Results 5,061-5,080 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: The Acting Chairman said the OECD was appreciative of us. My officials built up a very strong relationship with Paschal Saint-Amans, the French official who led this work. He was here several times and put himself out to take our views into account. We were fully supportive of him and it worked out rather well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: In principle, we favour a financial transactions tax, but there would be distortions in trade and business, especially in financial services, unless it applied globally. As a fall-back position, it would need to apply at least across the 28 member states of the European Union before we would find it acceptable. Our biggest problem, to be very precise, is that as long as the UK stays out,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: I do not think it would make any difference on this specific issue. It is not that we are opposed in principle. As a matter of fact, we charge 1% on share transactions. That is set at a much higher level than any financial transactions tax proposal that the 11 countries have come up with to date. They have come up with very small amounts and percentages that would apply to share...

Written Answers — Department of Finance: VAT Rate Application (1 Dec 2015)

Michael Noonan: I am advised by Revenue that the goods and services to which the 9% rate applies are those, and only those, listed in paragraphs 3(1) to (3), 7, 8, 11, 12, and 13(3) of Schedule 3 of the VAT Consolidation Act 2010. Examples of such goods and services include the supply of food and drink (excluding alcohol, soft drinks and bottled water) in the course of catering, hotel lettings, admissions to...

Written Answers — Department of Finance: Tax Code (1 Dec 2015)

Michael Noonan: Under section 819 of the Taxes Consolidation Act 1997 an individual is resident in the State where the individual is present in the State for 183 days or more in the year of assessment; is present for 280 days or more in total in the year of assessment and the preceding year; or where they elect to be resident.  A day is defined as one on which the individual is present in the State at...

Written Answers — Department of Finance: Tax Collection (1 Dec 2015)

Michael Noonan: I am advised by Revenue that situations of the type outlined by the Deputy are considered on a case by case basis having due regard to the specific circumstances of the individual taxpayer/business. Revenue has also confirmed to me that where possible it will always seek to work with a taxpayer/business experiencing cash-flow difficulties in preference to deploying debt...

Written Answers — Department of Finance: Tax Code (1 Dec 2015)

Michael Noonan: The question and the details supplied indicate some confusion as between CGT retirement relief, which has been in place for some time, and a newly revised CGT entrepreneur relief. These reliefs are separate and distinct. Retirement relief is available to business owners over the age of 55, and allows them to dispose of business assets free from CGT within limits. The operation of CGT...

Written Answers — Department of Finance: Banks Recapitalisation (1 Dec 2015)

Michael Noonan: As the deputy is aware, the State holds €3.5 billion of preference shares in AIB. The interest payable on these securities has been €280 million per annum and is payable in cash, or in ordinary shares in the event of non-payment in cash. AIB issued ordinary shares to the State in lieu of the dividend due each May between 2010 and 2014 but in 2015 received a cash dividend of...

Written Answers — Department of Finance: Mortgage Lending (1 Dec 2015)

Michael Noonan: The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for residential mortgage lending effective from last February.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish...

Written Answers — Department of Finance: State Banking Sector (1 Dec 2015)

Michael Noonan: I can confirm for the Deputy that the following amounts have been received since the bank liability guarantee scheme and bank recapitalisation measures were taken: Disposal of banking investments - €5.5bn Income from banking investments - €1.8bn Fees from bank liability guarantee schemes - CIFS/ELG - €4.4bn* In addition to these amounts, which are directly...

Written Answers — Department of Finance: Property Tax Application (1 Dec 2015)

Michael Noonan: The Local Property Tax legislation provides a number of reliefs and exemptions from Local Property Tax (LPT) for such residential property owners as described by the Deputy in the details supplied with his Question. Firstly, an exemption is available for residential properties . In addition, there are two different types of relief available in respect of properties that are occupied by...

Written Answers — Department of Finance: Property Tax Assessments (1 Dec 2015)

Michael Noonan: I am advised by Revenue that Section 20 of the Finance (Local Property Tax) Act 2012 (as amended) allows local authorities to vary the basic LPT rate for residential properties situated within their respective residential areas. The LPT rate can be increased or decreased by up to 15% from the base rate. With regard to the specific case to which the Deputy refers, Limerick County Council...

Written Answers — Department of Finance: Tax Code (1 Dec 2015)

Michael Noonan: The USC was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and maintain revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced, and is applied at a low rate on a wide base.  The USC, like the Income Levy before it, does not apply to social welfare payments,...

Written Answers — Department of Finance: Tax Collection (1 Dec 2015)

Michael Noonan: I propose to take Questions Nos. 202 to 205, inclusive, together. Unfortunately, having regard to the level of detail required, the Revenue Commissioners are not in a position to provide the information sought within the time available. However, I will arrange for the information to be supplied directly to the Deputy as soon as possible.

Written Answers — Department of Finance: Universal Social Charge Yield (1 Dec 2015)

Michael Noonan: The Universal Social Charge (USC) data requested by the Deputy are set out in the table below.As the Deputy will be aware, a significant USC package was introduced in Budget 2016, which will subsequently reduce the expected USC receipts in 2016. USC Receipts 2015 USC Receipts  2016 €m €m 4,225 3,995

Written Answers — Department of Finance: Corporation Tax Regime (1 Dec 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated amount of Corporation Tax paid in 2014, as per the bands identified in Parliamentary Question Number 165, are as set out in the table. Payment Band  € Amount Paid €m 1-50,000 236 50,001-100,000 116 100,001-500,000 362 500,001-1,000,000 221 1,000,001-5,000,000 712 Over 5 million 3,466 The total of the...

Written Answers — Department of Finance: Tax Collection (1 Dec 2015)

Michael Noonan: I am advised by Revenue that it operates its tax payment and repayment systems in line with the Government's National Payments Plan, which includes migration from cheque usage to more cost effective electronic payment methods. A key priority for the National Payments Plan is to reduce overall cheque usage in Ireland to EU levels. In this regard Revenue is currently processing almost 98% of...

Written Answers — Department of Finance: Property Tax Rate (1 Dec 2015)

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. In my Budget 2016...

Written Answers — Department of Finance: Mortgage Interest Rates (1 Dec 2015)

Michael Noonan: Firstly, I need to acknowledge that it is not clear from the question which Central Bank report is being referred to. The Central Bank published two Economic Letters in July 2015; 'Switch and Save in the Irish Mortgage Market' and 'Mortgage Interest Rate Types in Ireland'. These reports are available on the bank's website at the following links: and . The report on switching...

Written Answers — Department of Finance: Alcohol Sales (1 Dec 2015)

Michael Noonan: I am informed by Revenue that the importation of alcohol into the State is subject to tight regulation. It is illegal under excise and VAT law to supply alcohol products in Ireland without accounting for the appropriate excise duty and VAT on the products concerned. This includes alcohol products sold on-line to Irish consumers. A supplier located in another Member State who sells...