Results 21,641-21,660 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: 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...

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

Michael Noonan: I am not disposed to it, even if the Deputy is legally correct, as I do not believe he is. I return to my earlier argument. In these matters investors need certainty. It is not good policy if they can be arbitrarily penalised after the event. I also think it would be subject to legal challenge.

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

Michael Noonan: Under this Administration Government promises have been fulfilled. We set out what we would do and we have done it. I would say 90% of what we laid out in 2010 has been fulfilled and a little more. I am no expert on the industry and neither is the Deputy. I understand there is a ten-year period in which to explore, followed by a period of 15 years in which to develop the typical find....

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

Michael Noonan: I was not subject to direct lobbying and met no interests from the oil industry, the exploration industry or those involved in associated activities. Officials in the Department meet many people, but they did not meet anyone in the past six months when working on the Bill, but that does not mean they met any before then.

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

Michael Noonan: The section amends paragraph 15(1) of Part 4 of Schedule 2 to the Taxes Consolidation Act 1997 in relation to the due date for the filing of the annual encashment tax return and the payment of the encashment tax due. Encashment tax is required to be deducted by paying and collecting agents when they pay or receive payment of certain public revenue dividends or interest and dividends of...

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. 39:In page 35, between lines 7 and 8, to insert the following:“(2) (a) Subsection (1) shall apply to any life policy (within the meaning of Part 26 of the Principal Act) commenced on or after 1 May 2006.(b) As respects chargeable events occurring on or prior to 31 December 2015 in relation to policies referred to in paragraph (a), section 865(4) of the Principal...

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

Michael Noonan: With the Chairman's permission I propose to address amendments Nos. 40 and 41 together. The issues raised by the Deputy reflect legitimate concerns surrounding employment law which can extend beyond both the construction and the IT sectors. The employment market has become increasingly complex in recent years, to the point that there are many variations on how people are engaged by end...

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

Michael Noonan: The Revenue Commissioners are acting on a day-by-day, case-by-case basis. As I said earlier, that includes examining returns but also site visits. There are other measures, including the dwelling house domestic extension scheme whereby all contractors had to be on the Revenue's website to legitimise the work for tax purposes and in respect of which 6,000 contractors registered. One can...

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

Michael Noonan: That is correct.

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

Michael Noonan: We are not going to tell the Revenue Commissioners to do nothing until we conclude the public consultation process.

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

Michael Noonan: Yes. My note states that if anyone has specific information relating to individuals or business groups in any sector that are involved in tax evasion, he or she should send it to the Revenue Commissioners. The latter have provided a tailored template on their website to facilitate the reporting of tax evasion. The relevant links can be provided for the Deputy's information. The...

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 section amends the definition of "collective investment undertaking" in section 734 to include an authorised Irish collective asset-management vehicle, or ICAV. The Irish Collective Asset-management Vehicle Act 2015 amended the definition of "investment undertaking" in section 739B of the Taxes Consolidation Act to include an authorised ICAV. However, for the purposes of the Ireland-USA...