Results 16,241-16,260 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Structural Budget Balance (8 Jul 2014)

Michael Noonan: My Department maintains an open dialogue on the issue of estimation of the output gap for Ireland (and its associated implications for estimation of the structural budget balance) with members of the economics community, including the ESRI. The recent Quarterly Economic Commentary Special Article by Bergin and FitzGerald outlining the limitations of...

Written Answers — Department of Finance: Central Bank of Ireland (8 Jul 2014)

Michael Noonan: The Central Bank has advised me that pay-day lenders typically offer very short term loans to tide borrowers over until their next pay-day.  The representative APRs associated with these loans can be as high as 4,000 5,000 per cent.  Although a number of firms have approached the Central Bank in relation to offering pay-day loans in the Irish market, no such business model has...

Written Answers — Department of Finance: European Stability Programmes (8 Jul 2014)

Michael Noonan: The European Commission published the Alert Mechanism Report (AMR) for 2014 on 13 November 2013. The AMR is the starting point of the yearly cycle of the Macroeconomic Imbalance Procedure (MIP) and identifies the Member States for which further analysis in the form of an in-depth review (IDR) is needed. Given that Ireland was still in a macroeconomic adjustment programme, last...

Written Answers — Department of Finance: Dark Pool Trading (8 Jul 2014)

Michael Noonan: The Markets in Financial Instruments Directive ("MiFID")  - transposed into Irish law via the European Communities (Markets in Financial Instruments) Regulations 2007 - establishes a regulatory framework throughout the European Union for the provision of investment services in financial instruments, for the operation of regulated markets by market operators and also...

Written Answers — Department of Finance: Bank Branch Closures (8 Jul 2014)

Michael Noonan: I fully understand and appreciate the concerns of Ulster Bank customers and their employees at this announcement. The statement that there will be no additional job losses as a result of the announcement is to be welcomed. I understand that staff will be redeployed within the branch network. As I said in a reply to a previous question on this matter on 1 July, my officials have been in...

Written Answers — Department of Finance: Credit Availability (8 Jul 2014)

Michael Noonan: As the Deputy will be aware, the Taoiseach and Chancellor Merkel last year sought, when we were exiting the EU/IMF Programme, to specifically to find ways to reinforce Ireland's economic recovery by improving funding mechanisms for the real economy, including access to finance for Irish SMEs. The German Government asked KfW, the German development bank, to work with the German and Irish...

Written Answers — Department of Finance: VAT Rebates (8 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  In the circumstances, the supply of personal alarms is liable to VAT at the standard rate, currently 23%.  The supply of parts and accessories and monitoring fees are also liable to VAT at the standard rate. I am...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 210 to 213, inclusive, together. By way of background, the tax code in Ireland has a number of long-standing general anti-avoidance rules relating to what are called 'close companies'.  A close company is, broadly speaking, a company under the control of 5 or fewer people. Two of these rules impose an additional tax charge (or surcharge) on certain close...

Written Answers — Department of Finance: Fuel Rebate Scheme (8 Jul 2014)

Michael Noonan: As the Deputy is aware, following a ruling by the European Court of Justice in April 2013 and subsequent negotiations with the European Commission, the excise relief on fuel element of the Disabled Drivers and Disabled Passengers scheme will be discontinued from 31 December 2014. As I have previously stated arrangements are being made to provide for a new fuel grant scheme for disabled...

Written Answers — Department of Finance: Revenue Commissioners Investigations (8 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the control and examination function such as that which was performed in the case in question is essential in safeguarding national and EU revenues, and in ensuring compliance with importation prohibitions and restrictions. The examination was carried out under the provisions of the Customs Code [Council Regulation (EEC) No. 2913/92], that...

Written Answers — Department of Finance: Property Taxation Collection (8 Jul 2014)

Michael Noonan: I am advised by Revenue that it has made eight separate payment options available to assist property owners meet their Local Property Tax (LPT) and Household Charge (HHC) obligations in a manner that best suits individual circumstances. Included among the options are a number of phased payment methods that allow property owners spread their liabilities over the course of the year. For...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: To estimate the potential revenue from such a tax one would need to identify the wealth held by individuals, which is not possible from the data available at present.  I am informed by the Revenue Commissioners that they currently have no statistical basis for compiling estimates in relation to a potential wealth tax.  Although an individual's assets and liabilities are declared in...

Written Answers — Department of Finance: Mortgage Interest Rates (8 Jul 2014)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks with the banks provide that the State will not intervene in the day-to-day operations of the institutions or their management decisions. These documents are published on the Department of Finance website. I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the value of the banks as assets...

Written Answers — Department of Finance: European Banking Sector (8 Jul 2014)

Michael Noonan: The European Banking Authority (EBA) forms part of the European System of Financial Supervision and aims to ensure effective and consistent prudential regulation and supervision across the European banking sector. It took over all existing tasks and responsibilities of the Committee of European Banking Supervisors. Its overall objectives are to maintain financial stability in the EU and to...

Written Answers — Department of Finance: Financial Instruments (8 Jul 2014)

Michael Noonan: The Consumer Notice on Crowdfunding, including Peer-to-Peer Lending information notice which was issued by the Central Bank on 17 June 2014 was to alert consumers to the fact that crowdfunding, including peer-to-peer lending, is currently not a regulated activity in Ireland. Crowdfunding, including peer-to-peer lending in respect of enterprise and other activities, is becoming an ever more...

Written Answers — Department of Finance: World Bank Policy (8 Jul 2014)

Michael Noonan: Detailed information on Ireland's relationship with the World Bank is contained in the Annual Report for 2013 entitled "Ireland's Participation in the International Monetary Fund and the World Bank" which is prepared by my Department in accordance with Section 10 of the Bretton Woods Agreements (Amendment) Act 1999 and which I presented to Dáil Éireann earlier this year.  ...

Written Answers — Department of Finance: Tax Reliefs Application (8 Jul 2014)

Michael Noonan: Since 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

Written Answers — Department of Finance: Universal Social Charge Exemptions (8 Jul 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base, and the revenues collected play a vital part in meeting...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that there are no tax concessions available in respect of a person disposing of shares in the circumstances outlined by you. As I stated in a reply to a previous PQ from the Deputy in relation to this issue, farmers who sell shares in order to make capital investments in their farms are no different to any other taxpayers who may decide to sell...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive, with which Irish and UK VAT legislation must comply, distinguishes between a supply of goods and a supply of services.  Where an Irish VAT registered trader makes a supply of goods to a UK business then the Irish trader zero-rates the supply and the UK business self-accounts for VAT on the goods.  The UK trader...