Results 15,501-15,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Cost (15 May 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the annual tax expenditure associated with research and development tax credits in each year from 2010 to 2012, the latest year available, is as set out in the following table. Year R&D Credit Cost €m 2010 224 2011 261 2012 282Data for the tax year 2013 are not yet available as the bulk of tax returns for 2013 are not due...

Written Answers — Department of Finance: Tax Data (15 May 2014)

Michael Noonan: I propose to take Questions Nos. 72, 73 and 77 together. I am informed by the Revenue Commissioners that in respect of the year 2013 it is estimated approximately 26,700 maternity benefit claimants paid tax on this benefit, yielding an estimated €14 million in the year. I am further advised by the Revenue Commissioners that the cost of top slicing relief, in each year from 2008...

Written Answers — Department of Finance: Tax Reliefs Cost (15 May 2014)

Michael Noonan: Section 848A of the Taxes Consolidation Act 1997 (TCA) provides for a scheme of tax relief on donations to approved bodies. The list of approved bodies, which includes eligible charities, bodies approved for education in the arts and eligible primary, secondary and third level institutions, is available on the Revenue website (). For donations made pre-2013, the precise arrangements for...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (15 May 2014)

Michael Noonan: I have been advised by the Special Liquidators that the sale of a residential mortgage does not change the terms and conditions of the loan agreement in any way. Irrespective of who acquires the loan(s) they will be required to honour the legal terms and conditions of the existing loan agreement(s), including previous restructuring arrangements put in place as well as offers made to customers...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (15 May 2014)

Michael Noonan: I have been advised by the Special Liquidators that they are not aware of any cases in which the purchasers of Irish Bank Resolution Corporation mortgages have cancelled revised repayment arrangements that had been put in place with borrowers.

Written Answers — Department of Finance: Tax Yield (15 May 2014)

Michael Noonan: On the basis of statistics provided to me by the Revenue Commissioners the total net receipts from Vehicle Registration Tax for each year between 2005 and 2013 are as follows: Year Total Net Receipts 2005 €1,148,783,152 2006 €1,287,407,855 2007 €1,406,055,634 2008 €1,120,777,384 2009 €375,402,902 2010 €383,485,187 2011...

Written Answers — Department of Finance: Tax Yield (15 May 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the approximate annual yield from VAT on new car sales from 2005 to 2013 is as set out below.  Please note that VAT receipts are estimated, as VAT returns do not require the yield from a particular sector or sub-sector to be identified. Year Estimated VAT Yield €m 2013 269 2012 260 2011 284 2010 250 2009 211 2008 520 2007...

Written Answers — Department of Finance: Departmental Staff Recruitment (15 May 2014)

Michael Noonan: Mr John Moran will remain in the post of Secretary General until his successor is appointed which we expect to take place in the next couple of months. Consideration is being given to the process of filling this post.

Written Answers — Department of Finance: Medical Aids and Appliances Provision (15 May 2014)

Michael Noonan: In response to the Deputy's question there are currently nine defibrillators throughout the shared buildings occupied by staff of the Department of Finance and the Department of Public Expenditure and Reform, including our offices in Tullamore.  The cost including VAT to install the defibrillators in 2011 came to €21,780.  Currently there is no access to these defibrillators...

Seanad: Central Bank Bill 2014: Second Stage (15 May 2014)

Michael Noonan: I thank the Seanad for agreeing to discuss the Central Bank Bill 2014 today. There are two purposes to this legislation. The first is to extend the current Central Bank legislation which allows for the transfer of assets and liabilities between holders who have banking licences to permit the transfer of assets and liabilities from a building society to the holder of a banking licence....

Seanad: Central Bank Bill 2014: Second Stage (15 May 2014)

Michael Noonan: I thank all Senators for their contributions and I will take on board the points made between now and the debate on Committee Stage. This is a very simple Bill that makes provision for transfers of the ICS Building Society to Bank of Ireland under Part 3 of the Central Bank Act 1971. The transfers are to licensed banks and, because licensed banks are fully regulated, it does not empower...

Seanad: Central Bank Bill 2014: Second Stage (15 May 2014)

Michael Noonan: We have debated the general point about protocols that apply to licensed entities, as set out by the Central Bank, being applicable to funds that purchase mortgages. With the disposal of the IBRC book, a number of private funds purchased mortgage books and agreed voluntarily to comply with the protocols as set down by the Central Bank. In different disposals, two mortgage books were sold...

Ceisteanna - Questions - Priority Questions: Insurance Industry Regulation (27 May 2014)

Michael Noonan: The current legal and regulatory framework for the provision of insurance in the European Economic Area and the supervision of that activity is prescribed by European Union law in the life and non-life insurance directives. The provision of insurance throughout the EEA on a freedom of services basis and a freedom of establishment basis - that is, establishment of a branch - within this...

Ceisteanna - Questions - Priority Questions: Insurance Industry Regulation (27 May 2014)

Michael Noonan: The role of the Department of Finance is to provide the legislative framework in accordance with EU insurance directives. Direct responsibility for regulation lies with the Central Bank which seems to be confident that it has, as the Deputy put it, a handle on the people trading in Ireland. I explained in great detail in replies to other parliamentary questions the position on Setanta...

Ceisteanna - Questions - Priority Questions: Insurance Industry Regulation (27 May 2014)

Michael Noonan: I do not disagree with the Deputy. The position on compensation vis-à-visIreland and Malta is as outlined by the Deputy. However, there is an internal market in Europe and there is a right to establish and trade. There is a free-flow of goods and services and insurance is one of the industries that benefits from the Internal Market. For example, some very large insurance companies...

Ceisteanna - Questions - Priority Questions: Credit Unions (27 May 2014)

Michael Noonan: Credit unions have an important role to play in providing credit in local communities around the country and I am supportive of safe and responsible lending by them. Acting as the independent regulator, the Registrar of Credit Unions at the Central Bank has applied lending restrictions to some credit unions.  I have been informed that these restrictions are viewed as...

Ceisteanna - Questions - Priority Questions: Credit Unions (27 May 2014)

Michael Noonan: We have all heard these objections. However, the facts do not bear them out. On the Deputy's point that section 35 is not working, under section 35, 30% of a loan book can be outstanding for more than five years. The credit unions have, on average, only 11% outstanding. Also, 10% of a loan book can be outstanding for more than ten years, but the credit unions have only 2% outstanding....

Ceisteanna - Questions - Priority Questions: Credit Unions (27 May 2014)

Michael Noonan: The Central Bank is the regulator, not the Department of Finance. The bank regulates principally to protect the interests of customers and to protect the savings of credit union members. It does not want credit unions to get into financial difficulty. There is a myth that all the banks were bad and all the credit unions were good, but this is not true. There have been credit unions that...

Ceisteanna - Questions - Priority Questions: Tax Code (27 May 2014)

Michael Noonan: In restoring the public finances to a sustainable path this Government has striven to ensure adjustments to taxation are made in as growth-friendly a fashion as possible. At the heart of this endeavour is the principle that the tax system maintains the right incentives for people to work and invest. Research by the OECD has shown that taxes on labour tend to be more damaging to economic...

Ceisteanna - Questions - Priority Questions: Tax Code (27 May 2014)

Michael Noonan: One gets less of what is taxed most. If everything is piled on income tax, there will be fewer people working. What I want is to change the tax base in accordance with the best advice available to make it more work-friendly. That means broadening the tax base and introducing taxes such as property tax. The view of anybody who comments on tax is that this is the proper way to proceed. It...