Results 21,821-21,840 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I do not know if there will be an extraordinary finance Bill in the course of 2016 but I have no plans to do one. In the normal course of events, the issue would arise in deliberating next year's finance Bill.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I am not in a position to make any comment on motor tax as this is not a charge which falls within my area of responsibility. However, my response on the general point raised by the Deputy regarding the payment of tax by instalments is that the abolition of these arrangements would impose an unacceptable cost on the Exchequer. A core provision in the Revenue Commissioners' powers to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: This amendment proposes the preparation of a report on the taxation options of international and institutional investors in Irish REITs. The function of the REIT framework is not to provide any tax exemptions for investors, but rather to facilitate collective investment in rental property by removing the double layer of taxation which would otherwise apply to property investment via a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: The rules apply at home as if the investor were a typical small landlord who was renting a three-bedroom house. The income is treated is the same, except that it comes by way of dividend rather than rent. Capital gains tax is the same. It is far more flexible. One does not need to sell the house in order to get one’s money out; one need only sell the shares. A person who has an...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: It is too early. The legislation allowing REITs to set up investment funds was introduced in the 2013 Finance Bill. Many of the REITs did not actively invest for a year after they had accumulated the fund. It is very new. I agree with the Deputy’s point. In due course, an assessment must be done of how it is working, given that it was a novel scheme for Ireland, although it works...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: The period would have to be sufficiently lengthy in order for the information to be useful. Off the top of my head, I would say we would need five years of operation. I have just been told that in the general review cycle, the first review will take place next year. While I would not expect it to be very revealing, it might identify any particular problem that arises.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Yes. We will take into account what the Deputy has argued. His concerns are legitimate. However, the scheme is very good.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Deputy Richard Boyd Barrett tabled amendments Nos. 93 and 94, but, given that he was absent, they were dealt with very quickly. I have speaking notes on the amendments, which I wish to put on the record. I wish to clarify the position on local property tax in respect of houses affected by pyrite damage. I dealt with it in the response to a parliamentary question this morning. On foot of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: In general terms, the Bank of Ireland is a publicly quoted company. The State has 14% of its shares and private investors have the rest. The shares trade every day on the Dublin Stock Exchange and, more significantly, on the London Stock Exchange. Like any publicly quoted share, the shares rise and fall. I saw a reference to the transaction the Deputy referred to in the newspapers and the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Before we finish, I wish to signal that I will bring forward amendments on Report Stage and will give Members adequate notice of them.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I would like to thank the Chairman, his staff and his colleagues who have contributed fulsomely to this debate.

Written Answers — Department of Finance: Electric Vehicles (19 Nov 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the number of electric cars registered in each year from 2010 to 2014 and January to October 2015 is as outlined in the following table. Year New Used 2010 19 0 2011 56 1 2012 139 2 2013 46 14 2014 218 52 Jan to Oct 2015 454 85

Written Answers — Department of Finance: Income Data (19 Nov 2015)

Michael Noonan: In line with the projected pickup in economic activity over the medium term horizon, improvements in income are expected. In relation to labour income, projections underpinning Budget 2016 indicate that on a whole-economy basis average wage rates are expected to grow by an average of 2.5 per cent per annum over the period to 2020. This increase is driven by positive contributions from both...

Written Answers — Department of Finance: Banking Sector (19 Nov 2015)

Michael Noonan: The banks in which the State has a shareholding all include the cost of the Financial Advice Scheme as part of the wider costs of addressing mortgages in arrears. They do not disclose the cost of the scheme separately from Operating Costs, as listed in their respective financial reports. For further information on the implementation of the scheme the Deputy may wish to consult with the...

Written Answers — Department of Finance: Mortgage Interest Relief Application (19 Nov 2015)

Michael Noonan: As the Deputy will be aware, an overall package of measures has been agreed by Government in relation to the rental sector. As part of that package, an amendment to the tax code is to be introduced that will allow an increase in the deduction available to landlords in respect of interest paid on qualifying loans when calculating rental profits.  In general, a landlord is...

Written Answers — Department of Finance: Tax Compliance (19 Nov 2015)

Michael Noonan: The operation of Relevant Contracts Tax, and the electronic Relevant Contracts Tax (eRCT) system that underpins it, is a matter in the first instance, for the Revenue Commissioners. The Deputy will be aware that - (a) the eRCT system of tax deduction at source applies to payments made by principal contractors to sub-contractors; and (b) the PAYE system of tax deduction at source applies to...

Written Answers — Department of Finance: Banking Sector Regulation (19 Nov 2015)

Michael Noonan: I take it that the Deputy is referring to the Financial Stability Board's (FSB) Global Shadow Banking Monitoring Report which was published on 12 November, 2015. This report presents the results of the fifth annual monitoring exercise using data as of end 2014 for 26 jurisdictions - including Ireland for the first time - as a specific, detailed case study.  I welcome...

Written Answers — Department of Finance: Pensions Levy (19 Nov 2015)

Michael Noonan: The Deputy is referring 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 of 0.15%...

Written Answers — Department of Finance: Mortgage to Rent Scheme Data (19 Nov 2015)

Michael Noonan: The following is a breakdown of properties sold by each of the banks through the Approved Housing Body Mortgage to Rent Scheme: Bank Housing Agency MTR Scheme AIB 5 PTSB 10 Bank of Ireland have indicated that their Annual Report includes all required declarations to the market in relation to its Residential Irish Mortgage Portfolios. The most recent full year for which an Annual Report is...

Written Answers — Department of Finance: Pension Provisions (19 Nov 2015)

Michael Noonan: The European Court of Justice (ECJ) delivered a judgement on 25 April 2013 arising from an investigation of complaints under Directive 2008/94/EC on the protection of employees in the event of the insolvency of their employer and the resultant contractual obligations that derive under the transposition of that Directive by the Irish Government. The ECJ found in favour of the plaintiffs who...