Results 19,541-19,560 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: That is not true. On a number of occasions the Deputy has stated his position on these matters. We both agree that the original deal was a bad one. The Government is trying to unwind it by negotiation. As Deputy Dooley pointed out, there are two parts to the negotiations and we are proceeding with them. We are making some progress and we shall see where it works out. It is also true...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: There is general agreement that the light touch supervision that prevailed in Ireland and elsewhere before the banking crisis was one of its causes. Everywhere, including Europe, has moved away from light touch regulation. From a policy point of view - driven by the AAA countries in Europe - anything like a common banking system could be put in place. In other words, before other people...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: The decisions of the Council on 29 June were much wider than any commitments made to Spain or Ireland. The primary decision at that Council was for banking union, and that consists of the three pillars of supervision across Europe, a mechanism whereby insolvent banks across the eurozone and the Union would be resolved centrally by a European mechanism, and a guarantee scheme through...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: I will comment briefly on the word "sustainability", which is used in two senses. It is used colloquially, such as when people say it will be very hard for Ireland to deal with servicing this bank debt with sustainability. When people use it in debate, they do not mean we will default but rather that life is being made difficult for everybody and taxpayers in particular. It is also used in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: Yes. The Chairman will be aware that the Commission published a paper some time ago. It became clear during the early discussions on that paper that it would not be possible to get agreement across the 27 eurozone members. The treaty provides that a smaller number of member states can proceed by way of enhanced co-operation. To do this, nine states must write to the Commission indicating...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: Ireland's position is that at a level of principle we would support a financial transaction tax, provided it was applied universally and particularly to the main world financial sectors. That would be our ideal position. If it applied in Singapore, Hong Kong, New York and Tokyo as well as in London and the European centres, we would go along with it. Our next position, in order of descent,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: We will closely monitor any development because it is an issue of great relevance to Ireland. I do not believe there is a question of Ireland foregoing any tax. That is conceived so far on the basis of what has progressed. Our tax take for the 1% stamp duty will be in excess of any possible take that will accrue from a financial transaction tax. A number of other issues are running...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: I thank the Chairman and members for inviting me to address them in advance of the ECOFIN Council of Ministers which will take place next week. I will begin by providing an overview of the European and international dimensions to the work of the ECOFIN Council. As this will be the penultimate Council under the Cyprus Presidency, I take the opportunity to brief the committee on some of its...

Written Answers — Department of Finance: Tax Code (8 Nov 2012)

Michael Noonan: In bringing forward the necessary legislation to provide for the changes to tax legislation arising from the enactment of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, (the Civil Partnership Act), I advised this House that the new legislation (subsequently Finance (No. 3) Act 2011) would ensure that registered civil partners receive the same tax treatment...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the number of litres of petrol and diesel that were sold in the state in the past five years is not available. However, the number of litres of petrol and diesel where Mineral Oil Tax was paid in the calendar years 2007 to 2011 is as follows: Year Petrol Auto Diesel Litres Litres 2007 2,377,727,280 3,025,245,030 2008...

Written Answers — Department of Finance: Credit Unions (8 Nov 2012)

Michael Noonan: Under the Exemptions from Additional Services Requirements Regulations (SI 223 of 2004, SI 107 of 2007 and SI 838 of 2007), credit unions can provide ATM and third party payment services to members. This enables credit unions to provide card services to their members. The Central Bank has advised me that 46 credit unions reported on the 2011 Credit Union Annual Return that they provide such...

Written Answers — Department of Finance: Departmental Staff Redeployment (8 Nov 2012)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that they undertake regular workforce planning analyses to identify key posts and skills that require to be filled to enable them to deliver on their current and developing strategies. The Revenue Commissioners are in on-going discussions with the Department of Public Expenditure and Reform on their immediate and medium term resource...

Written Answers — Department of Finance: Pension Provisions (8 Nov 2012)

Michael Noonan: The position is that the rates of taxation which would apply in respect of the income of any pensioner, irrespective of their previous employment, is determined by the level of the income they receive, their personal circumstances, and that individual’s entitlements to deductions, credits and reliefs. Income Tax and Universal Social Charge will be deducted at source using the existing...

Written Answers — Department of Finance: Motor Fuels (8 Nov 2012)

Michael Noonan: My understanding of the Deputy’s question is that it envisages a movement away from the current system of marking of oil to which a reduced rate of tax applies to one in which certain users would be given refunds of part of the mineral oil tax paid by them in respect of fuel used for non-auto purposes. The issue of the introduction of a rebate scheme for users of marked gas oil has...

Written Answers — Department of Finance: Mortgage Interest Relief (8 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 98, 99 and 101 together. It is estimated that the total number of mortgage interest relief claimants in 2011, the latest year for which information is readily available, is about 488,000, of which some 266,000 are estimated to be first-time buyers. The total cost of mortgage interest relief in 2011 is estimated at €357 million. Given the current...

Written Answers — Department of Finance: Mortgage Interest Relief (8 Nov 2012)

Michael Noonan: In Finance Act 2010, mortgage interest relief was extended up to end of 2017 for those whose entitlement to relief was due to end in 2010 or after (i.e. those whose purchased in 2004 or after). Therefore, tax relief will continue to be available for all tax years up to and including the 2017 tax year in respect of interest paid on qualifying home loans taken out on or after 1 January 2004...

Written Answers — Department of Finance: Mortgage Interest Relief (8 Nov 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source [TRS] system. Revenue have requested that full details in relation to the person involved, including his pps number, and also details relating to the mortgage loan be provided so that a comprehensive reply to this question can be given. ...

Written Answers — Department of Finance: Departmental Expenditure (8 Nov 2012)

Michael Noonan: Funding requirements for my Department for 2013 have not yet been finalised. We continue to review all cost categories with a view to achieving savings where possible. The Department of Finance has always been a strong adherent to the need for efficiency and has a track record of implementing change and reducing headcount. Some of the initiatives undertaken in this regard are highlighted...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: It should be noted that relief for qualifying dental insurance policies is allowed as part of the general relief for medical insurance since 2004 and is not identified separately for statistical purposes. On that basis, I am informed by the Revenue Commissioners that the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia in...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: Section 473 of the Taxes Consolidation Act, 1997 provides tax relief at the standard rate to individuals who pay for private rented accommodation that is used as their sole or main residence. The level of rent qualifying for rent relief depends on an individual’s marital status and age. In Budget 2011, it was announced that rent relief was being withdrawn on a phased basis. No new...