Results 13,401-13,420 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 (Resumed) (27 Nov 2013)

Michael Noonan: There is no planned changed.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: No.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: My Department carried out a thorough review of the film relief scheme during 2012. Such reviews are conducted regularly by my Department to ensure that particular schemes remain fit for purpose. The results of the film relief review were published on the Department’s website. As a result of this review, the scheme was overhauled in the Finance Act 2013 to bring it up to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: The first part of the amendment tabled by Deputy Doherty as worded, would suggest the Deputy is seeking an exemption of €17,542 per annum, from which all individuals within the universal social charge net would benefit. However, his intention may have been to increase the USC exemption threshold of €10,036 to €17,542 per annum. As the Deputy may be aware, there was a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: We all agree with the general thesis that a budget must be fair. We also all agree that we must be careful when designing budgets to ensure the budgetary burden that is necessary to correct the State's finances is distributed in a fair and equitable way. On this occasion, rather than targeting the over-70s for any penal imposition, they are again protected by the budgetary strategy. No cut...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: Most of the evidence offered by the Deputy to support his thesis does not prove there has been a targeting of the over-70s. Practically every measure about which he has spoken applies across the age groups.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: The Deputy is aware of the history of medical card entitlement. I do not believe people, regardless of income or medical condition, should automatically receive medical cards. The introduction by Deputy Micheál Martin when Minister for Health of universal entitlement to a medical card for the over-70s, regardless of income, resulted in wealthy millionionaires being entitled to a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: I believe that was a bad policy which was introduced for electoral reasons. As I said yesterday, tax reliefs or benefit entitlements should be assessed and targeted and should be only introduced for social and economic reasons. They should not be introduced as a vote gathering exercise.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: Much of what is contained in the social welfare and tax codes and what is happening now in bad times is an attempt to weed out some of the schemes that were introduced deliberately to win elections. I refer the Deputies to the record. They were introduced to buy elections. Measures introduced in an effort to buy elections do not remain permanent parts of the code at a time such as now when...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: With regard to those over 70, that demographic continues to enjoy full contributory and non-contributory pensions, as they were not touched in the budget. The favourable tax credits applying to the elderly have been fully maintained and were not touched in the budget either. The elderly continue to enjoy free travel, which was not touched in the budget. The elderly people entitled to fuel...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: No. The bottom 30% or so of income earners pay no income tax. There is an issue. The balance of our tax system is extremely progressive, and it is one of the more progressive tax systems in the OECD. People earning €50,000 or less represent 77% of income tax earners and they will pay 19% of the total income tax collected. The balance of imposition is certainly towards those with...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: I move amendment No. 63: In page 50, between lines 24 and 25, to insert the following: “(2) Paragraphs (a) and (b)(ii) of subsection (1) apply as respects any relief, deduction, credit in relation to tax or, as the case may be, a reduction in the amount of tax payable, details of which fall to be included in particulars on a return, required to be delivered under section 951 of the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: The section amends sections 37 and 607 of the Taxes Consolidation Act 1997 to provide that interest paid on securities issued by Irish Water may be paid with that deduction of tax and that such securities are not chargeable assets for capital gains purposes. This will ensure that securities issued by Irish Water will be subject to the same tax treatment as securities issued by other State bodies.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: As I recall, it was being set up and so it has to be financed. We do not want to treat it in a way that would be more onerous than other Irish State bodies.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: Not necessarily to encourage it. If there is investment in Irish Water by way of equity then it will be treated as other State companies are treated.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: I shall give the Deputy another piece of information. The purpose of the measures is to that securities issued by Irish Water will be subject to the same tax treatment as securities issued by other State bodies. While this measure will allow the interest paid on securities issued by Irish Water to be paid without the deduction of tax at source the interest, however, then becomes chargeable...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: The people's resource is a bit of a mess under present structures. One only needs to recall three or four weeks ago when people in Dublin turned on their taps to discover that they had no water. Dublin is a major European capital city but 40% of its water flowed into the ground.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: It is exactly the same.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: No.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: That is not correct. The purpose of these measures is to ensure that securities issued by Irish Water will be subject to the same tax treatment as securities issued by other State bodies such as the ESB, Bord Gáis Éireann, RTE, CIE and Bord na Móna. I do not think there is a big plan to privatise all of those institutions.