Results 22,541-22,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Local Authority Members' Remuneration (14 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that while statutory redundancy payments are exempt from income tax, any additional ex-gratia or termination payments, such as those made to local authority councillors on retirement, are chargeable to tax. Such payments may qualify for the partial exemption provided for in section 201 of the Taxes Consolidation Act 1997(the Act). This exemption is...

Written Answers — Department of Finance: IBRC Liquidation (14 Apr 2016)

Michael Noonan: As the Deputy is aware, the Special Liquidators of IBRC cannot discuss confidential customer information with third parties.  Notwithstanding this, I have been advised that the correspondence which you supplied was passed onto the Special Liquidators and a response has been issued.

Written Answers — Department of Finance: NAMA Social Housing Provision (14 Apr 2016)

Michael Noonan: I, and my officials, engage regularly with NAMA on issues such as social housing and residential supply more generally to benefit from NAMA's understanding and activity in the market; to better understand how NAMA's activity may have an impact on the market and to challenge NAMA to evaluate opportunities in line with objectives that may make a difference in the market. ...

Written Answers — Department of Finance: Tax Code (14 Apr 2016)

Michael Noonan: The Irish tax code does not penalise speculation in distressed residential debt, nor does it reward such speculation: it is neutral as to the intention of the investor. What should give the Deputy comfort however, is that the transfer of a loan from one entity to another does not change the terms of the contract or the borrower's rights and obligations under the original...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (14 Apr 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, and an exemption from motor tax in respect of that vehicle, and relief on fuel costs (up to a certain limit). As the Deputy...

Written Answers — Department of Finance: Irish Collective Asset Management Vehicles (14 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 85 to 88, inclusive, together. Irish collective asset management vehicles (ICAVs) were introduced in 2015 as a measure to develop and enhance Irish competitiveness in the funds industry in Ireland and to promote employment in the State.   Qualifying Investor Funds, once authorised by the Central Bank, fall under the definition of an...

Written Answers — Department of Finance: Tax Relief Data (14 Apr 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the table below presents the tax cost (€770m) of the deductions and allowances in question, which are currently allowable for tax at an individual's marginal rate of income tax, the cost were these to be confined to the standard rate (€479m) and the resulting difference or saving to the Exchequer (€291m).  A breakdown...

Written Answers — Department of Finance: Tax Yield (14 Apr 2016)

Michael Noonan: The position is that at end-March 2016, corporation tax receipts were €305 million or 87.3 per cent higher than expected at €654 million.  I am advised by the Revenue Commissioners, that the over-performance in the first quarter of 2016, is primarily due to a number of unexpected payments, c. €300 million, from a small number of large multinational companies. I...

Written Answers — Department of Finance: Banking Operations (14 Apr 2016)

Michael Noonan: In the first instance, I should highlight that the Deputy's question refers to events that may have taken place in 2009, at a time when I was not Minister for Finance. Notwithstanding this, I can confirm that I have no knowledge of the matter as described by the Deputy.

Written Answers — Department of Finance: State Claims Agency (14 Apr 2016)

Michael Noonan: In answer to the Deputy's question I wish to state that I have no role in the appointment of barristers to the State Claims Agency's panels. The selection of barristers for such panels is entirely a matter for the SCA itself.   As the Deputy will be aware the NTMA is a statutory body which reports to me in my capacity as Minister for Finance. The NTMA is designated as the State...

Written Answers — Department of Finance: VAT Yield (14 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the information furnished on VAT returns does not require the yield from particular activities or products to be identified, and therefore it is difficult to estimate the VAT yield for the sector mentioned by the Deputy. However, based on information extrapolated from various data sources, it is estimated that the amount of Value Added Tax...

Written Answers — Department of Finance: Property Tax Administration (14 Apr 2016)

Michael Noonan: I am advised by Revenue that owners of more than one residential property are required to  meet their Local Property Tax (LPT) filing and payment obligations electronically in accordance with Section 44 of the Finance (Local Property Tax) Act 2012 (as amended). The Act does not provide for such property owners to pay their LPT liabilities through the approved payment service providers,...

Written Answers — Department of Finance: EU Directives (14 Apr 2016)

Michael Noonan: The Department received nineteen submissions in response to the 4th European Union Anti-Money Laundering Directive and Funds Transfer Regulation - Public Consultation on Member State Discretions. Of these, there are two submissions that favour full public access to the register of beneficial ownership of corporate and other legal entities. These two submissions support the...

Written Answers — Department of Finance: Financial Services Regulation (14 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 96 and 106 together. The Central Bank of Ireland has informed me that it does not securitise or sell assets of regulated financial service providers and it is prevented from commenting on the commercial decisions of regulated financial service providers. As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015...

Written Answers — Department of Finance: Tax Credits (14 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 97 to 105, inclusive, together. I am advised by the Revenue Commissioners that a breakdown of the estimated yield which would arise from the measure outlined in Parliamentary Question Number 139 of 6 April 2016 is provided in the following table. Credit First Year €m Full Year €m Personal Credit 404.76 586 PAYE Credit 189.54 243 Earned...

Written Answers — Department of Finance: Tax Code (14 Apr 2016)

Michael Noonan: As the Deputy may be aware, in general, there are no special income tax reliefs for unmarried couples living together.  In this context, tax law follows the general law relating to marriage. The basis for the current taxation of married couples derives from the Supreme Court decision in Murphy v. the Attorney General (1980) which held that it was contrary to the Constitution...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Administration (14 Apr 2016)

Michael Noonan: The Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2016. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence, or by landlords on a rental property. Qualifying expenditure is...

Written Answers — Department of Finance: Insurance Coverage (14 Apr 2016)

Michael Noonan: 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 those risks.  As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (14 Apr 2016)

Michael Noonan: I am advised by Revenue that in the particular case concerned, the car was not registered, and therefore VAT or VRT was not borne or paid, prior to the death of the primary medical certificate holder. Additionally, it is a condition of the scheme that the car must be used for the transport of the person with a disability. I am assured by Revenue that there was no delay in processing the...

Written Answers — Department of Finance: Fiscal Data (14 Apr 2016)

Michael Noonan: As the Deputy will be aware, estimates of fiscal space for the period 2016 - 2018 were published by my Department in the documentation accompanying the 2016 Budget last October. Updated figures are being prepared by my Department as part of the preparations for SPU 2016. These will take account of any updated assumptions including general government expenditure levels for 2015 due to be...