Results 4,261-4,280 of 27,019 for speaker:Michael Noonan

Central Bank (Variable Rate Mortgages) Bill 2016: Second Stage [Private Members] (17 May 2016)

Michael Noonan: I move amendment No. 1:To delete all words after "That" and substitute the following:"the Bill be read a second time this day six months to allow for scrutiny by an appropriate Select Committee to examine and address the following issues: a) There are major constitutional issues which fall to be considered in relation to interference in vested property rights, the retrospective application...

Written Answers — Department of Finance: Motor Insurance (17 May 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation but cannot interfere in the provision or pricing of insurance products.  The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing, or terms and conditions of...

Written Answers — Department of Finance: Carbon Tax Exemptions (17 May 2016)

Michael Noonan: The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment. In this regard solid fuels have the highest carbon content of all fossil fuels.  As a result they are considered the dirtiest fuels and given the environmental impact it is important they are taxed. I am advised by...

Written Answers — Department of Finance: Insurance Coverage (17 May 2016)

Michael Noonan: I am aware of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and the recent flooding crisis has raised issues in relation to insurance and flooding. However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of...

Written Answers — Department of Finance: Tax Collection (17 May 2016)

Michael Noonan: I am advised by Revenue that its clear preference is to engage with taxpayers experiencing tax payment difficulties and agree mutually acceptable solutions rather than deploying debt collection/enforcement sanctions to secure payment of outstanding liability. However, such engagement is dependent on open and honest discussion by the taxpayer, including a clear commitment to agree a...

Written Answers — Department of Finance: Insurance Costs (17 May 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policyholders and to the wider financial system are limited.  I am aware of reports on the increasing cost of motor insurance but, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law to...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (17 May 2016)

Michael Noonan: The Ireland Strategic Investment Fund's (ISIF) investment holdings in fossil fuel companies are among the legacy global investments inherited from its predecessor fund, the National Pensions Reserve Fund (NPRF).  In keeping with the ISIF's mandate to hold or invest its assets (other than directed investments) on a commercial basis in a manner designed to support economic activity...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (17 May 2016)

Michael Noonan: The Ireland Strategic Investment Fund's investment holdings in fossil fuel companies are among the legacy global investments inherited from its predecessor fund, the National Pensions Reserve Fund (NPRF). In keeping with the Fund's mandate to hold or invest its assets (other than directed investments) on a commercial basis in a manner to support economic activity and employment in Ireland,...

Written Answers — Department of Finance: VAT Exemptions (17 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. There are no circumstances in which the supply of equipment or house adaptations, even for a person with a disability, is exempt from VAT. There is, however, provision for the refund of VAT incurred on qualifying goods for...

Written Answers — Department of Finance: Tax Relief Application (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 175 and 187 together. As the Deputy is aware, subsection 774(7)(d) of the Taxes Consolidation Act provides for the carry forward of tax relief on pension contributions in certain circumstances. This arises due to the limitation on allowable contributions imposed by the age-related percentage limits and overall income cap provided for in subsection...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 May 2016)

Michael Noonan: I am informed by the Revenue Commissioners that there are currently three Real Estate Investment Trusts ("REITs") established and operating in Ireland. Income of the fund I am on record stating that REITs are publically listed companies, meaning their Financial Statements are publically available but the specific figures required to calculate their rental profit (the portion of profit that is...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 May 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the dividend withholding tax refunded in respect of dividend payments made by Real Estate Investment Trusts is as follows: Period DWT refunded in respect of REITs 1/01/15 to 31/12/15 €67,955.13 1/1/2016 to 30/04/16 €73,673.96

Written Answers — Department of Finance: Tax Yield (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 178 and 179 together. In respect of 9455/16 the domicile levy was introduced in the Finance Act 2010. The first year for which individuals were required to make returns was the year 2010 and these returns had to be filed by 31 October 2011 or by 15 November 2011 for individuals using Revenue Online Services (ROS). The table following sets out the number of...

Written Answers — Department of Finance: Stability Programme Data (17 May 2016)

Michael Noonan: The Stability Programme Update (SPU) is a technical document which is required under our legal commitments as part of the European Semester, the purpose of which is to update the macro economic and fiscal outlook. It must be completed by all (non-programme) Member States by end April each year. Given the ongoing discussions at the time regarding the formation of a Government, the...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 181 and 209 together. 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.  The mechanism by which relief is given is set out in Section 244A of the Act,...

Written Answers — Department of Finance: Tax Data (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 182, 183, 184 and 185 together. As set out in the Stability Programme Update 2016, the tax revenue estimate for the period 2017 to 2021 incorporates a provision for the indexation of the income tax system at a cost of c. €400 million in a full year. It should be noted that in practice this is made up of a first year cost of c. €300 million...

Written Answers — Department of Finance: Budget Targets (17 May 2016)

Michael Noonan: With the correction of the excessive deficit last year, Ireland's public finances will be now be assessed under the preventive arm of the Stability and Growth Pact. The cornerstone of this fiscal framework is the achievement of the country-specific Medium Term Budgetary Objective (MTO). These budget balance targets are set in structural terms and calculated to ensure the long-term...

Written Answers — Department of Finance: Tax Exemptions (17 May 2016)

Michael Noonan: I am advised by Revenue that the spouse of the person concerned claimed and was granted exemption from vehicle registration tax (VRT) on a car in 2012 on the basis that he was taking up permanent residence in the State at that time. An application for VRT exemption in respect of a separate car was recently received by Revenue and refused as it is not possible for the person to satisfy the...

Written Answers — Department of Finance: Regional Development Initiatives (17 May 2016)

Michael Noonan: The Deputy will be aware that tax incentives, when designed to target certain geographical areas, could potentially raise State Aid issues. In terms of tax policy generally, Ireland's corporate tax rate of 12.5% on trading income is akin to a brand and is an important part of the Government's strategy of creating an enterprise friendly environment to attract jobs and investment to Ireland,...

Written Answers — Department of Finance: EU Budget Contribution (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 190 and 191 together. EU Budget payments are published annually by the Department of Finance in the Budget Statistics bulletin. Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member...