Results 17,861-17,880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Central Bank of Ireland Investigations (26 Nov 2014)

Michael Noonan: Since the commencement of the Central Bank (Supervision and Enforcement) Act 2013, the Central Bank may impose a monetary penalty upon a body corporate or an unincorporated body of the greater of €10,000,000 or an amount equal to 10% of the turnover of a firm. In relation to breaches that arose prior to the commencement of the 2013 Act, the maximum penalty that the Central Bank could...

Written Answers — Department of Finance: Tax Credits (26 Nov 2014)

Michael Noonan: Section 466A of the Taxes Consolidation Act 1997 provides for the Home Carer Tax Credit.  The amount of the credit is €810.  It is claimable by married persons or civil partners who are jointly assessed to tax and where one spouse or civil partner works at home caring for children, aged or incapacitated persons, and that spouse or civil partner's income is not in excess of...

Written Answers — Department of Finance: Banking Sector Remuneration (26 Nov 2014)

Michael Noonan: As the Deputy will be aware this Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration in the banks is capped at €500,000 (excluding normal pension entitlements) and the payment of bonuses is not permitted. I can confirm that at a meeting which took place between AIB and officials from...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (26 Nov 2014)

Michael Noonan: In anticipation of the establishment of the Ireland Strategic Investment Fund (ISIF), the National Pensions Reserve Fund (NPRF) has committed to a number of investments in Ireland including infrastructure, water, long-term financing for SMEs (both credit and equity) and venture capital.  The NTMA has provided a detailed table of the NPRF commitments to Irish investments as at 30...

Written Answers — Department of Finance: Mortgage Arrears Rate (26 Nov 2014)

Michael Noonan: The Central Bank has informed me that its quarterly mortgage arrears and repossessions statistics capture figures on mortgage accounts in arrears as well as on mortgage accounts subject to restructuring arrangements agreed between the borrower and his/her mortgage provider. The Central Bank has confirmed that in a situation where a borrower has the full arrears balance capitalised (so...

Written Answers — Department of Finance: Insurance Compensation Fund (27 Nov 2014)

Michael Noonan: The Insurance Compensation Fund (ICF) provides for payments to meet the liabilities of insolvent insurers in certain cases where it is unlikely that claims can be met otherwise than from the ICF.  Under the Insurance Act 1964 claims by bodies corporate or unincorporated bodies are not covered by the ICF, except where there is a liability to or by an individual.  In addition, all ICF...

Written Answers — Department of Finance: Government Deficit (27 Nov 2014)

Michael Noonan: In formulating the most recent proposals announced in relation to the financing of Irish Water and water charges, the Government has sought to ensure that Irish Water will pass the 'Market Corporation Test'. Irish Water will introduce water charges for domestic customers to fund expenditure on the treatment and provision of water services. The monies raised by water charges will...

Written Answers — Department of Finance: VAT Rate Reductions (27 Nov 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the...

Written Answers — Department of Finance: Mortgage Lending (27 Nov 2014)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland published a public consultation paper on the 7th October 2014 regarding proposals for new macro-prudential measures for residential mortgage lending in order to enhance the resilience of the banking sector and households to housing market developments. The consultation paper proposes a number of measures, one of which is to require lenders...

Written Answers — Department of Finance: Local Government Fund (27 Nov 2014)

Michael Noonan: It is important to highlight to the Deputy that the below figures do not take into consideration the significant levels of funding received by the Local Government Fund from the Exchequer on an annual basis. Under section 6 subsection (2C) of the Local Government Act 1998 as amended by the Motor Vehicle (Duties and Licences) Act 2012, a total of €46.5 million was transferred from the...

Written Answers — Department of Finance: Insurance Industry Regulation (27 Nov 2014)

Michael Noonan: The registration of insurance brokers is a matter solely for the Central Bank of Ireland under the relevant insurance intermediaries legislation and the Central Bank Acts and is not a matter in which I have a role.  I am advised by the Central Bank that it does not comment on individual applications for authorisation.  I am further advised by the Central Bank as...

Written Answers — Department of Finance: Tax Yield (27 Nov 2014)

Michael Noonan: I assume that the Deputy is referring to Capital Gains Tax and Capital Acquisition Tax. I am informed by the Revenue Commissioners that receipts of those taxes and DIRT for March to December 2011 are as set out in the following table. Year Capital Gains Tax Capital Acquisitions Tax Deposit Interest Rate Tax €m €m €m 2011 (from March) 354 227 359 I am further...

Written Answers — Department of Finance: Pensions Levy (27 Nov 2014)

Michael Noonan: The original 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 ended this year. The additional levy on pension funds at 0.15% which I introduced for 2014 and 2015 mainly to help continue to fund Jobs Initiative will also end after next year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide range...

Written Answers — Department of Finance: Tax Code (27 Nov 2014)

Michael Noonan: As the Deputy will be aware, a progressive taxation system means that those on higher incomes pay proportionately higher rates of tax on their income than those on lower incomes. The European Commission compares progressivity of taxation by taking the OECD tax wedge for an individual earning 167% of the average wage and dividing it by the tax wedge for an individual earning 67% of the...

Written Answers — Department of Finance: Exports Data (27 Nov 2014)

Michael Noonan: I am aware of the phenomenon of 'contract manufacturing'.  Indeed, the economic review and outlook that accompanied Budget 2015 contained a detailed explanation of the issue (). Exports grew by 13.0 per cent year-on-year in the second quarter of this year, with goods exports up nearly 16 per cent. This was not matched by proportionate import growth, despite the growth in...

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

Michael Noonan: My response to the Deputy last week (PQ 45319/14 of 25thNovember, Question No. 190) outlined how this scheme works. There is no provision in the legislation intended to prevent a part-time worker participating. That said, it is open to employers to decide whether or not they wish to operate the scheme. While I would like to see it offered to any employee who wishes to avail of it by means of...

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

Michael Noonan: As noted in my reply to the Question cited by the Deputy, if Bitcoin (or another digital or crypto-currency) is received as payment in commerce, then the same rules in place for payments received in other foreign currencies also apply. If speculation on Bitcoin occurs, then the taxation rules that would apply to any gain are applicable. More specifically, VAT is generally chargeable on the...

Written Answers — Department of Finance: Petrol Stretching (2 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 172, 209 and 210 to 212, inclusive, together. I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the Exchequer by all forms of fuel fraud. Every Filling Station about which a complaint was made has been visited by Revenue...

Written Answers — Department of Finance: Child Care Costs (2 Dec 2014)

Michael Noonan: Tax relief is not available to parents in respect of crèche fees or childcare costs. However, I would like to assure the Deputy that the Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These...

Written Answers — Department of Finance: Tax Exemptions (2 Dec 2014)

Michael Noonan: Section 82 of the Capital Acquisitions Tax Consolidation Act 2003 exempts certain receipts from Capital Acquisitions Tax. Under section 82(2), normal and reasonable payments made by a disponer, during his or her lifetime, for the support, maintenance or education of their children (including the children of a civil partner), or to a person to whom the disponer stands in loco parentis, or to a...