Results 101-120 of 6,295 for speaker:Michael D'Arcy

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: That is the Senator's ideology.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: I will give the Senator actual numbers. A total of 87 people benefited from KEEP in 2018, its first year of operation.It is not a case of tens of thousands of people scamming the system and the income tax structures. It involves a very small number of people, so it has not had the take-up we wanted. We wanted thousands of people who are working within the SME sector to be able to take...

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: We do not have it because the shares must be retained for a period of time.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: We do not have the cost because the shares must be retained for a period of years.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The Senator's ideology prevents her from allowing those 87 people to benefit. We want that figure of 87 to increase to hundreds, perhaps even thousands of people who are taking up these share options because then they have buy-in with regard to their company and are far less likely to move off to another company, perhaps one of the big players or the big fish.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: Pardon?

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The Senator's ideology is that none of this should happen. It is very clear. Most schemes to prevent-----

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The Senator ignores the fact that the Irish income tax system is the most progressive in the OECD. She chose to ignore that.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The Senator keeps saying the same thing. It is the same answer regarding the same silly question.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: Senators will be aware that the help to buy scheme was announced in budget 2017 and back dated to apply to 19 July 2016. It is an income tax incentive measure designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home and to support the growth in supply of new homes. The relief is only available in respect of...

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: I would not like to try to buy something for €225,000 in the area in which Senator Boyhan lives. Senator Conway-Walsh quoted a figure of €375,000. A person might buy something very small in Dún Laoghaire for that amount but then again, he or she might not. I accept that the figures quoted by the Senator are above the average but 15,000 people have benefited from this. I...

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The flat-rate expense allowance regime is an administratively-based practice operated by the Revenue Commissioners where specific commonality of expenditure exists across an employment category and the statutory requirement for a tax deduction for expenses, as set out in section 114 of the Taxes Consolidation Act 1997, is satisfied, namely, that the expense must be wholly, exclusively and...

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: Soon is very soon - a matter of days rather than weeks.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The Minister for Finance has committed to preparing a report on the tax treatment of union subscriptions. I was not going to take the recommendation.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: It is my pleasure to have fantastically delighted the Senator.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: I know the Senator has been asking about this for several years. A total of 228 applications have been received since the start of the scheme: 92 in Dublin, 71 in Cork, 19 in Limerick, 32 in Waterford, 11 in Kilkenny, and a low number for Galway. A total of 20 individuals have made claims in respect of €400,000 in 2017 at a cost to the Exchequer of €100,000. It is much lower...

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: I will be glad to follow it up with the Senator.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: The previous tax relief for rent paid was abolished in budget 2011 and is no longer available to those who commenced renting for the first time from 8 December 2010. This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that in the same manner that mortgage interest relief...

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: I will not be accepting the amendment.

Seanad: Finance Bill 2019: Committee Stage (3 Dec 2019)

Michael D'Arcy: I note that we have wealth taxes. We tax wealth in a variety of ways, including capital gains tax and capital acquisitions tax. These taxes are levied on individuals or companies on disposal of an asset in the case of capital gains or the acquisition of an asset through gift or inheritance in the case of capital acquisitions tax. We also have a wealth tax on the highest form of wealth in...