Results 23,961-23,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge Data (28 Sep 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the 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 Universal Social Charge (USC) bands and rates. While the Ready Reckoner does not show all...

Ceisteanna - Questions - Priority Questions: NAMA Assets Sale (29 Sep 2016)

Michael Noonan: It is important to recognise that in no way has the integrity of NAMA or the NAMA board or the integrity of its decisions been brought into question, so I have no intention of directing NAMA to halt sales activities. To do so would irreparably damage NAMA's positive contribution to our recovery and damage our reputation as a credible, open and transparent market. By extension, any such...

Ceisteanna - Questions - Priority Questions: NAMA Assets Sale (29 Sep 2016)

Michael Noonan: I have served as Chairman of the Committee of Public Accounts and worked closely with different Comptrollers and Auditors General. I have great respect for the work they do. I also have great respect for NAMA, the chairman of the board and the chief executive who have carried out their functions in accordance with law. No charge of irregularity, wrongdoing or improper behaviour has been...

Ceisteanna - Questions - Priority Questions: NAMA Assets Sale (29 Sep 2016)

Michael Noonan: The Deputy is doing what his party has done in Northern Ireland. He is trying to use the issue to damage his opponents politically. The Sinn Féin chairman of the committee in Northern Ireland corrupted the inquiry by coaching a witness to cause damage to the former First Minister. I advise the Deputy very strongly not to do the same in this House. I am going before the Committee of...

Ceisteanna - Questions - Priority Questions: NAMA Operations (29 Sep 2016)

Michael Noonan: As per NAMA's most recent section 55 quarter 1 report which is available on its website, the par value of its outstanding loans was €39.6 billion at the end of March. I am advised by it that its section 55 quarter 2 report will be finalised shortly and disclose the par value of its outstanding loans at the end of June. I am further advised that its disposal strategy is, as previously...

Ceisteanna - Questions - Priority Questions: NAMA Operations (29 Sep 2016)

Michael Noonan: There are strong accountability requirements under the NAMA Act, and they have been implemented since the Act became law. The activities of NAMA are reviewed as I described, that is, in accordance with the Act. The Committee of Public Accounts is reviewing the value-for-money report produced by the Comptroller and Auditor General into Project Eagle. In the normal process of the...

Ceisteanna - Questions - Priority Questions: NAMA Operations (29 Sep 2016)

Michael Noonan: If the committee makes recommendations on strengthening accountability and if, in the opinion of the Government, they are fit-for-purpose of course we will implement them. I do not want to give a commitment, sight unseen, on possible recommendations, the content of which I do not know. In principle, I agree with the Deputy.

Ceisteanna - Questions - Priority Questions: VAT Exemptions (29 Sep 2016)

Michael Noonan: VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by him or her. In this context, it is not possible under EU VAT law, with which Irish VAT law must comply, to introduce VAT exemptions based on services received or on the basis of the recipient of a service, nor is it possible to allow for zero rating of such supplies. Non-profit...

Ceisteanna - Questions - Priority Questions: VAT Exemptions (29 Sep 2016)

Michael Noonan: I thank the Deputy for that information. The European Commission's action plan on VAT was adopted on 7 April 2016. It contains a proposal to consider VAT rate policy across the EU in 2017. The action plans proposals on rates may offer member states more flexibility in the future in determining VAT rates applicable to goods and services. We will avail of it if it comes through. I am sure...

Ceisteanna - Questions - Priority Questions: VAT Exemptions (29 Sep 2016)

Michael Noonan: As I have said, there was a review and report in advance of the budget for 2016 and the charities participated in the review. It is my understanding that they were agreeable to not making the change that was contemplated at the time because they had significant refunds and nobody wanted to change. The European Union has put in place an action plan on VAT and it is to report before too long....

Ceisteanna - Questions - Priority Questions: Child Care Costs (29 Sep 2016)

Michael Noonan: As the Deputy will be aware, the Minister for Children and Youth Affairs has primary responsibility for Government policy in relation to child care and at the outset, I would refer to the interdepartmental working group on future investment in child care in Ireland, which published its report in July 2015. Having considered the option of a tax credit that would be available to those who incur...

Ceisteanna - Questions - Priority Questions: Child Care Costs (29 Sep 2016)

Michael Noonan: First, I am not responsible for policy on child care, there is a Minister who is. To establish the Government policy on child care, along the lines of the Deputy's supplementary question, he should put down a question for the Minister for Children and Youth Affairs and not to me. I have referenced for the Deputy a reply to the notion that different parents should be treated differently...

Ceisteanna - Questions - Priority Questions: Child Care Costs (29 Sep 2016)

Michael Noonan: Deputy Ryan is ascribing views to me which I do not hold. On no occasion in the preparation for this budget have I indicated that I am introducing any particular measures on child care. I have never spoken about it and I do not know from where the Deputy's assumptions are coming.

Ceisteanna - Questions - Priority Questions: Child Care Costs (29 Sep 2016)

Michael Noonan: If one was to rely on the newspapers, I would not be here at all. According to last Sunday's newspaper, I should be dead long ago. The Deputy should not assume that what is on the front of a newspaper is a policy position. The Deputy was in government. He knows that quite well. I am sure he was misquoted on several occasions as well. The point is, if the Deputy wants a debate on child...

Other Questions: Tax Exemptions (29 Sep 2016)

Michael Noonan: I am informed by Revenue that once a qualifying investor alternative investment fund is authorised by the Central Bank it falls under the definition of an "investment undertaking" under the taxes Acts. It is therefore subject to the tax treatment provided for investment undertakings. The legislation provides a tax exemption to the undertaking itself and to certain investors, such as...

Other Questions: Tax Exemptions (29 Sep 2016)

Michael Noonan: Following consultations with the Revenue Commissioners, the Department published a draft amendment to deal with the position in respect of section 110. We also intend the draft amendment to be a consultation document in order that it can be further refined, if necessary, before the finance Bill is introduced. Separately, the qualifying funds to which the Deputy referred continue to be...

Other Questions: Tax Exemptions (29 Sep 2016)

Michael Noonan: I have little to add to what I said. We want to ensure tax avoidance is not facilitated by the way in which the law is drafted. The Revenue Commissioners and Department are working up an amendment that will achieve the purpose to which the Deputy drew attention. I cannot yet prejudge the nature of that amendment. but I would be glad to receive any submission the Deputy may wish to make. I...

Other Questions: Financial Transactions Tax (29 Sep 2016)

Michael Noonan: Ireland already has a tax on financial transactions, a stamp duty on transfers of shares in Irish incorporated companies which currently stands at 1%. The yield from this charge in 2015 was €424.13 million and I understand receipts to the end of August 2016 were more than €260 million. The financial institutions levy I announced as part of budget 2014 is a revenue raising...

Other Questions: Financial Transactions Tax (29 Sep 2016)

Michael Noonan: I do not have figures for previous years but I will have them sent to the Deputy. Our position on a financial transactions tax has not changed since June when I last replied to a question from the Deputy on this matter. In Europe, one of the countries that was involved, Estonia, has dropped out and the other ten have not yet reached agreement. I think they are about to make a report but, so...

Other Questions: Financial Transactions Tax (29 Sep 2016)

Michael Noonan: No. We have considered this very carefully and I have stated the policy position. I admit that the relationship and the potential change may be more significant after Brexit, depending on the result of the negotiations regarding the relationships between the UK and the EU. Certainly, the City of London is going to be central to those negotiations. The position is as I have stated and we...