Results 26,681-26,700 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Brexit Issues (2 May 2017)

Michael Noonan: The Government's headline priorities in response to Brexit are well known – minimising the impact on trade and the economy; protecting the Northern Ireland Peace Process; maintaining the Common Travel Area; and influencing the future of the European Union. It is quite clear that there are major challenges ahead, for the EU, the UK and for Ireland. The position in relation to the...

Written Answers — Department of Finance: Brexit Issues (2 May 2017)

Michael Noonan: I am advised by Revenue that they, like all Government Departments, have a dedicated Brexit Unit headed by an Assistant Secretary. As the issues arising from Brexit involve many areas of Revenue’s work, the role of the dedicated Brexit Unit (currently 9 full-time equivalents) is to draw together the expertise from relevant specialist areas and provide advice for Government, while...

Written Answers — Department of Finance: Interest Rates (2 May 2017)

Michael Noonan: The primary objective of the European Central Bank (ECB) is to maintain price stability within the euro area by implementing monetary policy which is consistent with an inflation rate of below, but close to, 2 per cent over the medium term. As part of this mandate, in accordance with Article 127(2) of the Treaty on the Functioning of the European Union, the ECB has the sole responsibility...

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

Michael Noonan: The total amounts of tax written out each year are documented in Revenue’s Annual Report. For the Deputy’s information the various Annual Reports are available on the Revenue website at . The details of tax written out each year are provided to the Comptroller & Auditor General for examination and are also examined internally by Revenue’s own Internal Audit Unit....

Written Answers — Department of Finance: Vehicle Registration (2 May 2017)

Michael Noonan: Firstly, I would like to clarify the background. The EU Commission have purported that Ireland has not fulfilled its obligations under Article 56 (freedom to provide services) of the Treaty on the Functioning of the European Union due to the Vehicle Registration Tax (VRT) treatment of vehicles that are brought into the State on a temporary basis. The Case was heard in the Grand Chamber...

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

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are set out in an Action Plan. Work is ongoing on the implementation of the...

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

Michael Noonan: I am informed by Revenue that the cost of claims for tax relief on health expenses to 2014, the most recent tax year for which data are currently available, is located on the Revenue Commissioners’ webpage at . Updates will be published in due course. On the basis of the cost to the Exchequer in 2014 of €145.9m, it is estimated that the additional cost of increasing the rate of...

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

Michael Noonan: I am aware of the recent public revelation that the number of roadside drink-driving breathalyser tests undertaken nationally between 2011 and early 2016 has been exaggerated by An Garda Síochána.  However, I am not aware of any evidence that shows these exaggerated numbers have had an impact on the increases that have been seen in the general cost of motor...

Written Answers — Department of Finance: Motor Insurance (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...

Written Answers — Department of Finance: Road Tolls (2 May 2017)

Michael Noonan: Employees may claim a tax deduction in respect of (a) the cost of travelling expenses necessarily incurred in the performance of the duties of their employment or office; and (b) the cost of other expenses incurred wholly, exclusively and necessarily in the performance of the duties of their employment. However, these deductions do not ordinarily include the cost of travelling to and...

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

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set out in an Action Plan. 45 of these action points are due to be...

Written Answers — Department of Finance: NAMA Assets Sale (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 271 and 272 together. The Deputy will be aware that Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that, under Section 10 of the Act, its primary objective is to obtain the best achievable financial return for the State from its acquired loan portfolio. In this regard, I am advised that NAMA is...

Written Answers — Department of Finance: NAMA Staff Data (2 May 2017)

Michael Noonan: As set out in my Department's Section 227 Review of NAMA in July 2014, the ability of NAMA to obtain the best achievable financial return for the State is heavily dependent on its retention of expertise. That view has been strongly endorsed by the NAMA Board. Given that, I agreed with the NAMA Board in the context of NAMA's accelerated senior debt redemption target and its ancillary...

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

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT, up to a certain limit, on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: NAMA Transactions (2 May 2017)

Michael Noonan: I am advised by NAMA that the Agency has, to date, advanced a total of €384m in eight vendor finance transactions involving the sale of commercial property securing its loans.  I am advised that four of the loans have now been repaid in full and that the four remaining loans have an outstanding principal balance of €228.5m as at end-2016. Under sections...

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

Michael Noonan: I propose to take Questions Nos. 276 to 278, inclusive, together. In my Financial Statement to the House on 11 October 2016 I indicated that I would act to restrict the opportunity for offshore defaulters to use the voluntary disclosure regime with effect from May 2017. In line with this undertaking, section 56 of the Finance Act 2016 provides that, as and from following the voluntary...

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

Michael Noonan: I propose to take Questions Nos. 279 and 280 together. On 1 January 2015 new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and electronic (TBE) services to consumers.  VAT on these services is now chargeable where the consumer is located instead of where the supplier is located.  This ensures...

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

Michael Noonan: As outlined in Budget 2017, I intend to introduce a tax on sugar sweetened drink in April 2018 which will coincide with the introduction of a similar tax in the UK.   A public consultation process opened on Budget night seeking the views of interested parties on the make up of the tax which ran until 3rd January 2017.  Some 30 submissions were received, all of...

Written Answers — Department of Finance: Bank Branch Closures (2 May 2017)

Michael Noonan: Firstly I note with regret that Ulster Bank is closing a significant number of branches with considerable negative impacts on both staff and customers alike.  As you would be aware redundancies are a matter for my colleague, the Minister for Jobs, Enterprise and Innovation.  I fully appreciate that the decision taken by the bank will be keenly felt in the locations concerned, both...

Written Answers — Department of Finance: Vehicle Registration (2 May 2017)

Michael Noonan: The relief from the payment of Vehicle Registration Tax (VRT) is provided for under the Finance Act 1992, s.134(1)(a) and Vehicle Registration Tax (Permanent Reliefs) Regulations 1993, Reg 4, (S.I. No. 59/93). In order to qualify for relief an applicant must meet a number of eligibility criteria including the possession and actual use of the vehicle outside the State for at least six...