Results 18,561-18,580 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (16 Jan 2013)

Michael Noonan: As the Deputy has already been advised in Parliamentary Question 190 referred to above, there is no agreed international methodology for calculating the effective rate of corporation tax. In the same answer, to illustrate the debate on the topic, I referred to an estimate from a report produced by the World Bank and PriceWaterhouseCoopers which put the effective rate in Ireland at 11.9%...

Written Answers — Department of Finance: Corporate Tax Compliance (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information is contained in Tables CTS 1,CTS 2 and CTS 3 of the Statistical Reports published annually by the Commissioners and which can be found on the Revenue website at www.revenue.ie. The latest year for which information is published from that source is for 2009 which is contained in the 2010 report. The corresponding...

Written Answers — Department of Finance: Tax Rebates (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that all refunds of income tax in relation to the income earned by the individual concerned in 2009 and paid in 2009 have been repaid to the named individual. I am further advised that all refunds in relation to income applicable to 2009 but paid in 2010 have also been repaid to the named individual.

Written Answers — Department of Finance: Official Engagements (16 Jan 2013)

Michael Noonan: My Officials and I met with three of the covered institutions last week. The Chief Executives were either present or dialled in. Officials from my Department meet with representatives up to and including chief executive officer level of banks operating in Ireland, in relation to a variety of issues, on a regular ongoing basis -including a monthly senior management meeting with each...

Written Answers — Department of Finance: European Banking Sector (16 Jan 2013)

Michael Noonan: As the Deputy will be aware I have responded to a similar question in November 2012. I will therefore limit my response to progress since then. I attended the ECOFIN Council meetings on 13 November and 3 December. At both of these meetings the Cypriot Presidency gave an update on the progress thus far in the negotiations with the European Parliament on the Capital Requirements Directive and...

Written Answers — Department of Finance: European Banking Union (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 183, 185 and 187 together. The Deputy will recall that support for the establishment of a Banking Union has been given at the highest political level at Summits of Heads of State & Government of the Euro Area. In September 2012 the European Commission presented legislative proposals for a single supervisory mechanism (SSM) conferring powers on the ECB...

Written Answers — Department of Finance: Banking Sector Regulation (16 Jan 2013)

Michael Noonan: The Central Bank of Ireland is responsible for financial regulation in Ireland. The Irish Financial Services Regulatory Authority (the Financial Regulator) ceased to exist on 1 October 2010 with the commencement of the relevant provisions of the Central Bank Reform Act 2010, which created a single structure within the Central Bank controlled and managed by the Central Bank Commission. The...

Written Answers — Department of Finance: Banking Sector Remuneration (16 Jan 2013)

Michael Noonan: Present Government policy on remuneration, at the Covered Institutions which is a development of previous Government policy, dictates that no employee at any of the four institutions may receive annual aggregate remuneration (excluding pension contributions) of more than €500,000. This policy is being enforced as evidenced by the remuneration packages agreed for the respective...

Written Answers — Department of Finance: Tax Code (16 Jan 2013)

Michael Noonan: My Department is aware of the need to maintain a competitive corporate tax regime and to that end, closely monitors developments in other countries. However, it is not appropriate to single out any particular country or corporate tax system and comment on them in this way. The changes that I announced in Budget 2013 highlight the on-going work by my Department to make sure that the Irish...

Written Answers — Department of Finance: Public Investment Projects (16 Jan 2013)

Michael Noonan: All monies raised through Government borrowing are paid into the Central Fund and used to fund Government spending as approved by the Oireachtas. It has never been the custom to link borrowing to specific projects as to do so would limit flexibility of the Government in managing the State’s finances. The National Treasury Management Agency (NTMA) offers a range of savings products...

Written Answers — Department of Finance: Bank Debt Restructuring (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 191 and 192 together. I propose to answer questions 191 and 192 together. The European Council Heads of State summits of 22-23 November and 13-14 December were attended by the Taoiseach and were to discuss the EU Multiannual Financial Framework and economic policy/banking supervision respectively. However, as the Deputy is aware, the Irish Government has...

Written Answers — Department of Finance: Tax Reliefs (16 Jan 2013)

Michael Noonan: I assume the Deputy is referring to the report by Dr. Alan Aherne for the Irish Hotels Federation. Officials in my Department are examining the proposals made in the report and will set out the issues for my consideration in due course.

Written Answers — Department of Finance: Jobs Initiative (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 194 to 197, inclusive, together. As part of the Jobs Initiative and in an effort to support job creation in the tourism industry, the Government introduced a temporary reduced rate of VAT of 9 per cent. The measure took effect at the start of the third quarter of 2011 and applied mainly to labour-intensive services provided by restaurants and hotels, as well...

Written Answers — Department of Finance: Credit Review Office (16 Jan 2013)

Michael Noonan: The latest report of the Credit Review Office Shows that the CRO upheld the banks’ decision in 76 cases and disputed the decision in 96 cases and the banks subsequently provided credit. In addition there were 20 cases where either more work was needed by the bank and borrower or the review was withdrawn. These figures show that the CRO can make a genuine difference in relation to...

Written Answers — Department of Finance: Job Creation (16 Jan 2013)

Michael Noonan: My Department considers various research publications and reports on an on-going basis as part of the process of developing tax policy. While the Department has not published its own research in relation to the points raised by the Deputy, I would refer to the OECD Report, “Tax Effects on Foreign Direct Investment – Recent Evidence & Policy Analysis” (2008)...

Written Answers — Department of Finance: Tobacco Smuggling (16 Jan 2013)

Michael Noonan: The Revenue Commissioners are responsible for tackling the illicit trade in oil and tobacco products, and for dealing with counterfeit products that are being imported from or exported to countries outside the European Union. As I indicated in my reply to the Deputy’s Questions Nos. 55 and 56 of 21 November 2012, the Revenue Commissioners attach a high priority to combating criminal...

Written Answers — Department of Finance: Banks Recapitalisation (16 Jan 2013)

Michael Noonan: The State’s investment in the contingent convertible capital notes of AIB, Bank of Ireland and PTSB dates back to the 2011 PCAR exercise while the preference shares were acquired in 2009 as a result of the Government’s recapitalisation of AIB and Bank of Ireland. It is government policy to separate the State from its’ banks, a policy which I believe has shared support in...

Written Answers — Department of Finance: Tax Yield (16 Jan 2013)

Michael Noonan: As the Deputy may be aware the Department of Finance has a publicly available databank on its website with comprehensive tax data where this information can be found (http://databank.finance.gov.ie/). Similarly GNP data can be found on the CSO website (www.cso.ie). The estimate for 2012 GNP is taken from the Budget 2013 publication and is rounded to the nearest €25 million. The...

Written Answers — Department of Finance: Departmental Expenditure (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 204 and 224 together. In response to the Deputy’s questions the details of bodies of other than statutory bodies that were fully or partially funded by my Department in 2012 are as follows: The Credit Union Restructuring Board operated on an administrative basis under the Department of Finance in 2012 pending its establishment as a statutory body...

Written Answers — Department of Finance: State Banking Sector (16 Jan 2013)

Michael Noonan: The State acquired Irish Life on 30 June 2012 and since that time has not received a dividend. Irish Life announced their interim results for H1 2012 on 19 Sep 2012, a copy of which is available at http://www.irishlifegroup.ie/financial-information/annual-an d-interim-reports/2012.aspx. For the six month period ended 30 June 2012 the company reported a profit before tax of €96m on an...