Results 20,941-20,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Exports Data (22 Sep 2015)

Michael Noonan: I am aware of the phenomenon of 'contracted manufacturing'. This issue has been under observation for some time by my Department. Indeed, the economic review and outlook that accompanied Budget 2015 contained a detailed explanation of the issue. (). Exports grew by 13.6 per cent year-on-year in the second quarter of this year, with goods exports up over 16 per cent. Part of the...

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

Michael Noonan: In its June 2015 'Action Plan on Corproate Taxation', the European Commission announced that it would re-launch its Common Consolidated Corporate Tax Base (CCCTB) proposal sometime in 2016.   The re-launched proposal will be debated by Member States in two stages.  The Commission will first seek agreement on a common corporate tax base.  This will involve...

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

Michael Noonan: It is intended that the fiscal space of €1.2 billion to €1.5 billion outlined in the Spring Economic Statement will be split evenly between taxation and expenditure.  With regard to taxation, the fiscal space relates specifically to first year effect of measures introduced in 2016. Turning to expenditure, the fiscal space will be reflected in the...

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

Michael Noonan: Earlier this year, the UK company Standard Life plc offered its shareholders the option of having "return of value" payments due to them treated as income or capital, with treatment as income being the default position in the absence of shareholders choosing an option within a specified time which has now elapsed. From an Irish tax perspective, the position under current legislation is that...

Written Answers — Department of Finance: Illicit Trade in Tobacco (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that their action against the illegal trade resulted, in 2014 in the seizures of 53.4 million cigarettes. Up to end of August this year, some 44.1 million cigarettes have been seized. Notable seizures have included quantities of 7.68 million, 10.3 million and 9 million. Combating the illegal tobacco trade has been, and continues to be, a...

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

Michael Noonan: I assume the Deputy is referring to the concept of local public banking. The focus of such banks is on the needs of residents and SMEs within their own geographic catchment area. Local public banking could have the potential to complement Government policy in a range of areas such as improving competition in the banking market, augmenting competition and innovation in the SME finance market...

Written Answers — Department of Finance: Pensions Levy (22 Sep 2015)

Michael Noonan: I assume that this question refers to the stamp duty levies applying to the assets of funded pension arrangements introduced in 2011 to pay for the Jobs Initiative, the chargeable persons for which are the trustees of pension schemes and others responsible for the management of pension fund assets. The original 0.6% stamp duty levy on pension fund assets ended last year. The additional levy...

Written Answers — Department of Finance: Migration Issues (22 Sep 2015)

Michael Noonan: The Council of Europe Development Bank (CEB) recently announced that it proposes to establish a new "Migrant and Refugee Fund" grant facility to finance transit and reception centres in countries affected by the unprecedented influx of refugees into Europe. The proposal for a new Fund is consistent with the primary mandate of the CEB which is to help its Member States address social...

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

Michael Noonan: I am advised by the Revenue Commissioners that a breakdown of the stamp duty paid on shares between stock market traded shares and private company sale of shares as requested by the Deputy is not available. No distinction is made between companies which are incorporated in Ireland and those quoted on the Irish Stock Exchange for the purposes of stamp duty collection. As such, a breakdown of...

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

Michael Noonan: I am informed by the Revenue Commissioners that there is no P10 form or return required to be filed with them.  If the Deputy wishes to clarify his request, Revenue or my Department will endeavour to assist with any further questions.

Written Answers — Department of Finance: Universal Social Charge Application (22 Sep 2015)

Michael Noonan: The Universal Social Charge (USC) comprises an exemption provision and is calculated on the basis of five income bands and rates (including the surcharge for certain self-assessed non-PAYE income earners).  The SIPTU proposal, as I understand it, retains the USC but would introduce a Social Solidarity Contribution (SSC) credit of...

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

Michael Noonan: I am advised by Revenue that Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for a temporary exemption of at least three years from the charge to Local Property Tax (LPT) for residential properties that have been certified under Regulations made by the Minister for the Environment, Community and Local Government (S.I. No 147 of 2013) as having "significant...

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

Michael Noonan: I appreciate the difficult position many people find themselves in with respect to mortgage arrears.  While it would not be appropriate for me to intervene directly in individual cases there are a number of supports available that should be able to help.  With over 118,500 restructure arrangements already in place on primary dwelling homes, it is certainly possible to...

Written Answers — Department of Finance: VAT Payments (22 Sep 2015)

Michael Noonan: The VAT Margin Scheme may be applied to the sale of second-hand vehicles and second-hand agricultural machinery which meet the eligibility criteria of that Scheme. I am advised by Revenue that eligibility for the VAT Margin Scheme is a matter of fact which is not determined exclusively by the presentation of a Margin Scheme invoice.  In most cases, determination of eligibility...

Written Answers — Department of Finance: Home Repossession (22 Sep 2015)

Michael Noonan: The requested breakdown of repossession cases is not available in either the Central Bank or Department of Finance statistical data on residential mortgage arrears.  More generally in terms of interest rates on outstanding loans, the most recent Central Bank of Ireland Household Credit Market Report () indicates that as of quarter one of 2015, 43 per cent of all principal dwelling...

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

Michael Noonan: The Central Bank reports annually in its Annual Report on the unrealised capital gain on the holdings of bonds from the promissory note arrangement in 2013.  The 2014 Annual Report includes an unrealised capital gain on the floating rate notes of €9.1 billion. Unrealised gains contribute to the Central Bank's accounting reserves but not to its profits, unless or until the...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the tax credit available under the Home Renovation Incentive (HRI) scheme for works carried out from 25 October 2013 to 31 December 2013 is granted by reducing an individual's tax liability for 2015 and 2016. The tax credit will be applied to the person concerned when she files her Income Tax returns for 2015 and 2016. The 2015 return can be...

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

Michael Noonan: Maintaining a low tax burden on labour is key to incentivising labour supply and to preserving Ireland's attractiveness as a location for foreign and domestic capital to invest and create jobs. The potential behavioural impacts of reduced taxes on labour are an important consideration particularly in light of the effect that lower labour taxes can have in incentivising participation in...

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

Michael Noonan: The Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account to promote financial inclusion. A pilot project for a Standard Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the pilot, which the Financial Inclusion Working Group felt was disappointing. The Report...

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

Michael Noonan: In response to the Deputy's question, please find outlined below the status of internal audit across my Department; internal audit's relationship with external auditors and audit committees, as well as internal audit's adherence to professional standards. Status of Internal Audit The Internal Audit Unit of the Department of Public Expenditure and Reform (DPER) provides an internal...