Results 1,701-1,720 of 6,295 for speaker:Michael D'Arcy

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: I move amendment No. 45:In page 41, to delete line 39, and in page 42, to delete lines 1 to 4 and substitute the following:“25.(1) Section 29 of the Principal Act is amended in subsection (1A)(c)(i) by inserting “or other assets (apart from relevant assets)” after “money”.”. These amendments relate to sections 25 and 27 of the Bill as amended on...

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: The focus of the amendment introduced in the Finance Bill was to prevent the exclusion for unquoted shares whose value is derived from land in this country applying where a company obtains a so-called soft listing. Gains in respect of sales of such shares by a non-resident person are not currently liable to capital gains tax. The words "actively and substantially traded" were included in...

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: I cannot give that commitment. As Deputy Doherty knows, I am the junior Minister in the Department of Finance. On every occasion when we have raised the issue of reports during this Report Stage debate we have committed to trying to make sure each report is available in good time so the members of the Oireachtas Joint Committee on Finance, Public Expenditure and Reform or spokespersons will...

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: We have not met them.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: I will address several points as best I can. Companies are entitled to carry losses forward by two years. As Deputy McGuinness knows well, a referendum went to the people on compellability. It was turned down by the people. The Department of Finance does not have the authority to compel any financial institution to attend committees of the House. That is the reality.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: We have committed to providing a technical paper. We are not putting it into the Finance Bill. Like the other reports, we aim to get it in as quickly as possible in order that it will be made available. We will have it done within a six-month period. I want to finish on one point. Deputy Burton always amuses me. It is as if she had never been in Cabinet and was never Tánaiste.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: It is as if the Labour Party had never been there at all.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: Did Deputy Burton only beam down last week? Well done to her.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: Many charges have been made in the context of the amendment before us. The Minister, Deputy Donohoe, has never met with Capita. Perhaps it would be helpful to the Chair of the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, Deputy McGuinness, for me to let him know that I subsequently met representatives of Banking and Payments Federation Ireland and...

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: I just cannot let that go. Deputy Mattie McGrath has now impugned the entire Judiciary of this State.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: He has impugned them all. The Acting Chairman, Deputy O'Rourke, should ask the Deputy to withdraw his statement. It is not the practice for Members of the Legislature to criticise the Judiciary in this House.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: The Deputy mentioned cases.

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: The amendment brought forward on Committee Stage to section 135 of the Taxes Consolidation Act, in introducing a new subsection (3A), is intended to counter a specific tax avoidance scheme which has been uncovered by Revenue. The scheme involves individuals avoiding a liability to income tax where a company indirectly buys back shares from a shareholder and the purchase is funded from the...

Seanad: Commencement Matters: Defective Building Materials (23 Nov 2017)

Michael D'Arcy: I have heard the Senator discuss the issue relating to mica in homes in Mayo and Donegal on numerous occasions. I know she is determined to have something done about it. I acknowledge the stressful situation individuals can face when building defects manifest themselves after completion of construction and the significant impact this can have on those affected. There is an LPT exemption...

Seanad: Commencement Matters: Defective Building Materials (23 Nov 2017)

Michael D'Arcy: I will contact Revenue and try to get clarification on the matter. I do not like ambiguity or positions being unclear. The note I have says one thing but the Senator is telling me something contrary to it. I will contact Revenue directly and I will have officials try to conclude the matter in order to determine the correct position.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: The income averaging is not available to any other sector. It is a hugely beneficial opportunity for the agriculture sector. It is not to be discounted and people should not ignore it. That came following the 2014 review. We are doing another review, and it will be a good one, so that we can have targeted measures for the areas that need the most. If that is income volatility, it will...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: It will be similar to the commitments in the other reports.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I live on a farm in rural Ireland. People come to this Chamber and say that rural Ireland is dead. That is not correct. There are challenges within rural Ireland. Of course there are. However, some areas in rural Ireland are flying. Some areas are not, but to come in and state blankly that rural Ireland is dead is wrong. I am conscious of the prevalence of farm income volatility in...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I have the figures. The top 20 landlords, which are large professional landlords, including corporates, legals, REITs, investment funds and individuals, account for 2.83% of residential tenancies. The commitment given on Committee Stage stands. We will be replying back to committee in regard to what can be done, what is allowable and what will be allowable following conversation between...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I just want to address the issue of the deductibles. The Finance Act 2013 introduced the regime for REITs. I have addressed the fact that it cannot be a close company. We had a good conversation about that and we went into private session at one point to go into the details. In general the trading profits of companies is subject to corporation tax at 12.5%. Rental profits and corporation...