Results 2,041-2,060 of 27,019 for speaker:Michael Noonan

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-----

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

Michael Noonan: On the day the jobs initiative was announced, I said "to ensure that the sector is delivering, the effects of the changes announced today will be assessed and the measures reviewed before the end of 2012 in the context of preparing Budget 2013". My approach to this morning's Committee Stage debate is that I would like to give the Opposition as much information as I can. Committee Stage is...

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

Michael Noonan: The purpose of the research and development tax credit scheme, which is open to companies of all sizes, is to encourage research and development here and thereby improve the economy and increase employment. A credit of 25% of incremental spend on research and development is available for this purpose. The scheme has been enhanced in most years since its introduction to improve its...

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

Michael Noonan: As an accountant, he is familiar with the issues that have given rise to this amendment.

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: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I propose to provide some context by responding to Deputy Fleming's contribution before other Deputies contribute. I will first read the briefing note, which covers some of the points the Deputy raised, before addressing other issues that are not covered by the briefing note. On amendment No. 23, the intention behind Deputy Fleming's proposed amendment appears to be to have the levy applied...

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

Michael Noonan: Approved retirement funds do not come within the scope of the pension levy regime. In common with annuities purchased by pension funds in the name of individuals who have retired, or by individuals from the proceeds of retirement annuity contracts or PRSAs, they are outside the scope of the regime. This is because such annuities and ARFs are not pension funds. An annuity is essentially a...

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

Michael Noonan: The Deputy and I did our FÁS course together on the Committee of Public Accounts, does he remember?

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

Michael Noonan: We learned a lot over there.