intangible assets, and any related expense, to 80% of the relevant income arising from the asset in that period. The measure was recommended by Mr. Séamus Coffey in his review of...

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: Since 1 January 2011, VRT has been charged on motor homes at a preferential category B rate of 13.3% of their open market selling price. This category, which is normally used for commercial vehicles, compares favourably to category A passenger vehicles, which are charged at rates between 14% and 36% of their open market selling price, depending on the level of carbon dioxide they emit.Were...

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: This came up at the select committee, having previously been brought to my attention. We have made a commitment to deal with the matter by way of a statutory instrument. We are dealing with it straight away on the passage of the Finance Bill. What was happening was that 51% of the users of the facility were being asked to provide their private medical certificates, which requirement we...

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: It will be done within weeks.

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: The reduced 9% VAT rate is reviewed annually in the context of the budget, including the economic costs and benefits and the additional revenue that could be raised by bringing the rate back to 13.5%. Revenue's most recent estimate is that reverting to the 13.5% rate would bring in an additional €491 million. A 1% increase would yield €109 million. The estimated cost to the...

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: I reject what the Senator said about labour standards. She is tarnishing all employers in the sector-----

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: ------on the issue of labour standards. There are the best of employers in the sector as well as some bad employers. There are Government agencies who deal with bad employers.

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: The joint labour committees, JLCs, can deal with such issues. If people do not pay the correct rates, there is a structure in place to ensure they are made to do so. I have no time for anybody who does not pay the correct rate.

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: If one goes back several years, since the real damage impacted upon the finances of the State, we have been doing that. Some 400,000 people out of 2 million people pay a zero rate of universal social charge. A total of 36 % of the workforce pays no income tax. These figures are rarely quoted. I absolutely agree that within those figures there are part-time workers for whom the system...

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: The Senator is focusing on people on higher pay who take the opportunity to provide a good pension for their retirement. However, they represent a small percentage of people in the scheme of things. In this State, 50% of people have no pension, which is the biggest issue. They have nothing coming.

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: If we change this, that 50% figure would be even greater, which would be of huge concern to me. I have a four-page response, but-----

Seanad: Finance Bill 2017: Committee Stage (Resumed) (6 Dec 2017)

Michael D'Arcy: I thank everybody. This is my fourth time dealing with the Bill so I ask Senators not to repeat contributions on Report Stage. We have left out quite a few areas, which I am happy to go through on Report Stage. If it is otherwise, we will have the same conversation we have already had. That is what happened in the Dáil. I do not see the purpose of going through some of these matters...

Seanad Public Consultation Committee: Status, Treatment and Use of the National Anthem (5 Dec 2017)

Michael D'Arcy: It has been a while since I was in these seats.

Seanad Public Consultation Committee: Status, Treatment and Use of the National Anthem (5 Dec 2017)

Michael D'Arcy: I will make a number of comments before I make my speech. People might be interested to know why the Department of Finance is responsible. In 1933, the Department of Finance paid an awful lot of money to purchase the copyright. It cost £1,000, which is equivalent to millions of euro today. At the time, an acre of land traded for about £3 so the price paid was similar to the...

Seanad Public Consultation Committee: Status, Treatment and Use of the National Anthem (5 Dec 2017)

Michael D'Arcy: That is good. That is just a few bits and pieces. The Department of Finance is very proud of its long association with the national anthem, having acted as its unofficial custodian since it purchased the copyright of the music and the English lyrics of "The Soldier's Song" on behalf of the State in 1933. As a modest expression of our pride, Peadar Kearney was one of the figures we chose to...