Written answers
Wednesday, 16 July 2014
Department of Finance
Commencement of Legislation
Seán Ó Fearghaíl (Kildare South, Fianna Fail)
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69. To ask the Minister for Finance if he will provide, in tabular form, those Acts currently in force for which he has lead responsibility that have parts or sections yet to be formally commenced; the details or purpose of same; and if he will make a statement on the matter. [32003/14]
Michael Noonan (Limerick City, Fine Gael)
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The following are the details of legislative provisions passed by the Oireachtas since 2011 but which are not yet formally commenced which I, as Minister for Finance, have lead responsibility:
| Finance Act 2011 | - |
|---|---|
| Provision | Purpose |
| S. 49(1) | Section 49(1) makes provision for amendments which would require remote bookmakers and betting intermediaries to be subject to betting duty. This section will be commenced following the enactment of the Betting (Amendment) Bill 2013. |
| S. 60(1) (c) | Section 60(1) (c) amends the VAT Consolidation Act 2010, in relation to the VAT exemption for bets and commission. This section will be commenced following the enactment of the Betting (Amendment) Bill 2013. |
| Finance Act 2012 | |
| Provision | Purpose |
| S. 20(d) | S. 29 (d) amends Section 667C of the Taxes Consolidation Act 1997 and allows for stock relief for registered farm partnerships. The Department is awaiting the finalisation of a Statutory Instrument by the Department of Agriculture, Food and the Marine which will commence this section. |
| Credit Union and Co-operation with Overseas Regulators Act 2012 | |
| Provision | Purpose |
| Sections 8, 10, 11, 12, 13, 30, 38 and corresponding items in Schedule 1 of the Act | The recommendations of the Commission on Credit Unions for a Tiered Regulatory Approach will see some credit unions taking on a more sophisticated business model with increased regulatory requirements. Seven sections will be commenced in tandem with the Tiered Regulatory Approach and will give the Registrar of Credit Unions the power to introduce regulations that are effective and proportionate having regard for the nature, scale and complexity of a credit union. The structure of the tiered regulatory approach has not yet been agreed. A preliminary Consultation Process has just finished, the purpose of which was to seek views from credit unions and other sector stakeholders on: the proposed approach to tiering, the high level operation of the tiers, including the activities and services proposed for credit unions in each tier; and the appropriate timing for the introduction of a tiered regulatory approach for credit unions. The seven sections of the 2012 Act awaiting commencement are: Section 8 - Savings Section 10 - Borrowing Section 11 - ending Section 12 - Investments Section 13 - Reserves Section 30 Liquidity and stress testing Section 38 Revocation of Statutory Instruments Corresponding items in Schedule 1 of the Act will come into force when the sections above are commenced. |
| Finance Act 2013 | |
| Provision | Purpose |
| S. 21(1) | Section 21(1) introduces new provisions to ensure that Film Relief tax reliefs will accrue to the producers rather than investors and result in tax savings for the Exchequer. The Department is currently consulting with the Commission on this in regard to compliance with State Aid rules. |
| S. 30 | Section 30 introduces the Living City Initiative. The Department is currently consulting with the Commission on this in regard to compliance with State Aid rules. |
| S. 31 | Section 31 introduces a tax scheme for the construction or refurbishment of certain aviation service facilities. The Department is currently consulting with the Commission on this in regard to compliance with State Aid rules. |
| S. 50(1)(c) | Section 50(1) (c) inserts Section 101B of the Finance Act 1999 requiring mineral oil traders to furnish a "return of oil movements" to the Revenue Commissioners. |
| S. 57(2) | Section 57(2) amends the Finance Act 2002 in relation to betting duties and the recording requirements of remote book makers and remote betting intermediaries. This section will be commenced following the enactment of the Betting (Amendment) Bill 2013. |
| Finance Act (No. 2) 2013 | |
| Provision | Purpose |
| S. 24 | Section 24 amends Section 481 of the Taxes Consolidation Act by introducing a new definition of "eligible individual" for relief in investment in films. |
| S. 25(F) | Section 25(F) inserts Chapter 1A Part 18 into the Taxes Consolidation Act 1997 and provides for a withholding tax for non-resident artistes engaged in a qualifying film. |
| S. 31 | Section 31 makes minor amendments to Living City Initiative. The intention is for this to be commenced at same time as Section 30 of the Finance Act 2013. The Department is currently consulting with the Commission on this in regard to compliance with State Aid rules. |
| S. 45(1) | Section 45(1) provides a Capital Gains Tax Entrepreneur Relief. The Department is currently consulting with the Commission on this in regard to compliance with State Aid rules. |
| S. 51(1)(c) | Section 51(1) (c) inserts Section 82A into the Finance Act 2010 providing a partial relief for from tax on the basis of the biomass content of solid fuel. |
| S. 54(2) | Section 54(2) amends the Finance Act 2002 in relation to payment arrangements for excise duty payable. This section will be commenced following the enactment of the Betting (Amendment) Bill 2013. |
| S. 66(1) | Section 66 amends the VAT Consolidation Act 2010 to provide that a reduced VAT rate will apply to the supply of greyhounds, certain horses and to all inseminations services, and to the hire of horses, in accordance with the Judgement in European Court of Justice Case C-108/11. It is proposed to commence this provision shortly, once various administrative arrangements are finalised. |
| S. 70 | Section 70 provides for a Stamp duty exemption for shares in Enterprise Security Market of the Irish Stock Exchange. The Department is currently consulting with the Commission on this in regard to compliance with rules on state aid. |
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