Results 5,481-5,500 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I am not disposed to it, even if the Deputy is legally correct, as I do not believe he is. I return to my earlier argument. In these matters investors need certainty. It is not good policy if they can be arbitrarily penalised after the event. I also think it would be subject to legal challenge.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Under this Administration Government promises have been fulfilled. We set out what we would do and we have done it. I would say 90% of what we laid out in 2010 has been fulfilled and a little more. I am no expert on the industry and neither is the Deputy. I understand there is a ten-year period in which to explore, followed by a period of 15 years in which to develop the typical find....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I was not subject to direct lobbying and met no interests from the oil industry, the exploration industry or those involved in associated activities. Officials in the Department meet many people, but they did not meet anyone in the past six months when working on the Bill, but that does not mean they met any before then.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The section amends paragraph 15(1) of Part 4 of Schedule 2 to the Taxes Consolidation Act 1997 in relation to the due date for the filing of the annual encashment tax return and the payment of the encashment tax due. Encashment tax is required to be deducted by paying and collecting agents when they pay or receive payment of certain public revenue dividends or interest and dividends of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I move amendment No. 39:In page 35, between lines 7 and 8, to insert the following:“(2) (a) Subsection (1) shall apply to any life policy (within the meaning of Part 26 of the Principal Act) commenced on or after 1 May 2006.(b) As respects chargeable events occurring on or prior to 31 December 2015 in relation to policies referred to in paragraph (a), section 865(4) of the Principal...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: With the Chairman's permission I propose to address amendments Nos. 40 and 41 together. The issues raised by the Deputy reflect legitimate concerns surrounding employment law which can extend beyond both the construction and the IT sectors. The employment market has become increasingly complex in recent years, to the point that there are many variations on how people are engaged by end...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The Revenue Commissioners are acting on a day-by-day, case-by-case basis. As I said earlier, that includes examining returns but also site visits. There are other measures, including the dwelling house domestic extension scheme whereby all contractors had to be on the Revenue's website to legitimise the work for tax purposes and in respect of which 6,000 contractors registered. One can...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: That is correct.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: We are not going to tell the Revenue Commissioners to do nothing until we conclude the public consultation process.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Yes. My note states that if anyone has specific information relating to individuals or business groups in any sector that are involved in tax evasion, he or she should send it to the Revenue Commissioners. The latter have provided a tailored template on their website to facilitate the reporting of tax evasion. The relevant links can be provided for the Deputy's information. The...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I thank the Deputy.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The section amends the definition of "collective investment undertaking" in section 734 to include an authorised Irish collective asset-management vehicle, or ICAV. The Irish Collective Asset-management Vehicle Act 2015 amended the definition of "investment undertaking" in section 739B of the Taxes Consolidation Act to include an authorised ICAV. However, for the purposes of the Ireland-USA...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It simply needed to be clarified; it was not a big issue. The note I have says the Ireland-US tax treaty makes express reference to Irish regulated funds in the definition of who is a resident of Ireland in Article 4 of the treaty. The treaty provides that collective investment undertakings in Ireland are treated as residents of Ireland for treaty purposes. The funds industry has raised a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The funds industry.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The section makes a number of changes to the scheme of accelerated industrial building allowances for certain specialist aviation service facilities which I introduced in Finance Act 2013. The scheme focuses on the construction and refurbishment of buildings and structures to be used for the maintenance, repair and overhaul of commercial aircraft and the dismantling of such aircraft for the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It is just available to airports.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It proved difficult to get state aid agreement, as originally intended, under the state aid rules. The advice was that there were de minimis rules which would apply if the amount invested was below a certain level and that it would then not run foul of the rules. Having found a solution to the original problem, there was no reason to restrict it to certain airports.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It is always possible to make the case that more deprived parts of the country are entitled to exceptions from state aid rules, which is the way we approached the scheme initially. The availability of tax relief under the scheme was made subject to a ministerial commencement order in the 2013 Finance Act to allow for the granting of state aid approval for the scheme by the EU Commission....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The general challenge is that an incentive through the tax code which would be seen to favour either a geographical region or an individual sector would not be automatically given state aid approval. If we do something for the country as a whole, which is in accordance with law and practice, EU treaties and so on, it should not run foul of state aid rules. State aid rules come into play...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Of course it did not know that.