Results 21,501-21,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banks Recapitalisation (17 Nov 2015)

Michael Noonan: As the Deputy may be aware, I have previously addressed this issue comprehensively during my appearance before the Joint Oireachtas Committee of Inquiry into the Banking Crisis ( the Inquiry). My position on burden sharing with senior bondholders is consistent. I thought that we should burden share with senior bondholders of Anglo and INBS, but that we should do...

Written Answers — Department of Finance: Corporation Tax (17 Nov 2015)

Michael Noonan: At 12.5%, Ireland has one of the most competitive headline corporate tax rates in the OECD.  This rate is applied to a broad base a policy which is endorsed by the likes of the OECD as it is good for growth in our economy. Our competitive rate of corporation tax has been an important part of our industrial policy since the 1950s, and has attracted real and substantive operations to...

Written Answers — Department of Finance: Budget Measures (17 Nov 2015)

Michael Noonan: Exemption from Stamp Duty (Section 70 Finance (No. 2) Act 2013) Exemption from Stamp Duty on the transfer of shares of companies listed on the Enterprise Securities Market of the Irish Stock Exchange, remains subject to State Aid approval.  The proposed measure aims to encourage entrepreneurs and growing businesses to use public equity markets as a source of funding for growth and the...

Written Answers — Department of Finance: Financial Services Sector (17 Nov 2015)

Michael Noonan: In accordance with the Irish Collective Asset-management Vehicle ('ICAV') Act 2015, the Central Bank of Ireland ('the Bank') is the registration body for ICAVs.  The Bank is also the authorisation body for alternative investment funds (AIFs) or undertakings for collective investment in transferable securities (UCITS). ICAVs must be registered as ICAVs and authorised as...

Written Answers — Department of Finance: Bank IT Systems (17 Nov 2015)

Michael Noonan: Payment and securities settlement systems are essential to the efficient functioning of all modern economies and the Central Bank of Ireland is responsible for ensuring that payment systems and associated settlement systems are in place to meet the needs of all users. The Central Bank has informed me that it has engaged extensively with the banks and the Banking and...

Written Answers — Department of Finance: Budget Measures (17 Nov 2015)

Michael Noonan: Estimates of the gross and net fiscal space for the period 2016 to 2021 can be found in Tables A8 and A9 on pages C.50 and C.51 of the Budget 2016 book - . As the use of the available fiscal space for 2016 was set out in the Budget, I assume the Deputy is seeking information for the period from 2017 to 2021.  For the convenience of the Deputy the gross and net fiscal space for the period...

Written Answers — Department of Finance: State Banking Sector (17 Nov 2015)

Michael Noonan: In relation to AIB, the recently announced capital reorganisation is expected to generate proceeds via the redemption of preference shares and accrued interest, however these monies are expected to come through in 2015.  Next year the Contingent Capital Notes, or "CoCos", will mature and these will generate their full nominal value of €1.6 billion, plus a year's interest...

Written Answers — Department of Finance: Stock Markets Regulation (17 Nov 2015)

Michael Noonan: In 2008, Ireland, along with a number of European countries introduced a ban on the short-selling of stocks, following the Lehman's collapse. This temporary prohibition applied to the shares of banks admitted to trading on the regulated market operated by the Irish Stock Exchange the Main Securities Market.  The ban was removed from midnight on 30 December 2011. In the aftermath of...

Written Answers — Department of Finance: VAT Rate Application (17 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the annual turnover threshold for VAT registration depends on the nature of the business carried on. In general, there are two thresholds: the goods threshold, which is currently €75,000, and the services threshold, which is €37,500. These thresholds were increased to their current values in the Finance Act 2008. Different VAT...

Written Answers — Department of Finance: VAT Rate Application (17 Nov 2015)

Michael Noonan: I have been advised by the Revenue Commissioners that childcare is exempt from VAT as it falls within the exempted activities outlined under paragraph 4 of Schedule 1 of the Value-Added Tax Consolidation Act 2010. The exemption applies to a wide range of commercial and community childcare services including crèche and Montessori centres, playschools and community childcare facilities. ...

Written Answers — Department of Finance: Greenhouse Gas Emissions (17 Nov 2015)

Michael Noonan: On 6 November I and my colleague the Minister for Transport, Tourism and Sport received a letter from Mr. Matthias Müller, the Chief Executive Officer of Volkswagen AG. The letter refers to the recent discovery by the Volkswagen Group of discrepancies in the CO2 emissions contained on the type approvals of a number of vehicles produced by the Volkswagen Group. ...

Written Answers — Department of Finance: Fuel Quality (17 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that they are responsible for the collection of tax on motor fuels and have implemented a comprehensive strategy to address fuel fraud. This strategy, which includes a number of measures to secure the integrity of the fuel supply chain and the introduction of a new marker for rebated fuel, has been successful in tackling fuel fraud and this is...

Written Answers — Department of Finance: Banking Operations (17 Nov 2015)

Michael Noonan: As the Deputy is aware, I have no direct function in the relationship between banks and their customers, and intervention in specific cases would be inappropriate. The banks are run on an independent and commercial basis. Decisions taken by the banks are a matter for the board and management of the relevant institution. The Relationship Frameworks define the 'arm's length'...

Written Answers — Department of Finance: Tax Collection (17 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that data relating to the net receipts for Capital Acquisitions Tax (CAT) are available from the statistics webpage of the Revenue website at . In particular, in relation to the Deputy's Question, estimated geographical breakdowns of CAT receipts for the years 2011 to 2014 are available at . The estimated breakdowns are calculated on the basis of...

Written Answers — Department of Finance: NAMA Property Rental (17 Nov 2015)

Michael Noonan: NAMA does not own or manage properties and is not, in any instance, a landlord. NAMA has acquired loans. Its role in relation to properties is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are managed by the appointed receiver/administrator, properties continue to be managed by their original owners. Therefore, it is NAMA debtors and...

Written Answers — Department of Finance: Tax Exemptions (17 Nov 2015)

Michael Noonan: Section 469 of the Taxes Consolidated Act 1997 provides for tax relief in respect of health expenses incurred in the provision of health care. The section defines "health care" as the "prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability" and provides that "health expenses" includes certain costs incurred in the provision of health care...

Written Answers — Department of Finance: VAT Rate Reductions (17 Nov 2015)

Michael Noonan: The amount on which VAT is chargeable, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, is the total consideration receivable by the supplier, "including all taxes, commissions, costs and charges whatsoever" but not including the VAT itself. VAT is governed by the EU VAT Directive, with which Irish VAT law must comply.  Article 78 of the VAT Directive...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The universal social charge, USC, was introduced in the 2011 budget to replace the income levy and the health levy. It was a necessary measure to widen the tax base, remove poverty traps and maintain revenue to reduce the budget deficit. It was a more sustainable charge than those it replaced. It is applied at low rates on a wide base. The USC, like the income levy before it, does not...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: First, it would be very expensive, and then there are technical considerations that would make it hard to do. There would be crossovers through other pensioners whose pensions were from other sources. For all those reasons, I am not prepared to do it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: We do not have an estimate but there is general recognition that it would be quite expensive.