Results 22,461-22,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance Regulation (22 Mar 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation but cannot interfere in the provision or pricing of insurance products.  The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing, or terms and conditions of...

Written Answers — Department of Finance: VAT Rate Reductions (22 Mar 2016)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. Construction services already avail of the reduced VAT rate of 13.5% while most economic activity is subject to the standard VAT rate of 23%.  Ireland has historically applied the 13.5% reduced rate of VAT to all construction services under a derogation from the EU VAT Directive.  This derogation is only...

Written Answers — Department of Finance: Tax Code (22 Mar 2016)

Michael Noonan: The Deputy will be aware that landlords are liable to tax on their net rental profit after deduction of allowable letting expenses, and not on the gross rental income received.  As regards properties that are rented, a landlord may be allowed a deduction of 75% of the interest paid on borrowed money used to purchase, improve or repair rented premises when calculating rental income....

Written Answers — Department of Finance: VAT Rate Application (22 Mar 2016)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. Parts or accessories for, together with servicing of, defibrillators and defibrillator training are also liable to VAT at the standard rate. There is no...

Written Answers — Department of Finance: Tax Reliefs Application (22 Mar 2016)

Michael Noonan: The Deputy asked about the rent-a-room relief, and I am advised by the Revenue Commissioners that rent-a-room relief is provided for in section 216A of the Taxes Consolidation Act (TCA) 1997. Under section 216A, sums arising to an individual in respect of the letting of a room or rooms as residential accommodation in his or her home and from meals or other services supplied in connection...

Written Answers — Department of Finance: EU Investigations (22 Mar 2016)

Michael Noonan: Given the confidential and legal nature of the ongoing process I do not propose to make a detailed comment on the matter at this time, save to say that Ireland has co-operated fully with the EU Commission's investigation since the first information request was received in June 2013.  We have submitted comprehensive responses throughout the process to address...

Written Answers — Department of Finance: Central Bank of Ireland (22 Mar 2016)

Michael Noonan: In February 2015 the Central Bank of Ireland, in line with its mandate to safeguard financial stability, put in place macro-prudential measures for new residential mortgage lending.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The...

Written Answers — Department of Finance: Tax Collection (22 Mar 2016)

Michael Noonan: I understand that a number of the funds referred to operating in the residential and commercial property sector are 'qualifying companies' within the meaning of section 110 Taxes Consolidation Act 1997.  As such the profits of the qualifying company are chargeable to tax at 25% (under Schedule D, Case III) but are computed by reference to the rules applicable to trading companies...

Written Answers — Department of Finance: VAT Rate Application (22 Mar 2016)

Michael Noonan: VAT law is governed by the EU VAT Directive, with which Irish VAT law must comply.  The EU VAT Directive makes specific provision under Articles 148 and 169, for a zero rate of VAT to apply to the supply of vessels for rescue or assistance at sea.  Irish VAT law transposed this provision in 1978 by providing that the zero rate of VAT apply to the supply of large vessels used for sea...

Written Answers — Department of Finance: Insurance Compensation Fund (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 82 and 83 together. The Minister for Transport, Tourism and Sport and I have asked our officials to carry out a review of the framework for motor insurance compensation in Ireland. The work on this review is advanced and it is anticipated that the Joint Group will report to us in the coming weeks.  The...

Written Answers — Department of Finance: Living City Initiative (22 Mar 2016)

Michael Noonan: I assume the Deputy is referring to the Living City Initiative, which was enacted in the Finance Act 2013 and commenced on 5th May 2015. This Initiative has been extended beyond the original planned pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny as well. In line with my Department's commitment to evidence based...

Written Answers — Department of Finance: Tax Code (22 Mar 2016)

Michael Noonan: I do not have any immediate plans to reduce the rate of capital gains tax (CGT) or to increase the allowable tax-free annual gain. In common with all taxes, however, CGT is subject to on-going review, in which the rate of tax and all reliefs and exemptions are carefully considered. However, decisions concerning changes to taxes, generally, are taken in the course of the Budgetary and Finance...

Written Answers — Department of Finance: Universal Social Charge (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 86 to 88, inclusive, and 90 and 92 together. I am advised by the Revenue Commissioners that a Post-Budget 2016 Ready Reckoner is available on the Revenue Statistics webpage at. In relation to the Deputy's Questions regarding the reduction or abolition of the current USC rates, this Ready Reckoner shows a wide range of detailed information, including the...

Written Answers — Department of Finance: Fiscal Policy (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 89 and 91 together. Estimates of the fiscal space for the period 2017 to 2021 were provided in the documentation accompanying the Budget last October.  These remain the most up-to-date estimates.  On this basis, after providing for pre-committed expenditure (demographics, pay increases under the Lansdowne Road Agreement, expenditure increases as...

Written Answers — Department of Finance: Tax Reliefs Data (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 93 to 97, inclusive, together. I am advised by the Revenue Commissioners that, regarding the first three questions, a breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available as tax returns by employers (of employee contributions) to such schemes are aggregated and do not provide the detail per employee...

Written Answers — Department of Finance: Tax Code (22 Mar 2016)

Michael Noonan: I understand that the Deputy is proposing to apply a tax on the profits of tobacco  companies. In Ireland profits of companies are taxed through corporation tax. Ireland's corporate tax rate of 12.5% on trading income is akin to a brand and is an important part of the Government's strategy of creating an enterprise friendly environment to attract jobs and investment to...

Written Answers — Department of Finance: Company Law (22 Mar 2016)

Michael Noonan: I understand that one aspect of the Deputy's question is referring to the close company surcharge, which has specific objectives as described hereunder. Broadly speaking, a close company is a company under the control of 5 or fewer participators (including their associates), or of participators who are directors. The vast majority of companies registered for corporation tax in Ireland are...

Written Answers — Department of Finance: VAT Rate Application (22 Mar 2016)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The VAT Directive does not make specific provision for a reduced or zero rate, or an exemption from VAT, to apply to safety equipment, including helmets and visibility clothing.  As such, they are subject to the standard VAT rate, which is currently...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Mar 2016)

Michael Noonan: Notwithstanding the fact that the State is a shareholder in a number of banks, I must ensure that these banks are run on a commercial and independent basis to ensure the value of the banks as an asset to the State. Decisions taken by the banks are a matter for the board and management of the relevant institution. The Relationship Framework Agreements define the 'arm's length' nature of the...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Administration (22 Mar 2016)

Michael Noonan: I am advised by the Revenue Commissioners that if an individual wishes to avail of the Home Renovation Incentive, the contractor must provide the Revenue Commissioners with certain information before the contractor commences work and before the individual pays the contractor for the work.  If the contractor refuses to input the work details the individual should contact their local...