Results 13,621-13,640 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: We all agree with the general thesis that a budget must be fair. We also all agree that we must be careful when designing budgets to ensure the budgetary burden that is necessary to correct the State's finances is distributed in a fair and equitable way. On this occasion, rather than targeting the over-70s for any penal imposition, they are again protected by the budgetary strategy. No cut...

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 first part of the amendment tabled by Deputy Doherty as worded, would suggest the Deputy is seeking an exemption of €17,542 per annum, from which all individuals within the universal social charge net would benefit. However, his intention may have been to increase the USC exemption threshold of €10,036 to €17,542 per annum. As the Deputy may be aware, there was 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 understand that the NTMA will be changing the rates for the national solidarity bond in the near future. The Post Office Savings Bank annual interest payment is subject to DIRT. The State saving products have traditionally been tax free. Other countries, including the UK, offer similar tax-free products. To obtain the tax-free rates from An Post and the NTMA the money must be left on...

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: There is no planned changed.

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: My Department carried out a thorough review of the film relief scheme during 2012. Such reviews are conducted regularly by my Department to ensure that particular schemes remain fit for purpose. The results of the film relief review were published on the Department’s website. As a result of this review, the scheme was overhauled in the Finance Act 2013 to bring it up to...

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 ultimately intended that the base year of 2003 would be phased out over time and as resources allow. In the interim, section 21 of the Bill amends the definition of qualifying group expenditure on research and development by substituting "€300,000" for "€200,000". The effect of this is to increase the amount of group expenditure eligible for research and development tax...

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: Section 22 amends section 246 of the Taxes Consolidation Act 1997, which provides an exemption from the requirement to deduct withholding tax from payments of annual interest in a broad range of circumstances where withholding tax is considered unnecessary. The section extends this range of exemptions to allow interest to be paid from an Irish treasury company to another Irish company within...

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: Where withholding tax is applied, the recipient gets a refund. With companies that are closely related as I have described, it is not necessary to apply the withholding tax to a transfer between related companies because the tax liability gets sorted at the end anyway. So it is a technical administrative issue.

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 do not think there is any difference in principle between my position and the position of either Sinn Féin or Fianna Fáil. Both parties in their pre-budget submissions had proposals to increase the rate of DIRT and Deputy Doherty's amendment reflects Sinn Féin's pre-budget submission. I forget the rate Deputy Michael McGrath proposed. Was it 35%?

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: So we agree in principle. Obviously, this is being introduced for budgetary reasons because the Exchequer needs the money. I try to do taxes in a way that would also have an economic benefit if I can do that. The savings ratios in the country are very high. There is a lack of demand in the domestic market. In seeking to raise extra money for the Exchequer I also had in mind the savings...

Written Answers — Department of Finance: Property Taxation Application (27 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 34 and 38 together. In accordance with the Finance (Local Property Tax) Act 2012 (as amended), liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which was 1 May 2013 for 2013 and for subsequent years, 1 November in the preceding year. Section 119 of the Act sets out the dates for payment of...

Written Answers — Department of Finance: Brewery Licensing (27 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that a person wishing to set up a craft brewery must first obtain Revenue approval as an authorised manufacturer and warehouse keeper. In addition the Revenue Commissioners must also grant the person concerned a manufacturer’s licence. Such a person can apply to the National Excise Licence Office for this authorisation and licence. The...

Written Answers — Department of Finance: Tax Code (27 Nov 2013)

Michael Noonan: Council Directive 92/83/EEC on excise duty for alcohol and alcoholic beverages provides that a reduced rate of excise duty may be applied for beer produced in microbreweries. The reduced rate shall not be set more than 50% below the standard national rate of excise duty for beer. Since 1 January 2005, Ireland applies a relief of 50% on Alcohol Products Tax in respect of qualifying beer...

Written Answers — Department of Finance: Property Taxation Administration (27 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the address details of the person in question have now been amended. The person in question can pay their Local Property Tax online using the Property ID and PIN number issued by Revenue, as these relate to the correct property.

Written Answers — Department of Finance: NAMA Operations (27 Nov 2013)

Michael Noonan: As the Deputy will be aware NAMA’s role is generally that of a secured lender. Like any bank they own the debt while the debtor or appointed liquidator owns and controls the properties associated with that debt. Any attempt to influence NAMA on this matter, would contravene Section 221 of the NAMA Act, which makes it an offence to communicate with NAMA with the intention of...

Written Answers — Department of Finance: Central Bank of Ireland Expenditure (27 Nov 2013)

Michael Noonan: I have been provided the following table by the Central Bank which details the total financial cost of contracts awarded by the Central Bank to the specified companies in each of the years 2008, 2009, 2010, 2011, 2012 and 2013. I have been informed by the Central Bank that, for commercial reasons, it can only provide the requested information on an aggregate basis. In relation to the total...

Written Answers — Department of Finance: National Treasury Management Agency Expenditure (27 Nov 2013)

Michael Noonan: It has not been possible for the National Treasury Management Agency to collate the information requested in the time available. I will write to the Deputy with the information as soon as it becomes available.

Written Answers — Department of Finance: Property Taxation Collection (27 Nov 2013)

Michael Noonan: I am advised by Revenue that the introduction of Local Property Tax (LPT) amounted to the largest extension of the self-assessment system in its history and represents a very great administrative challenge. For example, Revenue has answered in excess of 750,000 telephone calls and replied to in excess of 210,000 letters or emails since March 2013. Revenue has taken LPT from concept to a...

Written Answers — Department of Finance: Property Taxation Collection (27 Nov 2013)

Michael Noonan: I am advised by Revenue that that there was a misallocation of payments for 2013 between two properties connected to the person in question. The misallocation occurred as the person is a joint owner on one property and an executor on the other. Revenue has confirmed that the 2013 payment queries were resolved on 21 August 2013 and the person was informed in that regard. Revenue has also...