Results 25,521-25,540 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: Loss relief provisions are an essential part of corporate tax systems. Under the Irish corporate tax system, losses incurred in the course of a business are allowed to be taken into account in calculating the appropriate amount of tax due by companies. Loss relief recognises the fact that business cycles run over a longer period than just a single year and that it would be inequitable to...

Written Answers — Department of Finance: Departmental Staff (17 Jan 2017)

Michael Noonan: The decision to recruit a number of temporary Appeal Commissioners arose from a review conducted by the Revenue Commissioners which indicated that there would be a significant number of open appeal cases to be transferred from Revenue to the Tax Appeals Commission. In the circumstances, and as provided for in section 9 of the Finance (Tax Appeals) Act 2015, I gave my approval for...

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

Michael Noonan: The Brazilian Federal Revenue Service have agreed to meet a technical delegation from the Department of Finance and the Revenue Commissioners to discuss Brazil's inclusion of Ireland on their tax list. Our Ambassador in Brazil is working on finalising the scheduling of this technical delegation.  Brazilian Federal Revenue Service have made clear that Ireland has been...

Written Answers — Department of Finance: Motor Insurance (17 Jan 2017)

Michael Noonan: The Working Group on the Cost of Motor Insurance, chaired by Minister of State Eoghan Murphy, completed its Report in December 2016. The Report was approved by the Government on 10 January 2017 and subsequently published. The Report contains 33 recommendations and 71 actions are detailed in an action plan with agreed timelines for implementation, covering six main...

Written Answers — Department of Finance: Social and Affordable Housing Funding (17 Jan 2017)

Michael Noonan: As the Deputy will be aware policy initiatives in the area of housing must seek to address the challenges faced by the various sectors of the market, including the private owner occupier market, the rental market, and the social housing sector. In line with its statutory mandate, the Ireland Strategic Investment Fund (ISIF) is examining opportunities to make, on a commercial basis, strategic...

Written Answers — Department of Finance: Fiscal Policy (17 Jan 2017)

Michael Noonan: At the outset I would like to reassert my belief in the importance of the principle of the fiscal rules, which are designed to promote budgetary discipline and underpin sustainable economic growth. Fiscal rules are all-the-more important in a monetary union, given the scope for spillovers among participating Member States. Compliance with the fiscal rules underpins and facilitates...

Written Answers — Department of Finance: Fiscal Compact Treaty (17 Jan 2017)

Michael Noonan: The briefing the Deputy is referring to was prepared following the general election last year and, as a result, it was drafted prior to the reclassification by EUROSTAT of the 2015 conversion of the AIB preference shares to ordinary shares as general Government expenditure. This increased expenditure for 2015 on a one-off basis by circa €2.1 billion,...

Written Answers — Department of Finance: Stamp Duty (17 Jan 2017)

Michael Noonan: In accordance with Section 126AA of the Stamp Duties Consolidation Act 1999, an annual levy was imposed on certain financial institutions for each of the years 2014, 2015 and 2016. The levy was charged at 35% of the Deposit Interest Retention Tax (DIRT) paid by a financial institution in 2011 and raises approximately €150 million annually for the Exchequer. In the case...

Written Answers — Department of Finance: State Banking Sector (17 Jan 2017)

Michael Noonan: The State's shareholding in AIB is a valuable asset and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. My primary objective in the disposal of any AIB shares will be to maximise the return for the State in a manner that is consistent with recovering our full €20.7...

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

Michael Noonan: The Deputy will be aware that there is a commitment in the Programme for a Partnership Government to increase the Earned Income Credit (EIC) to €1,650, and the Budget 2017 increase of €400 to the existing €550 credit introduced last year is a significant step in this direction. This is available to self-employed individuals who have an active trade or profession, and who...

Written Answers — Department of Finance: Fiscal Data (17 Jan 2017)

Michael Noonan: Ensuring the plausibility of potential output estimates remains a key priority for my Department, especially given their relevance in the fiscal surveillance process and calculation of fiscal space. The shortcomings of the EU's harmonised methodology have been previously highlighted by my Department.  As the Deputy is aware, substantial efforts have been undertaken by my Department...

Written Answers — Department of Finance: Banking Sector (17 Jan 2017)

Michael Noonan: The Deputy will be aware that the Central Bank has an ongoing role in monitoring the level of arrears and negative equity on mortgage and other loan assets. The Programme for a Partnership Government contains a range of commitments in the broad housing and banking area and my Department regularly engages with the Central Bank on all the Programme for Government Commitments which will impact...

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

Michael Noonan: In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process".  As the Deputy will be aware, the rights for the State to appoint public interest directors to the...

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

Michael Noonan: The Programme for a Partnership Government commits to the introduction of a tax on sugar-sweetened drinks (SSDs). The tax will contribute towards important public health goals, as well providing a new source of revenue for public spending. The Department of Health has also supported the introduction of a tax on SSDs in order to reduce added-sugar in diets, particularly the diets...

Written Answers — Department of Finance: Central Bank of Ireland (17 Jan 2017)

Michael Noonan: The Governor of the Central Bank made remarks in June of last year on the topic of technological innovation and financial services. I think it is important to be clear on what the Governor said. He said that in addition to the four primary challenges he identified in the regulatory treatment of financial innovations, technological innovation may also alter the role of central...

Written Answers — Department of Finance: Banking Sector (17 Jan 2017)

Michael Noonan: The most recent ISME Bank Watch Survey for Quarter 4 2016 noted that 30% of companies who applied for funding in the three months covering September to November 2016 were refused credit by their banks. The figure the Deputy is referring to was reported in the survey results for Quarter 2 2016. As the Deputy may be aware, my Department conducts a biannual SME Credit Demand Survey. This...

Written Answers — Department of Finance: Banking Sector (17 Jan 2017)

Michael Noonan: The Programme for Government contains a commitment to investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. As the Deputy will be aware, the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs (DAHRRGA) has primary responsibility for this commitment. Officials from my Department met with officials from...

Written Answers — Department of Finance: State Aid (17 Jan 2017)

Michael Noonan: On 30 August 2016, it was announced that the Commission had issued a negative decision in the Apple State Aid case. This concluded the investigation that had been on-going formally since June 2014. The investigation was a priority matter for the State. Detailed and comprehensive responses were provided to the Commission demonstrating that the appropriate amount of Irish tax was charged...

Written Answers — Department of Finance: European Central Bank (17 Jan 2017)

Michael Noonan: The Central Bank of Ireland inform me that the actual monthly purchase volumes under the Asset Purchase Programmes (APP) respond to reflect seasonal fluctuations in market liquidity. The immediate run-up to year-end is a period of relatively low market activity and this is the primary reason for the reduction in purchases of all government bonds including Irish government bonds in...

Written Answers — Department of Finance: Economic and Monetary Union (17 Jan 2017)

Michael Noonan: On Sunday 4th December 2016 Italians voted on proposals for constitutional reform proposed by the then Italian Prime Minister Matteo Renzi. By a majority of 59 per cent to 41 per cent the referendum was defeated. Mr Renzi has subsequently resigned and a new Prime Minster, Mr Paolo Gentiloni has been sworn in. It is expected that Mr Gentiloni, the previous Italian Foreign Minister, can...