Results 6,921-6,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Employee Shareholding Scheme (18 Jun 2015)

Michael Noonan: An Employee Share Ownership Trust (ESOT) is a trust established by a company for the purpose of placing shares into the hands of employees. It operates in tandem with a Revenue Approved Profit Sharing Scheme (APSS). Shares are transferred to employees from the ESOT through the APSS.  Under Revenue approved ESOTs and APSSs any shares appropriated are exempt from income tax in the hands...

Written Answers — Department of Finance: Tax Data (18 Jun 2015)

Michael Noonan: As the Deputy will be aware, landlords may deduct 75% of interest paid on money borrowed to purchase, improve or repair residential property from the gross rent when computing their rental profits for tax purposes on that property. Interest can only be deducted during the period in which the property is let. The estimated cost associated with the deduction of interest expense against...

Written Answers — Department of Finance: Deposit Guarantee Scheme (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 76 and 78 together. The Deposit Guarantee Scheme (DGS) provides protection of up to €100,000 per saver per credit institution, including credit unions. The scheme gives confidence to depositors that their money is safe in the event that a financial institution gets into financial difficulty. Directive 2014/49/EU is a new EU Directive...

Written Answers — Department of Finance: VAT Exemptions (18 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply.  The supply of incontinence pads is liable to VAT at the standard rate, currently 23%.  EU VAT exemptions do not allow for exempting the supply of incontinence pads from VAT and a zero rate of VAT cannot be applied...

Written Answers — Department of Finance: Property Tax Exemptions (18 Jun 2015)

Michael Noonan: Section 10 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a number of exemptions from Local Property Tax (LPT).  These exemptions include any unfinished housing estates or portions of unfinished housing estates, which are prescribed (as unfinished) by the Minister for the Environment, Community and Local Government in Statutory Instrument (SI) No. 91 of 2013. The...

Written Answers — Department of Finance: Carbon Tax Yield (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 80 and 81 together. All taxes and reliefs are reviewed on an annual basis as part of the Budget and Finance Bill process.  As part of the process the Tax Strategy Group, an inter-departmental committee which examines options in the area of taxation for the Budget and the medium and longer term, considers a specific energy and environmental taxation...

Written Answers — Department of Finance: Tax Yield (18 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that statistics relating to stamp duty net receipts can be found on the statistics webpage of the Revenue website at . Specifically, a breakdown of stamp duty receipts in tabular form is available at including the years 2010 to 2014. The Deputy may wish to note that the net receipt figures for stamp duty paid on share transactions includes all...

Written Answers — Department of Finance: Tax Yield (18 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the yield achieved by the Universal Social Charge (property relief surcharge) of 5%, applicable to individuals with income of €100,000 or more, on that part of an individual's taxable income which is sheltered by any of the property or area based incentive reliefs is as set out in the following table: YEAR €M 2012 10.7 2013...

Written Answers — Department of Finance: Tax Reliefs Cost (18 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that due to the relatively small number of claims in 2012 to 2014 that have claimed tax relief for corporate investment in renewable energy projects and their obligation to observe confidentiality for taxpayers and small groups of taxpayers, it is not possible to provide the information requested.

Written Answers — Department of Finance: Tax Yield (18 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the total amount of revenue generated for the Exchequer in each of the past five years from Excise and VAT on Alcohol is as shown in the table following. Please note that VAT receipts are estimated, as VAT returns do not require the yield from a particular product or activity to be identified. The receipts for 2014 are provisional and may be...

Written Answers — Department of Finance: Economic Growth (18 Jun 2015)

Michael Noonan: In April this year, the Government published its Spring Economic Statement which sets out its strategy for the remainder of this decade to build on the economic recovery currently underway. Through a continuation of prudent, medium-term focussed budgetary and economic policies, sustainable increases in jobs and in living standards for all will be achieved.  The policies to achieve this...

Written Answers — Department of Finance: Vehicle Registration Data (18 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the number of reserved vehicle registration numbers and the yield from reservations in each of the past five years are as set out in the following table. Year Reserved Vehicle Registration Numbers Yield 2010 177 €177,000 2011 157 €157,000 2012 70 €70,000 2013 111 €111,000 2014 153 €153,000 Assuming a...

Written Answers — Department of Finance: NAMA Debtors (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 89 to 93, inclusive, together. It is important to point out to the Deputy that debtors are entitled to petition to bankrupt themselves in accordance with the laws of the relevant jurisdiction. The decision to grant bankruptcy is therefore a matter for the relevant jurisdiction.  This is not something that NAMA can control. I am advised that as a secured...

Written Answers — Department of Finance: Mortgage Interest Rates (18 Jun 2015)

Michael Noonan: I met with senior management of Ireland's six main mortgage lenders on 19th and 21st May to discuss the issue of mortgage interest rates. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks. I outlined my view, that Standard Variable Rates being charged in the Irish market are too...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Report and Final Stages (17 Jun 2015)

Michael Noonan: I thank Deputy Michael McGrath for tabling the amendment and Deputies Sean Fleming and Tóibín for speaking to it. Although the issue was discussed fully on Committee Stage, I am glad to have the opportunity to reassure the House again on the matter. The model which currently operates for regulation by the Central Bank is that a single entity is responsible and answerable to the...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Report and Final Stages (17 Jun 2015)

Michael Noonan: I appreciate the aim of Deputy McGrath’s amendment is to ensure the consumer is correctly informed and protected, but I am not accepting the amendment because the consumer is already sufficiently protected under the terms of the Bill. Essentially, the amendment seeks to impose obligations on credit servicing and other terms in relation to credit which is sold. The first set of...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Report and Final Stages (17 Jun 2015)

Michael Noonan: I thank the Deputies for their contributions. Going back to first principles, the purpose of the Bill when it becomes law is to ensure that if loan books are sold from a regulated entity to a non-regulated entity that we extend the regulation mandate to the non-regulated purchaser. The Bill fulfils that purpose. Some issues have arisen in regard to the Bill. One is the belief among...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Report and Final Stages (17 Jun 2015)

Michael Noonan: There are some interesting ideas there.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Report and Final Stages (17 Jun 2015)

Michael Noonan: I move amendment No. 3:In page 5, line 9, to delete “to which credit has been provided” and substitute the following:“but only to the extent that the credit granted to it under the credit agreement concerned was provided”.The aim of this part of the Bill is to ensure that SMEs which have borrowed from regulated firms maintain the protection they had. It was never...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Report and Final Stages (17 Jun 2015)

Michael Noonan: I thank Deputies Michael McGrath and Denis Naughten for tabling thee amendments and all of the Deputies who have contributed to the debate thus far. On amendment No. 2, I understand the Deputy's intention is to impose regulation on firms which take an active role in managing their relationships with borrowers, even when a borrower is not in financial difficulty. However, I am glad to be...