Results 13,361-13,380 of 27,019 for speaker:Michael Noonan

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: Yes.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: If one partner was at the higher marginal rate of tax the tax benefit might be worth more in one person's hands rather than the other.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: That is not the issue.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: The purpose of the credit when it was introduced was never to allay the expenses of having a second home but to allow a person caring for a child the possibility of returning to work. It was a job activation measure and it was principally to give the woman looking after the children the opportunity to get back to work. It was on that basis that the Commission on Taxation adjudicated and...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: That is not right.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: There is no question of the Revenue or the Department of Finance interfering in family arrangements. In normal circumstances it is self-evident who the primary carer is because that person looks after the child for more than half the year. If there is contention about this, the first marker the Revenue will use is who receives the child benefit because that marker will have been used...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: Senators are correct in saying there are many different types of families now. The traditional family, which was practically the only model in the Ireland of 50 years ago, has been changed. We now have many types of families and should not be judgmental about these. We are not being judgmental. This is purely about tax. The weakness in the case being made in the public debate is the...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: I thank the Senator for his comments and I do not disagree with anything he said. One of the problems with the arguments in favour of demand side stimulus of the economy is the multiplier is probably less than one whereas all the Keynesian theories that seem to be imbued in the mentality of Irish people of a certain age are based on a strong multiplier effect but the economy is so open now...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: The focus of this measure is on the sector rather than the individual. If somebody needs to paint his or her house and will do so anyway, there is no additionality. The reason we are not going for small, low cost jobs is many of them would not involve additional work that could be incentivised under the scheme. It would be work homeowners would carry out anyway and, as the focus is on the...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: To respond to the issue raised by Senator Aideen Hayden, we are all aware that there is some inferior rental accommodation which we would like to be upgraded. This provision is not geared to that objective but helping people who are unemployed and possess building skills to return to work. The second target of the measure is to improve homeowners' living accommodation by doing whatever work...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: Yes, the position would vary from case to case. The details are included in the Bill.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: The scheme will only apply to homeowners and the principal private residence of the homeowner. As such, it is available for work carried out on the principal private residence of a homeowner. If someone has rented accommodation, he or she qualifies for write-offs against the income from the rental accommodation. This comes under a different part of the tax code and is not being interfered...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: We announced on budget day that it would be 15 months, but the figure has been reduced to 12 months.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: I am thankful for the general welcome of the scheme in the House. The primary purpose of the scheme is to stimulate increased activity in the building and development sector and to boost employment. One consequence of the bad results over recent years is that the skills of approximately 80,000 people on the live register are primarily those required for the construction industry, including...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: They are like black swans; they are very rare.

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: It will certainly cost money. Since there is a cost, we have confined the scheme to two years. It is not open-ended. One must impose a time limit on tax breaks designed to stimulate activity in a given sector. If there is no limit, the stimulation will not happen. There is the potential tax and we have decided to spread the cost over two years. It is for financial reasons that one...

Seanad: Finance (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Michael Noonan: The Senator is seeking to abolish tax relief for loans to acquire an interest in a farming partnership. There are challenges in the farm structure in terms of age profile, farm size and skill set. Increasing the number of farmers working in partnership can help to overcome these challenges. The agrifood and fisheries sector is Ireland's largest indigenous industry which collectively...

Written Answers — Department of Finance: Property Taxation Collection (12 Dec 2013)

Michael Noonan: I am informed by the Revenue Commissioners that liable persons for more than 15,000 residential properties opted to pay their 2013 Local Property Tax (LPT) by way of deduction at source from a Department of Social Protection payment. The Commissioners have confirmed that in the majority of cases deductions from Department of Social Protection payments have already commenced and over...

Written Answers — Department of Finance: Tobacco Smuggling (12 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the fines that apply for an offence of evasion, or attempted evasion of excise duty on excisable products, including cigarettes, were increased substantially in the Finance Acts 2008 and 2010. The penalty in the case of a summary conviction for the smuggling or illegal sale of unstamped tobacco products is now a fine of €5,000, or a term...

Written Answers — Department of Finance: Currency Circulation (12 Dec 2013)

Michael Noonan: The Central Bank ran a Rounding Trial on 1c and 2c coins in Wexford from 16th September to 17th November 2013 in accordance with a recommendation of the National Payments Plan approved by Government earlier this year. The results of that trial are under review; a report on the basis of the pilot project will be reviewed by the Steering Committee, which will report to Government through my...