Results 6,901-6,920 of 27,019 for speaker:Michael Noonan

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: The Deputy is on his own. All of the other parties in the House agree on the 12.5% rate.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: I am precluded from discussing the tax affairs of any particular individual or company, nor can I discuss the tax administration regimes established in other jurisdictions. However, I advise the Deputy in general terms that a recently published report of the United States Senate Permanent Subcommittee on Investigations of their hearings on offshore profit shifting and the US tax code gave...

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: This is undoubtedly an interesting topic, but both questions are based on a US report on US tax law. It is not a report on Irish tax law. The report notes that there is nothing illegal about this tax planning arrangement and does not identify any failing in Ireland's tax code. This kind of taxation arrangement is run from the US code, not the Irish code, and it is not for us to remediate....

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: We are a respectable, tax compliant country with a transparent arrangement. It is a part of public policy to have a low rate.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: This issue always arises in the run-in to American presidential elections, with both parties taking up positions on what might be done by them if their candidate is elected. Our embassy in Washington DC and the presence of the IDA in North America monitors these issues very closely and reports back the emerging position. One can take it that people here are aware of the current position, as...

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: There are books about everything.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: The Government is committed to the 12.5% corporate tax rate.

Other Questions: Tax Code (4 Oct 2012)

Michael Noonan: We will maintain the 12.5% corporate tax rate during the life of this Government. If we come back to government, we will continue to maintain it. I understand the Fianna Fáil, Labour and Sinn Féin parties have a similar position. Some time ago Sinn Féin had a policy document arguing that the corporation tax rate should be increased to 15% but that has been dropped and the...

Written Answers — Department of Finance: Economic Growth Initiatives (4 Oct 2012)

Michael Noonan: Last year, the Government established a Fiscal Advisory Council which is to, inter alia, assess and report periodically on the official macroeconomic and budgetary forecasts. The Council issued its third Fiscal Assessment report in September 2012. A large part of the report was devoted to assessing the appropriateness of the economic and budgetary forecasts of the Department of Finance. As...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (4 Oct 2012)

Michael Noonan: On 16th March 2011 the European Commission, which has the right of initiative to bring forward legislative proposals, published its proposal for a Common Consolidated Corporate Tax Base. This represented the beginning of a process that involves a detailed examination of the proposal, line by line, by all Member States at the Council Working Group. Since the Commission's proposal has been...

Written Answers — Department of Finance: Credit Availability (4 Oct 2012)

Michael Noonan: I do not agree with the Deputy’s assertion that there has been a failure to encourage the pillar banks to lend in adequate amount to meet demand in the economy. The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion...

Written Answers — Department of Finance: Tax Compliance (4 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that they are currently reviewing the Annual Report of the Comptroller and Auditor-General for 2011, published on Thursday, September 27th, which contains a comprehensive section on Revenue. Revenue has a strong focus on making sure that everyone complies with their tax and duty responsibilities by filing the required tax return and paying the right...

Written Answers — Department of Finance: European Banking Sector (4 Oct 2012)

Michael Noonan: The European Council meeting of 29 June considered a report from the President of the European Council in cooperation with the Presidents of the Commission, Eurogroup and ECB which set out building blocks for future Economic and Monetary Union. One of these building blocks is an integrated financial framework or banking union which comprises three elements (a) an integrated system for the...

Written Answers — Department of Finance: Mortgage Interest Rates Issues (4 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Bank of Ireland’s policies in relation to lending rates is a matter for the board and management of the institution. Notwithstanding the fact that the State is a significant shareholder, I must ensure that the bank is run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State, as set out in the...

Written Answers — Department of Finance: Banking Sector Staff Issues (4 Oct 2012)

Michael Noonan: As the Deputy will be aware, Relationship Frameworks have been specified that define the nature of the relationship between the Minister for Finance and the banks. These Frameworks were published on 30 March 2012 and can be found at; . Per the Relationship Framework with AIB, “the Minister will continue to work with the Board to strengthen its membership through the appointment of...

Written Answers — Department of Finance: Budget 2013 (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 30 and 59 together. With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning sustainability to the public finances, it has been of vital importance to the Government to spread the burden of the adjustments made in as fair and equitable a manner as possible, while also seeking to minimise their negative...

Written Answers — Department of Finance: House Sales (4 Oct 2012)

Michael Noonan: I would not accept that the low level of transactions in the housing market reflects a failure to communicate to potential first time buyers the impending end of mortgage interest relief for owner occupiers on 31 December 2012. In Budget 2012, I confirmed that mortgage interest relief would no longer be available to house purchasers who purchase after the end of 2012 and that it will be...

Written Answers — Department of Finance: Tax Reliefs Cost (4 Oct 2012)

Michael Noonan: The issue of cost benefit analysis of tax expenditures was considered by the Commission on Taxation. The Commission was of the opinion that tax expenditures should be the subject of ongoing evaluation and appropriate and timely cost benefit analysis. This is to ensure that they are both economically efficient and that parliamentary oversight can be well informed. However, there is an...

Written Answers — Department of Finance: Credit Union Numbers (4 Oct 2012)

Michael Noonan: The Final Report of the Commission on Credit Unions was agreed unanimously by its members, including representatives of the credit union movement. The Commission recommended that the credit union sector should be restructured on a voluntary, time-bound and incentivised basis and that the Credit Union Restructuring Board (ReBo) should be established to facilitate and oversee the...

Written Answers — Department of Finance: Budget 2012 (4 Oct 2012)

Michael Noonan: The Government framed Budget 2012 in such a way as to make it as job-friendly as possible, with various sectoral measures aimed at job creation. As I stated on Budget day, the primary purpose of the Budget was to support the creation and retention of jobs in the short-, medium- and long-term. It should be acknowledged that while restoring the public finances to a sound footing is crucial...