Results 21,541-21,560 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: Practically all the costing data comes from the Revenue Commissioners. The Revenue Commissioners have the database on which they base the costs. Again, I have a note on the matter. In 2013, the latest year for which full data is available, approximately 242,200 individuals had income from a self-employed trade or profession, referred to as Case 1 or Case 2 income, of which approximately...

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

Michael Noonan: We will double it. We will combine the two. Until a person gets €1,650, which is the maximum, we can apportion it and the Revenue is prepared to apportion it. If a person's income comes from PAYE and non-PAYE sources but neither source is sufficient to get the €1,650 credit, then a proportion of the €550 credit will apply.

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

Michael Noonan: €16,500.

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

Michael Noonan: A personal tax credit would kick in first and then the PAYE credit would apply.

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. 6:In page 9, between lines 28 and 29, to insert the following:“(2) Subsection (1) applies for the year of assessment 2016 and each subsequent 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: The home carer tax credit may be claimed by a married couple or civil partners where one spouse or civil partner, known as the home carer, cares for one or more dependants. Ordinarily, a claim for the credit must be made by the individual, either by claiming it online using the Revenue Commissioners PAYE Anytime service, by completing a claim form or in the person's annual tax return....

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

Michael Noonan: From reading the note it appears to me that the figure of 81,000 is the PAYE element that is enjoying this particular credit. On self-employed returns, the note stated that the Revenue pre-populated the tax credits. There is another tranche there. I have not seen an overall figure. If we can get the information we will forward it to the Deputy.

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

Michael Noonan: They obviously want to.

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

Michael Noonan: We will ask Revenue if they believe there is any difficulty in communicating that this credit is available.

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. 7:In page 10, to delete lines 6 to 8. I propose to take amendments No. 7 to 12, inclusive, and amendment No. 98 together as they all relate to section 6 of the Bill. I propose to deal with amendments Nos. 7, 9, 10 and 11 initially. These amendments are essentially technical in nature and their main purpose is to clarify that the exemption provided for under section 6...

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

Michael Noonan: The case for payment of tax-free expenses has been principally made by the foreign direct investment community, its representatives, the IDA and other organisations that are endeavouring to bring in foreign expertise at board level. It is worth noting that, in response to recent consultation on the tax treatment of expenses generally, the majority of submissions focused largely or entirely...

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

Michael Noonan: I would have to agree with the Deputy that the introduction of any such concessions immediately prompts calls for others. I would respond to these by noting that work on examining the submissions received is continuing and, should further legislative changes be identified, I will take the appropriate steps to introduce them, as necessary. That work will take account of the principles...

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

Michael Noonan: As expenses which are currently taxable cannot be separately identified from the salary of a non-executive director, it is not possible to provide an estimate of the cost to the Exchequer. It affects a small number of people. For the further information of the Deputy, section 886 of the Taxes Consolidation Act requires records to be maintained relating to all sums of money expended in the...

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

Michael Noonan: As we said, it is a governance issue. Men and women from the parent board will serve on the board of the Irish company. It principally applies to travel in the United States. It is important, particularly in the financial services industry, that there is very strong governance. This has inhibited companies, particularly in the US, appointing directors which is required under governance,...

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

Michael Noonan: It is for vouched expenses to go to a board meeting.

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. 9:In page 10, to delete lines 9 and 10 and substitute the following:" 'relevant director', in relation to a company, means a director who is not resident in the State and is a non-executive director of that company;".

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. 10:In page 10, to delete line 14 and substitute the following:" 'travel' means travel by car, motorcycle, taxi, bus, rail, boat or aircraft.".

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. 11:In page 10, line 17, after "director" to insert ", on and from 1 January 2016,".

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. 13:In page 10, between lines 21 and 22, to insert the following:"Exemption in respect of certain expenses of State Examinations Commission examiners 7.The Principal Act is amended by inserting the following section after section 195B:"Exemption in respect of certain expenses of State Examinations Commission examiners 195C.(1) In this section—'civil servant' has...

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

Michael Noonan: It is €4 million. It is simply that, historically, expenses incurred by examination staff for the State examinations were exempt from tax. A ruling made by Revenue last year brought them into the tax net. It means the people involved will either get extra expenses through the education Vote or they will get them this way. After consideration, it was decided it is better to do it...