Results 17,421-17,440 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: We might learn from the practice in the United Kingdom. In 2013, the UK Government commenced lending to small businesses through a peer-to-peer lending platform called Funding Circle. An initial amount of £20 million was provided through its British business bank and this has subsequently been increased to £40 million. These funds will be used to provide the final 10% of any loan...

Other Questions: Tax Code (5 Nov 2014)

Michael Noonan: As the Deputy will appreciate, predicting the cost and take-up of any new tax measure is difficult. When SARP was introduced in 2012, it was estimated that for every 100 individuals that availed of the scheme, the cost to the Exchequer would be approximately €5 million. The recent review of SARP has shown that just 12 individuals availed of the scheme in 2012 and provisional figures...

Other Questions: Tax Code (5 Nov 2014)

Michael Noonan: Countries all around the world compete for foreign direct investment, and in recent years schemes such as this have become the norm, especially in Western Europe. Countries with a high marginal rate of income tax, such as Ireland, face a competitive disadvantage in attracting key personnel. Holland has a scheme which is even more generous than anything I am putting on the table, and the...

Other Questions: Tax Code (5 Nov 2014)

Michael Noonan: The people who make submissions on these matters are those who are familiar with foreign direct investment and its benefits for the country and with the platforms that are necessary to attract foreign direct investment to Ireland against competition from other countries. Many people made submissions when we opened the consultative process, but principal among them were the IDA, the American...

Other Questions: Tax Code (5 Nov 2014)

Michael Noonan: There is evidence that the Government is listening.

Other Questions: Tax Code (5 Nov 2014)

Michael Noonan: I was here at 9.25 a.m.

Finance Bill 2014: Second Stage (Resumed) (5 Nov 2014)

Michael Noonan: It is €550 million with the loss of the charge, giving a total of €850 million.

Finance Bill 2014: Second Stage (Resumed) (5 Nov 2014)

Michael Noonan: Two people earning a salary of €50,000.

Written Answers — Department of Finance: Tax Exemptions (5 Nov 2014)

Michael Noonan: Under section 43 of the Taxes Consolidation Act 1997 the Minister for Finance may issue certain Government securities with a condition that both the capital of and the interest on any such security is exempt from income tax or corporation tax. This exemption applies only where the security is in the beneficial ownership of a person or persons who is, or are, not resident in the State. Up to 3...

Written Answers — Department of Finance: Corporation Tax Regime (5 Nov 2014)

Michael Noonan: In recognition of the fact that investment and growth in OECD economies is increasingly driven by knowledge-based investment which is related to research and development and intellectual property, putting in place an attractive tax offering for intangible assets is key for Ireland's success in attracting foreign direct investment (FDI).  This is why as part of my Budget announcement I...

Written Answers — Department of Finance: Tax Reliefs Availability (5 Nov 2014)

Michael Noonan: As the Deputy will be aware, a number of measures were announced on Budget day to improve the overall affordability of water charges. The objective of these supports is to assist households in the country who pay their Water bills. Following on from the announcement on Budget day, officials from my Department are working closely with their colleagues in the other relevant Departments and...

Written Answers — Department of Finance: Tax Reliefs Availability (5 Nov 2014)

Michael Noonan: As the Deputy will be aware, my officials conducted a review of the Special Assignee Relief Programme in advance of this year's Budget. The review analysed aspects of the scheme such as the background and rationale for the programme and data available from the Revenue Commissioners including the cost and take-up of the programme. In addition, a public consultation was held. A report was...

Written Answers — Department of Finance: State Banking Sector Regulation (5 Nov 2014)

Michael Noonan: I have not had a formal valuation carried out as none is required for the Government accounts, though my officials regularly appraise me of the financial and operating performance of Permanent TSB.  In relation to the upcoming capital raising exercise I am of the view that the best way to protect the value of the State's shareholding is to ensure Permanent TSB is well prepared, that...

Written Answers — Department of Finance: Insurance Industry (5 Nov 2014)

Michael Noonan: At the outset I would like to say that I am aware of the difficulties that the liquidation of Setanta Insurance Company Limited has caused for Setanta policyholders and those claiming compensation under Setanta insurance policies.    You will appreciate that a liquidation of an insurance company is a legally complex and time consuming process.  The Setanta...

Written Answers — Department of Finance: Illicit Trade in Tobacco (5 Nov 2014)

Michael Noonan: I am advised by the Revenue Commissioners that combating the illegal tobacco trade is, and will continue to be, a high priority for Revenue. Their work against this illegal activity includes a range of measures designed to identify and target those who are engaged in the supply or sale of illicit products, with a view to seizing the illicit products and prosecuting those responsible. This...

Written Answers — Department of Finance: Tax Code (5 Nov 2014)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. I assume the Deputy is referring to the "Group thresholds" for CAT. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person...

Written Answers — Department of Finance: Tax Code (5 Nov 2014)

Michael Noonan: It is not the function of the Tax Code or the Oireachtas to determine the employment relationship between parties. If the true relationship between parties is that of an employer/employee then the employer is required, under the Tax Code, to operate PAYE on payments made to the employee. If, however, the true relationship is not that of an employer/employee then, where the relationship...

Written Answers — Department of Finance: VAT Rate Reductions (5 Nov 2014)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In this regard, EU VAT law specifically provides that all digitised publications, including e-books, are treated as the supply of a service liable at the standard rate of VAT, which in Ireland is 23%. While Ireland applies a zero VAT rate to printed books including...

Written Answers — Department of Finance: 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 in Ireland. The Central Bank measures, as set out in the consultation document, would place restrictions on the loan to value (LTV) and loan to income (LTI) ratios banks can apply when lending for house purchase. They would apply to...

Written Answers — Department of Finance: Fiscal Policy (5 Nov 2014)

Michael Noonan: Following the successful conclusion of the EU-IMF programme, the Irish economy has emerged from the crisis and economic recovery is now clearly established. First estimates of economic activity for the second quarter of this year were very strong and were well ahead of consensus expectations with GDP growing by 1.5 per cent over the quarter and by 7.7 per cent year-on-year. Taken...