Results 23,641-23,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 134 and 136 together. NAMA's market activities mean that it competes on an ongoing basis with banks and other financial institutions to attract investors and competitive bids for its loans and for the assets securing them. In that context, and in line with its competitors, I am advised that NAMA does not identify the counterparties with which it transacts,...

Written Answers — Department of Finance: Lobbying Data (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 135, 144 and 145 together. I am unaware of any contacts from legal firms, financial firms or any other sources in relation to the establishment of section 110 companies for entities interested in purchasing loan books from NAMA, IBRC or any other source. Furthermore, I am unaware of any lobbying carried out by the Irish Debt Securities Association or the...

Written Answers — Department of Finance: Banking Sector Regulation (21 Jul 2016)

Michael Noonan: Individual credit policy and lending criteria are in the first instance a matter for the boards and management of each of the individual institutions.  I am advised by AIB that the bank applies a 20% stress factor on the currency exchange rate to mitigate against currency risk as part of the banks' mortgage assessment process. The gross income as...

Written Answers — Department of Finance: Banking Sector Regulation (21 Jul 2016)

Michael Noonan: Under Section 149 of the Consumer Credit Act, 1995 (as amended), the ('Act') a credit institution must submit a notification to the Central Bank for approval if they wish to introduce any new customer charge or increase any existing customer charge, for certain services. The provision of foreign exchange facilities, as the Deputy is referring specifically to, is covered by this Act. The...

Written Answers — Department of Finance: Revenue Commissioners Investigations (21 Jul 2016)

Michael Noonan: I am informed by the Revenue Commissioners that Section 110 companies are assigned to the Financial Services (Banking) District in Revenue's Large Cases Division.  As for all taxpayers, Section 110 companies are selected for compliance interventions based on the presence of various risk indicators and interventions are conducted in accordance with the "Code of Practice for Revenue Audit...

Written Answers — Department of Finance: Economic Data (21 Jul 2016)

Michael Noonan: The National Income and Expenditure accounts figures for 2015 published by the CSO last week are the definitive measure of Irish national output. On the basis of these figures, however, it is not possible to isolate an underlying measure which directly strips out the factors cited by the Deputy. As I have previously stated, these various factors are clearly exaggerating headline GDP...

Written Answers — Department of Finance: Economic Growth Rate (21 Jul 2016)

Michael Noonan: The 2015 National Income and Expenditure data published last week by the CSO revised Ireland's 2015 GDP level upwards significantly. This has resulted in a mechanical improvement in the general government debt-to-GDP ratio. In April the CSO estimated the end-2015 debt-to-GDP ratio at 94%. Following the recent revisions to GDP figures, it is now estimated at 79%. Notwithstanding the...

Written Answers — Department of Finance: Economic Growth Rate (21 Jul 2016)

Michael Noonan: The macroeconomic forecasts set out in the Summer Economic Statement were based on preliminary estimates of GDP published by the CSO in March, which incorporated all available information at that time. This is the accepted practice adopted by all forecasting institutions. The substantial upward revision to the level of GDP in 2015 is largely related to the activities of a small number of...

Written Answers — Department of Finance: Tax Code (21 Jul 2016)

Michael Noonan: I am advised by Revenue that section 135(1)(aa) of the Finance Act 1992 (as amended) provides that a vehicle which is provided to an employee who is resident in the State as part of that employee's contract of employment by an employer who is established in another Member State and that vehicle is owned or leased by the said employer and that vehicle is used principally for business use in...

Written Answers — Department of Finance: Property Tax Administration (21 Jul 2016)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that any property that is in use as, or that is suitable for use as, a dwelling house is subject to Local Property Tax (LPT). The Act requires property owners to file an LPT Return in respect of the relevant 'Valuation Period', which is currently 1 May 2013 to 31 October 2019. The LPT Return should confirm the applicable...

