Results 24,961-24,980 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: -----but what is the nature of the amendment they are considering?

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

Michael Noonan: Deputy Michael McGrath raised additional issues. From my discussions with the industry, there are no indications of a change in behaviour on the part of people with pension funds, that is, moving their funds out of the country. There is no fear that such a thing will happen. The industry is facing other issues, many of which relate to the marginal rate of tax that would apply to...

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

Michael Noonan: There is a view on my right-hand side that the Deputy is probably correct, but we need to check the provision.

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

Michael Noonan: It is clear from the fact that IDA Ireland secured 79 new investments from existing clients in 2010 - some 37 of which, or almost 50%, were in the area of research and development - that the tax credit scheme for research and development has proved very effective since it was introduced in 2004. The value of the investment in Ireland arising from these new research and development projects...

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

Michael Noonan: I am setting out a general position. The Deputies know why it is important that we review how effective the VAT reduction is and whether it is delivering on jobs. I thought, where we started a while ago with Deputy Michael McGrath's amendment, that it was something along those lines he was looking for, that every two months we would assess whether it was effective in terms of job creation....

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

Michael Noonan: I would not be disposed to accepting such an amendment. I am not in favour of any sort of ear-marked taxes which, I think, are bad practice. There must be discretion for the Government to decide where it will apply the yield from the tax system. It is not good practice to tie the yield to a particular ear-marked activity. I made my position clear. I have given assurance which, I believe,...

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

Michael Noonan: I do not believe there is any contradiction between the two positions because the initiative is to get extra tourists into the country. If one restores routes that were cancelled, one is trying to get extra people into the country and the measure of that is how many extra people come and the way to do that is to encourage extra passengers. It is really a different way of saying the same...

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

Michael Noonan: Deputy Michael McGrath explained the constraints placed on us by the European VAT directives and the difficulty of moving below a rate of 12% on some items because to do so is specifically forbidden. He also referred to the constraints in terms of the permissible number of lower rates. I am informed by my advisers that if VAT on fuel were to be reduced to 12%, then all other VAT items at...

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

Michael Noonan: The briefing note I have to hand states that while these items could in theory be reduced to a 12% rate, that could only be done if all the items remaining on the 13.5% rate were reduced to the 12% rate, as under the European Union VAT directive, a member state may only have two reduced rates and Ireland's now will be 9% and 13.5%. Furthermore, such a reduction from 13.5% to 12% of all items...

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

Michael Noonan: I move amendment No. 8: In page 5, lines 36 and 37, to delete "section 784" and substitute "section 784 or 785". Section 4 deals with the pension levy and I wish to make some introductory remarks because I propose to make quite a number of amendments to it. I wish to provide Members with the overall information first, after which the amendments can be debated singularly as we go through...

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

Michael Noonan: My officials have been in contact with a wide number of interested parties in both the public and private sectors, including the Pensions Board, about the practical, logistical and other issues surrounding the introduction of the levy. I met two groups of representatives of the pensions industry; the Deputy will know it is divided into two different groups. I had long discussions with both...

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

Michael Noonan: My understanding is that the amendments do not really extend the scope of the levy significantly. Any change in yield would be marginal and would be within the margin of error of the calculation of what it will yield.

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

Michael Noonan: I move amendment No. 9: In page 6, to delete lines 3 to 32 and substitute the following: " 'chargeable amount', in relation to a chargeable person and any assets, means the aggregate market value of the assets (other than an asset that is land, in which case the market value of the land shall be taken as not including the amount of any outstanding borrowings used to acquire the land)— (a)...

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

Michael Noonan: Even the industry kept changing the date.

Finance (No. 2) Bill 2011: Financial Resolution (9 Jun 2011)

Michael Noonan: I move THAT Part 9, which provides for levies, of the Stamp Duties Consolidation Act 1999 (No. 31 of 1999) and Chapters 1, 2 and 2A, which provide for occupational pension schemes, retirement annuities and personal retirement savings accounts, respectively, of Part 30 of the Taxes Consolidation Act 1997 (No. 39 of 1997), be amended in the manner and to the extent specified in the Acts giving...

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

Michael Noonan: I thank Deputy Michael McGrath for tabling this amendment, which makes an interesting suggestion. Unfortunately, however, it is not possible for me to implement it owing to the limitations in data available to the Department of Finance. The Central Statistics Office produces employment data four times a year in the quarterly national household survey. While this data set provides employment...

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

Michael Noonan: While I do not disagree with much of what has been said, the CSO does not have the data to enable me to accept the amendment and to give two-monthly progress reports on job creation. Modern, open economies such as Ireland's are very intricate in the way they interact. It is very difficult to say what particular policy instrument either created or cost jobs because everything is so...

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

Michael Noonan: I make a general point. The national finances are in a fraught situation. A fiscal correction of €6 billion is underway in 2011 and so far we are on target. We are slightly under profile on tax collection but are also under profile on expenditure. As we go through June, facing the end of the first half year ,we are on target to achieve the fiscal correction of €6 billion. Next year...

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

Michael Noonan: We are moving away from the content of the Bill. If the Deputy refers to the programme for Government that will give him the principles on which we will base our tax approach. I will not recite them now in the middle of Committee Stage of a Bill which is focused on other issues.

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

Michael Noonan: The Deputy is widening the debate beyond-----