Results 17,401-17,420 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: The Central Statistics Office and Eurostat will adjudicate on this issue, but they will not give us an adjudication in advance. As it is not possible to run proposals by them and obtain an adjudication, we are operating without the degree of certainty the Deputy has requested in his question. My advice is a deduction at source would bring about a situation where probably only the net amount...

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: As the Deputy is aware, the entire issue of Irish Water and the policy underpinning it is being revisited by the Government and there will be an announcement next week or in the next couple of weeks by the Minister for the Environment, Community and Local Government. The re-examination is taking place with three principles in mind: to provide certainty about the bills people will face for...

Ceisteanna - Questions - Priority Questions: Tax Credits (5 Nov 2014)

Michael Noonan: On Revenue, obviously, all options are being examined. As the Deputy stated, Revenue has never acted to collect outstanding debts. It is responsible for raising revenue.

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland has published a consultation paper regarding macro-prudential measures for residential mortgage lending. The measures as set out in the consultation document would place restrictions on the loan-to-value and loan-to-income ratios that banks can apply when lending for house purchases. They would apply to all lending in Ireland by...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: There has been a great deal of concern about the lack of supply of houses, particularly in the Dublin area, in recent months. The situation has changed dramatically since many of the Deputies rightly advised me of ghost estates all over the country and an oversupply of unoccupied houses. The pendulum has swung rapidly and now there is a distinct lack of supply in the Dublin area. The...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: I would like to clarify my thinking. I have stated a number of times that I do not want our economic model to revert to a boom-and-bust one. Unlimited lending of excessive mortgages is part of the fuel that fires a boom-and-bust model. Obviously, I am in favour of initiatives that obviate that danger. I have certain views about the Central Bank's guidelines, but I will make a submission...

Ceisteanna - Questions - Priority Questions: Budget Measures (5 Nov 2014)

Michael Noonan: I thank the Deputy for his question. The period from 2008 to the present saw one of the largest and longest periods of fiscal adjustment in the history of the State. The budget deficit in 2011, when the Government came to power, was unacceptably large and unsustainable, at an underlying level of 8.6% of GDP. In budget 2015, I set a deficit target for 2015 of 2.7% of GDP. Reflecting this...

Ceisteanna - Questions - Priority Questions: Budget Measures (5 Nov 2014)

Michael Noonan: In reply to the Deputy, I would like to make three points. As stated, we have had the greatest fiscal adjustment in the history of the State. When we went into government at the start of 2011, the deficit was over €22 billion. At the end of next year it will be less than €5 billion if our budget comes in on target. This shows the extent of the adjustment. Second, while one...

Ceisteanna - Questions - Priority Questions: Budget Measures (5 Nov 2014)

Michael Noonan: If we are to develop policy according to an evidence base, then all evidence is relevant, and what the Deputy cites needs to be taken into account by people forming policies. However, the point I am making is that the worst-off people did not bear the sole burden. Everybody suffered because the level of adjustment necessary was enormous. It was unprecedented historically. I have said...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: As I have indicated, the Central Bank recently published a consultation paper on macro-prudential measures for residential mortgage lending. The bank is required to consult the Minister for Finance on proposed measures in this area. It may also consult others, as it considers appropriate. Given the wide public interest in this matter, I welcome the commencement by the Central Bank of a...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: When the Central Bank invites consultations, the Department of Finance usually makes a submission. We are preparing one and it will not be a Government submission, rather it will be a submission by the Department of Finance in response to the Governor of the Central Bank's invitation to make a submission. It does not have to be an institutional submission. Any Deputy who has well formed...

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael Noonan: I am looking forward to the committee's consultation and its report on these matters. I do not think it is necessary for a mortgage insurance scheme to apply to the full life of a 25 year mortgage. It seems that if there was insurance for the first five years, things would be well settled thereafter. If someone has paid fully for five years, the likelihood of default thereafter will...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (5 Nov 2014)

Michael Noonan: In last month's budget I announced several changes to Ireland's corporation tax regime as part of an overall strategy to play fair and win. This included a change that will bring Ireland's company residence rules into line with those in the rest of the OECD and end the so-called double Irish scheme. This was balanced by a number of competitive enhancements contained in the roadmap for...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (5 Nov 2014)

Michael Noonan: There are 200,000 or more ordinary people, as the Deputy described them, working in foreign direct investment companies in Ireland and we want to ensure that not only are these jobs preserved but that they grow in number and prosper. We abolished the double Irish, which was never an invention of the Irish tax authorities. The tax avoidance arose in matching gaps in different nationalities'...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (5 Nov 2014)

Michael Noonan: As I said, I have announced that there will be a consultative process which will commence before Christmas. It is not aimed particularly at the multinationals; therefore, I invite a submission from the Deputy along the lines of what he has spoken about, if he feels like doing so. We have consultative processes for new initiatives in the Department of Finance. That is the democratic way in...

Other Questions: VAT Exemptions (5 Nov 2014)

Michael Noonan: The proposal in the Finance Bill 2014 to exempt green fees in member-owned clubs from 1 January 2015 is necessary to ensure Irish VAT law complies with the recent decision of the European Court of Justice in the Bridport & West Dorset Golf Club Limited case, reference number C-495/12. Membership fees received from members of member-owned golf clubs had already been exempt from VAT...

Other Questions: VAT Exemptions (5 Nov 2014)

Michael Noonan: VAT is largely driven by EU VAT directives. When the European Court of Justice makes a ruling, it applies to Ireland whether we legislate domestically or not. We have to legislate domestically to incorporate it in the body of our VAT law. This is a very minor change and the reason it was not mentioned in the Budget Statement was that it was so minor. It was in the supporting documents for...

Other Questions: VAT Exemptions (5 Nov 2014)

Michael Noonan: Ireland is an effective, respectable and fair country and we try to keep our tax laws in line with international law. As VAT is driven by EU directives, if the European Court of Justice makes a ruling, we try to amend our laws to comply with that. On the precise question on the current position of the Revenue Commissioners, as I said in my reply, where VAT refunds arise the Revenue...

Other Questions: Crowd-Funding Initiatives (5 Nov 2014)

Michael Noonan: Crowd-funding is still in its early stages of development. This type of funding has the potential to increase entrepreneurship as it bridges a financing gap for many micro-enterprises and fosters a more engaged investor community whose expertise can help micro-enterprises. Delivering on action No. 217 of the Action Plan for Jobs 2014, officials in my Department are working with stakeholders...

Other Questions: Crowd-Funding Initiatives (5 Nov 2014)

Michael Noonan: As the Deputy knows, crowd-funding is the practice of funding a project or venue by raising small amounts of money from a large number of people, typically via the Internet. Crowd-funding campaigns are generally funded by the general public rather than by traditional investors. Section 6.2 of the 2014 report of the entrepreneurship forum discusses crowd-funding and recommends that no action...