Results 25,061-25,080 of 27,019 for speaker:Michael Noonan

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: There were some other schemes and I abolished and phased out most of them. I am not saying we will bring them back, but I do not think we should exclude the tax incentivisation of projects for social or economic purposes from the tax code as a matter of principle. The living city initiative has been ratified for state aid purposes. The de minimisamendments being proposed do not extend the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: This has been around for a long time. I understand the Deputy's point of view. There is a difficulty about giving a tax break to people for the expense of getting from their home to their place of work. For non-executive directors claiming expenses for their activities as non-executive directors, Revenue would consider a person travelling to Dublin for a board meeting, for example, as that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: We have commenced a re-evaluation of the Deputy's amendment. I shall not read out the initial speaking note because it was, in effect, to turn the amendment down, but I will come back to the Deputy, maybe between now and Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: Is that on a pro bonobasis?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: Yes. We will look at that also.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: I understand the problem but I do not see a solution. That is my problem now. The first issue is the cost. We could also make a commitment to doing something in the future and including the cost next year but there could be unforeseen, unintended consequences along the lines of those mentioned by Deputy Boyd Barrett, in addition to other considerations. As explained by Deputy Donnelly,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: I will come back to it again on Report Stage. I can see many difficulties at present. I am not sure how extensive the problem is. We are getting submissions from landlords stating they cannot make a profit on rental accommodation and that they do not have a taxable income on rental accommodation. Tax liability is on the income, not on the total rent. There is a variety of costs that can...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: If they leave the country, they will still have the tax liability on profits from rental income.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: We will think about it between now and Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: Are we sitting tomorrow?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: I notify the committee that I will be out of the country on business next week. The Minister of State, Deputy Eoghan Murphy, will carry the remainder of Committee Stage.

Written Answers — Department of Finance: Government Expenditure (15 Nov 2016)

Michael Noonan: In Budget 2017, total general government expenditure of €76.6 billion is forecast for next year. This is c.€0.2 billion more than the level that is forecast as being compliant with the expenditure benchmark. The calculation in Table A7 of the Budget book shows net fiscal space for 2017 of €-0.2 billion, indicating an excess over...

Written Answers — Department of Finance: Mortgage Arrears Proposals (15 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 172 and 173 together. In relation to Actions 1.19 and 1.20 of the Action Plan for Housing and Homelessness the Deputy will be aware that the Central Bank of Ireland's (The Central Bank) Code of Conduct on Mortgage Arrears (CCMA) provides a strong consumer protection framework to ensure that each borrower who is struggling to keep up mortgage...

Written Answers — Department of Finance: Living City Initiative (15 Nov 2016)

Michael Noonan: As the Deputy may be aware, the Living City Initiative was initially provided for in Finance Act 2013 and commenced on 5th May 2015. The Initiative was extended beyond the original planned pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny. In line with my Department's commitment to evidence based policy-making, the inclusion of...

Written Answers — Department of Finance: Pyrite Issues (15 Nov 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to...

Written Answers — Department of Finance: Property Tax Exemptions (15 Nov 2016)

Michael Noonan: I am advised by Revenue that there is no liability to Local Property Tax (LPT) where a property is derelict to such an extent that it is not suitable for occupation and is not actually occupied. In such circumstances there is no requirement on the property owner to file an LPT return. However it can happen that an LPT return issues because Revenue is not aware that the property in question...

Written Answers — Department of Finance: Tax Code (15 Nov 2016)

Michael Noonan: I am advised by Revenue that without knowing the full circumstances of the particular taxpayer it is not possible to comment specifically on the case raised by the Deputy. However I can provide the following general information with regard to the taxation of widowed persons in the year of bereavement, and in subsequent years. In regard to the tax year in which a spouse has died, the...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (15 Nov 2016)

Michael Noonan: To be eligible to apply for the Help to Buy incentive, a first-time buyer must have signed a contract to purchase a new build property on or after the 19th July 2016. In the case of a self-build home, they must have drawn down of the first tranche of the relevant mortgage on or after that date. The full conditions of the scheme and its commencement remain subject to the...

Written Answers — Department of Finance: Tax Code (15 Nov 2016)

Michael Noonan: I have put forward an amendment on the capital acquisitions tax relief known as the dwelling house exemption for the Committee Stage of Finance Bill 2016 which I expect will be discussed by the Committee on Finance, Public Expenditure and Reform, and Taoiseach on Tuesday 10 or Wednesday 16 of November. I consider that this particular relief has lost focus since its introduction because of...

Written Answers — Department of Finance: State Savings Schemes Data (15 Nov 2016)

Michael Noonan: As the Deputy will be aware, the National Treasury Management Agency (NTMA), a statutory body under the aegis of the Minister for Finance, has responsibility for the management of Ireland's range of Government savings products. I am informed by the NTMA that the overall level of investment in State Savings products, including in Post Office Savings bank deposits, has increased from just...