Results 1,761-1,780 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: Effectively, the Chairman is saying that the full increase is not being charged on the cheaper packs.

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

Michael D'Arcy: The analysis shows that we are not seeing a significant increase in the lower end of the cigarette market.

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

Michael D'Arcy: The matter is kept under constant review.

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

Michael D'Arcy: No, we have been told that there has not been significant growth in the lower end of the cigarette market.

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

Michael D'Arcy: That is what Revenue is saying.

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

Michael D'Arcy: Let me have a look at this between now and Report Stage. Is that fair enough?

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

Michael D'Arcy: We will get a note on it.

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

Michael D'Arcy: The only distortion of that analysis is, potentially, the impact that illegal cigarettes have on the entire market.

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

Michael D'Arcy: I know.

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

Michael D'Arcy: The estimate is almost €64 million.

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

Michael D'Arcy: I am aware of the possibility that an increase in the price of cigarettes could result in a disproportionate change in consumer behaviour and this is reflected in tax revenue provided by Revenue. While receipts for 2016 finish below forecast, it should be noted that the receipts finished ahead of the 2015 outturn.

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

Michael D'Arcy: I am reading out the note. In the context of €1,098 million in total receipts, the deficit behind the 2016 forecast was 5%. It should also be noted that forecasting yields is becoming increasingly difficult with continued irregularities and fluctuations in tobacco clearances and tax receipts. While overall yields have continued to rise over the past three years, issues such as...

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

Michael D'Arcy: Is Deputy Doherty putting 5% on it?

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

Michael D'Arcy: The figure is 1.2%.

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

Michael D'Arcy: The 2017 figures look like they are on target. The 2016 figures were 5% over-estimated. The 2015 figures were under target as well.

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

Michael D'Arcy: Absolutely, I accept that.

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

Michael D'Arcy: Absolutely but the objective, like the sugar tax, is to tax unhealthy actions hard.

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

Michael D'Arcy: Yes.

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

Michael D'Arcy: I move amendment No. 56: In page 49, line 32, to delete “1 April 2018” and substitute “31 July 2018”. The amendment delays the implementation date of section 48 by approximately four months and is being made following representations from the motor industry to the effect that, due to vehicle purchase lead times and the cyclical nature of motor sales, this...

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

Michael D'Arcy: Is the Chairman saying motor homes should be exempt from VRT?