Results 13,261-13,280 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The primary purpose of the scheme is to stimulate the construction industry and get people with skills in construction off the live register. One must measure it on the basis of the additional quantums of work carried out; otherwise the scheme will fails. It is not my intention to include routine maintenance works and repairs in the scheme as such works will be carried out in any event....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: That is right.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: As long as the scheme is open, the individual will have one or two choices based on the examples given. One can do all of the work in the 12 month tax year and aggregate the cost or do it over two tax years and make two separate applications but the maximum figure will apply at all times. It is worth pointing out that if one wants to do a job worth €50,000, the only restriction will...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Most will not fund the work up-front with cash. The main banks have provided quite a lot of credit for doing this work. It will work out such that one will get a loan, perhaps over a term of five or ten years, to build the house extension, but the tax break will be received up-front.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Yes, but their deposit will be covered through the tax break pretty quickly. The loan, however, will be repaid in instalments thereafter. That will be the normal way in which this will play out for young couples. It may be different for people who are established and have more significant financial resources.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: One of the big problems one faces with any such scheme, especially one operated through the tax system, is that one is trying to eliminate deadweight. There is no point in giving tax breaks for work that is being carried out in any case.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: There is. There is a considerable number of small jobs being done. People still paint their houses and refurbish their homes. There is a lot less work being done than there used to be, but there is still work being done. The tax break has to be paid for with someone else's taxes or the taxes paid by the beneficiaries in due course. If the State is providing incentives and there is no...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: There is not a great deal between what is contained in the Deputy's amendment and my position. He refers to a threshold of €1,500 and aggregate contractors, whereas I am stating that the margin is €5,000 in the context of aggregating contractors. Three times €1,500 is €4,500. We are in the same space.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Deputy Boyd Barrett's position is that there is not a job of work for anybody in Dún Laoghaire who has building and construction skills. However, Deputy Pearse Doherty stated that those in County Donegal who possess construction skills are working non-stop within the black economy. Either there is a huge regional difference within the country or one of the Deputies is wrong.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The Deputy argued that unless the limit is brought well below €5,000, all of the small jobs in his constituency will be carried out for cash payment by contractors who operate in the black economy.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: That is the Deputy's position.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I regret if I have offended Deputies Pearce Doherty and Richard Boyd Barrett. It was never my intention to do so. Of course, I listen to them. It is because I listened to them on Second Stage that I have brought forward the amendments to reduce the threshold to €5,000, inclusive of VAT, which gives a reduction in the threshold of €675. It is also because I listened to them...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Yes, although it is not quite three years. It is a two year scheme, but we allowed it to begin a little early and complete a little late.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: For the record, I will read a couple of notes from the Department of Finance and Revenue. The incentive applies to repairs, renovation or improvement works carried out on or after 25 October 2013 and up to 31 December 2015. Payments made between 25 October 2013 and 31 December 2013 will be treated as if they were made in 2014. There are transitional provisions which allow for work to be...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The triggering event must be the expenditure of €5,000. If someone were to spend €2,500 in 2014 and a further €3,000 in 2015, the scheme would be triggered in 2015, as the €5,000 threshold would then be exceeded, at which point he or she could claim on the €2,500 spent in 2014. That is how it will work.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I move amendment No. 16: In page 11, to delete lines 40 to 42, and in page 12, to delete lines 1 and 2 and substitute the following:"(iv) the name of the claimant,".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I move amendment No. 17: In page 12, line 13, to delete "he or she" and substitute "the contractor".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I move amendment No. 18: In page 12, line 17, to delete "he or she" and substitute "the contractor".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: There is very little in the difference between seven and ten working days and, in the circumstances, I can accept the amendment. With regard to the clarification sought by the Deputy, it seems the work carried out would not be eligible, but this sounds a little harsh and I will seek further clarification.