Results 6,121-6,140 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly for the student sector. The provision of guest accommodation has never...

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

Michael Noonan: In 2014, the Department of Finance jointly with the Department of Transport, Tourism and Sport, sought and received legal advice from the Attorney General on the question of the Motor Insurers' Bureau of Ireland's liability under the MIBI Agreement 2009 for claims made by policyholders of Setanta Insurance in circumstances where the company is in liquidation. As Legal...

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

Michael Noonan: I assume that the Deputy is referring to the carryover effect of measures previously introduced or due to expire in 2016 and I can assure him that the estimated cost of this carryover was taken fully into account in the calculation of the estimated fiscal space for 2016 of €1.2 billion to €1.5 billion. The reference to the fiscal space in the Spring Economic Statement...

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

Michael Noonan: The figures in relation to general government deficit, Gross Domestic Product (GDP), and Gross National Product (GNP) as requested by the Deputy are outlined in the following table: - 2007 2008 2009 2010 2011 2012 2013 2014 General government balance (€m) 536 -13,104 -23,440 -53,677 -21,803 -14,065 -10,320 -7,484 General government balance (%GDP) 0.3 -7.0 -13.8 -32.3 -12.5 -8.0...

Written Answers — Department of Finance: Banks Recapitalisation (22 Sep 2015)

Michael Noonan: As requested by the Deputy, the sources of funds used to capitalise the banks are as follows: Exchequer  - - €bn - Promissory Notes 30.9 - Other 13.5 Total Exchequer  44.4 NPRF 19.7 Total 64.1

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (22 Sep 2015)

Michael Noonan: As requested by the Deputy, the tables below provide details of proceeds received from the sale of bank assets to date and the current valuation of our remaining bank assets: 1. Sale of bank assets Date Bank Transaction Proceeds including accrued interest/dividend April 2010 Bank of Ireland Cancellation of preference share warrants €0.49bn December 2010 AIB ...

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

Michael Noonan: To avail of a charitable tax exemption, a body or trust must be established for charitable purposes only and must apply all of its income to those purposes. Section 208(2)(b) of the Taxes Consolidation Act 1997 provides for an exemption from income tax to be granted in respect of the profits of a trade carried on by any charity, if the profits are applied solely to the purposes of the charity...

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

Michael Noonan: The Deputy should note the standard for international debt comparisons is as a percentage of GDP and it is used in replies to PQs unless an alternative comparator is specified in the question. It should also be noted that the Gross National Product (GNP) measure is no longer published by Eurostat. It is an outdated concept which continues to be retained nationally by the CSO because of...

Written Answers — Department of Finance: National Debt (22 Sep 2015)

Michael Noonan: The NTMA advise that the annual cash cost of servicing the National Debt for each of the years 2008 to 2014 is as set out in Table 1 as follows. For those years, National Debt service expenditure comprised interest, a Sinking Fund payment as well debt management fees and expenses of the National Treasury Management Agency (NTMA). The Deputy should note that this information is available...

Written Answers — Department of Finance: National Debt (22 Sep 2015)

Michael Noonan: The table below sets out that Gross National Debt stood at €201.25 billion at end-August 2015, the largest components being Government bonds and loans under the EU/IMF Programme. Together, these categories of debt accounted for €173.55 billion or 86% of Gross National Debt. A further €16.62 billion or 8% of the Gross National Debt was in the form of State Savings...

Written Answers — Department of Finance: Exports Data (22 Sep 2015)

Michael Noonan: I am aware of the phenomenon of 'contracted manufacturing'. This issue has been under observation for some time by my Department. Indeed, the economic review and outlook that accompanied Budget 2015 contained a detailed explanation of the issue. (). Exports grew by 13.6 per cent year-on-year in the second quarter of this year, with goods exports up over 16 per cent. Part of the...

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

Michael Noonan: In its June 2015 'Action Plan on Corproate Taxation', the European Commission announced that it would re-launch its Common Consolidated Corporate Tax Base (CCCTB) proposal sometime in 2016.   The re-launched proposal will be debated by Member States in two stages.  The Commission will first seek agreement on a common corporate tax base.  This will involve...

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

Michael Noonan: It is intended that the fiscal space of €1.2 billion to €1.5 billion outlined in the Spring Economic Statement will be split evenly between taxation and expenditure.  With regard to taxation, the fiscal space relates specifically to first year effect of measures introduced in 2016. Turning to expenditure, the fiscal space will be reflected in the...

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

Michael Noonan: Earlier this year, the UK company Standard Life plc offered its shareholders the option of having "return of value" payments due to them treated as income or capital, with treatment as income being the default position in the absence of shareholders choosing an option within a specified time which has now elapsed. From an Irish tax perspective, the position under current legislation is that...

Written Answers — Department of Finance: Illicit Trade in Tobacco (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that their action against the illegal trade resulted, in 2014 in the seizures of 53.4 million cigarettes. Up to end of August this year, some 44.1 million cigarettes have been seized. Notable seizures have included quantities of 7.68 million, 10.3 million and 9 million. Combating the illegal tobacco trade has been, and continues to be, a...

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

Michael Noonan: I assume the Deputy is referring to the concept of local public banking. The focus of such banks is on the needs of residents and SMEs within their own geographic catchment area. Local public banking could have the potential to complement Government policy in a range of areas such as improving competition in the banking market, augmenting competition and innovation in the SME finance market...

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

Michael Noonan: I assume that this question refers to the stamp duty levies applying to the assets of funded pension arrangements introduced in 2011 to pay for the Jobs Initiative, the chargeable persons for which are the trustees of pension schemes and others responsible for the management of pension fund assets. The original 0.6% stamp duty levy on pension fund assets ended last year. The additional levy...

Written Answers — Department of Finance: Migration Issues (22 Sep 2015)

Michael Noonan: The Council of Europe Development Bank (CEB) recently announced that it proposes to establish a new "Migrant and Refugee Fund" grant facility to finance transit and reception centres in countries affected by the unprecedented influx of refugees into Europe. The proposal for a new Fund is consistent with the primary mandate of the CEB which is to help its Member States address social...

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

Michael Noonan: I am advised by the Revenue Commissioners that a breakdown of the stamp duty paid on shares between stock market traded shares and private company sale of shares as requested by the Deputy is not available. No distinction is made between companies which are incorporated in Ireland and those quoted on the Irish Stock Exchange for the purposes of stamp duty collection. As such, a breakdown of...

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

Michael Noonan: I am informed by the Revenue Commissioners that there is no P10 form or return required to be filed with them.  If the Deputy wishes to clarify his request, Revenue or my Department will endeavour to assist with any further questions.