Results 22,881-22,900 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rebates (24 May 2016)

Michael Noonan: I am advised by Revenue that the person concerned applied for tax relief under the Disabled Drivers and Passengers Scheme in respect of a change of car. This application has been approved and an exemption notification will be available to download by the person concerned on 10 June 2016. The delay in availability of the exemption is due to the fact that beneficiaries of the scheme are...

Written Answers — Department of Finance: Banking Sector (24 May 2016)

Michael Noonan: As the Deputy is aware, markets react quickly to new information as and when it becomes available. In relation to the current issue, the key date was 9 May when there was wide media coverage including an article in the Irish Times which reported that the Deputy "hopes to publish a Bill within two weeks which will propose giving the Central Bank extra powers to help it to coerce...

Written Answers — Department of Finance: Capital Expenditure Programme (24 May 2016)

Michael Noonan: As detailed in Parliamentary Question (PQ) Number 202 (of 17/05/2016), under the expenditure benchmark, only investment in Gross Fixed Capital Formation (GFCF), based on the annual general government GFCF out-turn as produced by the Central Statistics Office, is permitted to be averaged over a four year period by the European Commission. Capital expenditure not defined as GFCF...

Written Answers — Department of Finance: NAMA Portfolio (24 May 2016)

Michael Noonan: I would advise the Deputy that NAMA does not own property.  NAMA acquired loans and its relationship to property is that of a secured lender; the same, for example, as AIB or Bank of Ireland. In that capacity, NAMA holds security over properties that are owned by its debtors or, in the case of enforcement, which are managed on behalf of those debtors by duly appointed insolvency...

Written Answers — Department of Finance: Tax Code (24 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for 'agricultural relief'. The relief takes the form of a...

Written Answers — Department of Finance: Tax Credits (24 May 2016)

Michael Noonan: The legislation governing entitlement to the incapacitated child tax credit is contained in section 465 of the Taxes Consolidation Act 1997, as amended.  The legislation provides that an individual is entitled to the tax credit for a year if he or she proves that at any time during that year he or she had a child living who is under 18 years of age and is permanently incapacitated by...

Written Answers — Department of Finance: Revenue Commissioners (24 May 2016)

Michael Noonan: I am advised by Revenue that its clear preference is to engage with taxpayers experiencing tax payment difficulties and agree mutually acceptable solutions rather than deploying debt collection/enforcement sanctions to secure payment of outstanding liability. However, such engagement is dependent on open and honest discussion by the taxpayer, including a clear commitment to agree a solution....

Written Answers — Department of Finance: Financial Services Regulation (24 May 2016)

Michael Noonan: The Central Bank and Financial Services Authority of Ireland Act, 2004, amended Part IIIC of the Central Bank Act, 1942, the Administrative Sanctions Procedure (ASP), to provide that where a monetary penalty is imposed on a financial service provider or person concerned in the management of a financial service provider, that provider or other person is not liable to be prosecuted or...

Written Answers — Department of Finance: Cycle to Work Scheme (24 May 2016)

Michael Noonan: The Cycle To Work Scheme came into operation on 1 January 2009. With a view to keeping the Scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. Accordingly, the Revenue Commissioners do not have statistics on the uptake of the Scheme and there are no figures available either for the cost to the Exchequer or the number...

Written Answers — Department of Finance: GDP-GNP Levels (24 May 2016)

Michael Noonan: The following table sets out the requested publicly available data, as published by the Central Statistics Office (CSO), on an annual basis, at current market prices. 2011 2012 2013 2014 2015 Gross Fixed Capital Formation (GFCF) (€m) 29,921 33,450 31,677 36,511 47,249 - of which Intangible Investment (€m) 9,665 11,794 9,585 9,786 20,442 GDP (€m) 173,940...

Written Answers — Department of Finance: NAMA Operations (24 May 2016)

Michael Noonan: I propose to take Questions Nos. 122 and 123 together. It will be a decision for the Government as to how any surplus returned by NAMA when it has completed its work will be utilised. As per section 60(2) of the NAMA Act 2009, NAMA may use surplus funds to redeem and cancel its debt.  Surplus funds remaining after this redemption may only be returned to the Central...

Written Answers — Department of Finance: NAMA Portfolio (24 May 2016)

Michael Noonan: The information sought by the Deputy was recently provided in response to Parliamentary Question 72 of 14 April 2016, which is available from the Oireachtas website.  The relevant elements of that response are set out below for the Deputy's ease of reference, and provides a county by county breakdown of residential development land within NAMA's portfolio....

Written Answers — Department of Finance: Motor Insurance Regulation (25 May 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policyholders and to the wider financial system are limited.  I am aware of reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law...

Written Answers — Department of Finance: Motor Insurance Regulation (25 May 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, may interfere in the provision 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,...

Written Answers — Department of Finance: Tax Relief Costs (25 May 2016)

Michael Noonan: I am informed by the Revenue Commissioners on the basis of information available, it is not possible for Revenue to provide an estimate of the cost for the Deputy's suggested proposal. VRT on cars is calculated using the level of CO2emissions of each car and the open market selling price. The VRT rate charged varies from 14% to 36% and the current standard rate of VAT is at 23%. The cost of...

Written Answers — Department of Finance: VAT Exemptions (25 May 2016)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply.  The VAT Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the VAT Directive that permits a lower rate.  The EU VAT Directive does not make provision for a...

Written Answers — Department of Finance: Tax Yield (25 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the yield from Stamp Duty on credit cards, debit cards and automated teller machine ("ATM") cards in 2015 and to-date in 2016 is as shown in the following table. Also shown is the yield from Stamp Duty on combined cards, which comprise an ATM and debit card.  The figures to date in 2016 are to end of April 2016 and are provisional in...

Written Answers — Department of Finance: Prize Bonds (25 May 2016)

Michael Noonan: The NTMA have advised me that any individual, regardless of their residency, nationality or location can purchase any State Savings product including Prize Bonds provided they confirm their identity. They can do this by confirming their surname, first name, date of birth, address and Personal Public Service Number (PPSN). Any applicant that does not already have a PPSN may apply to the...

Written Answers — Department of Finance: Prize Bonds (25 May 2016)

Michael Noonan: The NTMA has advised me that the gross sales of Prize Bonds in each of the last 10 years are contained in the following table: Year Million 2015 €551.5 2014 €475.3 2013 €475.6 2012 €352.6 2011 €311.0 2010 €398.4 2009 €369.6 2008 €279.2 2007 €143.2 2006 €133.3

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (25 May 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe physical...