Results 3,981-4,000 of 27,019 for speaker:Michael Noonan

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: We promised this in the programme for Government and we will fulfil this commitment.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: While the package of attractions for inward investment has been very successful, I believe with some adjustments more jobs can be created. As part of that strategy, I will introduce a special assignee relief programme. This will allow multinational and indigenous companies to attract key people to Ireland so as to create more jobs and to facilitate the development and expansion of...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: I am also modifying retirement relief from capital gains tax so that it better incentivises the timely transfers of farms and businesses before the current owners reach the age of 66. The approach is in keeping with the policy of my colleague the Minister for Agriculture, Food and the Marine, Deputy Simon Coveney, of encouraging timely transfer of farm assets and improving the age profile of...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: -----but if they purchase in 2013, mortgage relief will end, arising from the decision of the previous Government. Mortgage Arrears Turning to those in mortgage difficulty, the Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. It was for this reason that the Government took the...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: All the poor people down my way pay tax. I do not know what country the Deputy is living in if he thinks the low paid do not pay income tax.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: That is the key issue for this budget. I want to make it clear that there will be no increase in income tax in this budget. In case there is any doubt, there will be no increases in rates, no narrowing of bands and no reductions in personal tax credits. Wages and salaries in January will be no lower than in December; therefore, people will continue to have discretion on how they spend...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: If one looks at the supporting documents and at the tables of income for different families and people in different family situations, one will find that we have achieved a first. If one looks across different families and partnerships, one will see the income from their wages and salaries will be exactly the same. I do not think that has ever happened before in a budget. The Government has...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: If it is, it should test it out on the people in the next election, but we fundamentally disagree with that approach. The majority of revenue adjustments to date have been achieved through increases in direct taxation. The marginal rate of taxation on income is now 52% for PAYE workers and 55% for the self-employed. The OECD has concluded that Ireland has the most progressive tax system of...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: In case the figures have been lost in the noise, the change means that 330,000 people will no longer be liable to pay the universal social charge. The Revenue Commissioners will collect the universal social charge on a cumulative basis next year, thereby reducing the risks of over or underpayment of the charge. This will offset the costs of the very positive change made for the lower paid....

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: The 9% rate introduced in the jobs initiative for certain services and the 13.5% rate that applies to home heating oil, residential housing, general repairs and maintenance works will remain the same. When the Opposition is scaremongering the elderly about not being able to fill the oil tank for central heating, it would want to remember that the rate of VAT which applies to central heating...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: For the majority of the past 20 years the VAT differential between the Republic and Northern Ireland has been 3.5% and it was as high as 6.5% as recently as 2009. After the increase I am announcing, the differential will not be 3.5%, it will be 3%. On this basis, I do not expect any increase in cross-Border shopping as a result of the VAT increase. Some opponents of the VAT change - experts...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: ----- to the estimated VAT yield. Ensuring a Fair Distribution of the Tax Burden The programme for Government is committed to ensuring people with wealth pay their fair share.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: I am introducing a number of measures that will meet that objective. I am increasing the current rate of capital acquisitions tax from 25% to 30%; increasing capital gains tax from 25% to 30%; reducing the group A tax free threshold for capital acquisitions tax from €332,084 to €250,000; increasing DIRT from 27% to 30%, as we do not need to incentivise savings when the savings ratio has...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: Consistent with our promise in the programme for Government, I am allowing farmers a double income tax deduction for increased costs arising from the change in carbon tax. Farmers will also be significant beneficiaries of the reduction in the universal social charge. A measure that will benefit businesses is a reduction in the VAT rate on district heating from 21% to 13.5%. This will bring...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: To protect vulnerable groups in society, it is proposed to provide a waiver for those on mortgage interest supplement and those residing in certain categories of unfinished housing estates.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: Provision will also be made to allow payment of the charge in instalments.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: There have been significant reductions in revenues from VRT and motor tax as a result of, among other factors, the consumer movement towards buying cleaner and cheaper cars. I am initiating a consultation process with the motor industry and other interested parties to commence in early 2012 to review options for the improvement in VRT and motor tax revenues in future years. In the meantime,...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: The details are in the documents accompanying the budget. Export Refund Scheme I propose to have my Department engage in a consultation process with the motor industry with a view to putting in place an export refund scheme that would allow for a refund of VRT contained in a vehicle on the permanent export of the vehicle to another member state. This would restore a balance to the sector in...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: Therefore, I am removing the existing tax exemption for the first 36 days of illness benefit and occupational injury benefit in order that this incentive to absenteeism is removed. The Minister for Social Protection, Deputy Joan Burton, will in 2012 introduce proposals to deal with absenteeism in the public and private sectors. She will engage in discussions with all interested parties and...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: Excise duty on a packet of 20 cigarettes is being increased by 25 cent from midnight. This increase will be applied to other tobacco products on a pro rata basis at the same time. While the VAT increase will apply to alcohol, I am not increasing excise on alcohol. There has been much discussion on the issue of low cost alcohol products being sold in off-licences, particularly supermarkets....