Written Answers — Department of Finance: Tax Relief Data (21 Jul 2016)

Michael Noonan: I am advised by Revenue that the Tax Expenditures table available on the Revenue Statistics webpage ()shows the number of claims and the estimated cost to the Exchequer of relief in respect of qualifying third level education fees. Information is not gathered on the number of claims that are received. Section 473A of the Taxes Consolidation Act 1997 provides for tax relief at the standard...

Written Answers — Department of Finance: Tax Relief Costs (21 Jul 2016)

Michael Noonan: The proposed scheme for investments in certain start-up businesses less than two years old is similar to the Employment and Investment Incentive (EII), which is available to all small and medium companies less than seven years old, and certain older companies. The EII provides an income tax relief of 30% up front, and a further 10% after three years, if conditions relating to...

Written Answers — Department of Finance: Tax Credits (21 Jul 2016)

Michael Noonan: I am advised by Revenue that they are reviewing the operation of the R&D tax credit with a view to minimising the administrative burden on SMEs in particular while ensuring that the credit is granted to bona fide research and development.  I understand that discussions have been held with industry members as well as the IDA and Enterprise Ireland in this respect. The Department...

Written Answers — Department of Finance: Tax Data (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 154, 167 and 172 together. In relation to the first question, I am advised by Revenue that information on the amount of tax relief granted under the Agricultural Relief and Business Relief in respect of 2014 and 2015 are shown in the following tables. Information for 2016 is not currently available. Agricultural Relief Year Cost €m Numbers 2014...

Written Answers — Department of Finance: Living Wage (21 Jul 2016)

Michael Noonan: I wish to advise the Deputy that based on the gross hours per week of 43.25 hours, the cost of implementing a living wage of €11.50 for all employees directly employed by my Department would be €67,435 per annum. In relation to employees employed in Agencies funded by my Department, there would be no additional cost if a minimum threshold of €11.50 was...

Written Answers — Department of Finance: Departmental Contracts (21 Jul 2016)

Michael Noonan: In response to the Deputy's query, it is important that Ireland's statutory National Minimum Wage and the Living Wage concept are not merged together . The Living Wage is a voluntary societal initiative centred on the social, business and economic case to ensure that, wherever it can be afforded, employers will pay a rate of pay that provides an income that is sufficient to meet an...

Written Answers — Department of Finance: Pension Levy (21 Jul 2016)

Michael Noonan: I announced in my Budget 2014 speech that the original 0.6% stamp duty levy on private pension funds introduced in 2011 to fund the Jobs Initiative would be abolished after 2014 and that levy no longer applies. I did, however introduce an additional levy on pension funds at 0.15% for 2014 and 2015. I did this to, among other things, continue to help fund the Jobs Initiative. I confirmed in...

Written Answers — Department of Finance: House Purchase Schemes (21 Jul 2016)

Michael Noonan: The Deputy will be aware that a new "Help to Buy" scheme was announced in the Action Plan for Housing and Homelessness that was published yesterday. The scheme is being developed with the aim of helping to ensure the availability of adequate, affordable mortgage finance for first time buyers. The introduction of a "Help to Buy" scheme follows the recognition in the Programme for a...

Written Answers — Department of Finance: Universal Social Charge Data (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 159 to 162, inclusive, 165, 166, 170, and 173 to 178, inclusive, together. The Revenue Commissioners pre-Budget 2017 Ready Reckoner is available on the Revenue Statistics webpage at . In relation to the Deputy's questions, this Ready Reckoner shows a wide range of detailed information, including the estimated cost to the Exchequer of changes to the...

Written Answers — Department of Finance: Universal Social Charge Exemptions (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 163 and 164 together. Regarding the question on increasing the Universal Social Charge (USC) threshold, I am advised by Revenue that the first and full year cost to the Exchequer of increasing the exemption rate as set out by the Deputy, and the increase in the number of income earners exempt from the USC is set out in the following table: Threshold...