Results 4,401-4,420 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (27 Apr 2016)

Michael Noonan: In 2016, Activate has thus far provided site and working capital finance for the delivery of over 800 new homes.  Activate's pipeline for new home construction funding is strong. The consistent feedback from developers and builders is that this specialist form of residential development lending is needed to kick start the housing market. In terms of drawdown profiles, as well as the...

Written Answers — Department of Finance: Tax Data (27 Apr 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the provisions of the Betting (Amendment) Act 2015 commenced 1st August 2015. Remote bookmakers pay 1% betting duty on bets entered into with persons in the State and remote betting intermediaries pay betting intermediary duty (15% of commission) in respect of commission charges levied on persons availing of betting intermediary facilities...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Data (26 Apr 2016)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015. Its goal is to increase the availability of funding to SMEs, at a lower cost and on more flexible terms, than has been available in recent times on the Irish Market. The SBCI channels its funds through lending partners known as on-lenders. The SBCI currently has three bank and two non-bank on-lending partners. ...

Written Answers — Department of Finance: Banking Operations (26 Apr 2016)

Michael Noonan: As I highlighted previously in answering parliamentary question 91, I was not Minister for Finance in 2009 when events referred to by the Deputy may have taken place. Notwithstanding this, I can confirm that I am not aware of the matter as described.

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (26 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994) provides for certain tax reliefs where a number of qualifying criteria are met.  Regulation 8(1) provides that in order to qualify for relief from VRT and VAT, a vehicle must be specifically constructed or adapted to take...

Written Answers — Department of Finance: NAMA Property Sales (26 Apr 2016)

Michael Noonan: I wish to clarify my role, as Minister for Finance, in relation to NAMA and the powers of direction afforded to the Minister under the NAMA Act 2009. Under Section 14(1) of the NAMA Act 2009 "[t]he Minister may give a direction in writing to NAMA concerning the achievement of the purposes of this Act". Section 2 of the NAMA Act 2009 outlines its purposes. NAMA has a well established...

Written Answers — Department of Finance: Revenue Commissioners Investigations (26 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the cumulative yield, to the end of 2015, from investigations into offshore accounts and other financial products is €2,808 million. A breakdown of that amount by investigation, for the years 1998 to 2004 inclusive and for each year from 2005 to 2015, is given in the following table. Investigation 1998-2004 €m 2005 €m...

Written Answers — Department of Finance: Banking Operations (26 Apr 2016)

Michael Noonan: Firstly, let me make clear that the banks in Ireland are independent institutions and I, as Minister for Finance, have no role in operational matters in the banks including decisions in relation to the granting of banking services. If the company has made a formal complaint to the financial service provider in question about the refusal to provide banking...

Written Answers — Department of Finance: Financial Services Regulation (26 Apr 2016)

Michael Noonan: I can confirm that officials in my Department have referred the Deputy's question to Bank of Ireland and have received the following response in this regard:The Bank of Ireland Group is a diversified Financial Services organisation and is required to comply with all regulatory and legislative requirements in all markets in which it operates.

Written Answers — Department of Finance: Tax Forms (26 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that section 1084 of the Taxes Consolidation Act 1997 (the Act) imposes a surcharge on any taxpayer, whether an individual or a corporate, for the late submission of a tax return. The surcharge applies to the full amount of the tax due irrespective of payments of preliminary tax and is graded by reference to the length of the delay in filing. Section...

Written Answers — Department of Finance: Pension Provisions (26 Apr 2016)

Michael Noonan: Approved Minimum Retirement Funds (AMRFs) form part of the suite of flexible options available to individuals in relation to their pension funds at retirement, depending on the circumstances. Prior to Finance Act 1999, individuals with Defined Contribution (DC) pension savings had no option but to purchase a pension income or annuity with their savings after taking the allowable tax-free...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (26 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 107 and 108 together. Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying mortgage loans. The requirement that the relief is paid at source through the relevant lending institutions is contained in Section 244A. The relief, which is subject to varying rates and ceilings, is only allowable on...

Written Answers — Department of Finance: Debt Restructuring (26 Apr 2016)

Michael Noonan: The Deputy will be aware that I, in my role as Minister for Finance, have no direct function in the relationship between the banks and their customers.  I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution.  This includes decisions...

Written Answers — Department of Finance: Motor Insurance (26 Apr 2016)

Michael Noonan: My Department has commenced a Review of Policy in the Insurance Sector. This is being undertaken in consultation with other Government Departments and Agencies, the Central Bank of Ireland and relevant stakeholders. The objective of the Review is to recommend measures to improve the functioning and regulation of the insurance sector. This Review will include an examination of the...

Written Answers — Department of Finance: Tax Code (21 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the data available to them from tax returns does not provide a sufficient basis to identify the number of additional cases who would additionally qualify for the Seafarer's Allowance under the Deputy's suggestion. It is not possible therefore to provide a definitive estimate of the cost for such a change. The Deputy may wish to note that...

Written Answers — Department of Finance: VAT Rate Application (21 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that Irish VAT legislation, which is in compliance with the EU VAT Directive, provides that the transport of passengers and their accompanying baggage is exempt from VAT under paragraph 14(3) of Schedule 1 to the VAT Consolidation Act 2010.  In this respect, services provided by the coach and bus sector are exempt from VAT.  This means that...

Written Answers — Department of Finance: Tax Credits (21 Apr 2016)

Michael Noonan: The One-Parent Family Tax Credit (OPFTC) was replaced with a new Single Person Child Carer Credit (SPCCC) from 1 January 2014.  The restructured credit is of the same value as the OPFTC, €1,650 per annum, and also includes the same entitlement to the additional €4,000 extended standard rate band, which increases to €37,800 per annum, the point of entry to the...

Written Answers — Department of Finance: Tax Code (21 Apr 2016)

Michael Noonan: I understand the Deputy to be referring to the Travel Pass (Taxsaver) scheme.  I am advised by the Revenue Commissioners that this scheme operates on the basis that an employer pays for the Travel Pass on behalf of an employee at the start of the year and the payment is deducted from the employee's emoluments over the course of the year. This repayment arrangement is referred to as a...

Written Answers — Department of Finance: Fiscal Policy (21 Apr 2016)

Michael Noonan: Estimates of the gross and net fiscal space for the period 2016 to 2018 can be found in Tables A8 and A9 on pages C.50 and C.51 of the Budget 2016 book - . In the Spring Economic Statement 2015, the Government indicated that the available fiscal space for Budget 2016 was in the range of €1.2 billion to €1.5 billion.  As the Deputy is aware this was fully...

Written Answers — Department of Finance: Tax Collection (21 Apr 2016)

Michael Noonan: I am informed by Revenue that when a principal contractor enters into a relevant contract with a subcontractor, they are obliged to provide to Revenue through a contract notification process that is part of the electronic Relevant Contracts Tax (eRCT) system, details, inter alia, of the estimated value of the contract.  The estimated value of the contract is the value that the principal...