Results 20,041-20,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector Regulation (9 Oct 2012)

Michael Noonan: A fundamental element of Government policy as set out in the Programme for Government has been to stabilize and restore an effective and functioning banking system. This involved the radical restructuring of the domestic banking system which was announced last year and recalibrated the banking system by introducing the two pillar banks structure thereby creating a banking sector more...

Written Answers — Department of Finance: Tax Yield (9 Oct 2012)

Michael Noonan: At my request, the Economic and Social Research Institute (ESRI) and the Central Bank prepared an assessment of the Financial Transactions Tax (FTT) as proposed by the Commission. This report was circulated to Oireachtas Members and published by me in July. Given the wide variation in the estimated revenue yield from an FTT when different factors are taken into account and the uncertainty...

Written Answers — Department of Finance: Banking Sector Staff Issues (9 Oct 2012)

Michael Noonan: Neither my Department nor the Central Bank compile detailed information in relation to direct or indirect employment in the trading of bonds, derivatives and shares. The Central Bank regularly publishes statistics on the volumes of trading in this sector, on its website, which may be of interest to the Deputy. The most recent data runs to end-July and was published in mid-September. See...

Written Answers — Department of Finance: Tax Yield (9 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, as they do not have a statistical basis for compiling estimates of yield in relation to proposals for the taxation of residential property, it is not possible to provide the information requested by the deputy. While there are data sources which provide information on property ownership – for example, the Property Registration Authority...

Written Answers — Department of Finance: Tax Yield (9 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that Stamp Duty is a charge on documents, which are mostly legal documents, used in the transfer of property. The current rates of stamp duty on the transfer of property are: *For non-residential property, 2% of the purchase price *For residential property, 1% on the amount of the purchase price up to €1m and 2% on the excess over...

Written Answers — Department of Finance: European Stability Mechanism (9 Oct 2012)

Michael Noonan: The European Stability Mechanism (ESM) was established by the Treaty establishing the European Stability Mechanism (ESM Treaty) was signed by Euro Area Finance Ministers on 2 February 2012. It provides for the establishment by the Euro Area member states of the ESM as an intergovernmental organisation under public international law. Legislation is required for Ireland to ratify the ESM...

Written Answers — Department of Finance: NAMA Loans Sale (9 Oct 2012)

Michael Noonan: I am advised by the National Asset Management Agency (NAMA) that information relating to its debtors and/or their properties is, within the meaning of Sections 99 and 202 of the National Asset Management Agency Act 2009, confidential and that it is therefore precluded from providing the information sought by the Deputy. In the case of property under the control of debtors, NAMA is precluded,...

Written Answers — Department of Finance: Fiscal Policy (9 Oct 2012)

Michael Noonan: Firstly, I want to assure the Deputy that all of the economic policies of the Government are designed with one main objective: that is to restore balanced economic growth so that employment can increase once again. A precondition for a resumption of balanced economic growth is sustainable public finances. As such, the Government is committed to cutting the deficit and maintaining debt at...

Written Answers — Department of Finance: Tax Rebates (9 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that there are no outstanding claims from the person concerned requesting a refund under Med 1. The last claim was for 2011, which was submitted on the 12th January 2012. This claim was processed on 15th February 2012. The refund in the form of a cheque issued the following day, which was subsequently cashed.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: This issue always arises in the run-in to American presidential elections, with both parties taking up positions on what might be done by them if their candidate is elected. Our embassy in Washington DC and the presence of the IDA in North America monitors these issues very closely and reports back the emerging position. One can take it that people here are aware of the current position, as...

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: There are books about everything.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: The Government is committed to the 12.5% corporate tax rate.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: We will maintain the 12.5% corporate tax rate during the life of this Government. If we come back to government, we will continue to maintain it. I understand the Fianna Fáil, Labour and Sinn Féin parties have a similar position. Some time ago Sinn Féin had a policy document arguing that the corporation tax rate should be increased to 15% but that has been dropped and the...

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: My understanding of what Deputy Boyd Barrett describe as the "double Irish" is that while it exists, it cannot be remediated by changes in Irish tax law. Our law applies a rate of 12.5% to the profits of corporations in Ireland. If the situation is to be changed, it is other countries' tax laws that need to be amended, in particular American laws, but it is not within my remit to do so.

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: The Deputy is on his own. All of the other parties in the House agree on the 12.5% rate.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: I am precluded from discussing the tax affairs of any particular individual or company, nor can I discuss the tax administration regimes established in other jurisdictions. However, I advise the Deputy in general terms that a recently published report of the United States Senate Permanent Subcommittee on Investigations of their hearings on offshore profit shifting and the US tax code gave...

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: This is undoubtedly an interesting topic, but both questions are based on a US report on US tax law. It is not a report on Irish tax law. The report notes that there is nothing illegal about this tax planning arrangement and does not identify any failing in Ireland's tax code. This kind of taxation arrangement is run from the US code, not the Irish code, and it is not for us to remediate....

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: We are a respectable, tax compliant country with a transparent arrangement. It is a part of public policy to have a low rate.

Ceisteanna - Questions - Priority Questions: Property Taxation Application (4 Oct 2012)

Michael Noonan: There is a wealth of analysis on the impact of property taxes on an economy as a whole. Normally, it is positive rather than negative. An increase in income tax, for example, would be far more negative. A property tax is applied on a fixed basis in that everybody who owns property pays unless he is subject to an exemption, for example. The data are available. The impact on individuals...

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: The Deputy refers to companies based in Shannon. There is no preferential tax rate for companies operating out of the Shannon region. All companies based in Ireland are subject to the same rate of tax on their trading income, which is 12.5%. The 10% corporation tax regime for companies based in Shannon Airport ceased in 2005. I am aware of recent media reports that refer to the ways that...