Results 2,061-2,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Corporation Tax Regime (10 Nov 2016)

Michael Noonan: The European Commission's recently published proposal for a common consolidated corporate tax base is both complex and detailed.  The proposal was drafted by the Commission and discussions by Member States on the proposal are just beginning.  The proposal is likely to be subject to substantial changes as these discussions progress.  The common base proposal is...

Written Answers — Department of Finance: Banking Operations (10 Nov 2016)

Michael Noonan: As the Deputy may be aware, in my role as Minister for Finance I have no direct function in the relationship between banks and their customers. Decisions taken by Bank of Ireland in this regard, and the manner in which it conducts its day-to-day operations, are a matter for the board and management of the bank. Notwithstanding the fact that the State is a minority...

Written Answers — Department of Finance: Corporation Tax (10 Nov 2016)

Michael Noonan: The European Commission's recently published proposal for a common consolidated corporate tax base is both complex and detailed.  The proposal was drafted by the Commission and discussions by Member States on the proposal are just beginning.  The proposal is likely to be subject to substantial changes as these discussions progress.  The common base proposal is...

Written Answers — Department of Finance: Tax Reliefs Data (10 Nov 2016)

Michael Noonan: I am informed by Revenue that the number of companies and the total Corporation Tax, Value Added Tax (VAT) and Income Tax payments by the aircraft leasing industry for the years requested are as shown in the first table. The second table shows the total trading capital allowances claimed, but not necessarily all used in the year, on the Corporation Tax returns filed for each tax year. The...

Written Answers — Department of Finance: VAT Rate Application (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 45 and 52 together. I am advised by the Revenue Commissioners that as of September 2016, 2,660 companies were assigned to the primary industry description (NACE code) of renting and leasing of air transport equipment.  There are two reasons why aircraft leasing companies might not pay Irish VAT on their leasing activity: (1) the lease is with an...

Written Answers — Department of Finance: Housing Policy (10 Nov 2016)

Michael Noonan: As set out in Rebuilding Ireland, the Government has been exploring potential mechanisms to facilitate investment in social housing that do not impact on the General Government Balance.  The objective is to create 'off-balance' mechanisms that bring investment into social housing which is additional to funding being provided directly by the State.  ISIF and the wider NTMA is...

Written Answers — Department of Finance: NAMA Operations (10 Nov 2016)

Michael Noonan: NAMA does not own, manage or sell properties.  The Agency's role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners.  The property referred to in the newspaper article...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (10 Nov 2016)

Michael Noonan: I refer the Deputy to my replies to recent Parliamentary Questions on this matter, specifically 29899 from Deputy Thomas Pringle, 30222 from Deputy Clare Daly and 31232 from Deputy Roisin Shorthall. I am informed by the Ireland Strategic Investment Fund (ISIF) that its shareholdings with fossil fuel exposure includes certain investments inherited from its predecessor the National Pension...

Written Answers — Department of Finance: Tax Collection (10 Nov 2016)

Michael Noonan: I am advised by Revenue that they have  been to the forefront in acting against the use of offshore accounts, trusts and structures to evade tax liabilities, and that their approach has set the model for much of the work undertaken by other tax administrations in this area. Revenue's work in relation to offshore accounts and other financial product investigations has to date resulted in...

Written Answers — Department of Finance: Fiscal Compact Treaty (10 Nov 2016)

Michael Noonan: Ireland, along with all EU Member States, is subject to fiscal rules under the Stability and Growth Pact (SGP) and the Fiscal Responsibility Act 2012.   These rules are designed to promote budgetary discipline and underpin sustainable economic growth. Given our comparably high debt level and the fact that we are a small and very open economy in a...

Written Answers — Department of Finance: Budget Measures (10 Nov 2016)

Michael Noonan: My officials considered the potential impact of the Help to Buy incentive as part of their analysis of the proposal and the design of the relevant parameters of the incentive. A straightforward analysis of the Help to Buy scheme in isolation might suggest that it would increase prices, but this does not take on board the other impacts on the housing market that will arise as a result of the...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (10 Nov 2016)

Michael Noonan: As the Deputy is aware, the Department of Agriculture, Food and the Marine (DAFM) recently announced a €150 million Cash Flow Support Fund for Farmers that will support highly flexible loans for up to six years, for amounts up to €150,000, at an interest rate of 2.95%; and will be available to livestock, tillage and horticulture farmers. The Fund is supported by €11...

Written Answers — Department of Finance: Tax Credits (10 Nov 2016)

Michael Noonan: I assume the Deputy is referring to the provision in section 267 of the Taxes Consolidation Act (TCA) 1997 in relation to a repayment of Deposit Interest Retention Tax (DIRT) in the case of an incapacitated individual and whether such an individual may also be entitled to avail of the Help to Buy incentive which is provided for in section 8 of the recently published Finance Bill. However, it...

Written Answers — Department of Finance: European Investment Bank (10 Nov 2016)

Michael Noonan: The European Investment Bank (EIB) is the long-term financing institution of the European Union. Its mission is to help implement the EU's policy objectives by providing financing to projects that address these objectives. The EIB may lend to lend to Governments, public sector bodies, commercial semi-state bodies or private sector entities. The Deputy will find in the table a breakdown of...

Written Answers — Department of Finance: Motor Insurance (10 Nov 2016)

Michael Noonan: As the Deputy is aware, the Cost of Insurance Working Group, which I established in my Department and which is chaired by Minister of State Eoghan Murphy, is examining factors that are contributing to the cost and availability of motor insurance and identifying what short-term, medium-term and long-term measures can be introduced to help consumers and businesses.  A broad range of...

Written Answers — Department of Finance: Financial Services Regulation (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 83 and 121 together. As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The 2015 Act introduced a regulatory regime for a new type of entity called a...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (10 Nov 2016)

Michael Noonan: Policy initiatives in the area of housing must seek to address the challenges faced by the various sectors of the market, including the private owner occupier market, the rental market, and the social and affordable housing sector. In line with its statutory mandate, the Ireland Strategic Investment Fund (ISIF) is examining opportunities to make, on a commercial basis, strategic investments...

Written Answers — Department of Finance: Stability and Growth Pact (10 Nov 2016)

Michael Noonan: As I have indicated in a previous response to the Deputy's same question in June of this year, I am aware of Mr. Dijsselbloem's views on this matter.  I am also on record as stating my firm belief that in order to engender confidence in EU fiscal rules, all Member States should be treated equally concerning the application of EU budget laws,...

Written Answers — Department of Finance: Brexit Issues (10 Nov 2016)

Michael Noonan: The Department of Finance has been assessing and preparing for the impact of Brexit since well before the referendum on 23 June 2016. Work was carried out in the Department to assess the potential economic and financial sector implications arising, including the commissioning of an ESRI study published in November 2015, and ongoing liaison with the Central Bank. This work was undertaken...

Written Answers — Department of Finance: Tax Code (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 87 and 92 together. I understand following clarification with the Deputy's office, that the Deputy's first question relates to plans for future reforms of the income tax system, including USC, and to request an update on the income tax commitments in the Programme for a Partnership Government. Budget 2017 is the third step in a long-term process...