Results 13,441-13,460 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: What is taxed is profit. To calculate profit in any company, it is normal to deduct losses. What we have here is a restriction, which applies uniquely to two banks in Ireland and nowhere else, on their ability to subtract losses when calculating profit.

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 would be general agreement that the country needs strong banks that are profitable and that can provide the credit lines necessary for private citizens and businesses in the country. We are down to two banks with leverage and clout, Bank of Ireland and AIB. It is in everyone's interest that those banks are strong and do not operate under disadvantages that no other bank in Europe is...

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, that is correct. 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: It is not purely a tax issue.

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: A core tier 1 capital issue, as I have explained, is also very relevant to this decision and underpins it.

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. There is no time limit on their use to write off against expected profits.

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: However, there is a time restriction on core tier 1 capital under CRD4.

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. 65: In page 59, between lines 20 and 21, to insert the following:“Acceleration of wear and tear allowances for certain energy-efficient equipment 38. (1) The Principal Act is amended in the Table in Schedule 4A by inserting the following in column (2) opposite the reference in column (1) to “Electric and Alternative Fuel Vehicles”: “Natural Gas...

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 officials engaged with them.

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 point to make is that the measures we are discussing will come into effect for new companies from the date of publication of the Finance Bill. In other words, these provisions already apply to new companies. For existing companies, the effective date of implementation is 1 January 2015. The reason for this is that, historically, any change to the corporation tax regime in this...

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 potential gain to the State because the companies involved pay taxes in Ireland on profits that accrue here. What they were previously doing was using stateless companies incorporated in Ireland to channel profits made elsewhere through this country. These profits would then disappear into the stratosphere. As a result, they would have no tax liability anywhere. There will be...

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. It is not possible to predict how individual companies will react to the measure. It is anticipated that there will be no substantial change to the real activities these companies undertake in Ireland.

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 refer, for example, to companies which operate in Deputy Michael McGrath's constituency. We have received assurances that there will be no pull-back. If anything, there will be further investment.

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 was not that we were facilitating this. However, certain companies found a loophole in the borderland between the tax codes of different countries. They were able to put in place arrangements whereby if profits were passed through a company in Ireland, there was no tax liability anywhere in respect of them. It will depend on what the companies involved decide to do. They may be obliged...

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 doubt at all that this is the intention of the OCED. It is also the intention of the participants in the G20. The bottom line will be to remove some of the more obvious tax breaks from the system.

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 beyond the boundaries of what is contained in the Bill. It is, however, an issue and forms part of what the OECD is reviewing. That organisation has been charged with drilling down into this matter. What I am about to say may be of assistance to the Deputy. In today's economy much of the value of products can be attributed to the intellectual property of the company producing 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: I advise the Chairman that the Minister of State, Deputy Brian Hayes, will be here in the afternoon. I have a previous commitment in respect of financial work that I have to do in the afternoon but I will be back for the evening session.

Written Answers — Department of Finance: Property Taxation Administration (28 Nov 2013)

Michael Noonan: I am advised by Revenue that in the case referred to by the Deputy, the Local Property Tax (LPT) payment notification for 2014 issued to the person in question at an address previously used in respect of other taxes. A request to change the address was received by Revenue in April 2013 and was updated to the person’s tax record. However, the change did not transfer across to the...

Written Answers — Department of Finance: Property Taxation Application (28 Nov 2013)

Michael Noonan: I am advised by Revenue that multiple property owners are issued with a single PIN number and Property ID to enable them to submit Local Property Tax (LPT) returns and payments through the online system for all of their properties. On the specific case to which the Minister of State refers, Revenue has indicated that the correct PIN number and Property ID codes issued to the person in...

Written Answers — Department of Finance: Tax Credits (28 Nov 2013)

Michael Noonan: The One-Parent Family Tax Credit is a tax credit that is available to a single parent, or a single person who has custody of and maintains a qualifying child who is living with him or her for the whole or part of a year. The parent or person must not be married, civil partner or co-habiting. A qualifying child is someone who is under eighteen years of age at the start of the tax year, or if...