Results 7,181-7,200 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (18 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that contracts for routine maintenance work do not come within the scope of Relevant Contracts Tax (RCT). However, RCT applies to all construction works ranging from major construction projects to general repair works. Repair work includes the replacement of constituent parts of a building or structure, for example, the repair of a broken window....

Written Answers — Department of Finance: Tax Yield (18 Oct 2012)

Michael Noonan: I understand the Deputy is asking about the yield from the removal from tax law of what is known as the remittance basis of taxation, which applies to certain foreign income and gains of those who are tax resident but not domiciled in the State. I am informed by the Revenue Commissioners the "remittance basis of taxation" means, in brief, that apart from employment income, foreign income and...

Written Answers — Department of Finance: Tax Yield (18 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that on the basis of the expected cost of Stamp Duty forgone due to consanguinity relief in 2012 it is estimated that the full year yield from an immediate abolition of the relief would be of the order of €7 million. Consanguinity relief on transfers of non-residential property will be abolished with effect from 1 January 2015, and has...

Written Answers — Department of Finance: Tax Code (18 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated cost to the Exchequer of top slicing relief in 2010, the latest year for which the necessary detailed information is available, is €36.7 million.

Written Answers — Department of Finance: Tax Code (18 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that details of the amount of research and development (‘R&D’) tax credits currently being claimed by companies, together with their 2003 base year expenditure, are captured in corporation tax returns only where the amount of expenditure currently being claimed exceeds the base year amount. For companies whose current expenditure...

Written Answers — Department of Finance: Vehicle Registration Issues (18 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that under current Regulations, a vehicle must be purchased from an authorised dealer. An authorised dealer is a person who is authorised under section 136 of the Finance Act 1992 (as amended) “to manufacture, distribute, deal in, deliver, store, repair or modify unregistered vehicles and to convert registered vehicles”. Authorisation...

Written Answers — Department of Finance: Tax Yield (18 Oct 2012)

Michael Noonan: I understand the Deputy is asking about the yield from the removal from tax law of what is known as the remittance basis of taxation, which applies to certain foreign income and gains of those who are tax resident but not domiciled in the State. I am informed by the Revenue Commissioners the "remittance basis of taxation" means, in brief, that apart from employment income, foreign income and...

Written Answers — Department of Finance: Tax Yield (18 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that on the basis of the expected cost of Stamp Duty forgone due to consanguinity relief in 2012 it is estimated that the full year yield from an immediate abolition of the relief would be of the order of €7 million. Consanguinity relief on transfers of non-residential property will be abolished with effect from 1 January 2015, and has...

Written Answers — Department of Finance: Tax Code (18 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated cost to the Exchequer of top slicing relief in 2010, the latest year for which the necessary detailed information is available, is €36.7 million.

Written Answers — Department of Finance: Tax Code (18 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that details of the amount of research and development (‘R&D’) tax credits currently being claimed by companies, together with their 2003 base year expenditure, are captured in corporation tax returns only where the amount of expenditure currently being claimed exceeds the base year amount. For companies whose current expenditure...

Written Answers — Department of Finance: Vehicle Registration Issues (18 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that under current Regulations, a vehicle must be purchased from an authorised dealer. An authorised dealer is a person who is authorised under section 136 of the Finance Act 1992 (as amended) “to manufacture, distribute, deal in, deliver, store, repair or modify unregistered vehicles and to convert registered vehicles”. Authorisation...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The people, in a referendum, accepted the stability treaty on 31 May. Any amendment that would allow the Government to choose not to abide by the fiscal rules would run counter to a decision of the people. Consequently, it is the Deputy's amendments that are anti-democratic, rather than the position being taken in the section.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: When a change to the Constitution is accepted by the people and the Constitution is amended, obviously the constitutional amendment restricts the type of law that can be proposed by the Executive to the Parliament. Moreover, it restricts the type of law that the Parliament can endorse because it must accord with the Constitution which, as I understand from what the Vice Chairman has read, is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The purpose of the legislation is exactly to bind the hands of this and future Governments in so far as the fiscal rules are concerned. It is to ensure future Governments will not go crazy, as it was alleged a previous Government had. Fiscal rules that are subject to subjective interpretation by individual parties or Deputies are absolutely useless. The criteria must be objective and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The remarks I made were about the Bill as a whole and its connection with the treaty; they were not founded particularly on section 2. I will read the speaking note on the section to illustrate its scope. It requires the Government to endeavour to comply with the fiscal rules set out in subsequent sections. It also provides that the official macro-economic and budgetary forecasts prepared...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I do not think there is much point in my spending a Thursday afternoon relighting the referendum campaign. The fiscal treaty was not designed to correct bad practice in Ireland; rather, it was designed to provide fiscal rules across the eurozone and has now been endorsed by all parliaments in the eurozone. It is not designed specifically to fit an Irish case. The rules are important, but...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: Deputy Pearse Doherty is trying to justify what many thought were fairly ludicrous positions he took during the referendum campaign. Once the people have decided, I see no point in having a replay. There is no possibility of a replay. It is over and now we are legislating.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The Deputy will be aware since the referendum campaign that there is a harmonised European methodology which will examine and estimate the structural deficits or surpluses for all countries in the eurozone, and we will comply with that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: One could do so but one would have to go back to the people if one wants to change the Constitution. Then there is no problem.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: Sufficient methodology has been developed to identify and quantify the problem. Stripping it out would require political will, and that is another day's work.