Results 16,921-16,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: I assume from the Deputy's references to capital taxes and investment that his question relates to capital gains tax (CGT). The rate of CGT is currently 33% and has been increased four times since 2008 when it stood at 20%. These rate increases were necessary to protect the yield from CGT in the context of the rebalancing of the public finances. An increase in the taxation of capital is...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: As the Deputy is no doubt aware we are almost at the halfway point in the OECD BEPS project. Following on from the seven reports released two weeks ago, another batch of deliverables are due for completion in September 2015, with the remaining BEPS reports expected to be finalised in December 2015. We have welcomed the first set of reports as they are the first milestones...

Written Answers — Department of Finance: Property Taxation Application (2 Oct 2014)

Michael Noonan: The Pyrite Panel appointed by the Minister for the Environment, Community & Local Government recommended that consideration be given to providing an exemption from LPT where damage from pyritic heave had been proven by testing in accordance with a National Standards Authority of Ireland (NSAI) standard capable of determining if there was reactive pyrite in the sub-floor hard core...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (2 Oct 2014)

Michael Noonan: The Special Liquidators continue to implement the orderly and efficient wind down of IBRC in accordance with the provisions of the IBRC Act and the instructions issued by the Minister for Finance under the IBRC Act 2013. As the Deputy is aware, for operational reasons, the loan assets of IBRC were divided into six portfolios: Evergreen, Sand, Rock, Salt, Stone and...

Written Answers — Department of Finance: Living City Initiative (2 Oct 2014)

Michael Noonan: Officials from my Department have held preliminary discussions with the relevant local authorities to identify the areas of the six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which might fall within the scope of the scheme. Each of the local authorities have submitted proposals on the areas which they believe should be included.  My...

Written Answers — Department of Finance: Personal Insolvency Act (2 Oct 2014)

Michael Noonan: As the Deputy is aware, the Personal Insolvency Act 2012 was a complex piece of legislation that significantly modernised Ireland's insolvency regime.  However, as with any such major reform, I have been advised that the Department of Justice and Equality will keep the effectiveness of the legislation under review to ensure that it achieves the objective of providing an efficient way of...

Written Answers — Department of Finance: National Debt (2 Oct 2014)

Michael Noonan: My Department published the Stability Programme Update (SPU) in April this year which contained fiscal forecasts out to 2018. As general government debt expressed as a percentage of gross domestic product is the standard metric internationally for assessing debt levels, general government interest rather than national debt interest is the more appropriate metric to look at.  The SPU...

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Oct 2014)

Michael Noonan: As the Deputy is aware, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully and sustainably address mortgage arrears cases on their books.  The Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound and measurable targets for the main banks requiring them to...

Written Answers — Department of Finance: NAMA Social Housing Provision (2 Oct 2014)

Michael Noonan: The Deputy's premise is incorrect as NAMA has made significant numbers of housing units available through the Housing Agency to local authorities and approved housing bodies.  As the Deputy is aware, NAMA was established firstly to acquire property and related loans from five financial institutions so as to remove this systemic risk to the Irish banking system and secondly, to obtain the...

Written Answers — Department of Finance: National Debt (2 Oct 2014)

Michael Noonan: As the Deputy will be aware, I am proposing to make an early repayment of a portion of Ireland's IMF programme loan. Specifically the proposal is to make an early repayment of up to €18.3 billion of our €22.5 billion IMF loan, which is the portion subject to the highest rate of charge, and to replace it, in a measured way, with less expensive...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: I have had no discussions with the Minister for Social Protection in relation to providing tax relief for landlords who accept tenants in receipt of rent supplement. I have no plans to introduce such a relief. As you will appreciate, I receive numerous requests for the introduction of new tax reliefs and the extension of existing ones. You will also appreciate that I must be mindful of the...

Written Answers — Department of Finance: Mortgage Interest Rates (2 Oct 2014)

Michael Noonan: Firstly, I must confirm to the Deputy that neither the Central Bank nor I have any responsibility for any variation in the variable mortgage interest rate charged by regulated financial institutions.  The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I have no statutory role in relation to...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (2 Oct 2014)

Michael Noonan: The Irish Fiscal Advisory Council was established on a statutory basis on the 31 December 2012 under the Fiscal Responsibility Act 2012. The Act sets out the Council's functions, which can only be amended through primary legislation. In that context, Regulation (EU) 473/2013 introduced a requirement that draft budgets and the stability programme update must be based on macroeconomic...

Written Answers — Department of Finance: Promissory Notes (2 Oct 2014)

Michael Noonan: Subsequent to the liquidation of IBRC the Central Bank of Ireland acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 Government bonds. According to the Central Bank's 2013 Annual Report the FRNs were valued at €27.8 billion at the end of December 2013 giving rise to an unrealised gain of €2.8 billion. According...

Written Answers — Department of Finance: Civil Registration Legislation (2 Oct 2014)

Michael Noonan: There is no Irish law prohibiting the giving of a gift to or making a settlement in favour of a bride, a groom or a couple who are to be married, whether or not that gift or settlement is termed a 'dowry'. The term 'dowry' is not defined under Irish law and can have different roles in relation to marriage in different cultures. I, as Minister for Finance, do not have the primary role in...

Written Answers — Department of Finance: Excise Duties (2 Oct 2014)

Michael Noonan: I am advised that EU Directive 92/ 83, which governs the structure of alcohol taxation in Member States, requires alcohol taxes to be applied by reference to the nature and alcoholic strength of the product and does not allow for different tax treatment of alcohol products depending on where the product is sold. Therefore any such proposal would not be permitted under the Directive.

Written Answers — Department of Finance: Tax Reliefs Availability (2 Oct 2014)

Michael Noonan: While there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on coastal protection works, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of such expenditure. The Home Renovation...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: While there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on flood protection barriers, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of flood prevention works. The Home...

Written Answers — Department of Finance: Appointments to State Boards (2 Oct 2014)

Michael Noonan: In relation to the Deputy's question, please find herewith details of vacant positions on State Boards which I make appointment to or on which I make recommendations in respect of appointments. Board Name 2011 2012 2013 To date 2014 Comment Irish Fiscal Advisory Council 0 0 0 0 All five members of the Fiscal Council were directly appointed with effect from 7th July 2011....

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: In June this year, the European Commission announced their intention to open formal state aid investigations into a number of companies in Member States of the European Union.  This included Ireland's case in respect of the company in question.  As is usual procedure, at the same time as this announcement, the European Commission sent a letter to Ireland in which they outlined...