Results 24,941-24,960 of 27,019 for speaker:Michael Noonan

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I thank all Deputies for their contributions. We are covering some of the ground already covered this morning but that is the reason we are here so everyone can have a say. A Deputy on this side of the House gave a very good example when he suggested that a person with €1,000 in a pension fund was given tax relief of €410 and is now being asked now to pay €6 back by way of the levy to...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: We have representations from the venture capital industry and they are talking about more potential to invest in the country because their current level of investment is very small. Between 6% and 7% of Irish pension funds are invested in Ireland for good and sufficient reasons. They operate under rule and they are obliged to spread their risk so I am not for a moment saying they are doing...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: This levy is running for four years. If we had full information we might be able to make them absorb it but there is an absence of information. However, this is the opening position for legislation because it will run for four years. Deputy Doherty asked if the ARFs were being capped why would we not also cap the levy. The ARFs, as they apply to small investors, are operating in a curious...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I move amendment No. 38: In page 11, subsection (1)(b)(ii), line 34, to delete "person" and substitute "section". This amendment is to correct a drafting error in the Bill as initiated. Section 126B of the Stamp Duties Consolidation Act 1999 provides for the making of an assessment by the Revenue Commissioners in circumstances where either a statement has not been delivered to them or they...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I thank the Deputies for their contributions some of which were listened to by the Minister of State, Deputy Brian Hayes, who left me notes. If I could revert to the topic of the ARFs we were discussing when I left for half an hour, I wish to inform the House of my position. I intend to examine as part of my preparations for budget 2012 in December next how best to increase the percentage...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: That happens all the time with the income tax code. The Deputy should look at what his party did in the last budget.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: They approached the main Opposition, not the Government.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I propose to provide some context by responding to Deputy Fleming's contribution before other Deputies contribute. I will first read the briefing note, which covers some of the points the Deputy raised, before addressing other issues that are not covered by the briefing note. On amendment No. 23, the intention behind Deputy Fleming's proposed amendment appears to be to have the levy applied...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: Approved retirement funds do not come within the scope of the pension levy regime. In common with annuities purchased by pension funds in the name of individuals who have retired, or by individuals from the proceeds of retirement annuity contracts or PRSAs, they are outside the scope of the regime. This is because such annuities and ARFs are not pension funds. An annuity is essentially a...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: The Deputy and I did our FÁS course together on the Committee of Public Accounts, does he remember?

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: We learned a lot over there.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I will send them to the Deputy because I do not have them here.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: This is a money Bill.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: The previous Government taxed them in January. Would the Deputy propose we hit them twice in the one year?

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: The Deputy is giving me a lot of food for thought with his advocacy. Deputy Fleming spoke about the complexity of the pay slip. I know at least one Deputy in the House who as a form of protection takes his pay slip in his inside pocket when he is going for a pint. If anyone accuses him of earning too much, he produces it and shows how little money he is surviving on to the amazement of the...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: -----to increase the imputed draw down from 5% to, for example, 6%.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: We could discuss that idea later this afternoon.

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: Since the Deputies have ownership of the issue at the moment-----

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: Yes. It was the Deputy's technical way of putting the issue on the Order Paper. Is he considering an amendment on Report Stage to raise the imputed draw-down from 5% to 6%?

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: Yes, the Deputies would be ruled out of order-----