Results 7,921-7,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (25 Mar 2015)

Michael Noonan: Firstly, I would like to thank Mr Lynch for his email in relation to IBRC. The Special Liquidators continue to implement an orderly and efficient wind down of Irish Bank Resolution Corporation Limited (in Special Liquidation) in accordance with the provisions of the IBRC Act and the instructions issued by me under that Act. Any interference by the State in the Special Liquidation of...

Written Answers — Department of Finance: Universal Social Charge Exemptions (25 Mar 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of exempting a further 90,000 individuals from liability to the Universal Social Charge is €60 million and €82 million respectively. All figures above are estimates for 2015, using the actual data for the year 2012 (the latest year for which data are available) adjusted as...

Written Answers — Department of Finance: NAMA Debtors (25 Mar 2015)

Michael Noonan: I propose to take Questions Nos. 40 to 43, inclusive, together. NAMA acquired and manages a portfolio of loans, not property. The properties securing NAMA's loans continue to be managed by their existing owners or, in the case of enforcement, on their behalf by the appointed receivers/administrators. These owners and receivers/administrators are responsible for the efficient management...

Written Answers — Department of Finance: Property Tax Yield (25 Mar 2015)

Michael Noonan: Under existing legislation, liability to Local Property Tax (LPT) for the years 2013 to 2016 is based on the (initial) self-assessed valuation of a property on 1st May 2013, assuming it was made in good faith. This valuation remains valid from 1 May 2013 to 31 October 2016, and will not be affected by any increase or decrease in property prices or other changes, including repairs or...

Written Answers — Department of Finance: Property Tax Data (25 Mar 2015)

Michael Noonan: I propose to take Questions Nos. 45 to 48, inclusive, together. I am advised by the Revenue Commissioners that it is tentatively estimated, based on extrapolations from the Central Statistics Office Census 2011 results and information received to date from the administration of LPT, that a total of 1.95 million properties may be liable for Local Property Tax (LPT) in each year. In 2013 and...

Written Answers — Department of Finance: Tax Data (25 Mar 2015)

Michael Noonan: I propose to take Questions Nos. 49 and 50 together. Council Directive 2011/16/EU on administrative cooperation in the field of taxation provides for the exchange of information between the tax authorities of EU Member States and the Regulations (SI 549 of 2012) giving effect to the Directive under Irish law designate the Revenue Commissioners as the competent authority for the purposes of...

Written Answers — Department of Finance: Tax Avoidance Issues (25 Mar 2015)

Michael Noonan: The Commission have indicated publically that they expect to make their final decision on this issue in the first half of 2015. While it would not be appropriate to speculate on the outcome at this stage, I remain confident that there was no breach of State aid rules in this case and that the legislative provisions were correctly applied. After an investigation such as this, the Commission...

Written Answers — Department of Finance: Tax Code (25 Mar 2015)

Michael Noonan: Following the launch of formal state aid investigations by the Competition Directorate of the European Commission into tax rulings provided to a number of companies in various Member States of the European Union, there has been ongoing contact between my officials and EU Commission officials on the matter, including two meetings with the Competition Directorate case team. As the...

Written Answers — Department of Finance: Banking Operations (25 Mar 2015)

Michael Noonan: The Central Bank has advised me that AvantCard informed the Bank of its commercial decision to increase interest rates on a population of its accounts.  These interest rates are not regulated by the Central Bank and as such, a regulated entity may determine the rate it charges its customers in line with applicable terms and conditions and depending on a number of factors,...

Written Answers — Department of Finance: Property Tax Collection (25 Mar 2015)

Michael Noonan: I am advised by Revenue that it provides eight (8) different payment methods for Local Property Tax (LPT). The eight payment methods include various single and phased options that are designed to provide property owners with alternatives that assist them in meeting their LPT obligations in a manner that best suits individual circumstances. Direct Debit is one of the available phased...

Written Answers — Department of Finance: Mortgage Arrears Proposals (25 Mar 2015)

Michael Noonan: I am informed by the Central Bank that under the Code of Conduct on Mortgage Arrears, lenders must establish a centralised and dedicated Arrears Support Unit (ASU), which must be adequately staffed, to manage cases under the Mortgage Arrears Resolution Process (MARP), set out in the CCMA.  It is the responsibility of the lender's ASU to carry out certain functions under the CCMA, for...

Written Answers — Department of Finance: Economic Statements (25 Mar 2015)

Michael Noonan: The intention is to publish the Spring Economic Statement in the second half of April. It is not foreseen that legislation will be required.

Written Answers — Department of Finance: Departmental Bodies Data (25 Mar 2015)

Michael Noonan: In response to the Deputy's question I, as Minister for Finance, will answer in respect of boards under the aegis of my Department on the State's payroll and am not in a position to respond on board composition outside the remit of my Department. Within my remit there are four such boards where the chairpersons or non-executive directors are in receipt of...

Written Answers — Department of Finance: Departmental Bodies Data (25 Mar 2015)

Michael Noonan: In response to the Deputy's question I, as Minister for Finance, will answer in respect of boards of state agencies under the aegis of my Department. Within my remit there are four such boards where the chairpersons or non-executive directors are in receipt of remuneration from the State. These bodies are the Disabled Drivers Medical Board of Appeal (DDMBA),...

Written Answers — Department of Finance: Illicit Trade in Tobacco (24 Mar 2015)

Michael Noonan: The Deputy will appreciate that estimating the scale of any illegal activity, and the tax losses to which it gives rise, is difficult and that estimates of such losses need to be viewed with caution. I am advised by the Revenue Commissioners that the extent of the illegal trade in cigarettes is estimated through annual surveys of smokers that are carried out for them and for the National...

Written Answers — Department of Finance: Credit Unions Regulation (24 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners that, other than the exemption from Corporation Tax in section 219A of the Taxes Consolidation Act 1997 which is applicable to credit unions that are registered or deemed to be registered under the Credit Union Act 1997, there are no tax expenditures or reliefs available specifically or primarily to credit unions. I am further advised by Revenue...

Written Answers — Department of Finance: VAT Rate Reductions (24 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT law in Ireland must comply with the EU VAT Directive.  The rating of a food product for VAT purposes is based on the VAT legislation rather than on the description of the product.  The majority of food products, whether artisan produced or not, are already liable at the zero rate of VAT.  Food products can only benefit from the...

Written Answers — Department of Finance: Insurance Industry Regulation (24 Mar 2015)

Michael Noonan: I am aware that the Central Bank is reported to have raised a concern that intense competition between insurers may be driving down premium prices to levels that may not be viable.  The status of this report is unclear.  My Department is in correspondence with the Central Bank to clarify their views. In my role as Minister for Finance I have responsibility for the...

Written Answers — Department of Finance: VAT Rate Application (24 Mar 2015)

Michael Noonan: The Value Added Tax policy gap measures the additional revenues that could in principle be collected if a uniform rate (i.e. the standard rate, which is 23% in Ireland) applied to all consumption, thereby eliminating the effects of reduced rates and exemptions. Ireland operates a number of reduced VAT rates and exemptions which influence the size of Ireland's VAT policy gap. In this regard,...

Written Answers — Department of Finance: Fiscal Policy (24 Mar 2015)

Michael Noonan: I assume that the Deputy is referring to revenue raising fiscal measures which are designed to reduce the emissions of greenhouses gases such as carbon dioxide, and whose chargeable basis or rates are set with reference to greenhouse gas emissions. The carbon tax, which applies to fossil fuels at a rate of €20 per tonne of carbon dioxide emitted, raised €385.4 million in...