Results 20,881-20,900 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget Submissions (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 300 and 304 together. The issue of equality proofing the budget and the proposal for an independent budget office are not the same, although there is an element of overlap. Dealing with the latter first, my Department is working with the Department of Public Expenditure and Reform on proposals to establish an independent budget office. The intention is to...

Written Answers — Department of Finance: Departmental Schemes (22 Sep 2015)

Michael Noonan: The Cycle to Work scheme is essentially an environmental measure. It was introduced on that basis to help lower carbon emissions, reduce traffic congestion, encourage more employees to cycle to work and also to help improve health and fitness levels. However, as children tend to receive bicycles from their parents there is a concern that such an extension to the scheme would become a subsidy...

Written Answers — Department of Finance: Budget Submissions (22 Sep 2015)

Michael Noonan: I can confirm that a submission from the Asthma Society of Ireland has been received.   To date my Department has received in the order of 400 Pre-Budget Submissions from a wide range of groups and individuals. These are being considered by the relevant officials in the context of Budget and Finance Bill preparation. However the Deputy will be aware that it is not the practice of the...

Written Answers — Department of Finance: Economic Policy (22 Sep 2015)

Michael Noonan: The development of the digital economy is a key plank of Ireland's economic development strategy. The Government keeps under review various initiatives, which could help Ireland reap the full rewards of a digitally enabled society. There continues to be significant growth of the digital economy in Ireland, including in payments, for example there has been a 26% increase in active...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: Preparations for Budget 2016 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment on what changes, if any, are being considered to the CGT rate or any other tax measure.

Written Answers — Department of Finance: Carbon Tax Exemptions (22 Sep 2015)

Michael Noonan: Carbon Tax is an environmental tax which was introduced to send a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment.  Carbon tax is seen as a way to promote the reduction in overall emissions in order to reach our EU 2020 emission targets on greenhouse gases. Carbon tax was introduced in Budget 2010 on a phased...

Written Answers — Department of Finance: Milk Prices (22 Sep 2015)

Michael Noonan: I have no plans to introduce a scheme that would allow farmers to delay payment of taxes. As the Deputy will be aware, income averaging is available to farmers in recognition of the volatility of their income, which I believe is ultimately more beneficial than delaying the payment of tax. The Deputy may be aware that following the review of agri-tax measures that was carried out in...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there are no provisions in the Capital Gains Tax (CGT) code whereby a person can defer payment of CGT in respect of shares which are sold. The rate of CGT that will apply to the sale of the shares is the rate applying on the date the contract for the sale of the shares is entered into.

Written Answers — Department of Finance: Ministerial Meetings (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 309 and 310 together. I would like to confirm to the Deputy that I have not had meetings with Start Mortgages, nor do I have any meetings scheduled with that company. However, I have just concluded a second set of meetings with senior management of Ireland's six main mortgage lenders to review mortgage interest rates and my...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 311 and 356 together. On 28 July 2015 following an enforcement investigation by the Central Bank of Ireland, permanent tsb announced details of a comprehensive Mortgage Redress Programme (MRP) to address the position of 1,372 mortgage customer accounts which lost a contractual right to a tracker rate mortgage in circumstances where there was a failure...

Written Answers — Department of Finance: Financial Services Regulation (22 Sep 2015)

Michael Noonan: The question of a regulation regime for receivers is a matter for my colleague, the Minister for Justice and Equality, and was addressed in her response to a Private Members Motion in the Seanad on 6 May of this year. As the Minister pointed out at that time, receivers are normally accountants or solicitors and are subject both to the regulatory and disciplinary regime applicable to...

Written Answers — Department of Finance: Government Expenditure (22 Sep 2015)

Michael Noonan: The Ireland Strategic investment Fund (ISIF) have advised that they will invest €7.6 billion across industry sectors, regions and asset classes in Ireland.  As at 30 June 2015, the ISIF, mainly through investments made by its predecessor fund the NPRF, has committed €1.5 billion to investments aligned with its mandate which has a drawn market value of...

Written Answers — Department of Finance: Infrastructure and Capital Investment Programme (22 Sep 2015)

Michael Noonan: In the absence of full information on the specifics of the UK related investment by Cisco it is difficult to respond in detail on that particular case, which may or may not involve vendor financing. The National Development Finance Agency (NDFA) advise that the vendor financing model typically refers to a financial structure whereby an equipment manufacturer provides loans...

Written Answers — Department of Finance: Insurance Industry (22 Sep 2015)

Michael Noonan: In my role as Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation. The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet these...

Written Answers — Department of Finance: Cycle to Work Scheme Administration (22 Sep 2015)

Michael Noonan: The Cycle to Work Scheme exempts (from income tax, employee PRSI and levies) the benefit in kind arising from the provision of a bicycle / cycle safety equipment by an employer to an employee (or director), where the bicycle is used by the employee to cycle to and from work or between workplaces. I have no plans to amend the Scheme as suggested since the concept of benefit in kind does...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: The State pension, including any increase for a qualifying adult dependent, is chargeable to income tax. Where an individual is entitled to the State pension and such pension is increased by virtue of that individual having a qualifying adult dependant, it remains one pension for tax purposes. Therefore the whole of such income, i.e. State pension plus adult dependant element, has always been...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: I am conscious of the challenges that individuals continue to face, particularly those who purchased homes at the peak of the property market, despite the improving economic conditions. All those paying USC and /or income tax are benefitting from the tax package announced in the last Budget, and as the Deputy is aware, I have stated my intention to prioritise further reductions in...

Written Answers — Department of Finance: Banking Sector (22 Sep 2015)

Michael Noonan: The European Communities Payment Services Directive (PSD) which was transposed into Irish legislation on 1 November 2009, ensures that the same legal framework applies to all payments made within Europe whereby businesses and consumers can make payments securely, cost effectively and efficiently. The PSD establishes the necessary legal framework for Single Euro Payments Area (SEPA) payments...

Written Answers — Department of Finance: Tax Reliefs Availability (22 Sep 2015)

Michael Noonan: I have no plans to introduce an incentive along the lines suggested by the Deputy. The Deputy will appreciate that tax reliefs and exemptions have costs which have to be paid for and their introduction must be considered only where there is a clear economic and social policy need to be addressed. As you will appreciate, I receive numerous requests for the...

Written Answers — Department of Finance: Vehicle Registration (22 Sep 2015)

Michael Noonan: I am advised by Revenue that vehicles are classified for Vehicle Registration Tax (VRT) primarily by reference to the EU category of the vehicle. Revenue determines the EU category, in the case of a used vehicle that has been modified, by reference to documents submitted in support of the declaration for registration. The VRT rate is determined, if it is a category A vehicle, on the basis of...