Results 26,741-26,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry (9 May 2017)

Michael Noonan: Setanta Insurance was placed into liquidation by the Malta Financial Services Authority in April 2014 and this liquidation is being carried out under Maltese law. 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 action is to...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (9 May 2017)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) holds the AIB shares on behalf of the State. Dividend payments are therefore made to the ISIF. Payments from the ISIF to the Exchequer arising from the proceeds of the disposal of the State's shareholdings in the Banks are provided for under the NTMA (Amendment) Act 2014. This legislation allows the Minister to direct...

Written Answers — Department of Finance: Revenue Commissioners Audits (9 May 2017)

Michael Noonan: I propose to take Questions Nos. 162 and 163 together. Revenue is a fully integrated tax and customs administration. Revenue has approximately 2,000 staff engaged on activities that focused on confronting non-compliance. These activities include anti-smuggling and anti-evasion, investigation and prosecution, audit, assurance checks, anti-avoidance, returns compliance and debt collection...

Written Answers — Department of Finance: Motor Insurance Coverage (9 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 Rate Reductions (10 May 2017)

Michael Noonan: As part of the Government's Job Initiative in 2011, I introduced a temporary second reduced VAT rate of 9% in respect of tourism related services, including hotel and holiday accommodation; various entertainment services; the use of sporting facilities; hairdressing services; and various printed matter. This measure was aimed at boosting tourism and the creation of additional jobs in that...

Written Answers — Department of Finance: Tax Rebates (10 May 2017)

Michael Noonan: I am advised by Revenue that as the person concerned did not pay any income tax in 2016 no refund is available. A refund of the Universal Social Charge deducted was issued to the person concerned on 21/04/2017.

Written Answers — Department of Finance: Tax Yield (10 May 2017)

Michael Noonan: In general, the forecasts for all tax-heads use a broadly similar methodology. Specifically, in relation to the Budget 2017 forecasts in respect of income tax (PAYE) and Universal Social Charge (PAYE) the approach is set out below: Firstly an estimate of the 2016 outturn was calculated last October, which became the starting point for 2017, or base year outturn. This starting point is then...

Written Answers — Department of Finance: Tax Yield (10 May 2017)

Michael Noonan: In general, forecasts for all tax-heads use a broadly similar methodology.  Specifically, in relation to the Budget 2017 forecasts in respect of corporation tax the approach is set out below. Firstly an estimate of the 2016 outturn was calculated last October, which became the starting point for 2017, or base year outturn. This starting point is then adjusted to take account of any...

Written Answers — Department of Finance: Tax Yield (10 May 2017)

Michael Noonan: The position is that income tax receipts have performed steadily in the last two consecutive quarters, recording annual growth of 5.1% (€301 million) and 1.4% (€62 million) respectively. The following tables set out the income tax year-on-year performance in the last two quarters: End-quarter 4 2016 End quarter 4 2015 Y-on-Y Change Y-on-Y Change % Income Tax...

Written Answers — Department of Finance: Banking Sector (11 May 2017)

Michael Noonan: The Programme for Government contains a commitment to thoroughly investigate the Sparkassen model of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs (DAHRRGA) is the lead Department in respect of this commitment. DAHRRGA undertook a consultation process, engaging with stakeholders and interested...

Written Answers — Department of Finance: Private Rented Accommodation (11 May 2017)

Michael Noonan: As the Deputy will be aware, the Strategy for the Rental Sector, published by the Department of Housing, Planning, Community and Local Government in December 2016, committed to the establishment of a working group in early 2017 to examine and report on the tax treatment of landlords (or rental accommodation providers), and to put forward options, where appropriate, for amendments to such...

Written Answers — Department of Finance: Credit Union Regulation (11 May 2017)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. Credit unions are regulated and supervised by the Registrar of Credit Unions at the Central Bank who is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts...

Written Answers — Department of Finance: Tax Data (11 May 2017)

Michael Noonan: I propose to take Questions Nos. 65 to 68, inclusive, together. I am informed by Revenue that, on the basis of information derived from Income Tax returns filed for the year 2014, the latest year for which data are available, the average Income Tax paid by public sector PAYE workers on the standard and higher rate of tax is €3,727 and €19,578 respectively. The average paid by...

Written Answers — Department of Finance: Corporate Governance (11 May 2017)

Michael Noonan: The Central Bank of Ireland is responsible for the authorisation and supervision of fund management companies established in Ireland.  I have been informed by the Bank that it has undertaken a significant project examining fund management company effectiveness which dealt with the issue of governance by aiming to enhance organisational effectiveness and setting out...

Written Answers — Department of Finance: Revenue Commissioners (11 May 2017)

Michael Noonan: I am advised by Revenue that information regarding purchases of land (non-residential / commercial property) is collected by Revenue through Stamp Duty returns that are filed via Revenue’s e-Stamping System. In relation to land the filer must indicate if the land falls within any of the following categories – - Site only - Agricultural land - Non-Agricultural land - New...

Written Answers — Department of Finance: Universal Social Charge (11 May 2017)

Michael Noonan: I propose to take Questions Nos. 71 and 72 together. The estimated first year (i.e. 2017) cost of the USC measures contained in Budget 2017 was €335 million, and the estimated full-year cost of the USC measures was €390 million, with 2018 being the first full year in which the measures are in effect. While overall income tax receipts are currently below profile, down...

Written Answers — Department of Finance: Motor Insurance (11 May 2017)

Michael Noonan: At the outset, the Deputy should note that as Minister for Finance, I am not responsible for the operation of the Declined Cases Agreement and therefore do not have direct access to the data that is being requested. As you are aware, under the Declined Cases Agreement, the insurance market undertakes not to refuse to provide third party motor insurance to an individual where they have...

Written Answers — Department of Finance: Tax Credits (11 May 2017)

Michael Noonan: I am advised by Revenue that the person concerned has been previously informed by Revenue of what needs to be done to transfer the tax credits concerned. This information has been provided in recent days again. Once the necessary steps are completed, Revenue will be able to complete its consideration of the matter.

Written Answers — Department of Finance: Banking Sector Remuneration (11 May 2017)

Michael Noonan: The previous Government put in place a policy which restricts remuneration in the banks in which the State had to inject capital during the financial crisis. This policy has been in place since mid-2011. In brief, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) and no form of remuneration with any variable pay component(s), can be...

Written Answers — Department of Finance: Banking Sector Investigations (11 May 2017)

Michael Noonan: The Central Bank has various reporting obligations in circumstances where the information obtained by it at any stage prior to, during, or after an Investigation, gives rise to a suspicion of a criminal offence, a breach of company law, or a breach of competition law. In such circumstances, the Central Bank has an obligation to refer the matter to the relevant authority, as prescribed under...