Results 1,741-1,760 of 34,833 for speaker:Seán Fleming

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I am very clear that on budget day, the Government stated it was targeting those people in receipt of those three particular social protection payments as the three categories that were most identifiable. There are many people who will end up being net payers of carbon tax but who will not get anything back out of it. It generally falls to people in the workforce who are earning income....

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I take the point the Senator is making and it is the same formula of an amendment that we have had previously. People, however, can detect and see for themselves with the level of reporting of this carbon tax, that it is going to be fully scrutinised and that there will not be any shortage of debate, discussion and reports on this issue. As I have already said, the Minister, Deputy Michael...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I accept the spirit of the recommendation but we want to do more than what is recommended in it. I do not want to tie my hands just to producing a report. It would be only half of what is needed. What we would do with that report and the measures we would put in it and introduce are the key issue. We will be getting to that point. A report is step 1 along a more important process but I...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: There are two similar type sections in the Bill. Section 30 deals with excise duties and this section deals with VAT. Both cover the same issue. This section amends the Value-Added Tax Consolidation Act to align Irish VAT legislation with the provision for the EU VAT directive. The purpose of this is to align with a long-established EU VAT directive. The VAT directive requires member...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I will explain it. If an Irish company was working on a contract in some country in Europe or on a site under the European Union Common Security and Defence Policy and there were VAT implications, this section deals with that. There is no change to the constitutional provisions relating to armed forces, which effectively prohibit foreign forces being based or maintained in the State. I...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: I remember this issue well from the Brexit Bill. It relates to the retail export scheme. I want to clarify what has already been said in the Oireachtas. This recommendation calls for a report on the operation of the scheme. I remind Members that the Minister for Foreign Affairs gave a commitment in the Oireachtas on Second Stage of the Brexit Bill that his Department and the Revenue...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: We are back to the pandemic unemployment payment and there is a significant difference of opinion on the basic question as to whether it should be taxed. The issue is deeper than getting a report on how it is working out. It would not be physically possible to do a report within a couple of months of the year's end. In an earlier debate, we were asked for a report on how much tax arose a...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: On the issue of the annual cost of these section 110 companies, I am advised by Revenue that while there are figures available on the number of section 110 companies, it is not possible to calculate the amount of tax that would have been paid if a company had not submitted a notification to Revenue that it is a qualifying company for section 110 of the Tax Consolidation Act 1997. This would...

Seanad: Finance Bill 2020: Committee Stage (11 Dec 2020)

Seán Fleming: In an effort to be helpful, the Minister and the Department consistently keep the section 110 regime under review and make changes when issues are identified. If Revenue becomes aware of a particular issue, it brings it to the attention of the Department of Finance and changes are made. For example, the Finance Act 2011 made a change in respect of profit participation notes. The 2016 Act...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: We are going on to Report Stage. I may be able to respond to the point then.

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputy for proposing this amendment. It is good to tease out the issue. The decision to allow proxy voting is at the discretion of individual credit unions. If a credit union provides for proxy voting, the legislation sets the deadline for depositing an instrument of proxy. This deadline balances the needs of the member, who is an individual, and of the credit union, which has...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: We are all supportive of the credit unions and believe they will run their organisations as best they can. That is why we did not want to be overly-prescriptive by limiting proxy voting such that a proxy voter can only act on behalf of one person. I gave the example earlier of an elderly couple who want their son or daughter to represent them both at the AGM. The Deputy is suggesting that...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputies. The section indicates a credit union "may" and I keep referring to that word. We are here to facilitate and help credit unions run their businesses and the conduct of voting at an AGM should be regulated by the credit union's own rules, which vary between such credit unions, rather than through legislation. The big change we are making in this legislation is to allow...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputy. Everybody is concerned about the integrity of AGMs, including proxies, timing and the secrecy of the ballot. The Deputy will be satisfied to hear that the amendment relating to ballot secrecy is not necessary as the legislation details exactly when secret ballots are required and that the board of directors of a credit union shall be elected, in any case, by secret...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: In December 2017, CUAC did publish a policy paper on alternative means of voting by members. I accept that there is not a widespread view among members of credit unions that they should have proxy voting. Some people have said that it might facilitate a greater attendance at AGMs. We all know credit unions have thousands of members and there might be 70 people or 80 people at an AGM....

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I am happy to clarify that. There are two positions here. There is the interim period, which is only for this round of AGMs up to the end of April. It can be extended if the Minister considers it necessary to do so, but it is on the basis that we will get there by the end of April next year. The only power being given to the board of directors is to proceed with an AGM. The issue of...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Committee and Remaining Stages (10 Dec 2020)

Seán Fleming: I thank the Deputy. To deal with his last point first, there were consultations with the Central Bank. The existing legislation would allow the Central Bank, using its discretion, to defer AGMs until the end of April in any event. However, we believed it necessary for the Oireachtas to decide to put that on a legislative basis. There is provision in the Bill for further extension of the...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Second Stage (10 Dec 2020)

Seán Fleming: I thank all the Deputies for their contributions to the Second Stage debate. I acknowledge the work of the credit union movement, which is a volunteer movement. I also thank the directors, the boards of directors and the staff who work in all our credit unions. The point has been well made that they are community-based. Depending on the amount of time I have, I wish to address some of the...

Finance (Miscellaneous Provisions) Bill 2020 [Seanad]: Second Stage (10 Dec 2020)

Seán Fleming: I move: "That the Bill be now read a Second Time." The Finance (Miscellaneous Provisions) Bill 2020 has three core objectives. First, it amends the Credit Union Act to allow for general meetings, which are prohibited under current health regulations, to proceed; second, it amends the Fiscal Responsibility Act 2012 to increase the number of consecutive terms of office members of the Irish...

Seanad: Finance Bill 2020: Second Stage (8 Dec 2020)

Seán Fleming: Today, we discuss the Finance Bill 2020, which will give legislative effect to the budget for next year. The Bill has been the subject of detailed discussion in the Dáil and I expect that it will also be subject to detailed discussion and consideration here in this House. I look forward to the contributions of Senators. Ireland currently faces many challenges. Brexit could rightly be...