Results 13,381-13,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Strategic Investment Bank Establishment (27 Nov 2013)

Michael Noonan: As the Deputy will be aware, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF). Using the Ireland Strategic Investment Fund, we will maximise our resources to enhance growth in the Irish economy and improve key infrastructure to maintain Ireland's attractiveness as a place to do business and to...

Written Answers — Department of Finance: EU-IMF Programme of Support (27 Nov 2013)

Michael Noonan: Irish economic policy for the period 2014-2020 will be incorporated in the Medium Term Economic Strategy (MTES), which is being drafted at present. As we approach the conclusion of the Troika programme we are beginning to reap the rewards of our sustained efforts. Economic growth has returned, albeit at a slower pace than was anticipated at the start of the programme. The public finances...

Written Answers — Department of Finance: Property Taxation Application (27 Nov 2013)

Michael Noonan: I am advised by Revenue that Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) provides that where Household Charge (HC) for 2012 remains unpaid at 1 July 2013, the amount outstanding is increased to €200 and classified as arrears of Local Property Tax (LPT). All such arrears will be collected by Revenue in the same manner as LPT. Revenue has confirmed that the...

Written Answers — Department of Finance: Property Taxation Administration (27 Nov 2013)

Michael Noonan: I am informed by Revenue that a key aspect of the work it has undertaken in connection with the administration of Local Property Tax (LPT) has been the development of a register of residential properties in the State. The development of the Property Register required Revenue to extract and consolidate data from multiple Government and non-Government sources and unfortunately some incorrect...

Written Answers — Department of Finance: Property Taxation Administration (27 Nov 2013)

Michael Noonan: I am advised by Revenue that the vast majority of the 2014 Local Property Tax (LPT) payment notifications issued to taxpayers during October 2013. This included taxpayers who paid their 2013 liability in a single lump sum via a payment service provider. The exceptions in this regard were cases that contained data errors requiring clarifications to ensure the accuracy of the information held...

Written Answers — Department of Finance: Property Taxation Administration (27 Nov 2013)

Michael Noonan: I am advised by Revenue that letters to residential property owners regarding 2014 Local Property Tax (LPT) payment methods did not issue in some cases where there was a discrepancy in the property register. In the specific case mentioned by the Deputy, an error occurred when the 2013 LPT payment instructions were filed on-line on behalf of the liable owner. The individual who filed the...

Written Answers — Department of Finance: Pensions Levy Issues (27 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 52 and 53 together. An annual stamp duty levy of 0.6% applies in each of the four years from 2011 to 2014, to the market value on the valuation date (generally 30 June each year) of assets under management in pension funds and pension plans approved under Irish tax legislation. I am advised by the Revenue Commissioners that this includes occupational...

Written Answers — Department of Finance: Pension Provisions (27 Nov 2013)

Michael Noonan: I assume that the Deputy is referring to Parliamentary Question No. 60 of 20 November 2013. In that reply I gave information relating to the changes to the Standard Fund Threshold (SFT) regime announced in my 2014 Budget Statement and reflected in the recently published Finance (No. 2) Bill 2013. The changes to the SFT regime outlined in the reply referred to above apply, as appropriate, to...

Written Answers — Department of Finance: Property Taxation Application (27 Nov 2013)

Michael Noonan: The Inter-departmental group, chaired by Dr Don Thornhill, to consider the design of a property tax (the “Thornhill Group”) recommended that the Local Property Tax paid in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. The Government accepted the recommendation of the Thornhill Group in...

Written Answers — Department of Finance: IBRC Loans (27 Nov 2013)

Michael Noonan: I have been advised by the Special Liquidators that they have corresponded with all IBRC borrowers, providing them with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for loan assets. The Special Liquidators are under instruction to ensure that the valuation of all IBRC assets is completed by 30 November...

Written Answers — Department of Finance: Property Taxation Collection (27 Nov 2013)

Michael Noonan: In accordance with the Finance (Local Property Tax) Act 2012 (as amended), Local Property Tax (LPT) for is payable on or before 1 January of that year. For the year 2015, the tax will be payable on or before 1 January 2015. The range of payment options provided by the Revenue Commissioners ensures that nobody is forced to pay LPT before that date. The Revenue Commissioners are facilitating...

Seanad: Adjournment Matters: Expenditure Reviews (27 Nov 2013)

Michael Noonan: I thank Senator Healy Eames for her very interesting contribution, which was a little different from the matter notified to my Department. I will deal with my prepared response first and then address what she has said. I have no plans to amend the Fiscal Responsibility Act as suggested by the Senator as there is no need to do so for the following reasons. With regard to the first statement...

Seanad: Adjournment Matters: Expenditure Reviews (27 Nov 2013)

Michael Noonan: We are in the same space. While some work in this areas remains to be done, quite a lot has been done already. It is a task jointly shared by the Department of Public Expenditure and Reform and my Department. Under the Oireachtas (Ministers and Parliamentary Offices) (Amendment) Bill 2013, the Minister for Public Expenditure and Reform has put the multi-annual ceilings on a statutory...

Seanad: Adjournment Matters: Expenditure Reviews (27 Nov 2013)

Michael Noonan: Yes; we will look at anything. However, the advice I have received is that what the Senator is asking to be done under law is already or about to be covered by it. I agree that the manner in which national statistics are presented makes them difficult to follow.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: It is ultimately intended that the base year of 2003 would be phased out over time and as resources allow. In the interim, section 21 of the Bill amends the definition of qualifying group expenditure on research and development by substituting "€300,000" for "€200,000". The effect of this is to increase the amount of group expenditure eligible for research and development tax...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: Section 22 amends section 246 of the Taxes Consolidation Act 1997, which provides an exemption from the requirement to deduct withholding tax from payments of annual interest in a broad range of circumstances where withholding tax is considered unnecessary. The section extends this range of exemptions to allow interest to be paid from an Irish treasury company to another Irish company within...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: Where withholding tax is applied, the recipient gets a refund. With companies that are closely related as I have described, it is not necessary to apply the withholding tax to a transfer between related companies because the tax liability gets sorted at the end anyway. So it is a technical administrative issue.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: I do not think there is any difference in principle between my position and the position of either Sinn Féin or Fianna Fáil. Both parties in their pre-budget submissions had proposals to increase the rate of DIRT and Deputy Doherty's amendment reflects Sinn Féin's pre-budget submission. I forget the rate Deputy Michael McGrath proposed. Was it 35%?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: So we agree in principle. Obviously, this is being introduced for budgetary reasons because the Exchequer needs the money. I try to do taxes in a way that would also have an economic benefit if I can do that. The savings ratios in the country are very high. There is a lack of demand in the domestic market. In seeking to raise extra money for the Exchequer I also had in mind the savings...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Michael Noonan: I understand that the NTMA will be changing the rates for the national solidarity bond in the near future. The Post Office Savings Bank annual interest payment is subject to DIRT. The State saving products have traditionally been tax free. Other countries, including the UK, offer similar tax-free products. To obtain the tax-free rates from An Post and the NTMA the money must be left on...