Results 9,041-9,060 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Tax Code (3 Dec 2014)

Michael Noonan: The Deputy may recall that following a consultation process on changes proposed to the pay and file dates, I decided not to introduce any change to that regime for 2014. However, given the success of the forecasting process for budget 2014 and the concerns expressed by many stakeholders about the potential disruption that could be caused by such a change, I have decided to leave the dates...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Dec 2014)

Michael Noonan: The purpose of the proposed change was purely pragmatic; it was to ensure budget estimates could be forecasted accurately. Once the budget date was moved from the first week of December to the middle of October, it gave rise to a difficulty in forecasting. In 2014 the departmental forecasts have been very accurate and this remains true for 2015. There were no data to predict the November...

Ceisteanna - Questions - Priority Questions: Housing Data (3 Dec 2014)

Michael Noonan: I am aware of the price changes that have taken place in the residential property and private rental markets. Nationally, residential property prices rose by 16% in the 12 months to October 2014 according to the Central Statistics Office. The most recent daft.ienational rental index indicates that rents nationally were 10.8% higher on average in the third quarter of 2014 than...

Ceisteanna - Questions - Priority Questions: Housing Data (3 Dec 2014)

Michael Noonan: Although rents have risen rapidly throughout the country and particularly in Dublin in the past 12 months, they are still not where they were a couple of years ago. There was a collapse in the rental market similar to the collapse of housing values. As the economy is being restored, rents are going up again, although they are still not back where they were a couple of years ago. There is...

Ceisteanna - Questions - Priority Questions: Wealth Audit (3 Dec 2014)

Michael Noonan: The Credit Suisse global wealth report 2014 provides a broad range of data in the area of global household wealth and its composition and distribution in the period 2000 to 2014 for over 200 individual countries.  The authors of the report acknowledge that the study of global household wealth is still at an early stage of development and that no country has completely reliable...

Ceisteanna - Questions - Priority Questions: Wealth Audit (3 Dec 2014)

Michael Noonan: I suggest to the Deputy that it is illogical to be violently opposed to a property tax, while at the same time advocating a wealth tax. I do not get that line of argument.

Ceisteanna - Questions - Priority Questions: Wealth Audit (3 Dec 2014)

Michael Noonan: Socialists all over the world are in favour of property taxes. There is, therefore, a contradiction in the Deputy's position. Following a discussion between the Department of Public Expenditure and Reform, the Central Statistics Office and the Central Bank, the Central Statistics Office undertook a household finance and consumption survey, HFCS, to obtain information on household wealth....

Ceisteanna - Questions - Priority Questions: Wealth Audit (3 Dec 2014)

Michael Noonan: The Deputy is correct that a lot of wealth in Ireland is represented by family homes. However, very often there is no strong connection between the asset value of a family home and the income of the people in the household. Once one passes Newlands Cross a lot of the wealth in the country is represented by farm land. While a person with 100 acres of land worth approximately €10,000...

Ceisteanna - Questions - Priority Questions: Wealth Audit (3 Dec 2014)

Michael Noonan: -----and to use them as a statistical base for a wealth tax is unreal.

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael Noonan: It is the intention of the Government and there is a Government decision that it would be used to pay down debt but if it goes to 2016 it will be for the Government in 2016, whoever composes it, to make the decisions. We are doing the preparatory work now. We have a valuation on the bank but the real valuation will be after some shares are sold. If, for example, the State was to sell 25%...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (3 Dec 2014)

Michael Noonan: The special liquidators continue to implement the 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 the IBRC Act 2013. In April 2014, the special liquidators announced that the loan sales process had concluded. The sales process of the IBRC loan...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (3 Dec 2014)

Michael Noonan: In the course of 2010 and 2011 a number of liability management exercises were conducted by the covered banks for the purpose of generating additional core tier 1 capital and to strengthen the quality of the capital base of the banks. Since this Government came into power the cash required for the recapitalisation of the banks was reduced by €5.8 billion through burden sharing with...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (3 Dec 2014)

Michael Noonan: There is an important sentence here if I could read it. It is important to note that it remains to be seen if there will be proceeds available for the repayment of these creditors as they rank behind both preferred and senior unsecured creditors in priority. Unsecured creditors will get paid if there is money but there is a ranking order and it is not clear yet whether the €280...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (3 Dec 2014)

Michael Noonan: The sentence the Deputy quoted was the expectation at the time. The expectation at the start of the liquidation process was that we would be fortunate if the liquidation of IBRC covered the secured creditors. It transpired that the liquidation had gone better than expected, resulting in a surplus, which surplus will now be used to cover some of the unsecured creditors. As the State...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael Noonan: AIB's return to profitability is good news from the perspective of the Irish taxpayer, as it enhances the value of the bank for the taxpayer. The last valuation of our AIB shares, which was carried out by the National Pensions Reserve Fund Commission, NPRFC, at the end of 2013, valued the State's ordinary and preference shareholding at €10 billion. Including the contingent...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael Noonan: I have given the values as estimated by independent valuers. Since the valuations were made at the end of 2013, the bank's position has improved in terms of both profit and market share. Things are going quite well for AIB. It is hard to say exactly what it is worth, but I believe, as does the CEO of the bank, that taxpayers will get all their money back in due course, although it is...

Written Answers — Department of Finance: Property Taxation Rate (3 Dec 2014)

Michael Noonan: As the Local Property Tax is a new tax, the Government wished to provide certainty to homeowners and for this reason valuation periods of three years were introduced (with the exception of the first valuation period which covers three and a half years). In addition to providing certainty, it also eases the administration burden on the homeowner by not having to revalue their houses each...

Written Answers — Department of Finance: Tax Data (3 Dec 2014)

Michael Noonan: I am informed by the Revenue Commissioners that every principal contractor who enters into a contract with a sub-contractor in relation to construction, forestry or meat processing operations is obliged to register as a principal contractor for RCT.  Sub-contractors, who are not already registered for RCT, will be automatically registered for RCT on foot of a contract notification from a...

Written Answers — Department of Finance: Tax Code (3 Dec 2014)

Michael Noonan: Enterprise Management Incentives (EMI) are UK tax advantaged share option schemes designed to help small, higher risk companies to recruit and retain employees.  EMI options can be granted by independent trading companies with gross assets not exceeding £30 million. Options over shares with an unrestricted market value (UMV) at the date of grant up to £250,000 can be...

Written Answers — Department of Finance: Tax Data (3 Dec 2014)

Michael Noonan: Regarding the annual tax revenue collected and tax refunds relating to Relevant Contracts Tax (RCT) between 2008 and 2014, figures have been provided to me by the Revenue Commissioners.  However, I would like to provide some additional detail to the Deputy regarding RCT generally and the figures supplied. Firstly, the Deputy will be aware that the primary purpose of the RCT regime is...