Results 4,781-4,800 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax Administration (14 Jan 2016)

Michael Noonan: I am very conscious of the concerns of homeowners over increasing property prices and the effects this will have on their Local Property Tax (LPT) liabilities, particularly in urban areas.  For this reason I asked Dr Don Thornhill to review the operation of the LPT and, in particular, any impacts on LPT liabilites due to recent property price developments. Dr Thornhill's review has...

Written Answers — Department of Finance: IBRC Liquidation (14 Jan 2016)

Michael Noonan: Subsequent to the liquidation of IBRC the Central Bank acquired €25.034bn of Floating Rate Notes (FRNs) and €3.46bn of the fixed rate 5.4% Treasury Bond 2025. The table below sets out the details in respect of each of these bonds and their nominal amounts at year-end 2015. Reported subsequent movements in the Central Bank's holdings are reflected in the commentary...

Written Answers — Department of Finance: Tax Yield (14 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the tables given set out the range of information regarding income tax and USC as requested by the Deputy. It would not be feasible to provide the detail included as part of my oral response. The income ranges provided are in brackets of €10,000 up to €100,000, thereafter the range bands expand over wider brackets in the higher...

Written Answers — Department of Finance: Credit Unions Regulation (14 Jan 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. Credit unions are regulated and supervised by the Registrar of Credit Unions at the Central Bank who is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: The proposal of a tax on sugar sweetened drinks (SSD) has been examined by my Department in the context of the 2015 and 2016 Budget process.  It was initially considered through the Tax Strategy Group (TSG) General Excise Paper in September 2014 and again September 2015.  The 2014 Tax Strategy Group paper (General Excise Duties 14.02) is available on my...

Written Answers — Department of Finance: House Prices (14 Jan 2016)

Michael Noonan: According to the Central Statistics Office, residential property prices increased by 6.5 per cent in the 12 months to November 2015. When one takes into account that property price inflation was over 16 percent in late 2014, this figure represents a significant moderation in price growth. As regards rents, the Private Residential Tenancies Board report that rents nationally increased by 8.6...

Written Answers — Department of Finance: Real Estate Investment Trusts (14 Jan 2016)

Michael Noonan: The Real Estate Investment Trust (REIT) framework was intodcued in Finance Act 2013. Its function is to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply to property investment via a corporate vehicle. The REIT framework is designed to produce an after-tax result for shareholders similar to that from direct investment...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (14 Jan 2016)

Michael Noonan: Under the Home Renovation Incentive, there is no restriction relating to the age of a qualifying property. A qualifying residential property must be either a homeowner's main home or a rental property, which must be occupied by a tenant and registered with the Private Residential Tenancies Board within 6 months of the completion of the works.

Written Answers — Department of Finance: Property Tax Assessments (14 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 91 and 92 together. Section 13 of the Finance (Local Property Tax) Act 2012 (as amended) sets out how residential properties are to be valued for LPT purposes. The current valuation date of 1 May 2013 is now valid until 31 October 2019 on foot of a recent legislative amendment (Finance (Local Property Tax) (Amendment) Act 2015). The declared valuation...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: I assume the Deputy is referring to the tax position of home tutors who, prior to September 2015, were paid by parents from grants paid to them by the Department of Education and Skills. I am advised by the Revenue Commissioners that there is no dispute between that Department and their Office on the tax treatment of the home-tutors. I am further advised by the Revenue Commissioners that,...

Written Answers — Department of Finance: Stability and Growth Pact (14 Jan 2016)

Michael Noonan: The Expenditure Benchmark was introduced as part of the European Council Directive 2011/85 of 8 November 2011 (the so-called six-pack). These changes reformed both the preventive and corrective arms of the Stability and Growth Pact. In 2016 Ireland will for the first time be subject to the reformed requirements of the preventive arm of the SGP including the expenditure benchmark. Table...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: The report referenced by the Deputy, a KPMG report published in September 2015, contains a high-level discussion of possible benefits of a flat tax policy.  It estimates that a flat rate of income tax of 23%, with no tax credits or basic income allowances, would result in a decrease in tax receipts of some €257 million per annum when compared to the net yield under the existing...

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

Michael Noonan: I propose to take Questions Nos. 96 and 101 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 'credit...

Written Answers — Department of Finance: Tax Credits (14 Jan 2016)

Michael Noonan: I recall that during the course of the debate on Finance Bill 2014 at Report Stage, the Deputy tabled an amendment proposing to extend the transferability of all or part of the Single Person Child Carer Credit (SPCCC) to the non-principal carer parent, where it has not been utilised in full by the principal carer. The Deputy will be aware that I agreed that a review of the proposal would...

Written Answers — Department of Finance: Tax Settlements (14 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the primary function of Revenue is the timely collection of taxes and duties. Inevitably, circumstances will arise where despite the best efforts of Revenue and the intent of a business to meet its tax obligations in full, that business will fail sometimes owing significant debts to Revenue.  In these circumstances, arrangements are made to...

Written Answers — Department of Finance: Financial Services Ombudsman Data (14 Jan 2016)

Michael Noonan: At the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. However, the Financial Services Ombudsman has informed me that the information requested by the deputy is as follows;- Year Number of Complaints received by FSOB:  Oral Hearings Third Party Representation (Validated): ** 2013 7,722 30 1,698 2014...

Written Answers — Department of Finance: Mortgage Data (14 Jan 2016)

Michael Noonan: The Deputy will be aware that the recently published Central Bank data on Residential Mortgage Arrears for Q3 2015 indicates that non-bank entities now hold 47,461 mortgage accounts for PDH and BTL combined. I  have been informed by the Central Bank that it does not breakdown the data on mortgage accounts held by non-bank entities by type of mortgage for reasons of...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: The sale of shares generally gives rise to a capital gains tax liability rather than an income tax liability. An Information Leaflet entitled "Guide to Capital Gains Tax" is available on the Revenue website at . If the individual concerned requires further information relating to the calculation of his or her capital gains tax liability, that individual should contact the tax district...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (14 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 103 to 105, inclusive, together. The Deputy will be aware that the Central Bank of Ireland's (The Central Bank) Code of Conduct on Mortgage Arrears (CCMA) provides a strong consumer protection framework to ensure that each borrower who is struggling to keep up mortgage repayments is treated in a timely, transparent and fair manner by lenders.  The...

Written Answers — Department of Finance: Economic Data (14 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 106 and 108 together. In general, recent economic  indicators have been positive, indicating that the recovery is strengthening in a more sustainable manner. The latest data show that GDP increased by 7.0 per cent year-on-year in the third quarter of 2015. This comes on the back of an increase of 6.8 per cent in the second quarter...