Results 12,421-12,440 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Tax Code (3 Oct 2013)

Michael Noonan: Is that in the Deputy's constituency?

Ceisteanna - Questions - Priority Questions: Tax Code (3 Oct 2013)

Michael Noonan: It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. In line with this principle, the majority of social welfare payments are reckonable as income for tax purposes. These include long-term payments such as disablement benefit, the State pension, widows', invalidity and blind pensions, carer's allowance and the one parent...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Oct 2013)

Michael Noonan: As I said, it is a question of equity. Disablement benefit is taxed, as are State pensions, widows' pensions, invalidity and blind pensions, carer's allowance and the one parent family payment. If one has an income from work and a benefit in excess from social welfare, the general principle is that it is taxed. Maternity benefit was an exception and, in some circumstances, this led to a...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Oct 2013)

Michael Noonan: In the times we are in and in trying to fix the mess Fianna Fáil left behind, one is left with bad choices. One is measuring one choice against another. When the Deputy’s neighbours do their shopping, they pay VAT and excise. Why should they be the people who carry the burden when other people at work on an extra payment should not pay tax? I know the Deputy has an argument,...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Oct 2013)

Michael Noonan: We will consider any advice, particularly from elected Members. To be frank about it, it is unlikely I will reverse a decision made just 12 months ago.

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: The deficit target of 5.1% of GDP to which the Deputy refers is the maximum general government deficit in 2014 that the Government is required to deliver under the excessive deficit procedure in the Stability and Growth Pact. This is part of an agreed consolidation path that Ireland will follow to restore the public finances to sustainability. The European Commission, the International...

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: It is a fine judgment. The main purpose of this budget is to position us to exit the bailout programme. We are being watched by the international community and the markets. If we just cut it to 5.1% and bring it in as a deficit, there is a risk of drift. These matters are never that precise. As the year goes on one could come out on the wrong side of any storm that blows up....

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: I have answered that question already.

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: There are many targets in the programme. There are three relevant targets here: the 5.1% deficit, the consolidation target of 3.1%, and the issue of achieving a primary surplus in 2014. We must be conscious of these three targets. I have told the Members what I am prepared to do. We will try to bring in an equitable budget despite the constraints on us. We have done that, by and large,...

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: There is sugar in many food products, for example, wine.

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: Is Deputy Wallace declaring an interest?

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: I know how hard it is to reply to a budget when one has just seen the script. One decimal point on this is approximately €160 million, although Members should not tie me to that. The Deputies opposite can start running their numbers.

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: Yes. If the 5.1% goes down one point that is approximately €160 million to €165 million. That might be a useful piece of information for the Deputies when they are attacking me on budget day.

Other Questions: NAMA Staff Qualifications (3 Oct 2013)

Michael Noonan: I am aware from my discussions with NAMA, and with the NTMA which employs staff assigned to NAMA, of the difficulties being experienced by NAMA in terms of retaining and recruiting appropriately skilled and experienced staff. It is important that NAMA, on behalf of the taxpayer, has the expertise available to it to carry out its commercial mandate with the aim, at minimum, of eliminating the...

Other Questions: NAMA Staff Qualifications (3 Oct 2013)

Michael Noonan: The notice period for NTMA employees assigned to NAMA is typically three months. NTMA contracts for employees assigned to NAMA have a provision entitling NTMA to place the employee on garden leave at any point during the notice period during which time the employee may not work for another employer. Following a review of its policy in respect of notice periods and post-termination...

Other Questions: NAMA Staff Qualifications (3 Oct 2013)

Michael Noonan: This is not cost free because we are effectively paying somebody after he or she has gone and also paying his or her replacement. Therefore, there is a cost issue - we are paying twice for the same set of functions to be carried out. We try to measure it by what is adequate and what provides protection, but I do not want to go beyond this. We have arrangements in place in the Department,...

Other Questions: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: A way forward for Permanent TSB was agreed with the troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard, Permanent TSB prepared a restructuring plan which the Department of Finance submitted...

Other Questions: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: Some work has been done on tracker mortgages across the banking system. However, as interest rates have reduced and are now at a very low level, the margin of advantage in doing something about tracker mortgages is quite small. With a high interest rate, the kind of initiative about which the Deputy is talking would be of big benefit, but when interest rates are so low, the margin is so...

Other Questions: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: Ulster Bank is regulated by the Bank of England. In Ireland there is a regulatory function to cover it, but its primary regulator is the Bank of England and we must see what regulatory proposals come through from Mr. Carney and the Chancellor of the Exchequer. We hope it will continue trading and providing credit North and South of the Border because it fulfils a very important function. It...

Other Questions: Insurance Compensation Fund (3 Oct 2013)

Michael Noonan: The Deputy should note that the insurance compensation fund, ICF, levy being applied to home, motor and commercial insurance operates under the Insurance Act 1964 and came into effect from 1 January 2012. The ICF levy should not be confused with the 3% stamp duty on non-life-insurance premiums introduced in 1982, which is often referred to as an insurance levy. This stamp duty forms a part...