Results 17,441-17,460 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget 2013 (7 Mar 2013)

Michael Noonan: In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for 3 years...

Written Answers — Department of Finance: Universal Social Charge (7 Mar 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that they have again contacted the pension provider on this matter. The pension provider has confirmed that USC deducted was repaid to the person concerned on 22 February 2013. In addition, the pension provider has also confirmed that there will not be any tax or USC deducted from the next and following payments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I will certainly do that and will give members the full information. Deputy Doherty tabled a series of Committee Stage amendments to this section which were ruled out of order but as he had raised the issues on Second Stage, I was aware of his intention. I agree with the spirit of his amendments which are mainly concerned with the protection of investors. I would have a high regard for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The section applies only to the rental property element. If REITs are engaged in other activity other than rental property, they will pay the full tax on that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 59: In page 90, line 21, to delete “arising from” and substitute “accruing on the”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 60: In page 90, line 27, after “asset” to insert the following: “which is used, or subsequent to such acquisition is used,”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 61: In page 92, between lines 46 and 47, to insert the following:“(5) Where, but for subsection (2) and section 129, a property income dividend would be income of a company which is income chargeable to tax under Case I of Schedule D, it shall be so chargeable notwithstanding those provisions.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 62: In page 95, line 36, after “REIT” to insert “or group REIT, as the case may be,”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 64: In page 97, lines 16 and 17, to delete “, as the case may be,”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Yes, they are exempt from capital gains tax under the tax treaties. If they are investors from countries with whom we have tax treaties, and we have with most, they are exempt from capital gains tax.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The resident is taxed as if he or she had an investment property. The distribution from the REIT will be taxed in the same way as rental income is taxed on an investment property for an Irish resident. There is a withholding tax of 20% on non-residents and they will be taxed on that basis.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The residents' rate will be the rate that applies, the marginal rate of income tax.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Non-residents pay tax in their country of origin. We have obligations under the tax treaties. We can impose a withholding tax of 20% but, under the tax treaties, our scope of action is limited.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Yes, in accordance with our international obligations under tax treaties.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Yes, that is generally at the marginal rate of income tax.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 53: In page 87, to delete line 29 and substitute the following:“least 1.25:1,(iv) at least 75 per cent of the aggregate market value of the assets of the REIT or group REIT relates to assets of the property rental business of the REIT or group REIT, as the case may be, (v) it ensures that the aggregate of the specified debt shall not exceed an amount equal to 50...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 54: In page 87, line 30, to delete “(iv) subject to” and substitute the following:“(vi) subject to”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 58: In page 90, line 20, to delete “property profits.”. Four of the amendments are technical in nature and I shall address them together. Amendment No. 58 deletes the words "property profits" from page 90, line 20, as these words are unnecessary and were included due to a printing error. Amendment No. 59, on page 90, line 21, and amendment No. 62, on page...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 45: In page 81, before section 38, to insert the following new section:38.—(1) The Principal Act is amended in section 730F— '(a) in subsection (1) by substituting "Subject to subsection (1B), in this section" for "In this section", and (b) by inserting the following after subsection (1A):"(1B) Where the policyholder is a company—(a) the rate...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 46: In page 83, to delete lines 14 to 19 and substitute the following: " 'aggregate income', in relation to a company or group, means the aggregate profits of the company or group, as the case may be, as—(a) reduced by the aggregate net gains of the company or group, as the case may be, where aggregate net gains arise, or (b) increased by the aggregate net losses...