Results 1,801-1,820 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: I have a problem with statements like that.

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

Michael D'Arcy: I ask the Chairman if I might respond to that.

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

Michael D'Arcy: I have about 400 notes coming at me from all different directions. We have had conversations previously about other taxes. The 2% stamp duty rate was the emergency rate. We had to reduce the rate to this to try to get the property market moving. The standard rate in times gone past was 6%. The rate has returned to that. It was based on a sustainable, broad tax base. The rate was as...

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

Michael D'Arcy: That is correct, but it will go from 2% to 6%, an extra 4%, so we are quite satisfied that the figures are accurate.

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

Michael D'Arcy: The yield is €376 million at 6% extra.

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

Michael D'Arcy: Yes, extra. Large sales have been stripped out of the figures we have outlined in the statement on the previous years and we have taken an average over those years. If there is a spike in very large sales, those figures have been excluded to take an average over two years. I accept that there is an issue with the transitional arrangements, and I accept Deputy Burke's point about what...

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

Michael D'Arcy: I absolutely reject the point made by Deputy Burton and others about a cabal. It is unfortunate that the Deputy is scratching in that barrel today because she made a nasty statement about me yesterday. I do not operate in that manner and I would not expect it from her. To be clear on this, the tax strategy group in July outlined that the stamp duty rate could be increased.

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

Michael D'Arcy: I read the newspapers the Sunday before the budget, like everybody else. There were dozens of options but people chose to say there was one in it and that was the one. I absolutely reject Deputy Burton's view on a cabal, a leak, a cosy few, and it should not be coming from her. She is an experienced politician and she should not make statements of that nature about anybody else.

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

Michael D'Arcy: Deputy Burton was in government for a long time too.

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

Michael D'Arcy: It was confidential.

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

Michael D'Arcy: The tax strategy group very clearly stated-----

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

Michael D'Arcy: -----that this was an option.

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

Michael D'Arcy: Fine. I have said my say on this matter.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: I move amendment No. 17:In page 20, after line 38, to insert the following:"Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land)14. (1) Section 664 of the Principal Act is amended—(a) in subsections (1) and (7), by substituting "EU Basic Payment Scheme" for "EU Single Payment Scheme", and (b) in subsection (8), by substituting the following...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: I move amendment No. 18:"Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades - employment and investment incentive and seed capital scheme)15. (1) Section 488 of the Principal Act is amended, in the definition of "associate", by deleting ", except that the reference in paragraph (b) of that subsection to any relative of a participator shall be excluded...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: That is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: As the Deputy well knows, all tax matters are matters for the sovereignty of the State. State aid is a different matter.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: We are satisfied that we are in breach of state aid rules. It applies to around 300 people in total. We have calculated it at €6 million to €10 million per annum.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: We have advised the Commission about this. We have said that the error is being rectified immediately.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: The Commission can instigate an investigation, but we do not believe there is a requirement for an investigation. We have brought the issue to the attention of the Commission and we are rectifying it. If the Commission chooses to have an investigation and take a case, the moneys will potentially have to be recouped.