Results 17,721-17,740 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by them. In this context, it is not possible under EU VAT law, with which Irish VAT law must comply, to introduce VAT exemptions based on services received, nor to introduce an exemption based on the recipient of a service. Non-profit groups engaged in non-commercial activity,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: The EU VAT directive makes specific provision for VAT not to be charged on the supply of sea-rescue vessels. The directive does not contain a similar provision exempting mountain rescue equipment from VAT. The exemption is in the directive. It is parented for our point of view and we can have it here as an exemption.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: There are anomalies in the VAT directive which one would like to raise but they are only raised in the context of a review of the directive. They are not raised on an item-by-item basis. I would have no opportunity to do it on an item-by-item basis. While there is some discussion about the future of VAT as an appropriate taxation method, there is no signal to us yet that there is any...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: I do not have any problem with mountain rescue equipment being exempt from VAT and it is a marginal issue in terms of the Exchequer. If we were to do it, I would be strongly in favour of voluntary groups, particularly sea and mountain rescue groups, which take great risks in assisting people who get into great difficulty. My problem is that in the absence of a review of a VAT directive,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: Perhaps the Deputy can repeat the question.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: There is no point in just hearing answers if the questions cannot be heard. Perhaps the finance committee could write to Commissioner Moscovici, who is now in charge of tax matters, and see what he says. The finance committee could raise it directly.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by them. In this context, it is not possible under EU VAT law, with which Irish VAT law must comply, to introduce VAT exemption based on goods and services received, or to introduce an exemption based on the recipient of a good or service. Charities and non-profit groups engaged in...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: There can be no outside-the-box approach in this as the directive is quite clear. VAT is applied to supplies made by a person and not what is received. That is the way the directive operates. The men of 1916 fought to establish a sovereign republic on this island and one of the principal badges of sovereignty is the power to levy taxes and the obligation to pay them. I am not sure this is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: The Deputy will recall that one of the foundation stones of the great republic to the west of us, namely, the United States, on which the men of 1916 were establishing their principles and on which the first Government built the Constitution, is based on the Boston Tea Party's no taxation without representation; no representation without taxation. It is a fundamental principle of sovereignty.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: One obvious way would be for voluntary groups who are commemorating 1916 and honouring the patriot dead to be compensated in other ways, including through the committee set up to commemorate or otherwise. It is common for us to give grants for sports facilities to all of the sporting organisations without giving them advantages through taxation. If funding is the issue there must be other...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: I move amendment No. 73: In page 83, line 28, to delete "5 years" and substitute "6 years".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: I appreciate Deputy Barry's competence in this area. The agri-taxation review also contained other recommendations on which we were not fully in agreement with the farming organisations. We decided to park them, subject to further discussions with the stakeholders. A submission from the Deputy would be welcome because of his wide experience in farming. The same applies to any other...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: It applies to new leases. On an existing lease that was put in place two or three years ago, the stamp duty has already been paid. It is not intended to be a retrospective measure.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: The policy position is that this is not in the interests of raising revenue for the Exchequer but for bringing land back into commercial use where it is underused or which, through a change of ownership, may become underused. The definition of commercial farming is that it is being farmed for profit. Everyone agrees there are other factors in addition to the reluctance of farmers to loosen...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: There is no additional obligation in the grace period if there is a death and the farm transfers to the spouse. The Deputy is familiar with the exemption from stamp duty for young farmers, which has been in place for quite a while. The time period is six years and we wanted to align this with the six-year period. We did not want too many numbers bouncing around. Can the Minister provide...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: I remember going through the amendment and signing off on it. It applies to people who are over 65 years getting an additional year. Transfers involving people aged 66 years or under are covered by the exemption.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: If they have not availed of it up to now, they will have a window of opportunity to do so because it is not limited by age. After the year passes-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: Yes, someone of any age can do the transfer. After the year is up, the 65 years limit moves to 66 years and the lessor may be 66 years of age or younger. It is putting in a deadline to incentivise transfers. In the typical family, the father is thinking of doing it. However, if he does not do it in the next 12 months-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: That would relate more to the consanguinity relief where the closeness of the relationship decides the additional benefit.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: Not really. There are circumstances in which these reliefs could not be availed of by persons due to family circumstances. We are not disadvantaging them. Their current position continues. It is simply that they are not in a position to avail of the reliefs.