Results 5,401-5,420 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I think much of what has happened is that people who were experienced in building went back to work as a result of this scheme, such as, for instance, a guy and his brother or his former employee who might be a bricklayer or a carpenter. They would register as a contractor. It would not be movement from the black economy to the legitimate economy. Some of it was movement from unemployment...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: My officials tell me that Revenue is engaged in an analysis of the RCT payment patterns to identify the compliance issue. The number of registrations is up.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I have been looking at this but have not done anything in the Finance Bill. Anyone with experience of rural Ireland knows that where the shops on the main street are no longer trading, the living accommodation over the shop is not in use either. It is very difficult to come up with a scheme that would incentivise it. There was a previous scheme - the living over the shop scheme - but that...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It is a major issue. I am not proposing anything in this Bill. In the future, if I am still in a position to do something, it is an area of very significant need in respect of which action is required. There is a need for an economic justification. I think the sequence for rural Ireland is to build the economy on agriculture, food, tourism, construction and the professions which provide...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I move amendment No. 14:In page 11, between lines 25 and 26, to insert the following:“10. (1) The Principal Act is amended by inserting the following after section 112A:“112B. (1)In this section—‘benefit’ means a tangible asset other than cash; ‘qualifying incentive’ means either a voucher or a benefit that is given to an employee by his or...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I move amendment No. 15:In page 12, to delete line 21 and substitute the following:“(2) Subsection (1) applies for the year of assessment 2016 and each subsequent year of assessment.”. This section is due to commence on 1 January 2016. The Revenue Commissioners advised me that, for the avoidance of doubt, the commencement would be better stated as "for the year of assessment...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Self-assessed taxpayers have an additional annual return filing obligation compared to those who pay their taxes through the PAYE system. Individuals who are predominantly PAYE taxpayers but who earn a small amount of other non-PAYE income do not at present automatically move into the self-employed system, provided their net other income does not exceed €3,174. It is taken into...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I thank the Deputy.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The Deputy has just asked for tax relief for rural towns. The management of our woodlands is a rural activity. I do not like to take things out of the high income earners' liabilities, but there is a justification for this proposal. Most of the constituency represented by Deputy Tóibín is rural. It is hard for one to harvest forestry if one has to go back in for a second or...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I do not disagree with the Deputy's analysis of the high earner restriction. As a general rule, I am opposed to changes in the application of that restriction because it has been effective. It continues to be an effective measure, and I believe this is due in large part to the fact that it applies across such a wide range of reliefs. In this instance, however, I am satisfied that the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: One could make that argument in respect of anything we do.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The economic contribution of forestry to the State is important, particularly in rural areas. We have not seen many forests in the middle of cities yet. The total employment of more than-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: There is total employment of 10,000 people and the sector makes a direct contribution of more than €1 billion to the economy, with its total economic value estimated at €2.3 billion. There are significant social and tourism-related benefits. Forestry has an influence on climate change and an important role to play in helping Ireland to achieve its international emissions...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I assume that Deputy Doherty was referring to the introduction of a third rate of income tax. Based on Deputy Tóibín's contribution, the proposal seems to be one of a third rate at 47% on incomes in excess of €100,000. A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Certainly we can all identify with very high levels of emigration that took place since the crisis struck in 2008. Many people were driven out of the country. In some years the best and the brightest left. The reason they left was that the policies that were pursued by the Administration leading up to those years proved to be a disaster. That is a matter of fact. We will not get them...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: That is what policy-making is about. If one cannot see into the future-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The Deputy is using a method of debating that is often employed. He is arguing from the particular to the general by using particular lurid arguments that will excite sympathy from his audience, before applying those arguments as if they were general. However, they are not general. The health service, the education service and other desirable services are short of resources because the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The argument is that the Deputy's way of doing things has the potential to make things worse, regardless of how well-meaning he is. The way to make things better is the way we have been doing it. If we can get the economy growing at very strong rates, the economy will throw up resources that we can use not only to provide better services but also to reduce tax and balance the budget. In...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Yes, but €100,000 is Sinn Féin's opening offer.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: That is another problem.