Results 13,661-13,680 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 (26 Nov 2013)

Michael Noonan: The Deputy's problem is that he expected a different budget.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: He found it difficult to respond to this one.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: When one is analysing budget changes one never takes into account changes announced in previous budgets that still have an impact in the year in question. No Minister ever did that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: No Minister from the Deputy's party did that either. One illustrates the changes announced in the budget.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The Deputy's example that a previous year's impact should be included is not valid.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Is that why the Deputy did not know and did not remind everyone at least five times?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: We can have all the analysis we like but I am here as Minister for Finance to represent the Government. I will explain every tax measure I introduce and will debate them across the House for as long as Deputies want. That is the best evaluation of the impact of a budget. I do not think we always need to run to outsiders to do evaluations which a strong parliamentary democracy should do for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I recall Deputy Doherty proposing this amendment on Committee Stage of the Finance Bill earlier this year. His colleague, Senator Reilly, raised it as a Seanad recommendation. I recall also that we had a long and interesting discussion on this issue on the last occasion. Fundamentally, my position remains unchanged and I do not believe there is a great deal of difference in principle...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: It has been brought to my attention that there were some difficulties. There is a little bit more than tidying up to be done but I do not expect it to change the drawdown very much. The section also amends AVC access provision legislated for in the Finance Bill 2013 to address concerns that the existing override arrangements contained in the legislation may not give pension scheme trustees...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: With regard to early access to AVCs, the statistics are that from April 2013 to June 2013, 3,949 were drawn down. The aggregate value of those was €27.4 million. The average value drawn down was €6,948 and the tax deducted was €10.8 million. In the period from July to September, 3,245 were drawn down and the aggregate value was €22.1 million. The average value...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: It began in April, so it is €19.5 million for six months. Anecdotal evidence suggests there was a spurt in draw-downs before Christmas. I do not know whether the Revenue Commissioners have the same anecdotal evidence that I got. The purpose of the Deputy’s proposed amendment is to extend section 782A of the Taxes Consolidation Act 1997, which allows for temporary...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: First, I do not disagree with Deputy Pearse Doherty. It is important that we constantly keep tax breaks under review. Tax breaks which are designed to influence particular social or economic behaviour often do not have the incentive value as time goes by and when circumstances change. While a tax break might be valid for a year or two, it may lose its validity as time goes by. I agree...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Practically everything else. I do not believe anything else is being restored.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: First, section 16 contains two amendments to the principal Act. The first item amends item 47A of Schedule 25B to the Taxes Consolidation Act 1997 to provide for the temporary removal of the employment and investment incentive from the high earners' restriction. The restriction ensures that a minimum rates of tax is paid by high income individuals by limiting the amount of tax relief that...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Last year we increased the amount that was available to a company and we said it could assign 10% to a key employee. We found there was a barrier in that respect because if it was mistakenly applied, the employee had to repay rather than the company while the company has full control of the assignment. This amendment is to make it clear that it is the company that has the liability for any...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I understand the 10% to 15% is a separate issue to what I have explained now.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The IDA regards the research and development tax credit as a very important part of its portfolio of attractions for foreign direct investment. The reason we are coming back to it again is that last year the Deputy will recall I announced a review of the research and development tax credit. It was published on budget day and it identified that the potential for a claw-back from the employee...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Seven is the preliminary data. The reason the companies involved are giving is that what we are amending now is a barrier to take-up. We will try it and see if there will be a bigger take-up next year.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I do not propose to accept this amendment. The only relief that I am removing from the current scope of the high earners' restriction is the employment and investment incentive, as I announced on budget night. There is no need, therefore, for a review at this stage. The employment and investment incentive provides tax relief for investments in small and medium size enterprises, SMEs, in...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I will read the briefing note provided. If self-referral for physiotherapy were allowed, an estimate of the additional cost to the Exchequer would be unquantifiable, but it would undoubtedly increase the overall cost of the relief. In addition, the amendments tabled by the Deputies, if passed, would inevitably lead to calls for other treatments to qualify similarly for relief, which could...