Results 24,721-24,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (9 Nov 2016)

Michael Noonan: The status of the Special Liquidation as at 31 December 2015 is set out in a third progress update report published by the Special Liquidators on 27 May 2016 and which is available on the Department of Finance website through the following link: . There remains a number of tasks in the liquidation to be completed including the ongoing management of c. 350 legal cases, the completion of the...

Written Answers — Department of Finance: VAT Yield (9 Nov 2016)

Michael Noonan: I am advised by Revenue that all businesses are required to indicate their sector and activity type using the EU-standard NACE Code at the time of tax registration, but are not required to provide this information on each VAT Return. However, traders are required to update their NACE Code should their activity type change. In terms of introducing a mandatory sectoral breakdown of trading...

Written Answers — Department of Finance: Banking Licence Applications (9 Nov 2016)

Michael Noonan: The Central Bank operates as part of a European system of regulation and standards. The authorisation process is broadly consistent across the European Union and entirely consistent within the eurozone. Post 'Banking Union', the European Central Bank ('ECB') is the competent authority in Ireland for the granting of banking licences in accordance with Section 9 of the Central Bank Act, 1971...

Written Answers — Department of Finance: Tax Reliefs Availability (9 Nov 2016)

Michael Noonan: I am informed by Revenue that in order to avail of relief under section 110 of the Taxes Consolidation Act 1997, a company must be a qualifying company within the meaning of that section.  Amongst the conditions of a qualifying company is that it must hold or manage qualifying assets.  Since the enactment of Finance Act 2003, a qualifying asset is defined as an asset which...

Written Answers — Department of Finance: Tax Data (9 Nov 2016)

Michael Noonan: I am advised by Revenue that applications for refunds of Deposit Interest Retention Tax (DIRT) for first-time buyers who purchase a house or apartment to live in as their home are as follows  (scheme began on 14 October 2014); - Number of applications approved. Amount refunded 14/10/14-31/12/15 126 €137,241 1/1/16-7/11/16 380 €299,557 Totals to date 506 €436,798...

Written Answers — Department of Finance: Tax Collection (9 Nov 2016)

Michael Noonan: I previously referred to this case in my reply to Parliamentary Question No. 134 of 4 October 2016. As advised in my reply, it was not possible for Revenue to agree any phased payment arrangement with the business at that time because there were a number of returns outstanding and the full extent of the debt could not be quantified. The business subsequently filed the outstanding...

Written Answers — Department of Finance: Vehicle Registration (9 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 85 and 86 together. I am advised by Revenue that a State resident that brings a foreign registered car into the State is legally obliged to make an appointment to register the car within seven days and to have it registered within thirty days from the date the car is first brought into the State. This rule applies whether the person resident in the State...

Written Answers — Department of Finance: Departmental Schemes (9 Nov 2016)

Michael Noonan: The commencement date for the Help to Buy scheme of 19 July 2016 was chosen as it was the date of the launch of 'Rebuilding Ireland - Action Plan for Housing and Homelessness', in which the development of such a scheme for inclusion in the Budget was initially announced. The intention to backdate this tax incentive to this date was announced at that time with a view...

Written Answers — Department of Finance: VAT Exemptions (9 Nov 2016)

Michael Noonan: I am advised by Revenue that the VAT rating of goods is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. The Directive provides that the supply of sports equipment and uniforms is generally subject to the standard rate of VAT, regardless of who the purchaser is. However, under Article 110 of the Directive, Ireland has retained the...

Written Answers — Department of Finance: Departmental Records (9 Nov 2016)

Michael Noonan: While contingent assets are provided for in international accounting standards, they only apply to entities that use the accruals basis of accounting. The vote for my Department and the other votes within the Finance Vote group are accounted for in the annual Appropriation Accounts on a cash basis, in accordance with the Exchequer and Audit Departments Act, 1866. Notes to the annual...

Written Answers — Department of Finance: Tax Data (9 Nov 2016)

Michael Noonan: I am advised by the Revenue Commissioners that as of September 2016, 2,660 companies were assigned to the primary industry description (NACE code) of renting and leasing of air transport equipment. As information on the number of leases entered into by air transport equipment leasing companies is not required to be entered on corporation tax returns, it is not possible to provide...

Written Answers — Department of Finance: Budget 2017 (9 Nov 2016)

Michael Noonan: The increase in the fiscal space between the amount forecast in the Summer Economic Statement (SES) 2016 and final amount in the Budget 2017 document was some €200 million, not €300 million. The €1 billion fiscal space in the Summer Economic Statement (SES) was funding a proposed Budget package of €1.2 billion in 2017 consisting of additional...

Written Answers — Department of Finance: National Risk Assessment (9 Nov 2016)

Michael Noonan: The National Risk Assessment (NRA) is an annual horizon scanning exercise in which broader risks to Ireland's well-being are assessed. It takes into account risks from an economic, environmental, geo-political, social and technological perspective to take a holistic view of all potential areas of risk. The NRA finds that the main risks in Ireland in 2016 relate to Brexit/uncertainty...

Written Answers — Department of Finance: NAMA Property Sales (9 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 93 and 94 together. As the Deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner or manager of properties. The Agency's role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed...

Written Answers — Department of Finance: Tax Code (9 Nov 2016)

Michael Noonan: I have no plans to introduce a tax along the lines suggested by the Deputy. The Finance (Local Property Tax) Act 2012 as amended provides that residential properties that are suitable for use as a dwelling are generally liable to the local property tax, whether or not they have been left vacant. However, properties that are not suitable for use as a dwelling, and are not occupied as...

Written Answers — Department of Finance: Tax Yield (9 Nov 2016)

Michael Noonan: Budget 2016 estimated that overall income tax receipts for 2016 would amount to €18,995 million, which represents a 4.4% year-on-year increase. Budget 2017, published last month, also projected annual growth in income tax for 2016 of 4.5%, with receipts of €19,185 million expected. This is an additional €190 million above the Budget 2016 estimate for this tax head. ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Committee (9 Nov 2016)

Michael Noonan: We did not introduce an allocation of time motion, as would have been the custom in previous debates. However, to facilitate Deputies, if they would like an informal time motion, they can think about it and we can agree it, rather than proceeding by way of a formal time motion.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Committee (9 Nov 2016)

Michael Noonan: All right. That is fine.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael Noonan: First, I will give some context about the overall cost of the measures we propose in the Finance Bill. They net out at about €350 million out of a budget of just north of €58 billion. Therefore, what we are discussing here is very marginal in quantum terms, even though it is significant in policy terms. We should keep that in mind. The expenditure side of the budget has a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael Noonan: I will respond to Deputy McGrath's question first. The economic forecasts announced on budget day are also the economic forecasts that underpin the Finance Bill. We are proposing no change at present and we envisage no change. On the public service pay situation, the view of the Government is that the Lansdowne Road agreement provisions are still the agreement we have with the public...