Results 25,201-25,220 of 27,019 for speaker:Michael Noonan

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: The argument put forward by Revenue is that the date is intended as a clearly-signalled withdrawal of this opportunity from May next and will provide a powerful incentive to tax defaulters with offshore assets to come clean it in the intervening period. Revenue believes, from experience, that a more entrenched cohort of defaulters will fail to come forward but that by getting a significant...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 111:In page 100, between lines 21 and 22, to insert the following:"(a) in subsection (2A), by substituting "Subject to subsection (2D), for the purposes of subsection (2)," for "For the purposes of subsection (2),",". Amendments No. 111 and 112 relate to section 56 of the Bill. Briefly, by way of background, section 56 amends section 1086 of the Taxes Consolidation Act...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: I move amendment No. 112:In page 103, to delete lines 3 to 20 and substitute the following:"(ii) the Revenue Commissioners shall be deemed to have accepted or undertaken to accept, as the case may be, the adjusted specified sum pursuant to an agreement, of a type referred to in paragraph (c) of subsection (2), made in the relevant period in which the Revenue Commissioners accepted or...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Amendment No. 113 seeks that a report be prepared and laid before the House within one month of the passing of the Finance Bill into law on the use of offshore accounts to avoid tax. The release of the so-called Panama papers earlier this year showed how defaulters use offshore structures and accounts to avoid paying tax. International developments and agreements are leading to the better...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Revenue is pursuing these issues already. It has carried out an analysis of the ICIG offshore leaks database to identify all cases with an association with Ireland. A total of 261 individuals, 245 addresses and 51 intermediaries have been identified. The individuals, companies and intermediaries identified are being profiled using internal systems and open sources and all appropriate...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Now.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Michael Noonan: Before concluding today's proceedings, I would be obliged if, in accordance with Standing Order 163, the Ceann Comhairle would direct the Clerk of the Dáil to make the following minor drafting corrections to the text of the Bill. On page 17, line 37, insert "," immediately after "claimant". On page 21, line 32, substitute "a" for "b". On page 50, line 30, insert "a" immediately...

Written Answers — Department of Finance: Tax Collection (23 Nov 2016)

Michael Noonan: It is understood the matter referred to by the Deputy concerns a redress scheme for customers of a financial institution relating to access to tracker mortgages.  Before determining the tax consequences on this matter the Revenue Commissioners have advised me that they would need to examine the detailed documentation. However, it is also understood that should a tax liability attach to...

Written Answers — Department of Finance: Mortgage Debt (23 Nov 2016)

Michael Noonan: Section 2 of the Consumer Credit Act 1995 (as amended) defines a "housing loan" and it includes "an agreement for the provision of credit to a person on the security of a mortgage of a freehold or leasehold estate or an interest in land on which a house is constructed where the house is to be used, or to continue to be used, as the principal residence of the person or the person's...

Written Answers — Department of Finance: Financial Services Regulation (23 Nov 2016)

Michael Noonan: As the Deputy will appreciate, it would not be appropriate for me, as Minister for Finance, to provide legal advice on specific circumstances or to intervene in a loan agreement between a consumer and a financial institution. However, on the issue more generally I have been advised by the Central Bank that for credit agreements involving a total amount of credit of more than...

Written Answers — Department of Finance: Motor Insurance Regulation (23 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: Financial Services Regulation (23 Nov 2016)

Michael Noonan: The regulation of securities, including binary options, is the responsibility of the Central Bank, working in cooperation with the European Securities and Markets Authority (ESMA).   I am engaging with the Central Bank on this matter, however all the information is not currently to hand. I will forward it to the Deputy as soon as it is available.

Written Answers — Department of Finance: Tax Code (24 Nov 2016)

Michael Noonan: Section 118(5A) of the Taxes Consolidation Act 1997 exempts employees and directors from benefit-in-kind taxation where an expense has been incurred by an employer on the provision of a monthly or annual bus or train/Luas pass for the employee or director. The exemption also includes passes for travel on commuter ferry services which operate within the State in respect of journeys which...

Written Answers — Department of Finance: Fiscal Compact Treaty (24 Nov 2016)

Michael Noonan: On 12th July the EU's Council of Economic and Finance Ministers (ECOFIN) made decisions, under Article 126(8) of the Treaty of the functioning of the European Union, that Portugal and Spain had not taken effective action to correct their excessive deficits. The ECOFIN Council subsequently adopted decisions on 8th August giving notice of revised excessive deficit correction deadlines under...

Written Answers — Department of Finance: Tax Collection (24 Nov 2016)

Michael Noonan: A person who disposes of a foreign life assurance policy is chargeable to capital gains tax on the profit of their investment or in respect of the growth in value of the policy. I am advised by Revenue that the person concerned recently filed his 2015 CGT return under self assessment, declared a gain and paid the tax in respect of a disposal of a foreign life policy. Having regard to the...

Written Answers — Department of Finance: Bank Charges (24 Nov 2016)

Michael Noonan: While I am not aware of the specific situation raised by the deputy, and cannot comment on individual customer cases, I would make the general point that customers can often find a financial product better suited to their usage needs by switching to a new product or indeed to another institution. Many banks offer a number of ways to reduce transaction fees, in addition to offering...

Written Answers — Department of Finance: Departmental Agencies Staff Data (24 Nov 2016)

Michael Noonan: In response to the Deputy's question I am interpreting boards to mean State Boards and agencies to refer to the other bodies under the aegis of my Department. There are 18 bodies in total, of which 7 are State boards. Details in response to the question are in tabular form.  Body The number of vacancies on boards or agencies within his department's remit that currently exist The...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (24 Nov 2016)

Michael Noonan: The Help to Buy incentive is a new income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief will only be available in respect of 'new builds'.  To be eligible to apply for the Help to Buy incentive, a first-time buyer must take out a mortgage of...

Written Answers — Department of Finance: Tax Code (24 Nov 2016)

Michael Noonan: Maternity benefit has been chargeable to income tax since 1 July 2013.  It is assumed that the Deputy is referring to a scenario where an employee receives full wages or salary while on maternity leave and the maternity benefit is mandated by the employee directly to their employer.  I understand that in such a scenario an employee should not pay more tax than they would if they...

Written Answers — Department of Finance: Pensions Legislation (24 Nov 2016)

Michael Noonan: The Deputy is correct in indicating that the Irish tax treatment of exempting from tax the investment income and chargeable gains arising in respect of assets held in an approved retirement fund (ARF) applies regardless of whether the qualifying fund manager is an insurance company or some other type of provider. However, as indicated in my reply to the Deputy's previous...