Results 3,961-3,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (14 Jun 2016)

Michael Noonan: The existing Central Bank macro prudential measures for residential mortgage lending provides, inter alia, for a principal dwelling mortgage loan limit of 3.5 times gross annual income.  It should, however, also be noted that this is a proportionate limit and that lenders have a discretionary flexibility, subject also to compliance with the provisions of the Consumer...

Written Answers — Department of Finance: Irish Fiscal Advisory Council Reports (14 Jun 2016)

Michael Noonan: My Department is in the process of developing alternative models for estimating potential output. Considerable work has been done on this front, and is now nearing completion. An outline of this work is set out in Box 1, page 24, of the 2016 Stability Programme Update, published in April. The intention is to publish the technical work in the short-term. However, I would stress that for...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (14 Jun 2016)

Michael Noonan: The Fiscal Council was established under the Fiscal Responsibility Act 2012, and it has a very specific mandate as a watchdog for budgetary planning and execution. While it is under the aegis of my Department, it is a fully independent voice that assesses the fiscal stance and assesses compliance with fiscal rules that Ireland signed up to under both the Stability and Growth Pact and the...

Written Answers — Department of Finance: Financial Services Regulation (14 Jun 2016)

Michael Noonan: Firstly, I should explain by way of background, that under the flexible options at retirement arrangements (the so-called "ARF option"), where an individual in a Defined Contribution pension savings arrangement is under age 75 at the time of exercising the option and does not meet the guaranteed pension income requirement of €12,700 per annum, that individual must place a maximum "set...

Written Answers — Department of Finance: Eurozone Issues (14 Jun 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal state aid investigations into tax rulings provided to a number of companies in various Member States of the European Union.  This announcement is part of a much wider review of tax ruling practice that is currently being undertaken by the European Commission covering all 28...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (14 Jun 2016)

Michael Noonan: The governance and regulation of funded pension schemes are a matter for my colleague, the Minister for Social Protection, Deputy Leo Varadkar. The specific issues raised in relation to the administration, consultancy and actuarial services to the Central Remedial Clinic Plan may be more appropriate for my colleague, the Minister for Health, Deputy Simon Harris, given that the Central...

Written Answers — Department of Finance: VAT Exemptions (14 Jun 2016)

Michael Noonan: The legislative provisions for the charging of VAT and the entitlement to deduct VAT in respect of property transactions are provided for in the VAT Consolidation Act 2010 as amended.   These provisions are completely independent of any Income Tax or Corporation Tax reliefs provided for in the Taxes Consolidation Act 1997 as amended, including those reliefs relating to...

Written Answers — Department of Finance: Banking Sector (14 Jun 2016)

Michael Noonan: As the Deputy will be aware, I have no role in the day-to-day running of the banks in which the State is a shareholder. These institutions are run on an independent and commercial basis and the details of the formal relationship between my Department and these institutions are set out in the respective Relationship Framework Agreements, which can be found via the following links. AIB: PTSB:...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (14 Jun 2016)

Michael Noonan: The Deputy will be aware that Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, with relief being available until 31 December 2017. Mortgage interest relief has been abolished for homes purchased since 1 January 2013. On foot of a change I...

Written Answers — Department of Finance: Tax Code (9 Jun 2016)

Michael Noonan: The Programme for a Partnership Government states that increased public spending and reductions in personal taxes will be funded through, among other things, a new tax on sugar sweetened drinks. I would draw the Deputy's attention to the General Excise Duties Tax Strategy Group papers of 2014 and 2015 which examine issues surrounding a tax on sugar sweetened...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (9 Jun 2016)

Michael Noonan: The legislation which provided for the establishment of ISIF, the NTMA (Amendment) Act 2014, requires ISIF to include an assessment of its impact on economic activity and employment and the distribution of its investments on a regional basis in its reporting. I can inform the Deputy that the Ireland Strategic Investment Fund (ISIF) recently published an update on the economic impact and...

Written Answers — Department of Finance: Tax Code (9 Jun 2016)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for gift and inheritance tax. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary), determines the maximum life-time tax-free thresholdknown as the "Group threshold" below which gift or inheritance tax...

Written Answers — Department of Finance: National Treasury Management Agency (9 Jun 2016)

Michael Noonan: I can inform the Deputy that, due to commercial sensitivities, the ISIF does not comment on any transactions which may or may not be in its pipeline. This is essential to ISIF's ability to operate in the market place and to give commercial consideration to transactions as they arise. The ISIF operates to a high degree of transparency regarding its activities and transactions completed. The...

Written Answers — Department of Finance: Film Industry Tax Reliefs (9 Jun 2016)

Michael Noonan: Section 481 of the Taxes Consolidation Act of 1997 provides that a payable Corporation Tax credit will be paid directly by the Revenue Commissioners to a company who produces a qualifying film. The amount of the credit is 32% of the lowest of: - eligible expenditure (which is generally the amount spent on the employment of eligible individuals, goods, services and facilities in the State), -...

Insurance Costs: Motion [Private Members] (8 Jun 2016)

Michael Noonan: I think it is shorter than that, perhaps three minutes for-----

Insurance Costs: Motion [Private Members] (8 Jun 2016)

Michael Noonan: I thank Deputy Michael McGrath for putting forward this motion and his Fianna Fáil colleagues who participated in the debate so far. The Government is not opposed to the motion calling for a task force on motor insurance matters. It is important that Ireland has an insurance sector that is not only financially stable but that contributes to economic activity. The insurance sector...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (8 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 125 and 135 together. The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an...

Written Answers — Department of Finance: VAT Exemptions (8 Jun 2016)

Michael Noonan: The reduced rate of 13.5% applies to residential housing which includes social housing.  The provision of student accommodation is exempt under Irish VAT rules in accordance with Schedule 1 of the VAT Consolidation Act.  While VAT is therefore not levied on the rents, the landlord is prohibited from recovering the VAT incurred on the acquisition or development of the property being...

Written Answers — Department of Finance: IBRC Liquidation (8 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 127 and 128 together. I am advised by the Special Liquidators of IBRC that all of the preferential creditor payments to former employees of IBRC have been processed for payment. The unsecured creditor claims of former employees of IBRC are in the process of being adjudicated on by the Special Liquidators. Only valid and agreed unsecured creditor claims of...

Written Answers — Department of Finance: IBRC Liquidation (8 Jun 2016)

Michael Noonan: I am advised by the Special Liquidators that they are not in a position to divulge this information given the supplier / client confidentiality relationship and commercial sensitivities around same. A third progress update report on the Special Liquidation of IBRC was recently published and is available on the Department of Finance website at . I would like to draw the Deputy's attention...