Results 20,101-20,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (18 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the yield achieved by the Universal Social Charge (property relief surcharge) of 5%, applicable to individuals with income of €100,000 or more, on that part of an individual's taxable income which is sheltered by any of the property or area based incentive reliefs is as set out in the following table: YEAR €M 2012 10.7 2013...

Written Answers — Department of Finance: Tax Reliefs Cost (18 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that due to the relatively small number of claims in 2012 to 2014 that have claimed tax relief for corporate investment in renewable energy projects and their obligation to observe confidentiality for taxpayers and small groups of taxpayers, it is not possible to provide the information requested.

Written Answers — Department of Finance: Tax Yield (18 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the total amount of revenue generated for the Exchequer in each of the past five years from Excise and VAT on Alcohol is as shown in the table following. Please note that VAT receipts are estimated, as VAT returns do not require the yield from a particular product or activity to be identified. The receipts for 2014 are provisional and may be...

Written Answers — Department of Finance: Economic Growth (18 Jun 2015)

Michael Noonan: In April this year, the Government published its Spring Economic Statement which sets out its strategy for the remainder of this decade to build on the economic recovery currently underway. Through a continuation of prudent, medium-term focussed budgetary and economic policies, sustainable increases in jobs and in living standards for all will be achieved.  The policies to achieve this...

Written Answers — Department of Finance: Vehicle Registration Data (18 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the number of reserved vehicle registration numbers and the yield from reservations in each of the past five years are as set out in the following table. Year Reserved Vehicle Registration Numbers Yield 2010 177 €177,000 2011 157 €157,000 2012 70 €70,000 2013 111 €111,000 2014 153 €153,000 Assuming a...

Written Answers — Department of Finance: NAMA Debtors (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 89 to 93, inclusive, together. It is important to point out to the Deputy that debtors are entitled to petition to bankrupt themselves in accordance with the laws of the relevant jurisdiction. The decision to grant bankruptcy is therefore a matter for the relevant jurisdiction.  This is not something that NAMA can control. I am advised that as a secured...

Written Answers — Department of Finance: Mortgage Interest Rates (18 Jun 2015)

Michael Noonan: I met with senior management of Ireland's six main mortgage lenders on 19th and 21st May to discuss the issue of mortgage interest rates. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks. I outlined my view, that Standard Variable Rates being charged in the Irish market are too...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael Noonan: I thank the Deputy for his question. As he knows, I met with senior management of Ireland's six main mortgage providers in May. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks. I outlined my view that standard variable rates being charged in the Irish market are too high. There was agreement...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael Noonan: The purpose of the meetings was to ensure that persons with mortgages would get mortgages at cheaper rates. Whether they are variable-rate or fixed mortgages is a matter of choice with customers. A reduction in mortgage rates was the priority of those meetings. While AIB had announced a variable mortgage rate reduction before this series of meetings, I had previously met the incoming CEO...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael Noonan: As I said, significant progress has been made. A number of banks have offered fixed rate products at much lower rates than the variable rate. I draw attention in particular to the new set of fixed rate offers Bank of Ireland has made and the other banks and mortgage lenders will be coming forward in due course with their proposals. I gave them time and space until 1 July and I also...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: I note the release of a number of publications by the ESRI as part of its annual "Budget Perspectives" series, which is a welcome part of the information base leading up to the budget each year. I assume the paper to which the Deputy is referring is "Exploring Tax and Welfare Options". The paper indicates that a reduction in the 8% rate of USC or a cut in the top income tax rate would...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: It includes Deputy Doherty.

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: Sinn Féin is a high tax party and all of the bombast, rhetoric and personal remarks in the world will not get away from the fact that it is involved in fantasy economics and its proposals on a series of budgets do not add up. It is a tax and spend party and is entitled to take that position. It wants to raise taxes on everybody. Our position is different. We want to reduce taxes, in...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: The Deputy always forgets the difference between gross income and net income. A person with a gross income on PAYE at a salary or wage of €70,000 a year, which is using an example of someone who is very wealthy, pays more than €25,000 in personal income tax. Accordingly, the net income is less than €45,000. We are directing it from that level down. It is not from...

Ceisteanna - Questions - Priority Questions: Eurozone Crisis (23 Jun 2015)

Michael Noonan: At a European level, discussions regarding Greece take place among euro area finance Ministers in the context of the Eurogroup. The procedure for dealing with all programme countries is as follows. The three institutions, namely the European Commission, the ECB, European Central Bank, and the IMF, International Monetary Fund, conduct technical discussions with the authorities. Where...

Ceisteanna - Questions - Priority Questions: Eurozone Crisis (23 Jun 2015)

Michael Noonan: I have great sympathy for the Greek people and I have expressed this view on several occasions in the House. I have also been quite helpful to the Greek authorities in moving to the present position whereby realistic negotiations are taking place. I do not have the strong personal relationship that the Deputy's group and Sinn Féin have with the party of government in Greece because I...

Ceisteanna - Questions - Priority Questions: Eurozone Crisis (23 Jun 2015)

Michael Noonan: The Deputy is again ascribing views to me which I do not hold and which I have never held. My objective in negotiating on behalf of Ireland at the Eurogroup is to ensure the Eurogroup is preserved and there is no threat to the euro as the currency of the 19 countries in the group. I have stated on several occasions that I want Greece to remain as a constituent of the Eurogroup and continue...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: This issue has been raised with me by Deputies and others in recent months and I am conscious of the concerns involved. Capital acquisitions tax, CAT, applies to the beneficiary of a gift or inheritance rather than to the person making the gift or inheritance. Whereas the rate of CAT is 33%, each person has a number of lifetime thresholds for gifts and inheritances which they can receive...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: I am reviewing the whole ambit of the texts in the context of the forthcoming budget. The Deputy asked whether I would consider indexing the thresholds. The thresholds were previously indexed to inflation through the consumer price index, but this link was broken following the financial crash, as inflation was positive while property values were declining considerably. We want to be sure...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael Noonan: I will review the situation and I will take into account what the Deputy has said for the review.