Results 25,421-25,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 46, 338 and 340 together. The Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. It introduced a regulatory regime for a new type of entity called a 'credit servicing firm' and...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: Ireland's national debt levels and dependence on international support at the time of the crisis, prohibited the State from directly investing in the distressed assets resulting from the crisis.  Exposure to the banks, IBRC and NAMA each became exposures of the taxpayer net liabilities - that had to be reduced for the State to regain financial...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: In 2016, NAMA sold loans, the debtor for which I understand, owns the units in question in the Strand apartment buildings.  As is NAMA's policy, in order to minimise disruption to tenants, the owner did not seek vacant possession of these apartments in advance of NAMA's sale of his loans.  Furthermore, the sale of...

Written Answers — Department of Finance: Interest Rates (17 Jan 2017)

Michael Noonan: The latest positions communicated by the relevant central banks are as follows: - The Governing Council of the ECB decided in December 2016 to keep the key interest rates in the euro area unchanged and stated that it expects interest rates to remain at current or lower levels for an extended period of time, and well past the end of this year. - In the US, the Federal Open Market...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: This question relates to the taxation treatment of patronage shares issued by Kerry Co-Op. I am advised by Revenue that there has been no change in policy in relation to this matter and the position adopted by Revenue is in accordance with long established taxation principles. Deputies will be aware that Revenue has committed to facilitate the appeals process should a taxpayer raise an...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Deputy's question would appear to suggest that Revenue should, or indeed could, analyse a transaction and select a tax treatment based on the maximum potential yield for the Exchequer.  This is most certainly not the case as the Oireachtas sets out in legislation the relevant tax treatment that should be applicable to various sources of income or gains. The Revenue Commissioners,...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 52 and 69 together. I appreciate the questions and have considered these issues since the establishment of NAMA.  It is important to understand NAMA and how it is achieving its purposes. One of many important purpose of the NAMA Act is "to contribute to the social and economic development of the State."  The...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Deputy will be aware that the Tax Strategy Group (TSG) is in place since the early 1990's and is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually for the Group by Department of Finance officials.  Papers...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: There is a time delay between an activity taking place and the filing of the corporation tax return covering that entity.  A company which commenced trading in 2014 with a year end of 31 December 2014, for example, would not be required to file its first tax return until 23 September 2015.  As 2014 saw the first bulk sales of distressed Irish debt, the first corporation tax returns...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Section 110 regime in its current form was inserted by Finance Act 2003.  It was introduced to facilitate structured financial products, including the securitisation of loan books by banks and was designed to provide a tax neutral structured finance vehicle.  An effective securitisation regime is vital to the efficient working of the financial service industry.  It...

Written Answers — Department of Finance: Brexit Issues (17 Jan 2017)

Michael Noonan: I met with Chancellor Philip Hammond during his recent visit to Dublin on 9th January last. I was glad to have the opportunity to continue our bilateral discussions, following on from my meeting with him last September in London. This is, of course, in addition to our regular contacts at monthly meetings of EU Finance Ministers at ECOFIN. Chancellor Hammond and I engaged constructively...

Written Answers — Department of Finance: EU Issues (17 Jan 2017)

Michael Noonan: I am aware of reports that the company concerned has been invited to attend at the Finance Committee and it is a matter for the company to decide whether it will accept the invitation; I have no role in the matter.

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Deputy's question would appear to suggest that Revenue should, or indeed could, analyse a transaction and select a tax treatment based on the maximum potential yield for the Exchequer.  This is most certainly not the case. It would also be unfair to taxpayers in the event that they ended up paying more to the Exchequer than actually required by the law. The Revenue Commissioners,...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (17 Jan 2017)

Michael Noonan: The European Commission's proposal for a Common Consolidated Corporate Tax Base was published in October and discussed at the November ECOFIN meeting at which both Commissioner Moscovici and I were present. During the discussion, which was held in public session, a number of my fellow Ministers gave some initial impressions of the proposal. At the December ECOFIN, Council Conclusions...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (17 Jan 2017)

Michael Noonan: The European Commission's proposal for a common consolidated corporate tax base (CCCTB) was published at the end of October 2016.  It is a highly complex and technical proposal and time will be needed for all Member States to fully consider and discuss the proposal.  As with all EU files, Ireland will engage constructively on the CCCTB proposal while critically...

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 62 and 293 together. As the Deputy will be aware, I have taken steps to ensure that borrowers whose loans are sold retain the same protections which they had prior to the sale. This was effected through the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015. It was introduced to fill the consumer protection gap where loans were sold by...

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael Noonan: The Central Bank is responsible for the regulation and supervision of financial service providers and for protecting the consumer of financial services.  As the Deputy is aware, the Central Bank has commenced an industry wide examination of tracker mortgage related issues covering among other things transparency of communications with and contractual rights of...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (17 Jan 2017)

Michael Noonan: The Deputy will be aware that  the Code of Conduct on Mortgage Arrears (CCMA) sets out statutory requirements for mortgage lenders and credit servicing firms dealing with borrowers in or facing arrears on the mortgage loan secured by their primary residence.   Lenders may only commence legal proceedings for repossession of the borrower's primary residence after it follows a...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 Jan 2017)

Michael Noonan: The Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REIT) in Ireland.  A REIT is a collective investment vehicle designed to hold properties in a tax neutral manner.  In general, the trading profits of companies in Ireland are subject to Corporation Tax at 12.5%. Rental profits of companies are subject to Corporation Tax at 25%....

Written Answers — Department of Finance: Tax Avoidance (17 Jan 2017)

Michael Noonan: I am advised by Revenue that they have  been to the forefront in acting against the use of offshore accounts, trusts and structures to evade tax liabilities, and that their approach has set the model for much of the work undertaken by other tax administrations in this area. Revenue's work in relation to offshore accounts and other financial product investigations has to date resulted in...