Results 17,261-17,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Data (4 Nov 2014)

Michael Noonan: DIRT is deducted at source by financial institutions. In order to charge DIRT at an account holder's marginal tax rate a financial institution would need to be aware of a depositor's marginal rate at the time that interest is paid or credited to any account held by such depositor. The Deputy will be aware that a taxpayer's marginal rate may change throughout the year in line with changes in...

Written Answers — Department of Finance: Pension Provisions (4 Nov 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on how he performs those duties. The Financial Services Ombudsman Bureau was established under the Central Bank and Financial Services Authority of Ireland Act 2004. This legislation provides the Financial Services...

Written Answers — Department of Finance: Tax Agreements (4 Nov 2014)

Michael Noonan: I am informed that no contact has been made with  officials in my Department  or in the Revenue Commissioners  as regards there being  any adverse issues in relation to the application of the terms of the Ireland-US double taxation agreement. If any such issues are brought to attention they will be examined in detail to see whether  they can be accommodated...

Written Answers — Department of Finance: Departmental Meetings (4 Nov 2014)

Michael Noonan: In response to the question, I can confirm that there have been no meetings between myself, or the Department of Finance, and Irish Water or the individual named in the period. However Department of Finance officials were in attendance at Department of the Environment and Local Government meetings with Irish Water (where Mr Tierney was also in attendance) Additionally, the Department, in...

Written Answers — Department of Finance: Fuel Laundering (4 Nov 2014)

Michael Noonan: I would like to assure the Deputy that I am very aware of the negative economic impact of fuel laundering. The Revenue Commissioners, who are responsible for tackling mineral oil tax fraud, advise me that, while there is no reliable estimate of the scale of illegal activity in the fuel sector, the laundering of markers from rebated fuels represents a significant threat to Exchequer revenues,...

Written Answers — Department of Finance: Budget 2015 (4 Nov 2014)

Michael Noonan: The latest projections, which are published in Budget 2015, are that the structural balance will reach -3.4 per cent of GDP in 2015, before improving further to -2.5 per cent of GDP in 2016. Currently, Ireland's Medium Term Objective (MTO) is to reach a balanced budget in structural terms. Once Ireland exits from the Excessive Deficit Procedure and becomes...

Written Answers — Department of Finance: Housing Loans (4 Nov 2014)

Michael Noonan: I am informed by the Central Bank of Ireland that under the Regulations as they are currently drafted, the restrictions apply to "housing loans". Basically these are loans issued by a lender to a borrower and which are secured on residential property (where a borrower means a person to whom a housing loanis granted). A "person" in this sense incorporates both legal (i.e....

Written Answers — Department of Finance: Stamp Duty (4 Nov 2014)

Michael Noonan: It is not possible by reference to the information provided by the Deputy to reply definitively to this query.  Stamp Duty is charged on instruments of transfer or conveyance. Whether or not stamp duty arises on the transfer of loans depends on the precise nature of the loans and the means by which they are sold or transferred.  Depending on the circumstances, a charge to...

Written Answers — Department of Finance: Tax Rebates (4 Nov 2014)

Michael Noonan: I am advised by the Revenue Commissioners that a person can claim tax relief at the standard rate of income tax (20%) on qualifying tuition fees. The tax relief can be claimed either on the individual's tax return or at the end of the tax year when the fees have been paid. In this instance, the income earned by the person (details supplied) was below the tax threshold and no tax was deducted...

Written Answers — Department of Finance: Tax Reliefs Application (4 Nov 2014)

Michael Noonan: I have considered the proposal for the introduction of a tax relief for Graduate Entry Medicine (GEM) loans and I do not consider that the tax system is the appropriate way to address the affordability of the GEM programme. The affordability and funding of undergraduate medical education is in the first instance a matter for the Department of Education and Skills, having due regard to the...

Written Answers — Department of Finance: Tax Code (4 Nov 2014)

Michael Noonan: I assume the Deputy is referring to capital gains tax relief for farm restructuring contained in Section 604B, Taxes Consolidation Act 1997. This relief was due to expire on 31 December 2015 but is being extended to 31 December 2016 and broadened to allow for restructuring through whole farm replacement. I take it the 6 year rule referred to by the Deputy is that which provides for a...

Written Answers — Department of Finance: Irish Water Funding (4 Nov 2014)

Michael Noonan: As part of Budget 2014, Government agreed that a €240 million equity investment would be made in Irish Water from the Exchequer.  In accordance with this agreement, in July 2014 a €185 million capital contribution was made and it is expected that a €54 million convertible debt instrument will be issued shortly. In May 2014 Government agreed to the...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Staff (4 Nov 2014)

Michael Noonan: In order to have the SBCI operational as quickly as possible, it will operate in a manner similar to how KfW operates in Germany, as a wholesale lender, that lends to on-lenders, who will then lend direct to SMEs. SMEs will use the on-lending institutions' resources to apply for an SBCI funded product.  The on-lending model is designed to ensure that as much of the benefit of...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (4 Nov 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. Loan agreements with the international funders, KfW and the European Investment Bank, to the value of €550m have been signed to fund the SBCI during its initial period of operations.  The SBCI is...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (4 Nov 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth.  Loan agreements with the international funders, KfW and the European Investment Bank, have been signed. The SBCI is working with its first lending partners to provide initial funding to the SME sector...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (4 Nov 2014)

Michael Noonan: As the Deputy is aware, targets to move distressed small and medium enterprise borrowers onto longer-term solutions were implemented in 2013 for a number of institutions involved in SME lending. The institutions are required to report performance against the targets on a quarterly basis to the Central Bank along with specific management information.  To date, the institutions report...

Written Answers — Department of Finance: Central Credit Register (4 Nov 2014)

Michael Noonan: The Credit Reporting Act 2013 provides that the Central Bank is responsible for the establishment and operation of the central credit register. The Central Bank informs me that it intends to take a phased approach to the establishment and development of the register. The initial phase of the central credit register will focus on the consumer credit market and is expected to...

Written Answers — Department of Finance: NAMA Property Sales (4 Nov 2014)

Michael Noonan: The strong improvement in conditions in the Irish commercial and residential property markets over the past year created opportunities for NAMA to increase the flow of Irish property assets and loan sales to the market. Earlier this year, NAMA announced that, in line with its obligations under Section 10 of the NAMA Act, it considered that the best financial outcome for the State would be...

Written Answers — Department of Finance: Universal Social Charge Yield (4 Nov 2014)

Michael Noonan: Section 531AAD of the Taxes Consolidation Act 1997 provides for a charge on bonus payments that exceed €20,000, paid to employees of financial institutions that received financial support from the State under the Credit Institutions (Financial Support) Act 2008.  This charge, the "excess bank remuneration charge", is incorporated into the Universal Social Charge and applies in all...

Written Answers — Department of Finance: Public Sector Staff Recruitment (4 Nov 2014)

Michael Noonan: I wish to inform the Deputy that the appointment of the Secretary General of the Department of Finance is a Government appointment. The appointment of John Moran was made following an open competition conducted by the Top Level Appointments Committee. In respect of the last appointment which the Deputy has asked about, expressions of interest were sought from all suitable officers...