Results 23,061-23,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance (14 Jun 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, can 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...

Written Answers — Department of Finance: VAT Rebates (14 Jun 2016)

Michael Noonan: I am advised by Revenue that there are currently 163 Value Added Tax repayment claims, covering 132 separate taxpayers/businesses, for amounts over €3,000 under consideration by Tipperary Revenue District.  Of the 163 claims under consideration by Revenue 108 are the subject of specific enquiry with the taxpayer/business concerned. The balance are under review by Revenue, 87%...

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

Michael Noonan: I am informed by the Central Bank that there is no requirement for the purchaser of a commercial loan from a bank to be a regulated entity. However, as the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an...

Written Answers — Department of Finance: Tax Avoidance (14 Jun 2016)

Michael Noonan: I am informed by Revenue that section 87 of the Finance Act 2014 inserted sections 811C and 811D into the Taxes Consolidation Act 1997. These sections are replacements for the existing general anti-avoidance rule contained in sections 811 and 811A of the Taxes Consolidation Act 1997. The new provisions reformed and simplified the arrangements Revenue have to follow in order to challenge a...

Written Answers — Department of Finance: Motor Insurance (14 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 165 and 169 together. As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation but am prohibited from interfering in the provision or pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require...

Written Answers — Department of Finance: Universal Social Charge Data (14 Jun 2016)

Michael Noonan: I am advised by Revenue that the first and full year costs to the Exchequer of abolishing Universal Social Charge (USC) on all incomes up to €80,000 per year and applying USC to the amount above €80,000 where income exceeds €80,000 are estimated to be in the order of €1,988 million and €2,747 million respectively. These figures are estimates from the...

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

Michael Noonan: The existing Central Bank macro prudential measures for residential mortgage lending provides, inter alia, for a principal dwelling mortgage loan limit of 3.5 times gross annual income.  It should, however, also be noted that this is a proportionate limit and that lenders have a discretionary flexibility, subject also to compliance with the provisions of the Consumer...

Written Answers — Department of Finance: Irish Fiscal Advisory Council Reports (14 Jun 2016)

Michael Noonan: My Department is in the process of developing alternative models for estimating potential output. Considerable work has been done on this front, and is now nearing completion. An outline of this work is set out in Box 1, page 24, of the 2016 Stability Programme Update, published in April. The intention is to publish the technical work in the short-term. However, I would stress that for...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (14 Jun 2016)

Michael Noonan: The Fiscal Council was established under the Fiscal Responsibility Act 2012, and it has a very specific mandate as a watchdog for budgetary planning and execution. While it is under the aegis of my Department, it is a fully independent voice that assesses the fiscal stance and assesses compliance with fiscal rules that Ireland signed up to under both the Stability and Growth Pact and the...

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

Michael Noonan: Firstly, I should explain by way of background, that under the flexible options at retirement arrangements (the so-called "ARF option"), where an individual in a Defined Contribution pension savings arrangement is under age 75 at the time of exercising the option and does not meet the guaranteed pension income requirement of €12,700 per annum, that individual must place a maximum "set...

Written Answers — Department of Finance: Eurozone Issues (14 Jun 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...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (14 Jun 2016)

Michael Noonan: The governance and regulation of funded pension schemes are a matter for my colleague, the Minister for Social Protection, Deputy Leo Varadkar. The specific issues raised in relation to the administration, consultancy and actuarial services to the Central Remedial Clinic Plan may be more appropriate for my colleague, the Minister for Health, Deputy Simon Harris, given that the Central...

Written Answers — Department of Finance: VAT Exemptions (14 Jun 2016)

Michael Noonan: The legislative provisions for the charging of VAT and the entitlement to deduct VAT in respect of property transactions are provided for in the VAT Consolidation Act 2010 as amended.   These provisions are completely independent of any Income Tax or Corporation Tax reliefs provided for in the Taxes Consolidation Act 1997 as amended, including those reliefs relating to...

Written Answers — Department of Finance: Banking Sector (14 Jun 2016)

Michael Noonan: As the Deputy will be aware, I have no role in the day-to-day running of the banks in which the State is a shareholder. These institutions are run on an independent and commercial basis and the details of the formal relationship between my Department and these institutions are set out in the respective Relationship Framework Agreements, which can be found via the following links. AIB: PTSB:...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (14 Jun 2016)

Michael Noonan: The Deputy will be aware that Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, with relief being available until 31 December 2017. Mortgage interest relief has been abolished for homes purchased since 1 January 2013. On foot of a change I...

Committee on Arrangements for Budgetary Scrutiny: Engagement with Minister for Finance and Minister for Public Expenditure and Reform (15 Jun 2016)

Michael Noonan: I am pleased to attend the select committee and to help re-engineer the engagement between the Government and the Oireachtas, on fiscal policy in general and on the budget in particular. I am sure that the outcome of the committee's work will be a major improvement on the status quoresulting in better fiscal policy decisions and better outcomes for the State. I, together with the Minister,...

Committee on Arrangements for Budgetary Scrutiny: Engagement with Minister for Finance and Minister for Public Expenditure and Reform (15 Jun 2016)

Michael Noonan: First, by way of background, starting from today, the first opportunity that the Dáil will have to discuss the budget will be next week because we are hoping to publish the summer economic statement after the Cabinet meeting on Tuesday. I understand that it is going into the Dáil on Thursday so there will be a Second Stage-type debate on that and all of the basic data, to date,...

Committee on Arrangements for Budgetary Scrutiny: Engagement with Minister for Finance and Minister for Public Expenditure and Reform (15 Jun 2016)

Michael Noonan: I would prefer the Minister for Public Expenditure and Reform to deal with that issue. The only expenditure function I have as Minister for Finance is to set the overall expenditure ceiling. That is my legal function and the Minister for Public Expenditure and Reform has to allocate moneys within that ceiling. He has the responsibility for the Estimates campaign with individual Departments...

Committee on Arrangements for Budgetary Scrutiny: Engagement with Minister for Finance and Minister for Public Expenditure and Reform (15 Jun 2016)

Michael Noonan: First, we have to operate within the Constitution. As Minister for Finance I have to make the budgetary arrangements in accordance with the Constitution. I have no discretion in moving away from that. As we all know, to change the constitutional provisions we would need a referendum but there is no proposal before us in that regard. I have a legal note here and can read it if the...

Committee on Arrangements for Budgetary Scrutiny: Engagement with Minister for Finance and Minister for Public Expenditure and Reform (15 Jun 2016)

Michael Noonan: Yes.