Results 13,761-13,780 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: I move amendment No. 11: In page 11, line 11, to delete “section” and substitute “paragraph”.

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 move amendment No. 12: In page 11, lines 26 and 27, to delete “a qualifying contractor exceeds €5,675” and substitute “a qualifying contractor or qualifying contractors is equal to or greater than €5,000”.Having listened to the Second Stage debate and the concerns raised about the entry point and incentive provided, I am happy to say I have decided...

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 primary purpose of the scheme is to stimulate the construction industry and get people with skills in construction off the live register. One must measure it on the basis of the additional quantums of work carried out; otherwise the scheme will fails. It is not my intention to include routine maintenance works and repairs in the scheme as such works will be carried out in any event....

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 move amendment No. 8: In page 10, to delete lines 7 to 31 and substitute the following:“(2) (a) This section applies to qualifying expenditure incurred on qualifying work carried out during the period from 25 October 2013 to 31 December 2015. (b) Where payments in respect of qualifying work are made during the period from 25 October 2013 to 31 December 2013, those payments shall be...

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

Michael Noonan: Under general rules regarding the construction of legislation, as set out in section 18 of the Interpretation Act 2005, a word importing the singular shall be read as also importing the plural. As a consequence, the suggested amendments are not necessary. Amendment No. 12 by the Government makes it clear that it is a qualifying contractor or qualifying contractors. I am making it clear...

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 thought it might help to explain things a little better.

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 is to give comfort and clarity. While the minimum is €5,000, inclusive of VAT, the work of three different contractors, such as plumber, painter and carpenter, can be aggregated. It is not just a qualifying contractor, but qualifying contractors. It is a clarification.

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 stated "the contractor". That could be interpreted as meaning that only one contractor could be used. When it states "a contractor", that quite clearly suggests that a number of contractors could be used. That did not need additional clarification.

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 net effect of this amendment is that it would bring forward the availability of the relief by one year and it would also double the cost of the scheme in year one. This incentive represents a measured response to the significant downturn which has been experienced by the construction industry. It is designed to stimulate increased activity in the sector and to boost employment. The...

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

Michael Noonan: Supposing somebody does a €30,000 job, the tax credit available is €4,050. Standard rate taxpayers would not be paying €4,050 in one tax year, so by dividing it over the two tax years, the person will be a beneficiary. I had a budget in very tight circumstances, where an adjustment of €3.1 billion was being made, €600 million of which was in savings and...

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

Michael Noonan: There are three reasons. First, much of the work carried in 2014 may not be fully paid for until we cross into the following year, because people make different arrangements with small contractors. The Revenue will only pay the credit on bills that are paid, and not on bills that are incurred. Second, there is the burden on the State. Obviously, it is easier to bring forward a scheme such...

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

Michael Noonan: If we go back to first principles, there are social and economic reasons for introducing a scheme such as this. The social reasons are to provide extra accommodation or better facilities in the family home for those who need them. The economic reason is to get people back to work. The live register includes a cohort of 80,000 people with skills that are primarily related to the...

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

Michael Noonan: Between now and Report Stage, I will examine the narrow category of newly built houses which might require some adaptation for the purpose of ease of living for persons with disability. Deputy Boyd Barrett made a point I did not answer regarding the combining of this tax scheme with various grants for insulating houses and warm home initiatives. The Deputy will see how it is combined later...

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

Michael Noonan: Works costing up to €5,000, inclusive of VAT, are eligible for owner-occupiers and potential owner-occupiers of previously occupied houses. The category to which Deputy Doherty draws attention is new houses that require modification for one reason or another. I want to avoid circumstances in which the owner of a new house uses this tax scheme to finish the house. It is the job of...

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 Revenue Commissioners will be obliged to adjudicate on whether an applicant is entitled to the tax relief.

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

Michael Noonan: That is the job of the Revenue Commissioners, which will need assurances that the work will be completed and paid for by 31 March 2016. There are some small jobs for which planning permission is not required. If planning permission is not required, work must be completed by the end of 2015. If it is required, work can continue until the end of March 2016. Another clarification I made -...

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 contractor will operate in the white economy and will be registered for tax purposes. Once he is registered for tax purposes, the work he carries out will be eligible for tax relief available under the scheme. However, contractors do not need to be registered with professional groups or to be within the relevant contracts tax regime. As long as they are registered for tax, they will be...

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 proposed to accept this amendment. There are two elements to the definition of "qualifying residence". The first is that the residence is owned by an individual and is occupied by the individual as his or her principal private residence. The second is that it is a property which has previously been occupied as a residence. Where such a property is acquired for the purposes of...

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

Michael Noonan: In phasing out schemes such as this, we looked at similar decisions made in the past. In particular, we looked at company law. A phase-out period would be quite normal when credits such as this are being abolished. Because it is partnerships and companies, there is a question of the jobs of employees in companies. If one moves too quickly and affects the profitability of companies, then...

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

Michael Noonan: If partners who were availing of this were in a position to re-finance at lower cost, the amount of tax they pay will go down as well. The amendment would benefit rather than cost the Exchequer.