Results 1,741-1,760 of 6,295 for speaker:Michael D'Arcy

Seanad: Tracker Mortgages: Statements (22 Nov 2017)

Michael D'Arcy: Senator Black noted that 23 people lost properties that were their primary dwellings. I have been talking to people about tracker mortgage issues since before I became a Minister of State. We have all dealt with people facing these types of difficulties. There is a huge difference between, on the one hand, somebody who was overcharged but who was capable of making the overcharged payment...

Seanad: Tracker Mortgages: Statements (22 Nov 2017)

Michael D'Arcy: It is part of the Central Bank's examination, which covers all aspects of the matter. I think that will be decided by the courts. It is most likely to expand to the superior courts from the original O'Dwyer case. However, I do not know for certain. Natural justice is always an issue. If someone was happy to accept a variable rate at that stage, was told about a tracker and chose - with...

Finance Bill 2017: Report Stage (21 Nov 2017)

Michael D'Arcy: To put it in context, Deputy Boyd Barrett spoke earlier about wealth redistribution. In 2011, when the income tax take was €11 billion, the social protection budget the then Minister, Deputy Burton, was handling was €21 billion. That was massive wealth distribution and we did not have the money. We had to borrow it. While Deputy Boyd Barrett is quick to talk about what the...

Finance Bill 2017: Report Stage (21 Nov 2017)

Michael D'Arcy: That is fine. However, the unintended consequence would be to drive them out of the country and along with them would go other jobs. Then Deputy Boyd Barrett would care, when the income tax take would collapse.

Finance Bill 2017: Report Stage (21 Nov 2017)

Michael D'Arcy: I did not say that.

Finance Bill 2017: Report Stage (21 Nov 2017)

Michael D'Arcy: I did not say that. What I said was the national debt increased on average by €14 billion to €15 billion a year for ten years. It went from €40 billion to €210 billion, but the reason was to keep the country trading. Whether Deputy Pearse Doherty believes it or not, the first question I am asked on every occasion I meet financial service companies is the...

Finance Bill 2017: Report Stage (21 Nov 2017)

Michael D'Arcy: Deputy Boyd Barrett appears to be on his own on this one.

Finance Bill 2017: Report Stage (21 Nov 2017)

Michael D'Arcy: The other speakers may be on the left but not on this occasion. While I do not wish to go over old ground, I will place a couple of facts on record. The amendment would expand the current two-rate income tax system to a five or six-rate system. This would be in addition to the universal social charge system, under which five separate rates are applied, and a PRSI system which has further...

Finance Bill 2017: Order for Report Stage (21 Nov 2017)

Michael D'Arcy: I move: "That Report Stage be taken now."

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I bring to the attention of the committee that, in respect of sections 22 and 24, I intend to bring forward new sections on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: Capital gains tax. There are potentially unintended consequences of the capital gains tax avoidance measures. We put the committee on notice that they will be considered. We may also have to bring make some alterations on Report Stage to section 613 of the Taxes Consolidation Act 1997. The Minister for Finance has asked me to tell the committee that he may bring forward an amendment on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: In respect of carrying out a study of introducing a financial transactions tax, I refer to the joint Central Bank of Ireland-Economic and Social Research Institute, ESRI, report published in April 2012 which considered the possible economic impact of the application of such a tax. That report analyses the potential economic impact on the financial industry at that stage...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: The local property tax is designed to provide a more sustainable system of funding for local government and place the provision of local services on a sounder financial footing. The local property tax is also a significant base-broadening measure. The level of income expected to be generated by the local property tax in 2018 is in the region of €470 million. ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I remember Deputy Donnelly raising this issue in the past number of years. While I am not committing to anything, I would appreciate if the Deputy could provide me with that note. He is going to speak with the Minister, Deputy Donohoe. I will also speak with him. I will not commit to advancing anything, but we will certainly look at the Deputy's suggestions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: The Government has no plans to introduce a wealth tax, although all taxes and potential taxation options are of course constantly reviewed. Wealth can be taxed in a variety of ways, some of which are already in place in Ireland. Capital gains tax, CGT, and capital acquisitions tax, CAT, are, in effect, taxes on wealth, as they are levied on an individual or company, on the disposal of an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I do not intend to get into the tracker debate during our deliberations on the Finance Bill. Quite a lot of work has been done on that issue, as the Deputy is aware. The banks met the Minister for Finance, Deputy Donohoe, a number of weeks ago and it was agreed that 12,000 of the 13,000 customers who were identified at the end of September would be paid before the end of this year. We...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I will read the note on the tax on sugar-sweetened drinks. Chapter 1 of the Bill provides that a sugar-sweetened drinks tax will apply when such drinks are first supplied in the State. The introduction of this tax forms part of the Government's comprehensive plan, A Healthy Weight for Ireland, which aims to tackle the obesity and overweight problem in this country. The tax will apply to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I agree with the Deputy, fundamentally, in terms of physical education in schools but the matter is outside the scope of the Finance Bill. The sugar tax is a new strategy and the Department of Health has requested that the tax be implemented. We have some more information. Some matters in other jurisdictions have been assessed. There was an evaluation of the impact on consumption. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I am advised by the Department of Health that the available evidence on health impacts is not currently sufficient to justify the inclusion of artificial sweeteners. The tax will of course be kept under review.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: Yes.