Results 25,181-25,200 of 27,019 for speaker:Michael Noonan

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The point of what I read out is that country-by-country reporting arises from an OECD recommendation under its BEPS project. It was accepted internationally. Last year, country-by-country reporting was enshrined in law in accordance with our international agreement with all other OECD members. Part of the international agreement is that while there would be an exchange of information...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I gave the commitment the Deputy is requesting when we discussed it with amendment No. 26.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The nature of the commitment is I will give Deputies a full briefing note on the issues raised by a number of colleagues when we discussed amendment No. 26.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The 12.5% rate of corporation tax is the cornerstone of our corporate tax policy. It has been a key driver of inward investment since its introduction in the late 1990s. A number of studies over the past few years have proved how important the 12.5% rate is to the Irish economy. In 2014, the Department of Finance published an economic impact assessment of Ireland’s corporation tax...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: If Deputy Boyd Barrett believes social services were better in the 1950s-----

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: That is the mistake of a young man as he did not live through it. There have been enormous advances in this country under several Governments in terms of health services, education and living standards of the people in both urban and rural Ireland. That is an absolute fact. I do not really have anything to add further to that.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: A capital gains tax relief on disposals of land or buildings acquired in the period commencing on 7 December 2011 and ending on 31 December 2013 was announced in budget 2013 and in section 64 of the Finance Act 2012. Section 44 of the Finance (No. 2) Act 2013 extended the period within which the land or buildings may be acquired for the purposes of this relief to 31 December 2014. If the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Deputy McGrath’s amendment raises the issue of the tax treatment of the installation of solar panels on farmland. I will speak first to the detail of the proposed amendment and then to the wider issue. Deputy McGrath proposes changing the definition of “farm land” in section 664 of the Taxes Consolidation Act 1997. While his amendment as drafted refers to reliefs from...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 92:In page 78, line 8, to delete “of Finance” and substitute “of the Finance”. The amendments are minor technical changes to section 34, which deals with Revenue's powers regarding search warrants and substitute fuels and fuel fraud. The amendments improve the effectiveness of the section. On Committee Stage, the Minister of State, Deputy...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 93:In page 78, line 29, to delete “purchased” and substitute “procured or purchased”.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 94:In page 78, to delete lines 35 to 39 and substitute the following:“(5) Where the officer forms the opinion that the relevant product is a substitute fuel or additive that relevant product shall, in accordance with the provisions of Chapter 1 of Part 2 of the Finance Act 1999, be liable to mineral oil tax.”.”.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I thank the Deputy for moving the amendment, and I thank Deputies Mattie McGrath and Pearse Doherty for their contributions. Charitable organisations are, for the most part, outside the scope of VAT. This means they do not charge VAT on any goods or services they supply and they are not entitled to claim back VAT incurred on inputs related to their charitable business. In 2015, I agreed to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I would like to do something but I am still open minded about what the best approach might be.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I would like to clarify that this legislation is an enabling provision only. It provides me, from 1 January 2017, with the power to exclude a particular agricultural sector from the farmers’ flat-rate scheme by way of a ministerial order. It does not exclude any sector from the flat-rate scheme from 1 January 2017; it merely gives me the power to make an order for any exclusion to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: What I am proposing in this particular section is as a result of a submission from the Revenue Commissioners that there were practices which, from the Revenue point of view, needed to be stopped because of an application of the flat-rate rebate of VAT, together with other practices in one sector that were no longer acceptable. There seems to be the suggestion also that not every business in...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Deputy Burton has proposed that a report on the gifting, tax-free, of valuable properties from parents to their children within the conditions of the current dwelling house exemption provision be prepared and laid before the Dáil. Earlier this year Revenue carried out an investigation into the use of the exemption as a form of tax-efficient wealth transfer. Following on from the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The practice is that the Revenue Commissioners, where they believe there is tax evasion or avoidance, bring the information to the attention of the Department of Finance. In the annual finance Bill, we close the gaps. We do not do it immediately or with a special finance Bill but we do it as we are doing it tonight. I have no problem in asking the Revenue Commissioners to provide the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I am saying I have limited information and the Department of Finance has limited information. The Revenue Commissioners have the full information that caused them to ask me to close this tax loophole. I will ask the Revenue Commissioners to prepare a report giving all the background information.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I am looking to formalise this and the route to get every Deputy informed is through one of the committees. As the Deputy raised it, we will give her a personal copy.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Amendments No. 104 to 110, inclusive, relate to the commencement date for section 55 of the Bill. As I pointed out on Committee Stage, this measure is in no way a concession to those who have evaded tax through the use of offshore accounts or failed to disclose offshore assets or income sources. On the contrary, it is a significant withdrawal of an incentive - the opportunity to...