Results 9,541-9,560 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: This issue has been raised a number of times by way of parliamentary question. Before I read the note on the section I will say a few words about it. The Deputy referred to the OECD report which has been published and is now available. I suggest the Deputy take a look at it. Advance copies of the report were distributed at the G20 in Moscow. If the Deputy is unable to access it easily...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Attracting foreign direct investment is a very competitive business and different countries have packages of incentives. The Irish package has been particularly successful for a variety of reasons which will be familiar to the Deputy. One aspect is that our corporation tax rate is 12.5% but there are other issues. For example, an American company coming to Europe will probably see...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: That is all very interesting. The Deputy has made a series of assertions which are incorrect. He is saying that, despite the fact we have concentrated on a low corporation tax rate, it is proving to be ineffective because other countries in Europe with higher corporation tax rates are surviving the recession and growing rapidly, while we are still floundering, but that is not true. In the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I recommend the OECD report to Deputy Pearse Doherty as an opening position. Some of the case study data are not attributed to any jurisdiction. However, one piece rang a bell with me and it might have drawn on Irish examples. On the general profit shifting issue we are discussing, Ireland applies the international principles set out by the OECD in computing profits made here. There are...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: They are all available in Revenue's statistical reports which are on its website. I am quoting from its statistical report of 2011. If the Deputy has a difficulty accessing them, my officials will prove helpful.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 42: In page 76, before section 33, to insert the following new section:33.—(1) Section 486C of the Principal Act is amended—(a) in subsection (2)(a) by substituting "at any time" for "in at any time", (b) by substituting the following for subsection (3):"(3) Where a company carries on a qualifying trade in an accounting period falling partly within the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I understand the Deputy tabled an amendment that was ruled out of order. There is a briefing note on the matter. We prepared briefing notes on the amendments which had been submitted. It is only when the Ceann Comhairle's decision is made that we know whether an amendment is in order. My note says the amendment tabled by Deputy Pearse Doherty would limit the carrying forward of unused...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: If they were profitable.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: This leg-up may be necessary to make them profitable.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The tax exemption is fully tied into employment and directly proportionate to the number of employees in the new start-up company. The ability to carry it forward is also linked to employment in the later years. It would seem unfair to disadvantage companies that must persist for longer to become profitable as well as being employment creating. If one includes the connection to employment...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Yes, but Deputy Boyd Barrett is debating the matter as if we were talking about large amounts of money. We brought forward a package of measures in the budget to assist small and medium enterprises and this is one of them. The amount of money involved is quite small. The relief is tied to a maximum of €40,000 in any one year. It is also tied to the number of jobs created. In...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: We had a lengthy discussion this morning on economic impact studies ex ante and ex post. I do not have anything to add to that. I agree with the philosophy underpinning Deputy Doherty's amendment, but I must deploy limited resources in the most effective way. In any of the big areas, we always undertake cost-benefit impact studies and will continue to apply that principle....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 45: In page 81, before section 38, to insert the following new section:38.—(1) The Principal Act is amended in section 730F— '(a) in subsection (1) by substituting "Subject to subsection (1B), in this section" for "In this section", and (b) by inserting the following after subsection (1A):"(1B) Where the policyholder is a company—(a) the rate...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 46: In page 83, to delete lines 14 to 19 and substitute the following: " 'aggregate income', in relation to a company or group, means the aggregate profits of the company or group, as the case may be, as—(a) reduced by the aggregate net gains of the company or group, as the case may be, where aggregate net gains arise, or (b) increased by the aggregate net losses...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 47: In page 83, between lines 30 and 31, to insert the following: " 'aggregate net losses', in relation to a company or group, means the amount by which the sum of the losses recognised in arriving at the aggregate profits of the company or group, as the case may be, being losses which arise on the revaluation or disposal of investment property or other non-current...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 48: In page 84, to delete lines 35 to 39 and substitute the following: " 'property income', in relation to a company or group, means the property profits of the company or group, as the case may be, as—(a) reduced by the property net gains of the company or group, as the case may be, where property net gains arise, or (b) increased by the property net losses of the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 49: In page 84, line 49, after "on" to insert "the".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 50: In page 85, between lines 4 and 5, to insert the following: " 'property net losses', in relation to a company or group, means the amount by which the sum of the losses recognised in arriving at the aggregate profits of the company or group, as the case may be, being losses which arise on the revaluation or disposal of investment property or other non-current assets...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 51: In page 86, between lines 24 and 25, to insert the following: " 'specified debt' means any debt incurred by a REIT or group REIT in respect of monies borrowed by, or advanced to, the REIT or group REIT, as the case may be;".These three amendments are interlinked. They have been proposed in order to provide additional protection for investors in Irish REITs. It has...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Following consultation and study of international parallels it seemed to be about right. I am informed that it is consistent with the income test that is used.