Results 26,941-26,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (25 May 2017)

Michael Noonan: Any potential IPO of AIB, or sale of shares in the State's other investments, will make no change whatsoever to the rights of employees or pension holders in those institutions. As the Deputy is aware, as Minister for Finance I have no role in the day-to-day operations of any of the banks in which the State is a shareholder. Staff pension entitlements and related matters are a matter for the...

Written Answers — Department of Finance: Tax Data (25 May 2017)

Michael Noonan: I am informed by Revenue that the revenue raised from Tobacco Product Tax by product for 2007 to April 2017 is provided in the following table. Please note that receipts for 2017 are provisional and maybe subject to revision. Year Fine Cut Tobacco €m Cigars €m Cigarettes €m Other €m 2007 22.6 9.5 1,155.0 5.2 2008 25.1 10.2 1,131.5 4.2 2009 46.5 9.6...

Written Answers — Department of Finance: Tax Data (25 May 2017)

Michael Noonan: I am informed by Revenue that clearances data for roll your own tobacco products (Fine Cut Tobacco) for the years 2003 to 2015 are published on the Revenue statistics website at . The 2016 and 2017 data are provided in the following table. Please note clearances for 2016 and 2017 are provisional and maybe subject to revisions. Year Fine Cut Tobacco (Kg) 2016 353,330 2017 (Jan -Apr) 53,257

Written Answers — Department of Finance: Insurance Industry Regulation (25 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: Illicit Trade in Fuel and Tobacco Products (25 May 2017)

Michael Noonan: I am aware of reports of a recent incident involving the illegal dumping of sludge close to the border with Northern Ireland and recognise the serious threat that fuel fraud poses to legitimate business, consumers and the Exchequer.  I am advised by Revenue that tackling fuel fraud has been one of their priorities over recent years. While it is very disappointing that incidents such...

Written Answers — Department of Finance: Tax Credits (25 May 2017)

Michael Noonan: I am advised by Revenue that for 2013 to 2017 inclusive, the person concerned is in receipt of both the Personal Tax Credit and the PAYE Tax Credit. A PAYE/USC Balancing Statement (P21) for each of years 2013 to 2016 issued to the person concerned on 5 May 2017 setting out her earnings and deductions for each of those years and any overpayment due has been refunded.

Written Answers — Department of Finance: Property Tax (25 May 2017)

Michael Noonan: I propose to take Questions Nos. 90 and 91 together. I engaged Dr. Don Thornhill in 2015 to conduct a review to consider and make recommendations on the operation of the Local Property Tax, in particular, any impacts on LPT liabilities due to recent property price developments. Dr. Thornhill made a number of recommendations in his report on his review of the Local Property Tax. His...

Written Answers — Department of Finance: Revenue Commissioners Resources (25 May 2017)

Michael Noonan: In strengthening our commitment in tackling non-compliance, the 2017 Estimates provided an additional €5 million to Revenue for an additional 50 staff (full time equivalent) for audit and investigation activities, including tackling offshore tax evasion, as well as enhancing ICT systems capacity for data matching and data analytics in tax and duty compliance interventions.  It was...

Written Answers — Department of Finance: Excise Duties Yield (25 May 2017)

Michael Noonan: The Excise Duty on a packet of 20 cigarettes was increased by 50 cents (including VAT) with effect from midnight on 11 October 2016. I am informed by Revenue that the additional Excise and VAT received since 11 October 2016 to end April 2017 is €20.1m. This calculation is based on provisional tobacco clearances and may be subject to revision. The forecast yield in 2017 from the...

Written Answers — Department of Finance: Tax Yield (25 May 2017)

Michael Noonan: I am advised by Revenue that in relation to the Budget 2017 measures, a yield of €50 million was included in Budget 2017. This yield was both conservative and prudent at the time. To estimate the yield from these amendments into the future requires predicting changes in property prices as well as behavioural changes. It is too early for the Department or Revenue to revise the final...

Written Answers — Department of Finance: Banking Sector (25 May 2017)

Michael Noonan: As the Deputy is aware, Government policy is focused on ensuring that all viable small and medium sized businesses have access to an appropriate supply of credit from a diverse range of bank and non-bank sources.  The Deputy will also be aware that, in my role as Minister for Finance, I have no direct function in the relationship between the banks and their customers.  Also, I have...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (30 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: Flood Risk Insurance Cover Provision (30 May 2017)

Michael Noonan: I am conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to householders and businesses alike, and that is one of the reasons the Government has been prioritising investment in flood defences over the last number of years in order to minimise the risk of flooding.  However, the provision of insurance cover and the price at which it is...

Written Answers — Department of Finance: Stability and Growth Pact (30 May 2017)

Michael Noonan: The European Commission published its recommendation for a Council Recommendation on the 2017 National Reform Programme of Ireland and delivering a Council opinion on the 2017 Stability Programme of Ireland on the 22 May 2017.  My officials are currently examining the recommendation and the Commission staff's assessment of Ireland's 2017 Stability Programme Update. Recital eight of...

Written Answers — Department of Finance: Brexit Issues (30 May 2017)

Michael Noonan: I did not raise the possibility of utilising the unusual event clause when at the Eurogroup meeting last week as Ireland currently does not qualify for its use. As outlined for Deputy Doherty in PQ number 24 of the 18/05/2017 the Commission’s guidance on the implementation of the ‘unusual event clause’ in the preventative arm of the Stability and Growth pact (SGP) allows...

Written Answers — Department of Finance: Brexit Issues (30 May 2017)

Michael Noonan: The Department of Finance has been assessing and preparing for the impact of Brexit since well before the referendum on 23 June 2016. Work was carried out in the Department to assess the potential economic and financial sector implications arising, including the study, published in November 2015, under the ESRI-Department of Finance research programme, entitled 'Scoping the Possible Economic...

Written Answers — Department of Finance: Ministerial Meetings (30 May 2017)

Michael Noonan: Irish SMEs will require support to diversify and restructure their businesses in light of Brexit. It is a key Government strategy to support the growth of and investment in this important sector of the economy. As the Deputy will be aware, there are already significant Government measures to support the financing needs of SMEs and these will be available to assist SMEs deal with the effects...

Written Answers — Department of Finance: Brexit Issues (30 May 2017)

Michael Noonan: The first meeting of the Ireland-EIB Financing Group coincided with the formal opening of the EIB’s office in Dublin in December 2016, which in itself was a very welcome development. I chaired the meeting since the Minister for Finance is the Governor for Ireland of the EIB - this mirrors the position pertaining in the other 27 EU Member States.  My Cabinet colleagues, the...

Written Answers — Department of Finance: Insurance Costs (30 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: Economic Growth Rate (30 May 2017)

Michael Noonan: The expenditure benchmark is designed to ensure that spending increases are made on a sustainable basis and not based on one-off factors.  In other words, the objective of the benchmark is to avoid repeating the mistakes of the past which ultimately resulted in the collapse of the public finances in Ireland.   The 26 per cent growth rate recorded in 2015 was a one-off, largely...