Results 9,561-9,580 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: The economic driver is something I mentioned earlier when I said that people are concentrating on the official or so-called bailout programme but what is more interesting is the parallel programme that the Government is conducting to enhance and strengthen strong sectors of the economy and to repair the damaged ones. There was none more damaged than the property and development sector. It...
- 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. 53: In page 87, to delete line 29 and substitute the following:“least 1.25:1,(iv) at least 75 per cent of the aggregate market value of the assets of the REIT or group REIT relates to assets of the property rental business of the REIT or group REIT, as the case may be, (v) it ensures that the aggregate of the specified debt shall not exceed an amount equal to 50...
- 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. 54: In page 87, line 30, to delete “(iv) subject to” and substitute the following:“(vi) subject to”.
- 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. 58: In page 90, line 20, to delete “property profits.”. Four of the amendments are technical in nature and I shall address them together. Amendment No. 58 deletes the words "property profits" from page 90, line 20, as these words are unnecessary and were included due to a printing error. Amendment No. 59, on page 90, line 21, and amendment No. 62, on page...
- 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. 59: In page 90, line 21, to delete “arising from” and substitute “accruing on 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. 60: In page 90, line 27, after “asset” to insert the following: “which is used, or subsequent to such acquisition is used,”.
- 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. 61: In page 92, between lines 46 and 47, to insert the following:“(5) Where, but for subsection (2) and section 129, a property income dividend would be income of a company which is income chargeable to tax under Case I of Schedule D, it shall be so chargeable notwithstanding those provisions.”.
- 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. 62: In page 95, line 36, after “REIT” to insert “or group REIT, as the case may be,”.
- 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. 64: In page 97, lines 16 and 17, to delete “, as the case may be,”.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: Yes, they are exempt from capital gains tax under the tax treaties. If they are investors from countries with whom we have tax treaties, and we have with most, they are exempt from capital gains tax.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: The resident is taxed as if he or she had an investment property. The distribution from the REIT will be taxed in the same way as rental income is taxed on an investment property for an Irish resident. There is a withholding tax of 20% on non-residents and they will be taxed on that basis.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: The residents' rate will be the rate that applies, the marginal rate of income tax.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: Non-residents pay tax in their country of origin. We have obligations under the tax treaties. We can impose a withholding tax of 20% but, under the tax treaties, our scope of action is limited.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: Yes, in accordance with our international obligations under tax treaties.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: Yes, that is generally at the marginal rate of income tax.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: I will certainly do that and will give members the full information. Deputy Doherty tabled a series of Committee Stage amendments to this section which were ruled out of order but as he had raised the issues on Second Stage, I was aware of his intention. I agree with the spirit of his amendments which are mainly concerned with the protection of investors. I would have a high regard for...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)
Michael Noonan: The section applies only to the rental property element. If REITs are engaged in other activity other than rental property, they will pay the full tax on that.
- Written Answers — Department of Finance: Property Taxation Exemptions (7 Mar 2013)
Michael Noonan: While there is no specific exemption from or reduction in the charge to Local Property Tax (LPT) for senior citizens or senior citizens with a disability, the Finance (Local Property Tax) Act 2012 and the recently published Finance (Local Property Tax) (Amendment) Bill 2013 contain certain provisions that may be relevant, depending on the particular circumstances involved. For individuals on...
- Written Answers — Department of Finance: Property Taxation Exemptions (7 Mar 2013)
Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to give a definitive reply based on the information provided by the Deputy. While there is no specific exemption from the Local Property Tax (LPT) for houses which have been modified to cater for a resident with a disability, the Finance (Local Property Tax) (Amendment) Bill 2013 that I recently introduced contains certain...
- Written Answers — Department of Finance: Property Taxation Application (7 Mar 2013)
Michael Noonan: The Finance (Local Property Tax) Act 2012 sets out how the tax is to be administered and how a residential property is to be valued for Local Property Tax (LPT) purposes. I am advised by the Revenue Commissioners that LPT is a self-assessed tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the...