Results 22,761-22,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Corporation Tax Regime (17 May 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal state aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. This announcement is part of a much wider review of tax ruling practice that is currently being undertaken by the European Commission covering all 28 Member...

Written Answers — Department of Finance: Mortgage Applications Approvals (17 May 2016)

Michael Noonan: Recent data published by Banking and Payments Federation Ireland indicates that, in the three month period ending March 2016, the average number of mortgage approvals declined by 13.7% on a year on year basis.  (For first time borrowers, the year on year decline was a little greater at 15%).  In terms of the value of mortgage approvals, the year on year decline was 14%. ...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (17 May 2016)

Michael Noonan: I presume that the Deputy is referring to Activate Capital, a €500m non-bank financing platform established by ISIF and investment group KKR to invest on a commercial basis in residential development projects in Ireland. Activate has been operationally up and running since January 2016 and in that time has created a significant pipeline of investments. Activate recently...

Written Answers — Department of Finance: Motor Insurance Regulation (17 May 2016)

Michael Noonan: 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 objective of the Review is to identify the features of a motor insurance compensation framework for Ireland that is comprehensive, effective, affordable and consumer-focused. The Review will make...

Written Answers — Department of Finance: Property Tax Administration (17 May 2016)

Michael Noonan: In his report on his review of the Local Property Tax which was published on Budget Day 2015 Dr Thornhill makes a number of recommendations. His central recommendation is for a revised system whereby a minimum level of LPT revenues in each local authority area would be determined by Government, ideally having regard to the apportionment between local authority areas of the historic yield....

Written Answers — Department of Finance: Tax Collection (17 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the overwhelming majority of taxpayers file and pay their taxes and duties on time. This is evidenced by the fact, for example, that in 2015 timely payment and return compliance ranged from 85% for the smallest cases to 98% for the largest cases. Timely compliance for Local Property Tax was 97%. I know that Revenue has a strong focus on...

Written Answers — Department of Finance: Banks Recapitalisation (17 May 2016)

Michael Noonan: As I have said previously I see no benefit in making an application for retrospective use of the ESM's Direct Recapitalisation Instrument (DRI). During the period between June 2012, when the agreement was reached regarding retrospective recapitalisation, and December 2014, when the DRI tool became operational, the Irish economy recovered significantly and the options available for the...

Written Answers — Department of Finance: Tax Exemptions (17 May 2016)

Michael Noonan: As with all tax areas capital acquisitions tax, including the details of rates, tax-free thresholds, reliefs and exemptions, is kept under review. As part of Budget 2016 I raised the Group A threshold applying to gifts and inheritance from parents to their children from €225,000 to €280,000. This represented an increase of about 25%. I did this in recognition of the improving...

Written Answers — Department of Finance: Programme for Government (17 May 2016)

Michael Noonan: Officials in my Department are currently reviewing the content of the Programme for Government and, in this case, the matter of the establishment of a rainy day fund. This commitment forms part of the stated aim of this and the previous Government to maintain sound public finances. In considering this commitment, my officials are examining the necessary key features of such a fund,...

Written Answers — Department of Finance: Tax Relief Availability (17 May 2016)

Michael Noonan: The Deputy may be aware that, subject to certain limits, contributions to pension schemes and products are relieved from income tax at the individual's marginal rate. This is a generous relief intended to encourage pension saving. The growth of pension funds is also exempt from tax. Upon retirement a person is generally entitled to a potentially quite sizable tax-free lump sum, with the...

Written Answers — Department of Finance: Property Tax (17 May 2016)

Michael Noonan: Section 156 of the Finance (Local Property Tax) Act 2012 provides the legal basis by which any arrears of Household Charge that were still outstanding on 1 July 2013 were converted to a Local Property Tax liability of €200 per property. Section 156 also made Revenue responsible for collecting the arrears. Specifically, Section 156(3) provides that any liability to Household Charge...

Written Answers — Department of Finance: Credit Union Fund (17 May 2016)

Michael Noonan: I have been informed by the Central Bank that section 44 of the Credit Union Act, 1997 provides that a credit union may establish a special fund to be used by the credit union for such social, cultural or charitable purposed (including community development) where it is approved by a resolution passed by a majority of its members present and voting at a general meeting. Funds established...

Written Answers — Department of Finance: Dormant Accounts Fund (17 May 2016)

Michael Noonan: Dormant Accounts legislation is a matter for the Department of the Environment Community and Local Government (DECLG). The Dormant Accounts Act, 2001 (as amended) provides for accounts in credit institutions to be transferred to the Dormant Accounts Fund when an account has been dormant for 15 years. Credit unions are currently not subject to the dormant accounts legislation....

An Teanga Gaeilge: Statements (18 May 2016)

Michael Noonan: Fáiltím roimh an deis Iabhairt faoin nGaeilge sa Dáil. Tá sé tráthúil go bhfuil an deis seo againn, tráth a bhfuil Rialtas nua ag dul i mbun oibre agus clár Rialtais cuimsitheach le cur i bhfeidhm. Tá spriocanna sonracha leagtha síos sa chlár sin maidir le forfheidhmhiú na Straitéise 20 Bliain don Ghaeilge, cruthú...

An Teanga Gaeilge: Statements (18 May 2016)

Michael Noonan: Is féidir é a chur-----

An Teanga Gaeilge: Statements (18 May 2016)

Michael Noonan: Tá níos mó Gaeilge anseo ná mar atá-----

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (18 May 2016)

Michael Noonan: As the Deputy is aware, the  Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 deliberately did not include owners of credit within its remit. However, relevant borrowers, whose loans are sold to third parties, maintain the same regulatory protections they had prior to the sale, including under the various statutory codes, such as the consumer protection code, code of...

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (18 May 2016)

Michael Noonan: When we were drafting the Bill, as the Deputy is aware, the legislation deliberately regulated the interface with the borrower. If the owner acts as his or her own agent, he or she is caught in the legislation. If the owner instructs the regulator to do anything contrary to law, penalties are applied. Since our last conversation some weeks ago, I have gone over it again and I cannot see...

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (18 May 2016)

Michael Noonan: The counter argument is that if the owner acts as his or her own agent, he or she is caught by the legislation. Given that the owner is hands-off in terms of the interface with the borrower, he or she cannot act as the Deputy suggests he or she may. If the owner crosses the line and begins to act as the Deputy says he or she may act, he or she is caught by the legislation. If the Deputy is...

Ceisteanna - Questions - Priority Questions: Code of Conduct on Mortgage Arrears (18 May 2016)

Michael Noonan: The Central Bank's code of conduct on mortgage arrears, CCMA, provides a strong consumer protection framework to ensure that each borrower who is experiencing genuine difficulty in meeting the repayments on a mortgage secured on a primary home is treated in a timely, transparent and fair manner by lenders. The CCMA recognises that it is in the interests of borrowers and lenders to...