Results 13,421-13,440 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: This section gives legislative effect to the changes announced in budget 2014 of my intention to increase the rate of exit tax applicable to income in gains from investment and life assurance policies and investment funds. With effect from 1 January 2014, a new flat rate of 41% will apply to income and gains from investment in domestic and foreign life assurance policies and investment funds...
- 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: Deputy McGrath has made two suggestions in regard to this relief - first, to broaden the residential element of the relief to those who are not ordinarily resident in the property and, second, essentially to broaden the application of the relief beyond the six cities which I have currently in mind. In regard to the first of these points, I would like to emphasis once again that the purpose...
- 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 cannot be operational until we get permission from Europe. We could not even process the application in Europe until we had the ex-ante cost benefit analysis.
- 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: Was the significance of the 1915 cut-off aligned to the reference to Georgian properties in the original provision?
- 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 attachment to Georgian buildings would have a particular impact on Limerick, which was the first city designated, and, to some extent, on Waterford. In the cost benefit analysis, the consultants involved recommended that if we applied it to all types of architecture and picked a date, it would be a more effective and a better targeted scheme. The reason for 1915 was that seemingly...
- 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 are proceeding very cautiously. When I introduced this last year, I explained that it was subject to assessment under State aid rules, that we would have to make an application to Commissioner Almunia and that the Commission would require a cost benefit analysis before the submission could be made. We are expanding the scheme because the cost benefit analysis recommended specifically...
- 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 will take a step-by-step approach. We must first secure the consent of the European Commission, after which we will consult local authorities. The measure will then be subject to regulatory guidelines, in which the details the Deputy is raising will be expanded on. Local authorities have experience of dealing with schemes involving property. The target of the measure is not investors...
- 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 accept that we must be careful and cautious.
- 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: Section 396C of the Taxes Consolidation Act 1997 was introduced by the National Asset Management Agency Act 2009. It limits the amount of prior-year losses that a NAMA participating institution can offset against trading profits to 50% of the trading profit for each accounting period. Bank of Ireland and AIB are the two remaining participating institutions in existence. Given the extensive...
- 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 repeal of section 396C will extend the period over which the State will collect.
- 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: What I propose is that a restriction that applies uniquely to Bank of Ireland and AIB and to no other bank in the European Union will be removed, so that the Irish banks are not at a disadvantage. If I recall correctly, when the NAMA legislation was initiated, there was no such provision in the text as published by the Minister. However, in the course of the debate, the Minister accepted an...
- 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: Absolutely.
- 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 were two separate decisions. There is speculation in the media that there was some kind of quid pro quo, but that was not the case. They were two separate decisions that were made on their merits. I am of the view, as the banks move towards profitability, that it is about time they pony up something for the Exchequer. That is the reason the levy is in, because the alternative is 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: 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: In an accounting period.
- 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: Obviously their losses would run out over time.
- 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. It is important because-----
- 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 am trying to point out that from a policy point of view, it was not my predecessor's intention when the Bill was published.
- 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: Yes, and I will check that again to ensure I have the correct information.
- 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 impact of easing this restriction of the normal ROS relief will be a cashflow timing issue, and there will be no tax loss.