Results 5,461-5,480 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 move amendment No. 23:In page 18, to delete lines 36 to 38, and in page 19, to delete lines 1 and 2 and substitute the following:"(d) in section 667B—(i) in subsection (5)(b), by substituting "2018" for "2015", and (ii) in paragraph 2 of the Table to that section—(I) in subparagraph (q), by substituting “Sustainable Agriculture," for “Sustainable Agriculture.",...

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. 24:In page 19, line 5, to delete "section, section 667D and section 667E" and substitute "section and sections 667D to 667G".

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. 25:In page 20, to delete lines 14 to 19 and substitute the following:" 'primary participant' means the precedent partner, within the meaning of section 1007;".

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. 26:In page 20, between lines 22 and 23, to insert the following:" 'register of succession farm partnerships' shall be construed in accordance with section 667D(1);".

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. 27:In page 22, line 13, after "alteration" to insert "and amend the relevant entry on the register".

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. 28:In page 22, line 31, to delete "only register a farm partnership where" and substitute "only enter a farm partnership on the register where".

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. 29:In page 22, line 34, after "the" where it secondly occurs to insert "farm".

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. 30:In page 24, line 5, to delete "registered" and substitute "entered".

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. 31:In page 24, to delete lines 17 to 19 and substitute the following:"(c) the business plan of the farm partnership shall have been submitted to, and approved by, the Minister,".

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. 32:In page 25, to delete lines 15 to 18 and substitute the following:"(5)(a) The Minister shall only enter a farm partnership on the register of succession farm partnerships where he or she is satisfied that the farm partnership has met the conditions set out in subsection (2). (b) Where the Minister is not satisfied that the farm partnership is continuing to meet the...

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. 33:In page 26, to delete line 28.

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. 34:In page 28, line 28, to delete "provisions."." and substitute the following:"provisions.",(h) by inserting the following section after section 667E (inserted by paragraph (g)):“Appeals officer 667F. (1) The Minister may appoint a person to be an appeals officer (in this section and section 667G referred to as an ‘appeals officer’) for the purposes...

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

Michael Noonan: This section amends Part 24 of the Taxes (Consolidation) Act 1997 to introduce a new petroleum production tax or PPT. The tax will apply to petroleum profits from discoveries made under petroleum authorisations granted from June 2014. The PPT is as a result of a Government decision of 17 June 2014 to bring into law new fiscal terms for oil and gas exploration and production. This was...

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

Michael Noonan: It relates to the date on which the Wood Mackenzie report was published. The intention of the Government arising out of the Wood Mackenzie report was made public at that time. The effective date is from the time when the terms were first made public.

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

Michael Noonan: When it comes to things like oil exploration, certainty is very important. To change a tax regime is not something one does with great frequency because the investment period, exploration period and development period can be quite long. To do it once and fix the date is acceptable, but to start moving dates back or forward at this stage would be imprudent and could be damaging. Since this...

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

Michael Noonan: Why would I do so? Where is the advantage in it?

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

Michael Noonan: Possibly not, but there is a logic in the date selected because it is when the new terms were first promulgated.

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

Michael Noonan: Retrospective taxation is very difficult and I would not be disposed to changing the terms retrospectively. I would need to hear very strong arguments before I would consider changing the date.

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 suggesting I change the time from which the new terms apply by moving it back rather than forward. In moving it back I would be moving into a space where a different set of terms applied and no notice was given that new terms would be promulgated. There are considerations about legitimate expectations and so on.

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 think the Deputy's comparison with building a house in 2004 runs. He built the house in 2004 taking in the circumstances of the time, but nobody subsequently attempted to change those circumstances. When I introduced property tax, it applied only from the effective date onwards. The Deputy is suggesting people who invested and drilled and perhaps made discoveries under a certain...