Results 9,561-9,580 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Budget Measures (5 Nov 2014)

Michael Noonan: I thank the Deputy for his question. The period from 2008 to the present saw one of the largest and longest periods of fiscal adjustment in the history of the State. The budget deficit in 2011, when the Government came to power, was unacceptably large and unsustainable, at an underlying level of 8.6% of GDP. In budget 2015, I set a deficit target for 2015 of 2.7% of GDP. Reflecting this...

Ceisteanna - Questions - Priority Questions: Budget Measures (5 Nov 2014)

Michael Noonan: In reply to the Deputy, I would like to make three points. As stated, we have had the greatest fiscal adjustment in the history of the State. When we went into government at the start of 2011, the deficit was over €22 billion. At the end of next year it will be less than €5 billion if our budget comes in on target. This shows the extent of the adjustment. Second, while one...

Ceisteanna - Questions - Priority Questions: Budget Measures (5 Nov 2014)

Michael Noonan: If we are to develop policy according to an evidence base, then all evidence is relevant, and what the Deputy cites needs to be taken into account by people forming policies. However, the point I am making is that the worst-off people did not bear the sole burden. Everybody suffered because the level of adjustment necessary was enormous. It was unprecedented historically. I have said...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland has published a consultation paper regarding macro-prudential measures for residential mortgage lending. The measures as set out in the consultation document would place restrictions on the loan-to-value and loan-to-income ratios that banks can apply when lending for house purchases. They would apply to all lending in Ireland by...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: There has been a great deal of concern about the lack of supply of houses, particularly in the Dublin area, in recent months. The situation has changed dramatically since many of the Deputies rightly advised me of ghost estates all over the country and an oversupply of unoccupied houses. The pendulum has swung rapidly and now there is a distinct lack of supply in the Dublin area. The...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: I would like to clarify my thinking. I have stated a number of times that I do not want our economic model to revert to a boom-and-bust one. Unlimited lending of excessive mortgages is part of the fuel that fires a boom-and-bust model. Obviously, I am in favour of initiatives that obviate that danger. I have certain views about the Central Bank's guidelines, but I will make a submission...

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: A number of measures were announced on budget day to improve the overall affordability of water charges. The objective of these supports is to assist households which pay their water bills. Following the announcement on budget day, officials from the Department are working closely with their colleagues in other relevant Departments and agencies on the development of the processes that will...

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: The Central Statistics Office and Eurostat will adjudicate on this issue, but they will not give us an adjudication in advance. As it is not possible to run proposals by them and obtain an adjudication, we are operating without the degree of certainty the Deputy has requested in his question. My advice is a deduction at source would bring about a situation where probably only the net amount...

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: As the Deputy is aware, the entire issue of Irish Water and the policy underpinning it is being revisited by the Government and there will be an announcement next week or in the next couple of weeks by the Minister for the Environment, Community and Local Government. The re-examination is taking place with three principles in mind: to provide certainty about the bills people will face for...

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: On Revenue, obviously, all options are being examined. As the Deputy stated, Revenue has never acted to collect outstanding debts. It is responsible for raising revenue.

Written Answers — Department of Finance: Tax Exemptions (5 Nov 2014)

Michael Noonan: Under section 43 of the Taxes Consolidation Act 1997 the Minister for Finance may issue certain Government securities with a condition that both the capital of and the interest on any such security is exempt from income tax or corporation tax. This exemption applies only where the security is in the beneficial ownership of a person or persons who is, or are, not resident in the State. Up to 3...

Written Answers — Department of Finance: Corporation Tax Regime (5 Nov 2014)

Michael Noonan: In recognition of the fact that investment and growth in OECD economies is increasingly driven by knowledge-based investment which is related to research and development and intellectual property, putting in place an attractive tax offering for intangible assets is key for Ireland's success in attracting foreign direct investment (FDI).  This is why as part of my Budget announcement I...

Written Answers — Department of Finance: Tax Reliefs Availability (5 Nov 2014)

Michael Noonan: As the Deputy will be aware, a number of measures were announced on Budget day to improve the overall affordability of water charges. The objective of these supports is to assist households in the country who pay their Water bills. Following on from the announcement on Budget day, officials from my Department are working closely with their colleagues in the other relevant Departments and...

Written Answers — Department of Finance: Tax Reliefs Availability (5 Nov 2014)

Michael Noonan: As the Deputy will be aware, my officials conducted a review of the Special Assignee Relief Programme in advance of this year's Budget. The review analysed aspects of the scheme such as the background and rationale for the programme and data available from the Revenue Commissioners including the cost and take-up of the programme. In addition, a public consultation was held. A report was...

Written Answers — Department of Finance: State Banking Sector Regulation (5 Nov 2014)

Michael Noonan: I have not had a formal valuation carried out as none is required for the Government accounts, though my officials regularly appraise me of the financial and operating performance of Permanent TSB.  In relation to the upcoming capital raising exercise I am of the view that the best way to protect the value of the State's shareholding is to ensure Permanent TSB is well prepared, that...

Written Answers — Department of Finance: Insurance Industry (5 Nov 2014)

Michael Noonan: At the outset I would like to say that I am aware of the difficulties that the liquidation of Setanta Insurance Company Limited has caused for Setanta policyholders and those claiming compensation under Setanta insurance policies.    You will appreciate that a liquidation of an insurance company is a legally complex and time consuming process.  The Setanta...

Written Answers — Department of Finance: Illicit Trade in Tobacco (5 Nov 2014)

Michael Noonan: I am advised by the Revenue Commissioners that combating the illegal tobacco trade is, and will continue to be, a high priority for Revenue. Their work against this illegal activity includes a range of measures designed to identify and target those who are engaged in the supply or sale of illicit products, with a view to seizing the illicit products and prosecuting those responsible. This...

Written Answers — Department of Finance: Tax Code (5 Nov 2014)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. I assume the Deputy is referring to the "Group thresholds" for CAT. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person...

Written Answers — Department of Finance: Tax Code (5 Nov 2014)

Michael Noonan: It is not the function of the Tax Code or the Oireachtas to determine the employment relationship between parties. If the true relationship between parties is that of an employer/employee then the employer is required, under the Tax Code, to operate PAYE on payments made to the employee. If, however, the true relationship is not that of an employer/employee then, where the relationship...

Written Answers — Department of Finance: VAT Rate Reductions (5 Nov 2014)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In this regard, EU VAT law specifically provides that all digitised publications, including e-books, are treated as the supply of a service liable at the standard rate of VAT, which in Ireland is 23%. While Ireland applies a zero VAT rate to printed books including...