Results 17,301-17,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Debt Relief (4 Nov 2014)

Michael Noonan: Ireland is recognised internationally for its contribution to the fight against global poverty and hunger and its leading role in making international aid more effective.  We have played a strong role in the development of an international consensus on the issue of debt cancellation for the least-developed countries. The IMF has in the past supported debt cancellation programs....

Written Answers — Department of Finance: Pensions Levy (4 Nov 2014)

Michael Noonan: This question appears to relate to the pension-related deduction which applies to the salaries or earnings of those employed in the public service. I am not responsible for the policy or administrative aspects of this deduction. The broad policy and administrative aspects are a matter for my colleague, Mr. Brendan Howlin TD, the Minister for Public Expenditure and Reform, while the specific...

Written Answers — Department of Finance: Economic Growth Rate (4 Nov 2014)

Michael Noonan: The first full-year estimates of GDP and GNP for 2013 were published in March of this year, along with estimates for previous years. The second estimate of 2013 GDP and GNP was released in July of this year and included revisions for 2013 and previous years. This was subsequently updated in September. I am advised by the CSO that the estimates subsequent to July include the...

Written Answers — Department of Finance: Defined Contribution Pension Funds (4 Nov 2014)

Michael Noonan: There are a number of alternative options available at retirement to individuals who have Defined Contribution pension funds (after taking their tax-free lump sum) other than the immediate purchase of a pension annuity.   These options include investing in an Approved Retirement Fund (ARF) where the funds can be drawn-down at the ARF owner's discretion subject to taxation or taking...

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

Michael Noonan: The Deputy will be aware that all aspects of the tax code are reviewed in the normal course of preparing the annual Budget and Finance Bill. As we begin to emerge from a prolonged economic downturn, the Government has chosen to utilise the limited fiscal space available to it in order to assist with job creation and economic growth. The income tax changes announced in the Budget...

Written Answers — Department of Finance: Illness Benefit Payments (4 Nov 2014)

Michael Noonan: I am informed by the Revenue Commissioners that in accordance with section 126 of the Taxes Consolidation Act 1997 the person concerned is chargeable to income tax in respect of the Illness Benefit paid to him by the Department of Social Protection. In the details supplied it is mentioned that the person concerned has not cashed his Illness Benefit cheques. This is a matter that he should...

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

Michael Noonan: I introduced this scheme in the Finance Act 2013 in order to provide for a repayment to qualifying road haulage and bus operators of a part of the mineral oil tax paid on their purchases of auto-diesel for use in the course of business. As part of the scheme's risk control framework, provision was made for certain restrictions on the means by which the auto-diesel concerned may be purchased....

Written Answers — Department of Finance: Property Taxation Yield (4 Nov 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the cost of allowing 100% Local Property Tax (LPT) to be deducted as an expense by landlords would be €13m in year 1 and €25m in a full year. This cost is a tentative estimate and relates to one year's LPT (i.e. does not allow for any offset of previous year's LPT). As the Deputy is aware, the Thornhill Group, the...

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

Michael Noonan: I am informed by the Revenue Commissioners that the amount of gross domestic rental income declared on income tax returns was €4.1bn for 2011 and €4.0bn for 2012 (returns for  tax year 2013 are not yet available). Deductions and reliefs in respect of losses, expenses and capital allowances are allowable from gross rental income and the taxable rental income for 2011 and...

Written Answers — Department of Finance: Savings Accounts Interest Rates (4 Nov 2014)

Michael Noonan: State Savings is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of Government savings products offered by the NTMA to personal savers. All State Savings money form part of the sovereign debt of Ireland, the repayment of which is a direct, unconditional obligation of the State. The position is that it is the Government's objective to raise...

Written Answers — Department of Finance: Central Bank of Ireland (4 Nov 2014)

Michael Noonan: By virtue of an exemption in Part V of the Central Bank Act 1997, an unregulated entity to whom a cash loan is transferred by a regulated entity is not subject to Central Bank supervision. As Minister for Finance, I am committed to bringing forward legislation that protects consumers whose loans are sold to unregulated entities. The Government has reiterated this commitment on...

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

Michael Noonan: A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax system in Ireland is too high and that I would seek to reduce it as soon as it was prudent to do so. The measures announced in the Budget are the first stage of a reform plan, to be undertaken over a number of years, to address this issue,...

Written Answers — Department of Finance: Financial Services Ombudsman (4 Nov 2014)

Michael Noonan: At the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.  The Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (4 Nov 2014)

Michael Noonan: The Special Liquidators of IBRC have confirmed to me that the sales processes that they have employed have been designed to maximise value from the sale of Irish Bank Resolution Corporation Limited (in Special Liquidation) loan assets for creditors and this continues to be the case. The Special Liquidators are satisfied that this has been achieved in the current and previous...

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

Michael Noonan: I propose to take Questions Nos. 346 to 348, inclusive, together. Sales processes which are run by NAMA are a matter for the NAMA Board and it is not my normal practice to comment on them or on individual transactions. However, in this instance, I understand the sale was discussed at a recent meeting of the Oireachtas Joint Finance Committee and my understanding of the matter is based on...

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

Michael Noonan: I am advised by Revenue that interest charges are levied on taxpayers who do not meet their tax payment obligations in a timely fashion or who seek to pay their liabilities through phased arrangements. The charges are imposed to compensate the Exchequer for the late payment of funds and to ensure equity for the vast majority of taxpayers who pay on time. In regard to the specific case to...

Written Answers — Department of Finance: Mortgage Schemes (4 Nov 2014)

Michael Noonan: The Central Bank of Ireland has recently published proposals to introduce new macro-prudential measures for residential mortgage lending in Ireland. The proposed Central Bank measures would place restrictions on the loan to value (LTV) and loan to income (LTI) ratios banks can apply when lending for house purchase. The measures set out are: - restrict new lending for principal dwelling...

Written Answers — Department of Finance: State Bodies (4 Nov 2014)

Michael Noonan: Since 2011, four bodies under the aegis of my Department have been established. Irish Fiscal Advisory Council (IFAC) The IFAC was established on an interim basis in July 2011 and was put on a statutory footing on the 31 December 2012 under the Fiscal Responsibility Act 2012. It comprises of five Council members. In 2013, the Fiscal Council received a total of €499,939....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak to them today in advance of the ECOFIN Council of Ministers meeting on Friday, 7 November in Brussels. As the committee knows, we have agreed, subject to scheduling arrangements, that I attend this committee regularly to update it and discuss developments occurring at the ECOFIN Council. The departmental officials also...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)

Michael Noonan: Agreement will be sought to agree a minimum anti-abuse provision under the directive. This will limit the benefit of the directive, which seeks to ensure there is no double taxation when companies pay dividends to their subsidiaries. They need to be genuine business transactions. Ireland's position, which we have already stated, is that we have strong anti-avoidance rules in domestic law....