Results 22,901-22,920 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Monuments (25 May 2016)

Michael Noonan: The Deputy's question relates to the financial affairs and operations of private company. I, as Minister for Finance, have no role whatsoever in such matters. NAMA advises that the loans associated with this company were sold as part of Project Jewel loan sale in 2015. I am further advised that NAMA has no involvement in the court action to which the Deputy refers.

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

Michael Noonan: The Central Bank has informed me that credit unions are not required to specify the loan threshold amount before a Tax Clearance Certificate is required for loan approval. In general, a credit union's credit policy, including how a credit union assesses creditworthiness or a member's capacity to repay is a matter for each individual credit union, taking account of relevant legal...

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

Michael Noonan: The 2012 report of the interdepartmental group (chaired by Dr Don Thornhill) on the design of a Local Property Tax (LPT) considered the issue of introducing an exemption or waiver for those below a certain income threshold. However, the report concluded that income related waivers are an inefficient and costly method of targeting relief as they run the risk of creating inequities between...

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

Michael Noonan: The construction sector have been calling for the 9% VAT rate to be extended to residential construction. It should be noted that while most Member States apply the standard rate to construction services on average 21.5% - Ireland already applies a 13.5% reduced rate of VAT to all construction services under a derogation from the EU VAT Directive. The ESRI recently reported that any tax...

Written Answers — Department of Finance: Employment Rights (25 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that a site-based employee may be described as one who does not have a fixed base and who, in the course of his/her employment, performs substantive duties on behalf of his/her employer at different locations e.g. employees in the construction industry. The legislative position is such that a site-based employee is not entitled to a tax deduction in...

Written Answers — Department of Finance: Tax Relief Eligibility (26 May 2016)

Michael Noonan: Consanguinity relief is a relief which halves the normal stamp duty rate on transfer of non-residential property between certain relatives. The relief was scheduled to expire after 31 December 2014. The Agri-taxation review supported the retention of a more targeted version of this relief where it facilitates access of land to younger farmers. Consequently, Finance Act 2014 extended the...

Written Answers — Department of Finance: Universal Social Charge Data (26 May 2016)

Michael Noonan: I propose to take Questions Nos. 59 and 79 together. The following table sets out the broad projected revenues that will be generated by the Universal Social Charge (USC) for each of the next five years.  It should be noted that figures are provided on a no policy change basis, with the figures providing for the indexation of USC thresholds and bands. In addition, it should be noted that...

Written Answers — Department of Finance: Tax Code (26 May 2016)

Michael Noonan: The European Commission's 2016 Country Report makes a range of comments in regard to the Irish tax system including those highlighted by the Deputy. In addition, the accompanying Country Specific Recommendations for Ireland include a number of recommendations concerning the Irish tax system. With regard to the ratio of tax revenue to Gross Domestic Product (GDP), on this measure, Ireland...

Written Answers — Department of Finance: Tax Relief Availability (26 May 2016)

Michael Noonan: One of the recommendations of the Agri-taxation Review was that stamp duty relief be given in relation to certain leases of farmland to encourage more productive use of land. As a result of Section 74 of the Finance Act this recommendation is now reflected in Section 81D of the Stamp Duties Consolidation Act 1999. The section provides, subject to certain conditions, for relief from stamp...

Written Answers — Department of Finance: Tax Relief Data (26 May 2016)

Michael Noonan: I propose to take Questions Nos. 62 to 64, inclusive, together. Article 4 of Council Directive 92/83/EEC provides that Member States may apply tax relief of up to 50% on the standard excise rate on beer exceeding 2.8% alcohol by volume that is produced in the EU by qualifying microbreweries.  Eligibility for the relief is determined, among other criteria, by the brewery's total...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (26 May 2016)

Michael Noonan: I have been informed by the Central Bank that its examination of tracker mortgage related issues covers all lenders which offered tracker mortgages to customers, including both for the family home and investment properties from when the lenders started to offer such mortgages, up to the end of 2015. The Central Bank's purpose in this examination is to identify any cases where: -...

Written Answers — Department of Finance: NAMA Property Leases (26 May 2016)

Michael Noonan: NAMA has acquired and manages loans. It does not manage individual properties. These remain under the control of its debtors and receivers who are required to optimise the income generated by the assets under their control. This ensures that they are in a position to maximise their debt repayments to NAMA and ultimately eliminate any contingent liability to the taxpayer. The Deputy will...

Written Answers — Department of Finance: EU Directives (26 May 2016)

Michael Noonan: My Department is currently transposing the EU Payment Accounts Directive which requires that all consumers legally resident in the EU must have access to a payment account with basic features, free of charge or for a reasonable fee, regardless of their financial circumstances. The Directive also requires Member States to raise awareness among the public about...

Written Answers — Department of Finance: Credit Register Establishment (26 May 2016)

Michael Noonan: I am informed by the Central Bank that it continues to make progress on a CCR implementation project since the enactment of the Credit Reporting Act in December 2013.  The operational implementation of the CCR is a complex process and the final timeline will be influenced by the scale of the technical and operational changes to be implemented by over 500 lenders. In the last 12...

Written Answers — Department of Finance: Central Bank of Ireland Staff (26 May 2016)

Michael Noonan: The Central Bank has informed me that the standardised vacancy rate in the Enforcement Division of the Central Bank of Ireland as at the end of April 2016 is 25%. The Division is currently in the midst of a recruitment campaign aiming to fill a number of these vacancies at varying levels of experience. Staff posts within the Division are not allocated exclusively to one particular...

Written Answers — Department of Finance: Central Bank of Ireland Staff (26 May 2016)

Michael Noonan: The Central Bank has informed me that at the end of April 2016, the Enforcement Division had 53.8 active staff, out of a complement of 71.5. This equates to 75% of their target complement. The Enforcement Division is multi-disciplinary and uses a wide range of powers to investigate cases across the financial services sector. The allocation of staff within the Division to cases...

Written Answers — Department of Finance: Tax Relief Data (26 May 2016)

Michael Noonan: This scheme provides that first-time buyers who purchase or self-build a residential property between 14 October 2014 and 31 December 2017 may be entitled to claim a refund of DIRT which was deducted from interest earned on savings used for the purchase of the property in the 48 months prior to the purchase date or completion date if a self-build. The relief is confined to DIRT paid on...

Written Answers — Department of Finance: House Purchase Schemes (26 May 2016)

Michael Noonan: The Programme for Partnership in Government makes reference to a "temporary targeted reduction of the rate of VAT from 13.5% to 9% on new, affordable houses and apartments, both public and private, timed to generate the maximum impact on supply and to target principally the purchasers of affordable homes". However, I understand that such a VAT amendment would be very complicated to...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (26 May 2016)

Michael Noonan: The first investment strategy of the Ireland Strategic Investment Fund (the Fund) was published in July 2015. The strategy states that "energy (allocation) will include a significant element of renewables investment". The Fund also commits to operating to high international standards, investing in line with both the Principles for Responsible Investment (PRI), which focus on the management...

Written Answers — Department of Finance: Motor Insurance (26 May 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. The ability of the Government to influence insurance pricing is limited as insurance companies are required under European law to price in accordance with risk and neither I, nor the Central Bank of Ireland, have the power to direct insurance companies on the pricing or the...