Results 23,821-23,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Central Bank of Ireland (16 Sep 2016)

Michael Noonan: Following the joint public consultation published by the Department and the Central Bank in July 2015, I have approved a phased movement towards 100 per cent industry funding of the cost of financial regulation, contingent on the Central Bank agreeing to and implementing new cost control measures. This will commence in 2017 with a move from 50 to 65 per cent of regulation costs being...

Written Answers — Department of Finance: Bank Levy (16 Sep 2016)

Michael Noonan: I, as Minister, announced in last year's Budget a review of the methodology for calculating the Bank Levy. The review considered the performance of the bank levy to date, examined alternative calculation methodologies and practices in other jurisdictions. A public consultation was held to obtain the views of stakeholders in June 2016. The public consultation document was published...

Written Answers — Department of Finance: European Banking Union (16 Sep 2016)

Michael Noonan: Following the recommendations of the Five Presidents' Report on the completion of the Economic and Monetary Union of 22 June 2015, the European Commission presented on 24 November 2015 a proposal to establish a European Deposit Insurance Scheme (EDIS). At the same time, the Commission published the communication "Towards the Completion of the Banking Union". On foot of this a temporary Ad...

Written Answers — Department of Finance: Departmental Legal Cases (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 363 and 364 together. The Government has authorised me to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case.   The Attorney General has been requested to prepare the legal grounds in support of those proceedings and to take all other steps incidental to the conduct of...

Written Answers — Department of Finance: EU Issues (16 Sep 2016)

Michael Noonan: The European Commission's proposal for a Common Consolidated Corporate Tax Base (CCCTB) was orginally published in 2011.  No agreement was reached on the proposal and it was subsquently withdrawn by the Commission. In June 2015, the Commission presented a strategy for the re-launch of the CCCTB as part of its Action Plan for Fair and Efficient Corproate...

Written Answers — Department of Finance: EU Directives (16 Sep 2016)

Michael Noonan: The Anti-Tax Avoidance Directive was agreed by Member States following ECOFIN on 17 June 2016. The Directive includes five significant corporate tax anti-avoidance measures.  Three of the measures derive from the non-binding elements of the OECD BEPS process, with the remaining two measures coming from the European Commission's previous Common Consolidated Corporate Tax Base (CCCTB)...

Written Answers — Department of Finance: Departmental Legal Cases (16 Sep 2016)

Michael Noonan: The Government has authorised me to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case.  The Attorney General has been requested to prepare the legal grounds in support of those proceedings and to take all other steps incidental to the conduct of those proceedings.  The appeal is to be lodged by...

Written Answers — Department of Finance: NAMA Code of Conduct (16 Sep 2016)

Michael Noonan: Given the Deputy's question was received on Tuesday 13th September, I assume he is referring to the concerning allegations raised in the previous week's BBC Spotlight programme, particularly regarding former NAMA Northern Ireland Advisory Committee member, Frank Cushnahan. I can confirm I have not met with the NAMA Chairman since that BBC broadcast. NAMA have advised my officials that...

Written Answers — Department of Finance: Tax Treaties (16 Sep 2016)

Michael Noonan: The OECD BEPS reports made a number of recommendations for how tax treaties can be updated to ensure that they do not facilitate double non-taxation.  The Multilateral Instrument is designed to give countries a way to update many or all of their treaties in one go without the need for bilateral renegotiations. Ireland is actively involved in this work at the OECD which is...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations ('Transfer Pricing Guidelines') are the internationally recognised standard for the application of transfer pricing.  In general, Irish rules require that the principles in the Transfer Pricing Guidelines, specifically the version of the OECD Guidelines in place at 22 July 2010, must be...

Written Answers — Department of Finance: Corporation Tax (16 Sep 2016)

Michael Noonan: Corporation tax receipts in Ireland are highly concentrated with a high proportion of receipts coming from the multinational sector.  The Revenue Commissioners have advised that about half of the €2.3 billion increase in Corporation Tax receipts is from a small number of large multinationals and is attributable to a variety of reasons including improved trading...

Written Answers — Department of Finance: Departmental Legal Cases (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 372 and 373 together. On 30 August 2016, the European Commission issued a negative decision in the Apple State Aid case. The Government profoundly disagrees with the Commission's analysis and will now challenge the decision before the European Courts.  Notwithstanding this appeal, Ireland is required by law to recover the alleged State aid...

Written Answers — Department of Finance: Tax Credits (16 Sep 2016)

Michael Noonan: The issue of supporting micro-businesses, which are often also businesses in the early stages of their development, needs to be considered in the broader context of the multitude of expenditure and tax instruments which can assist these enterprises to succeed and grow. For example, the 3-year start-up relief from Corporation Tax allows qualifying companies to obtain full relief on their...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I wish to thank the committee for the invitation to appear here today to discuss revenue raising proposals. Both the Minister, Deputy Donohoe, who the committee is seeing tomorrow, and I are looking forward to a fruitful and positive collaboration with the committee in the weeks and years ahead. Innovations such as this will increase our collective understanding of the economic and fiscal...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: Section 110 was originally designed to give a very strong incentive to the financial services industry at its initial stage in Dublin. The initiative has worked. Now it has been applied, where it was not intended to be applied, to property funds. After consultation with Revenue it was decided to close what was regarded as a loophole or an unintended application of the section. In...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: That is the thinking at the minute.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: On the figures supplied by the Deputy, I do not have a figure for possible tax loss or what impact it would have on fiscal space. It is too late in the cycle now to do anything to increase the fiscal space in this budget but, obviously, it has implications for the future. Maybe Revenue can give an idea of what they think the tax loss might be or might have been, or would be, if we did not...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: Yes, I really have made the points already. I do not have anything to add to what I have said already. I reiterate my offer of taking the Deputy's views into account and examining them seriously, and ensuring he has an input into helping us to close any loopholes that may exist.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: On the USC and the views expressed by the many distinguished witnesses who have appeared before the committee, their opinions should be valued, as I am sure they are. There are other opinions as well. The opinions of the political parties during the election were to the effect that the USC needed to be reduced, that it was an emergency tax introduced at a particular time and that now that...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: In respect of corporation tax and the Irish Fiscal Advisory Council's advice that the yield in 2015 might not be sustainable, when we were formulating the budget for this year, we took that into account. The outturn for 2015 from corporation tax was €6.9 billion but we put €6.6 billion into the budget for 2016 so we were allowing for the fact that there might be some fall off....