Results 23,981-24,000 of 27,019 for speaker:Michael Noonan

Other Questions: State Aid Investigations (29 Sep 2016)

Michael Noonan: 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 in the Apple case and will now challenge the decision before the European courts.  Dáil Éireann has also passed a motion supporting the Government's decision to appeal the European Commission's decision. ...

Other Questions: State Aid Investigations (29 Sep 2016)

Michael Noonan: The Attorney General's office is preparing the grounds for the appeal, the detailed appeal papers and so on and that is directed by the Attorney General herself. She has two months and ten days from the date of the decision and she is working expeditiously on it. I have no hard information yet on the collection of arrears but it is the responsibility of the Revenue Commissioners. Some...

Other Questions: State Aid Investigations (29 Sep 2016)

Michael Noonan: Pascal Saint-Amans, who is the tax director of the OECD and was in charge of the BEPS project, visits us regularly and he was here last Monday. He was asked questions about the Apple decision at a press conference he held. He stated two things of importance: first, that in his view the arrears were due to the exchequer in the United States and second, that there was no threat from the...

Other Questions: State Banking Sector (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 10 and 32 together. The State has a shareholding of 99.9% in AIB. This shareholding is a valuable asset to the State and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. As I have indicated on a number of occasions, my primary objective in the disposal of...

Other Questions: State Banking Sector (29 Sep 2016)

Michael Noonan: I think the Deputy understands the position on AIB. He put it succinctly in his original question. I do not intend to go for an IPO in 2016, but I am leaving the option open for 2017. There are not other considerations now, apart from the best price available. The decision will depend on market conditions and the assessment of whether we will get a good return for the taxpayer in 2017. ...

Other Questions: State Banking Sector (29 Sep 2016)

Michael Noonan: I met recently with the parent bank of Ulster Bank. I met the new chief executive of Ulster Bank as well. There is some competition there. They have assured me Ulster Bank will remain in the Irish market. Ulster Bank is quite significant in the northern half of the country but also in Dublin. Between AIB, Bank of Ireland, Permanent TSB and Ulster Bank, there is quite a good presence. I...

Other Questions: Property Tax Exemptions (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 11 and 18 together. As previously confirmed in my reply to Question No. 308 of 16 September 2016, the Local Property Tax (Amendment) Act 2015 does not provide entitlement to an exemption from LPT on foot of pyritic damage where the property was remediated prior to the commencement of the LPT in July 2013. I also clarified that the exemption is claimed by...

Other Questions: Property Tax Exemptions (29 Sep 2016)

Michael Noonan: I think we all understand the plight of people whose homes are affected by pyrite. All sides of this House have moved to remediate the situation. We have introduced amending legislation to do so. The Revenue administers it. I know the Deputy is a new Member but there are dedicated helplines for Deputies to Revenue, which she probably knows. One can take up any individual case through...

Other Questions: Tax Residency (29 Sep 2016)

Michael Noonan: Different countries use different factors to determine the tax residence of companies. Ireland has traditionally relied primarily on a "management and control" test which takes into account where the key strategic decisions about the company are taken. Some other countries rely primarily on the incorporation test whereby companies are tax-resident in the place where they are incorporated....

Other Questions: Tax Residency (29 Sep 2016)

Michael Noonan: 3 o’clock There was an awareness back in the 1990s of Irish-registered but non-resident companies and that they were used for criminal activity, including fraud. Company law was changed to remediate that. However, no connection was made between Irish-registered non-resident companies and a kind of stateless situation which could be used for the avoidance of tax. This only...

Other Questions: Tax Residency (29 Sep 2016)

Michael Noonan: They share information with the Department of Finance all the time. Therefore, they would also have been aware after the Apple inquiry. Going back to 1991 we need to look at how corporation tax evolved in Ireland. When Revenue gave its opinion on Apple originally, coming into the 1990s no tax was payable on exports of exporting companies. It evolved into a 10% tax payable. Following a...

Written Answers — Department of Finance: Property Tax (29 Sep 2016)

Michael Noonan: Under the LPT legislation the initial valuation of a property on 1st May 2013 was valid until 31 October 2016, and would not have been affected by any increase or decrease in property prices or other changes, including repairs or improvements made, during this period. The next valuation date would have fallen on 1st November 2016. During the passage of the Finance Bill in 2014 I gave a firm...

Written Answers — Department of Finance: Tax Code (29 Sep 2016)

Michael Noonan: A comprehensive review of tax measures in the farming sector was announced in Budget 2014, as a joint initiative between the Department of Finance and the Department of Agriculture, Food and the Marine. The review focused on three key policy objectives for agri-taxation policy, including: -increasing mobility and productive use of land -assisting succession, and -complementing wider...

Written Answers — Department of Finance: Motor Insurance Regulation (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 15 and 71 together. The Cost of Insurance Working Group, which I chair, is undertaking a review of the factors which are influencing the increased cost of motor insurance.  The Working Group brings together all the relevant Departments and Offices involved in the process. Its objective is to identify immediate and longer term measures which...

Written Answers — Department of Finance: Corporation Tax Regime (29 Sep 2016)

Michael Noonan: On 2 September 2016, the Government decided that a motion would be put forward to the Dáil to support an appeal in the Apple State Aid case. At that time the Government also decided as follows: - to commit to the highest international standards in transparency in the taxation of the corporate sector; - to affirm its commitment to the 12.5% corporation tax rate;...

Written Answers — Department of Finance: Motor Insurance Regulation (29 Sep 2016)

Michael Noonan: Motor insurance companies are authorised under the European Union (Insurance and Reinsurance) Regulations 2015. This regulation transposes the EU regulatory framework for insurance and reinsurance known as Solvency II into Irish law. It provides that the authorisation and the day-to-day responsibility for the supervision of insurance companies is a matter for the Central Bank...

Written Answers — Department of Finance: NAMA Investigations (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 19, 41 and 50 together. I assume that the Deputy is referring to allegations of wrongdoing regarding conduct of certain individuals in relation to Project Eagle and in relation to unrelated allegations of disclosure of confidential information.  In each case criminal investigations are being...

Written Answers — Department of Finance: Stability and Growth Pact (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 20 and 26 together. The fiscal rules - formally known as the Stability and Growth Pact (SGP) - have direct application through a number of EU regulations. Changes to these regulations would have to follow the normal EU approach starting with a proposal from the Commission before consideration by Member States and the European Parliament. Having...

Written Answers — Department of Finance: Tax Avoidance (29 Sep 2016)

Michael Noonan: I am informed by Revenue that it publishes cost estimates and numbers claiming for a wide range of tax expenditures on the Revenue website, up to 2014 or 2015 (the most recent year available depends on the relief). Updates for later years will be published in due course as newer data becomes available. I am advised that there are some other tax expenditures, not included in the above, for...

Written Answers — Department of Finance: State Aid Investigations (29 Sep 2016)

Michael Noonan: 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 in the Apple case and will now challenge the decision before the European Courts.  Dáil Éireann has also passed a motion supporting the Government's decision to appeal the European Commission's decision....