Results 6,481-6,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Exchequer Savings (16 Jul 2015)

Michael Noonan: The Government has achieved significant improvements in the terms of our EU/IMF programme loans since they were initially agreed in late 2010. The savings arising from these changes can be broken down into two elements, cash savings and a reduction in our borrowing requirement over a period of time. In 2011, we reached agreement to reduce the cost of our EFSF loans. Similar...

Written Answers — Department of Finance: Universal Social Charge Yield (16 Jul 2015)

Michael Noonan: Section 531AAD of the Taxes Consolidation Act 1997 provides for a charge on bonus payments over €20,000 paid to employees of financial institutions that received financial support from the State under the Credit Institutions (Financial Support) Act 2008. This "excess bank remuneration charge", is incorporated into the Universal Social Charge and applies in all respects as if it was...

Written Answers — Department of Finance: Amusement Machine Licences (16 Jul 2015)

Michael Noonan: I am informed by Revenue that the number of amusement machine licences issued, for the years 2011 to 2014 and for 2015 up to 15th July are as set out in Table 1. The receipts for each licence type for these periods are as set out in Table 2. The total number of amusement machine licences currently held is 2016. Table 1  Number of Licences Issued 2011 2012 2013 2014 2015 Number of 3...

Topical Issue Debate: Tax Code (15 Jul 2015)

Michael Noonan: I thank the Deputy again and will examine the matter sympathetically, but without prejudice, as I prepare the Finance Bill, which is usually published in late October. I have asked officials in my Department and the Revenue Commissioners to examine the matter further in that context and to revert to me. I will make a decision based on the advice I receive from them and on the views that...

Topical Issue Debate: Tax Code (15 Jul 2015)

Michael Noonan: I thank Deputy Costello for raising this matter. My understanding of the background to this issue is that, following the sale of its Canadian business, the UK company Standard Life plc offered its shareholders the option of having the return of value payments due to them treated as income or capital. Treatment as income was decided by the company as the default position in the absence of...

Written Answers — Department of Finance: Flood Risk Insurance Cover (15 Jul 2015)

Michael Noonan: The issue of provision of new flood cover or the renewal of existing flood cover is a commercial matter for insurance companies, which is based on a proper assessment of the risks they are accepting.  I, as Minister for Finance, am not in a position to direct insurance companies to provide flood cover to specific individuals.  I understand that, in this case, one insurance company...

Written Answers — Department of Finance: Financial Services Ombudsman (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 71 to 74, inclusive, together. I have been informed by permanent tsb ("PTSB") that it is currently subject to an Enforcement Investigation by the Central Bank in relation to the circumstances in which the bank refused to allow certain customers who had switched from a tracker rate mortgage to a fixed rate mortgage for an agreed term to...

Written Answers — Department of Finance: Financial Services Regulation (15 Jul 2015)

Michael Noonan: I understand that the Deputy is seeking information on charges applied by Payzone.  The Central Bank has confirmed that Payzone is not authorised by it and I understand that the bill pay service provided by Payzone is not a regulated activity under financial services legislation. As such, the matter does not come under my aegis.  I understand that Payzone sets its own service...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that they have a broad range of programmes aimed at tackling tax avoidance and tax evasion in all its forms. Tax Avoidance Aggressive tax planning and unintended use of legislation can lead to outcomes which present real risks to the tax base and the perceived fairness of the tax system. I am satisfied that Revenue continues to identify such...

Written Answers — Department of Finance: NAMA Staff Data (15 Jul 2015)

Michael Noonan: On the basis that "staff at a senior level" is senior managers who report directly to the NAMA Chief Executive, the number of staff at a senior management level who left NAMA in each of the past three years and to date in 2015, and their titles, are set out below. - 2012 2013 2014 YTD 2015 Number 1 - 1 1 Title Head of Lending - Head of Asset Management...

Written Answers — Department of Finance: National Treasury Management Agency Staff (15 Jul 2015)

Michael Noonan: The numbers of staff at senior management level who have left the NTMA in the years 2012 to 2014 and in 2015 to date are set out below.  The figures do not include staff assigned to NAMA which are the subject of a separate question by the Deputy. 2012 2013 2014 2015 Chief Executive - - - 1 (retired) Senior Management Team - 3 1 (retired) -

Written Answers — Department of Finance: Consumer Protection (15 Jul 2015)

Michael Noonan: Borrowers whose loans are sold to unregulated entities are now protected by the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 which has just been enacted.  The purpose of the Act is to ensure that consumers retain the protections they had prior to the sale of their loan.  This Act will require entities dealing with the consumer to be authorised...

Written Answers — Department of Finance: Banking Sector Staff (15 Jul 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Banking Licence Applications (15 Jul 2015)

Michael Noonan: I am informed by the Central Bank that the number of applications for a banking licence which it received in the past five years is as follows: 2015 (YTD) None 2014 None 2013 Dell Bank International Limitedlicence granted [US] 2012 None 2011 None 2010 None In addition to the above, EBS Limited was granted a banking licence in 2011 on the conversion of EBS from a building society to a bank....

Written Answers — Department of Finance: VAT Rate Application (15 Jul 2015)

Michael Noonan: The VAT treatment of goods and services is governed by EU law with which Irish VAT law must comply. The rate of VAT that applies to a particular good or service is determined by the nature of the good or service, and not by the status of the customer. There is no provision in European VAT law that would allow the application of a reduction or removal of VAT on telecom utility bills to...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I assume that the Deputy is referring to the restriction on the use of certain tax reliefs and exemptions by high income individuals. Data to provide a definitive estimate of the yield from the measures outlined by the Deputy is not readily available. However, based on personal income tax returns filed for the year 2013, the latest year for which data is available, it is tentatively estimated...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 84, 85 and 87 together. The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 86 and 104 to 107, inclusive, together. Regarding the first question, I am informed by Revenue that, based on the latest information available, a reduction of the €115,000 ceiling to €60,000 per annum on the annual earnings limit for determining maximum allowable pension contributions for pension purposes, is tentatively estimated to yield in...

Written Answers — Department of Finance: Tax Data (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 88 to 90, inclusive, together. In relation to share options, I am informed by the Revenue Commissioners that the gains arising from the exercise of share options were €260 million in 2014. Information on the total value of share options exercised is not readily available and could not be obtained without conducting a protracted examination of...

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 91 to 93, inclusive, together. I am informed by Revenue  that there are currently four Real Estate Investment Trusts ("REITs") established and operating in Ireland. The function of the REIT framework is not to provide an overall tax exemption, but rather to facilitate collective investment in rental property by removing a double layer of taxation...