Results 1,841-1,860 of 27,019 for speaker:Michael Noonan

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I move amendment No. 6:In page 7, line 36, to delete “Schedule E.” and substitute “Schedule E.”.”. This is a technical amendment which corrects a minor error in the Bill which resulted from the acceptance on Committee Stage of an amendment from Deputy Michael McGrath. It reinserts necessary punctuation that had been inadvertently deleted when the end date...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I move amendment No. 7:In page 8, to delete lines 9 to 14 and substitute the following:“7. Section 477B of the Principal Act is amended—(a) in subsection (1)—(i) by inserting the following definition:“ ‘housing authority’ has the same meaning as it has in the Housing (Miscellaneous Provisions) Act 1992;”, and(ii) in the definition of...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Before concluding today's proceedings, I would be obliged if, in accordance with Standing Order 163, the Ceann Comhairle would direct the Clerk of the Dáil to make the following minor drafting corrections to the text of the Bill. On page 17, line 37, insert "," immediately after "claimant". On page 21, line 32, substitute "a" for "b". On page 50, line 30, insert "a" immediately...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Revenue is pursuing these issues already. It has carried out an analysis of the ICIG offshore leaks database to identify all cases with an association with Ireland. A total of 261 individuals, 245 addresses and 51 intermediaries have been identified. The individuals, companies and intermediaries identified are being profiled using internal systems and open sources and all appropriate...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Now.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Amendment No. 113 seeks that a report be prepared and laid before the House within one month of the passing of the Finance Bill into law on the use of offshore accounts to avoid tax. The release of the so-called Panama papers earlier this year showed how defaulters use offshore structures and accounts to avoid paying tax. International developments and agreements are leading to the better...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The argument put forward by Revenue is that the date is intended as a clearly-signalled withdrawal of this opportunity from May next and will provide a powerful incentive to tax defaulters with offshore assets to come clean it in the intervening period. Revenue believes, from experience, that a more entrenched cohort of defaulters will fail to come forward but that by getting a significant...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 111:In page 100, between lines 21 and 22, to insert the following:"(a) in subsection (2A), by substituting "Subject to subsection (2D), for the purposes of subsection (2)," for "For the purposes of subsection (2),",". Amendments No. 111 and 112 relate to section 56 of the Bill. Briefly, by way of background, section 56 amends section 1086 of the Taxes Consolidation Act...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 112:In page 103, to delete lines 3 to 20 and substitute the following:"(ii) the Revenue Commissioners shall be deemed to have accepted or undertaken to accept, as the case may be, the adjusted specified sum pursuant to an agreement, of a type referred to in paragraph (c) of subsection (2), made in the relevant period in which the Revenue Commissioners accepted or...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Amendments No. 104 to 110, inclusive, relate to the commencement date for section 55 of the Bill. As I pointed out on Committee Stage, this measure is in no way a concession to those who have evaded tax through the use of offshore accounts or failed to disclose offshore assets or income sources. On the contrary, it is a significant withdrawal of an incentive - the opportunity to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The practice is that the Revenue Commissioners, where they believe there is tax evasion or avoidance, bring the information to the attention of the Department of Finance. In the annual finance Bill, we close the gaps. We do not do it immediately or with a special finance Bill but we do it as we are doing it tonight. I have no problem in asking the Revenue Commissioners to provide the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I am saying I have limited information and the Department of Finance has limited information. The Revenue Commissioners have the full information that caused them to ask me to close this tax loophole. I will ask the Revenue Commissioners to prepare a report giving all the background information.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I am looking to formalise this and the route to get every Deputy informed is through one of the committees. As the Deputy raised it, we will give her a personal copy.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Deputy Burton has proposed that a report on the gifting, tax-free, of valuable properties from parents to their children within the conditions of the current dwelling house exemption provision be prepared and laid before the Dáil. Earlier this year Revenue carried out an investigation into the use of the exemption as a form of tax-efficient wealth transfer. Following on from the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: What I am proposing in this particular section is as a result of a submission from the Revenue Commissioners that there were practices which, from the Revenue point of view, needed to be stopped because of an application of the flat-rate rebate of VAT, together with other practices in one sector that were no longer acceptable. There seems to be the suggestion also that not every business in...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I would like to do something but I am still open minded about what the best approach might be.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I would like to clarify that this legislation is an enabling provision only. It provides me, from 1 January 2017, with the power to exclude a particular agricultural sector from the farmers’ flat-rate scheme by way of a ministerial order. It does not exclude any sector from the flat-rate scheme from 1 January 2017; it merely gives me the power to make an order for any exclusion to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 92:In page 78, line 8, to delete “of Finance” and substitute “of the Finance”. The amendments are minor technical changes to section 34, which deals with Revenue's powers regarding search warrants and substitute fuels and fuel fraud. The amendments improve the effectiveness of the section. On Committee Stage, the Minister of State, Deputy...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 93:In page 78, line 29, to delete “purchased” and substitute “procured or purchased”.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 94:In page 78, to delete lines 35 to 39 and substitute the following:“(5) Where the officer forms the opinion that the relevant product is a substitute fuel or additive that relevant product shall, in accordance with the provisions of Chapter 1 of Part 2 of the Finance Act 1999, be liable to mineral oil tax.”.”.