Results 6,061-6,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pyrite Remediation Programme Implementation (22 Sep 2015)

Michael Noonan: I am advised that NAMA has advanced substantial funding through its debtors and receivers for the remediation of structural defects, including pyritic heave, in properties securing its loans. NAMA's debtors and receivers, like any other construction company or developer, are required to carry out all required works, including structural remediation, in accordance with...

Written Answers — Department of Finance: Universal Social Charge Application (22 Sep 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...

Written Answers — Department of Finance: VAT Rate Application (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT legislation must comply, generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Ireland has applied a zero rate of VAT to the supply of hearing aids since 1981 and...

Written Answers — Department of Finance: Social Insurance (22 Sep 2015)

Michael Noonan: Preparations for Budget 2016 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment at this stage, on what changes, if any, are being considered regarding PRSI, or in relation to any other measure.

Written Answers — Department of Finance: VAT Rate Application (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 294, 327, 344 and 389 together. The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector.  The Deputy will be aware that it is not the practice to comment on what measures may or may not be included in...

Written Answers — Department of Finance: Pensions Levy (22 Sep 2015)

Michael Noonan: The original 0.6% stamp duty levy on pension fund assets ended last year. The additional levy of 0.15% which I introduced for 2014 and 2015, mainly to help continue to fund the Jobs Initiative, will also end after this year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide range of measures introduced in the Jobs...

Written Answers — Department of Finance: Public Expenditure Statistics (22 Sep 2015)

Michael Noonan: In 2016 Ireland will enter the preventive arm of the Stability and Growth Pact (SGP) and will have to adhere to an adjustment path towards the medium-term (budgetary) objective (MTO), currently for Ireland a balanced budget in structural terms. This is assessed in two ways.  Firstly, until the MTO is reached, a minimum annual improvement in the structural balance is required. The second...

Written Answers — Department of Finance: Banking Operations (22 Sep 2015)

Michael Noonan: I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure that they have been properly applied. To provide assurance that this is the case, the proper application of the...

Written Answers — Department of Finance: Residential Property Sales (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the 9% stamp duty rate on residential property transactions was effective from 23 January 1997 to 8 December 2010.  Information on the numbers of purchasers of residential property that paid stamp duty at the 9% rate is not available.  However, the number of transactions where the 9% rate was paid is shown in the following table from...

Written Answers — Department of Finance: Banking Operations (22 Sep 2015)

Michael Noonan: My Department does not possess the information to answer this question. However, I can confirm that officials in my Department have referred the Deputy's question to Bank of Ireland for comment and the bank has responded as follows: The Bank of Ireland Annual Report includes all required declarations to the market in relation to engagement with the National Asset Management Agency...

Written Answers — Department of Finance: Budget Submissions (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 300 and 304 together. The issue of equality proofing the budget and the proposal for an independent budget office are not the same, although there is an element of overlap. Dealing with the latter first, my Department is working with the Department of Public Expenditure and Reform on proposals to establish an independent budget office. The intention is to...

Written Answers — Department of Finance: Departmental Schemes (22 Sep 2015)

Michael Noonan: The Cycle to Work scheme is essentially an environmental measure. It was introduced on that basis to help lower carbon emissions, reduce traffic congestion, encourage more employees to cycle to work and also to help improve health and fitness levels. However, as children tend to receive bicycles from their parents there is a concern that such an extension to the scheme would become a subsidy...

Written Answers — Department of Finance: Budget Submissions (22 Sep 2015)

Michael Noonan: I can confirm that a submission from the Asthma Society of Ireland has been received.   To date my Department has received in the order of 400 Pre-Budget Submissions from a wide range of groups and individuals. These are being considered by the relevant officials in the context of Budget and Finance Bill preparation. However the Deputy will be aware that it is not the practice of the...

Written Answers — Department of Finance: Economic Policy (22 Sep 2015)

Michael Noonan: The development of the digital economy is a key plank of Ireland's economic development strategy. The Government keeps under review various initiatives, which could help Ireland reap the full rewards of a digitally enabled society. There continues to be significant growth of the digital economy in Ireland, including in payments, for example there has been a 26% increase in active...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: Preparations for Budget 2016 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment on what changes, if any, are being considered to the CGT rate or any other tax measure.

Written Answers — Department of Finance: Carbon Tax Exemptions (22 Sep 2015)

Michael Noonan: Carbon Tax is an environmental tax which was introduced to send a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment.  Carbon tax is seen as a way to promote the reduction in overall emissions in order to reach our EU 2020 emission targets on greenhouse gases. Carbon tax was introduced in Budget 2010 on a phased...

Written Answers — Department of Finance: Milk Prices (22 Sep 2015)

Michael Noonan: I have no plans to introduce a scheme that would allow farmers to delay payment of taxes. As the Deputy will be aware, income averaging is available to farmers in recognition of the volatility of their income, which I believe is ultimately more beneficial than delaying the payment of tax. The Deputy may be aware that following the review of agri-tax measures that was carried out in...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there are no provisions in the Capital Gains Tax (CGT) code whereby a person can defer payment of CGT in respect of shares which are sold. The rate of CGT that will apply to the sale of the shares is the rate applying on the date the contract for the sale of the shares is entered into.

Written Answers — Department of Finance: Ministerial Meetings (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 309 and 310 together. I would like to confirm to the Deputy that I have not had meetings with Start Mortgages, nor do I have any meetings scheduled with that company. However, I have just concluded a second set of meetings with senior management of Ireland's six main mortgage lenders to review mortgage interest rates and my...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 311 and 356 together. On 28 July 2015 following an enforcement investigation by the Central Bank of Ireland, permanent tsb announced details of a comprehensive Mortgage Redress Programme (MRP) to address the position of 1,372 mortgage customer accounts which lost a contractual right to a tracker rate mortgage in circumstances where there was a failure...