Results 26,661-26,680 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Rebates (2 May 2017)

Michael Noonan: I am advised by Revenue that a review has been carried out for 2016 for the person concerned and a refund of the overpaid tax has been made. If the person concerned requires any further clarification on any aspect of his tax position he should contact his local Revenue District in Wexford who will be happy to help him.

Written Answers — Department of Finance: Insurance Coverage (2 May 2017)

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 accept. This position is...

Written Answers — Department of Finance: VAT Exemptions (2 May 2017)

Michael Noonan: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within particular categories of goods and services specified in the Directive, in respect of which Member States may apply a lower rate or exempt...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: Chapter 4A of Part 12 Taxes Consolidation Act (TCA) 1997, which was introduced in Finance Act 2012, provides for a termination of the carry-forward of certain unused capital allowances after the “tax life” of the relevant building or structure has ended. With effect from 1 January 2015, any unused accelerated capital allowances, which are carried forward beyond the “tax...

Written Answers — Department of Finance: Insurance Industry (2 May 2017)

Michael Noonan: Setanta was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. This liquidation is being carried out under Maltese law. As of 31 March 2017, the number of open claims is 1,649. Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v the Motor Insurers' Bureau of Ireland (MIBI). The focus of the court...

Written Answers — Department of Finance: Banking Sector Investigations (2 May 2017)

Michael Noonan: The European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 [S.I. No. 27 of 1995] (the ‘1995 Regulations’), which gives effect to Council Directive No. 93/13/EEC (the ), is a designated statutory instrument for the purposes of the Central Bank Act 1942 (the ‘1942 Act’). Accordingly, if the Central Bank suspects on reasonable grounds that a...

Written Answers — Department of Finance: Corporation Tax Regime (2 May 2017)

Michael Noonan: The terms of reference of the review of the corporation tax code announced last October do not provide for analysis of either the European Commission's proposal for a Council Directive on a Common Corporate Tax Base or their proposal for a Council Directive on a Common Consolidated Corporate Tax Base (CCCTB). These proposals do of course form part of the context in which the review is being...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: Preparatory work in relation to the Tax Strategy Group for 2017 is ongoing at present. A number of topics have been advanced but have not been finalised. It is therefore premature to provide a definitive list at this time. It is envisaged however, that the following papers may be included; Income Tax and USC, General Excises, PRSI, Social Protection Package, Capital Taxes/Exit/DIRT,...

Written Answers — Department of Finance: Tax Rebates (2 May 2017)

Michael Noonan: I am advised by Revenue that Relevant Contracts Tax (RCT) was deducted from payments due to the person concerned. Section 530P of the Taxes Consolidation Act prohibits the repayment of RCT to a subcontractor in respect of the year in which the tax was deducted until such time as their tax return (Form 11) has been filed, a notice of assessment has issued and all liabilities for income tax...

Written Answers — Department of Finance: Credit Union Lending (2 May 2017)

Michael Noonan: I am pleased that the credit union sector is considering various proposals to increase its income and develop its business model. My Department has received a number of such proposals from both the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (CUDA). Proposals from both representative bodies, in relation to the funding of social housing, are at various...

Written Answers — Department of Finance: Tax Reliefs Availability (2 May 2017)

Michael Noonan: I am advised by Revenue that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for 'agricultural relief'. The relief takes the form of a 90% reduction in...

Written Answers — Department of Finance: Protected Disclosures (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 247 to 249, inclusive, together. New protections for persons making protected disclosures to the Central Bank came into force on 1 August 2013. This also introduced new obligations on certain categories of persons in regulated firms to disclose breaches of financial services legislation to the Central Bank. The Central Bank has established a...

Written Answers — Department of Finance: Tax Collection (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 250 and 251 together. I am advised by Revenue that there are two important dates that are relevant for the taxation of a gift or an inheritance via Capital Acquisitions Tax (CAT). These dates are used for different purposes and are mutually exclusive. Firstly, the date of a gift or, in the case of an inheritance, the date of the death of a disponer, is...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 252 and 253 together. There have been no changes made to the Drivers/Passengers with Disabilities Scheme. The term “family member” is not defined in the legislation governing the scheme and, consequently, the CAT legislation is used as a guideline. However, an application by a “family member” not covered under the CAT...

Written Answers — Department of Finance: Tracker Mortgages Examination (2 May 2017)

Michael Noonan: The Central Bank has advised that it does not have the statutory power to set compensation levels or to compel lenders to implement redress and compensation programmes in respect of failures that occurred prior to the introduction of the Central Bank (Supervision and Enforcement) Act 2013. As part of the Examination framework, where customer detriment is identified, the Central Bank has...

Written Answers — Department of Finance: Tracker Mortgages Examination (2 May 2017)

Michael Noonan: The Tracker Mortgage Examination is the largest, most complex and significant supervisory review that the Central Bank has undertaken to date in the context of its consumer protection mandate, involving a review of more than two million mortgage accounts by lenders. The Central Bank framework for the Tracker Mortgage Examination requires lenders to review all mortgage accounts, including...

Written Answers — Department of Finance: VAT Rate Application (2 May 2017)

Michael Noonan: I am advised by Revenue that the VAT Consolidation Act 2010 (as amended) provides that professional medical care services recognised as such by the Department of Health and Children are exempt from Value Added Tax. Professional medical care services recognised by the Department of Health and Children are generally those medical care services supplied by health professionals who are...

Written Answers — Department of Finance: Tracker Mortgages Examination (2 May 2017)

Michael Noonan: PTSB has provided me with the following information in response to the Deputy’s question: “Two appeals panels were established in 2015 as an integral part of the Mortgage Redress Programme (MRP) which Permanent TSB Group established to address the issue of 1,372 customers who had been impacted by a failure in relation to their mortgage accounts at the Bank or at its subsidiary,...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: As outlined in Budget 2017, it is my intention to introduce a tax on sugar-sweetened drinks in April 2018, which will coincide with the introduction of a similar tax in the UK at that time. Officials from my Department are in contact with their UK counterparts to ensure, once introduced, the tax operates efficiently, fairly and effectively. In general I am opposed to ring-fencing...

Written Answers — Department of Finance: Motor Insurance Coverage (2 May 2017)

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 accept. This position is...