Results 13,601-13,620 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: Deputy McGrath has made two suggestions in regard to this relief - first, to broaden the residential element of the relief to those who are not ordinarily resident in the property and, second, essentially to broaden the application of the relief beyond the six cities which I have currently in mind. In regard to the first of these points, I would like to emphasis once again that the purpose...

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 cannot be operational until we get permission from Europe. We could not even process the application in Europe until we had the ex-ante cost benefit analysis.

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: Was the significance of the 1915 cut-off aligned to the reference to Georgian properties in the original provision?

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. The attachment to Georgian buildings would have a particular impact on Limerick, which was the first city designated, and, to some extent, on Waterford. In the cost benefit analysis, the consultants involved recommended that if we applied it to all types of architecture and picked a date, it would be a more effective and a better targeted scheme. The reason for 1915 was that seemingly...

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: This section gives legislative effect to the changes announced in budget 2014 of my intention to increase the rate of exit tax applicable to income in gains from investment and life assurance policies and investment funds. With effect from 1 January 2014, a new flat rate of 41% will apply to income and gains from investment in domestic and foreign life assurance policies and investment funds...

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 section amends sections 37 and 607 of the Taxes Consolidation Act 1997 to provide that interest paid on securities issued by Irish Water may be paid with that deduction of tax and that such securities are not chargeable assets for capital gains purposes. This will ensure that securities issued by Irish Water will be subject to the same tax treatment as securities issued by other State bodies.

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: As I recall, it was being set up and so it has to be financed. We do not want to treat it in a way that would be more onerous than other Irish State bodies.

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: Not necessarily to encourage it. If there is investment in Irish Water by way of equity then it will be treated as other State companies are treated.

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 shall give the Deputy another piece of information. The purpose of the measures is to that securities issued by Irish Water will be subject to the same tax treatment as securities issued by other State bodies. While this measure will allow the interest paid on securities issued by Irish Water to be paid without the deduction of tax at source the interest, however, then becomes chargeable...

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 people's resource is a bit of a mess under present structures. One only needs to recall three or four weeks ago when people in Dublin turned on their taps to discover that they had no water. Dublin is a major European capital city but 40% of its water flowed into the ground.

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 exactly the same.

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.

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 not correct. The purpose of these measures is to ensure that securities issued by Irish Water will be subject to the same tax treatment as securities issued by other State bodies such as the ESB, Bord Gáis Éireann, RTE, CIE and Bord na Móna. I do not think there is a big plan to privatise all of those institutions.

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: With regard to those over 70, that demographic continues to enjoy full contributory and non-contributory pensions, as they were not touched in the budget. The favourable tax credits applying to the elderly have been fully maintained and were not touched in the budget either. The elderly continue to enjoy free travel, which was not touched in the budget. The elderly people entitled to fuel...

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. The bottom 30% or so of income earners pay no income tax. There is an issue. The balance of our tax system is extremely progressive, and it is one of the more progressive tax systems in the OECD. People earning €50,000 or less represent 77% of income tax earners and they will pay 19% of the total income tax collected. The balance of imposition is certainly towards those with...

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. 63: In page 50, between lines 24 and 25, to insert the following: “(2) Paragraphs (a) and (b)(ii) of subsection (1) apply as respects any relief, deduction, credit in relation to tax or, as the case may be, a reduction in the amount of tax payable, details of which fall to be included in particulars on a return, required to be delivered under section 951 of 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: Most of the evidence offered by the Deputy to support his thesis does not prove there has been a targeting of the over-70s. Practically every measure about which he has spoken applies across the age groups.

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 Deputy is aware of the history of medical card entitlement. I do not believe people, regardless of income or medical condition, should automatically receive medical cards. The introduction by Deputy Micheál Martin when Minister for Health of universal entitlement to a medical card for the over-70s, regardless of income, resulted in wealthy millionionaires being entitled to a...

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 believe that was a bad policy which was introduced for electoral reasons. As I said yesterday, tax reliefs or benefit entitlements should be assessed and targeted and should be only introduced for social and economic reasons. They should not be introduced as a vote gathering exercise.

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: Much of what is contained in the social welfare and tax codes and what is happening now in bad times is an attempt to weed out some of the schemes that were introduced deliberately to win elections. I refer the Deputies to the record. They were introduced to buy elections. Measures introduced in an effort to buy elections do not remain permanent parts of the code at a time such as now when...