Results 3,141-3,160 of 27,019 for speaker:Michael Noonan

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: Yes, I really have made the points already. I do not have anything to add to what I have said already. I reiterate my offer of taking the Deputy's views into account and examining them seriously, and ensuring he has an input into helping us to close any loopholes that may exist.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: On the USC and the views expressed by the many distinguished witnesses who have appeared before the committee, their opinions should be valued, as I am sure they are. There are other opinions as well. The opinions of the political parties during the election were to the effect that the USC needed to be reduced, that it was an emergency tax introduced at a particular time and that now that...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: In respect of corporation tax and the Irish Fiscal Advisory Council's advice that the yield in 2015 might not be sustainable, when we were formulating the budget for this year, we took that into account. The outturn for 2015 from corporation tax was €6.9 billion but we put €6.6 billion into the budget for 2016 so we were allowing for the fact that there might be some fall off....

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: There has never been automatic indexation of tax bands, allowances or credits, or any other part of the tax code in Ireland. Of course, Ministers take account of various indices when introducing budgetary measures on budget day. Ministers and their officials, in addition to doing whatever they are claiming to be doing, are conscious that if there is significant inflation in the system,...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: He provided for comparatively low rates of tax to apply to low-emission cars. There were big reductions. I think that initiative worked. Over 80% of cars now are low-emission models. The Deputy's big proposal with regard to diesel involves equalising petrol and diesel costs so there is no incentive to move to diesel. I think that would give a fair shock to the system because many people...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I think I have made my point. The Minister for Children and Youth Affairs, who is a member of the Cabinet, and her Department have primary responsibility for policies in the area raised by the Deputy. I cannot solve everything through the tax code. I can make a contribution through the tax code, but the lead role must be taken by the Minister with responsibility for child care. It is...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I will first give the Deputy my assessment, after which we can ascertain how it dovetails with that of the Department. We are living in a very uncertain world. The result of the presidential election in the United States is unforeseeable at this point and we do not know what changes of policy could occur or what would be the impact if the Republican candidate were to win the contest. ...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: No, it does not but a specific decision would be required to change it.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: We legislated on the local property tax last year to ensure there was no increase in valuation until 2019. There will be nothing in this budget and no separate local property tax amendment Bill being introduced this year because the principal issue was resolved last year. On the USC and marginal rates of tax, the literature would say that once there are high marginal rates of tax, it...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I answered it partially when I said there are many matters that are desirable but which are not affordable. This was my oblique answer to the points the Deputy made.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: The public capital programme is within the remit of the Minister for Public Expenditure and Reform, Deputy Paschal Donohoe, who will appear before the committee tomorrow. The Minister is better positioned than I am to answer questions on capital expenditure, how it is progressing and whether there are barriers to the system. All I know is that, as the fiscal space expanded and resources...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: It will not arise until surpluses are recorded.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: My position is that if we are running surpluses, the Government of the day would need to consider how it will spend them. We should not automatically spend everything we have at the top of the business cycle. That is not the way to behave. I want to build in another option for the Government of the day if there are significant surpluses. In the 2000s, I saw Ireland building the most...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: There is very little domestic flexibility on VAT which is controlled by EU directives. For example, one can only have two lower rates, so we cannot introduce a 0% or 5% rate for items that we think should be taxed lower. When we moved from 13.5% to 9% on certain services, activities and goods, that was the second low VAT rate. It could be moved back up, of course. There have been a lot of...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I am not aware of any such paper, but there might be; I do not know. There are a lot of things on which they do not advise. The approach of the international bodies is that it is a matter for national authorities to make up their minds on it and decide.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I think that was stated in a paper generated a long way back. I know what the Deputy's and Sinn Féin's position on the USC is. It is a matter of opinion, not evidence. I have a different opinion and until the Deputy's party is in a majority, my opinion will carry more weight.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: The Deputy made pressing remarks at times when he claimed great powers of prophecy. He reminded past Ministers of the evils of their approach. He was dumping, in particular, on former Fianna Fáil Ministers who he claimed had ruined the economy. I want to remind him that the republican movement made a fair shot at ruining two economies and continued to do so for 30 years. Therefore,...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: First-----

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I want to answer.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: No. I want to answer the first point the Deputy made. Again, you are passing remarks.