Results 5,241-5,260 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 80:In page 81, to delete lines 29 and 30. These amendments relate to section 66. The amendments, which are technical in nature, are required to deal with a number of issues which have been brought to the attention of the Revenue Commissioners. I commend the amendments to the committee.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 81:In page 82, to delete lines 2 to 7 and substitute the following:“ ‘return of value’ means the dividend paid in respect of fully paid bonus C shares issued to shareholders in the company in accordance with the terms of a return of value and related share consolidation which was completed by the company on or about 20 March 2015.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 82:In page 82, line 9, after “value” to insert “in respect of shares where an election to take B shares was made”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 83:In page 82, between lines 30 and 31, to insert the following:“(b) in section 5 by inserting the following after subsection (1):“(1A) In the Capital Gains Tax Acts, any reference, howsoever expressed, to an individual—(a) being a man, a married man or a husband, shall be construed as including, as necessary, a reference to a woman, a married woman...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 84:“Amendment of section 851A of Principal Act (confidentiality of taxpayer information) 69. Section 851A of the Principal Act is amended in subsection (1) by substituting the following for the definition of “professional body”:“ ‘professional body’ means—(a) an accountancy body that comes within the supervisory remit of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: This is not a new issue but one that Revenue has been considering for some time, and it has been discussed with the relevant professional bodies. Originally, it was considered that the provision should be included in the Legal Services Regulation Bill 2015, under which the new legal services regulatory authority must be established and to which Revenue would report unprofessional conduct by...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 85:In page 87, line 26, to delete “(1) This Chapter” and substitute “This Chapter”. I propose to discuss amendments Nos. 85 to 87 together. These amendments relate to section 70 of the Bill, which inserts a new section 898S into the Taxes Consolidation Act to provide for the repeal of the EU savings directive, subject to ministerial order. As...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 86:In page 87, line 32, to delete "section 891F." and substitute "section 891F.".".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 87:In page 87, to delete lines 33 and 34.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 88:In page 89, to delete line 34. This amendment relates to section 71 which is concerned with Revenue powers. This section in its current form is stated to take effect on 22 October 2015, the date of publication of the Bill. This is a drafting error. As the provision relates to Revenue powers, it will in fact take effect when the Bill passes into law and no earlier....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 89:In page 90, between lines 33 and 34, to insert the following:"(2) This section shall come into operation on such day as the Minister for Finance may by order appoint.". The purpose of this amendment is to provide that section 72 will be subject to a commencement order. Concerns have been raised about the ability of persons who file returns to obtain and report the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 90:In page 93, line 16, after "Health" to insert "and the Data Protection Commissioner". This amendment provides that the Data Protection Commissioner shall be consulted when regulations providing for the disabled drivers and disabled passengers fuel grant are made. This will assure the Data Protection Commissioner and the public that the data protection protocols...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: In this amendment, the Deputy is seeking to reduce the rate of deposit interest retention tax to a rate equivalent to the taxpayer's marginal rate of tax, that is, 40% or 20%, or zero if the person does not have a taxable income. The standard DIRT rate has increased significantly since 2008, from 20% to 41%, and is now one percentage point above the higher rate of tax. Up to budget 2009,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I assume the proposed amendment follows on from comments made by the Deputy in his response to the Finance Bill debate on Second Stage. During that debate, he highlighted the differential treatment afforded to employer contributions to trust-based occupational pension schemes as compared to PRSAs, in so far as the operation of the annual limits on employee tax-relieved pension contributions...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: As the Chairman indicated, we discussed this with amendments 7 to 9, inclusive. As I stated yesterday, my officials are still considering submissions received in the course of the recent consultation exercise. I will examine the results and consider if it is appropriate to make any changes. I am not in a position to make any changes in the course of this Finance Bill.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I do not know if there will be an extraordinary finance Bill in the course of 2016 but I have no plans to do one. In the normal course of events, the issue would arise in deliberating next year's finance Bill.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I am not in a position to make any comment on motor tax as this is not a charge which falls within my area of responsibility. However, my response on the general point raised by the Deputy regarding the payment of tax by instalments is that the abolition of these arrangements would impose an unacceptable cost on the Exchequer. A core provision in the Revenue Commissioners' powers to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: This amendment proposes the preparation of a report on the taxation options of international and institutional investors in Irish REITs. The function of the REIT framework is not to provide any tax exemptions for investors, but rather to facilitate collective investment in rental property by removing the double layer of taxation which would otherwise apply to property investment via a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: The rules apply at home as if the investor were a typical small landlord who was renting a three-bedroom house. The income is treated is the same, except that it comes by way of dividend rather than rent. Capital gains tax is the same. It is far more flexible. One does not need to sell the house in order to get one’s money out; one need only sell the shares. A person who has an...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: It is too early. The legislation allowing REITs to set up investment funds was introduced in the 2013 Finance Bill. Many of the REITs did not actively invest for a year after they had accumulated the fund. It is very new. I agree with the Deputy’s point. In due course, an assessment must be done of how it is working, given that it was a novel scheme for Ireland, although it works...