Results 19,301-19,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU Regulations (15 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 172 and 177 together. There are no proposals at an EU level to legislate regarding the actions of so called "vulture funds" in the case of sovereign debt crises. Ireland along with all Eurozone members now includes Collective Action Clauses (CAC) in the sovereign bonds it issues. Such clauses provide for a standardised mechanism...

Written Answers — Department of Finance: Mortgage Arrears Proposals (15 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 173 and 178 together. The Central Bank's Code of Conduct on Mortgage Arrears applies to entities regulated by the Central Bank and does not apply to unregulated funds. It is my intention to ensure that borrowers whose loans are sold by a regulated entity to a currently unregulated entity maintain the same protections as they had prior to the sale. ...

Written Answers — Department of Finance: Tax Code (15 Apr 2015)

Michael Noonan: I am advised that the Young Farmers scheme is part of the Basic Payments Scheme introduced in 2015 under the new measures agreed in the reform of the Common Agricultural Policy. The Basic Payment Scheme has replaced the Single Payment Scheme and payments under the scheme are liable to Income Tax. The Young Farmers Scheme also provides for an additional payment to any person who commences...

Written Answers — Department of Finance: Tax Code (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that this is a very broad question, the answer to which would depend upon a number of factors. This being so it is not possible to give a detailed answer to the question without knowing the specifics of the case involved. The Revenue Commissioners have advised me that the implications for a farmer and one of his or her children entering into a...

Written Answers — Department of Finance: Fuel Trader's Licence (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that service stations are obliged to hold an auto fuel trader's licence and/or a marked fuel trader's licence in order to trade in fuel. Traders must apply for a new licence annually and Revenue may refuse to issue a licence or may revoke an existing licence. Revenue began taking action from mid- 2011 against service stations that were unlicensed...

Written Answers — Department of Finance: VAT Exemptions (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply, 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.  ...

Written Answers — Department of Finance: Tax Exemptions (15 Apr 2015)

Michael Noonan: As set out in my reply to the Deputy's previous question in this matter, where a primary claimant is married, in a civil partnership or cohabiting, he or she is not entitled to the single person child carer credit (SPCCC), on the basis that the relevant child is not, in the main, being cared for by a single person. In such circumstances the primary carer cannot relinquish the...

Written Answers — Department of Finance: Bank Restructuring (15 Apr 2015)

Michael Noonan: I would like to welcome the approval by the European Commission of the Permanent TSB Restructuring Plan last week. The approval by the European Commission is an important external validation that the plan contains a credible strategy to return Permanent TSB to profitability and a position where it can support the Irish economy in the years ahead. The approval of...

Written Answers — Department of Finance: Tax Collection (15 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 182 and 183 together. I am advised by Revenue Commissioners that the data requested by the Deputy is currently being compiled but it has not been possible to finalise the reply in the time available. A reply will issue to the Deputy as soon as possible.

Written Answers — Department of Finance: Tax Collection (15 Apr 2015)

Michael Noonan: I am advised by Revenue that the current rate of interest charged in respect of late payment of Income Tax, Corporation Tax, Capital Gains Tax, Capital Acquisition Tax, Local Property Tax and Stamp Duty liabilities is 8% per annum (0.0219% per day), while the rate in respect of all other taxes, for example PAYE/PRSI and VAT, is 10% per annum (0.0274% per day). These rates came into...

Written Answers — Department of Finance: Departmental Staff Recruitment (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there are no impediments to temporary staff who are employed by outsourced companies on behalf of Revenue in relation to applications for jobs in the Revenue Commissioners providing they meet the eligibility criteria of the respective competitions. The recruitment and appointment of permanent staff in Revenue is regulated by the Commission...

Written Answers — Department of Finance: Mortgage Arrears Proposals (15 Apr 2015)

Michael Noonan: As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. This has included an extensive suite of interventions designed to address the problem including specific Central Bank targets for the banks through the Mortgage Arrears Resolution Targets (MART), the Code of Conduct on Mortgage Arrears,...

Written Answers — Department of Finance: Social Welfare Payments Administration (15 Apr 2015)

Michael Noonan: Issues relating to Social Protection payments are matters for my colleague the Tánaiste and Minister for Social Protection.  I understand that An Post's Household Budget service allows recipients of certain social welfare payments to pay regular amounts towards various household bills by direct deduction from certain Social Welfare payments, up to a maximum of...

Written Answers — Department of Finance: Tax Code (15 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 188 and 189 together. I am advised by the Revenue Commissioners that they have published a post-Budget 2015 Ready Reckoner on the Commissioners' new statistics website at:- . The Ready Reckoner, is directly accessible from that website at:- , and it provides indicative costings in respect of certain changes to Income Tax rates. The costs of...

Written Answers — Department of Finance: Semi-State Bodies Dividends (15 Apr 2015)

Michael Noonan: In response to the Deputy's question only one of the bodies under the aegis of my Department would be classed as semi-state commercial company. The Strategic Banking Corporation of Ireland is a commercial entity which was established in 2014 and has not paid any dividends to date.

Topical Issue Debate: Mortgage Interest Rates (16 Apr 2015)

Michael Noonan: I thank the Deputy for raising this important issue. As he is aware, the statement of Government priorities 2014-16 recognised the need for competition in the banking sector to put pressure on banks operating in Ireland to reduce the interest rates charged. This issue was also discussed in the context of a Private Members' motion brought forward in the House just before Easter. It has also...

Topical Issue Debate: Mortgage Interest Rates (16 Apr 2015)

Michael Noonan: I thank the Deputy for his comments. Some of the issues raised in his second intervention will I hope be addressed by the banking inquiry. He delved into very important but more general issues than variable mortgage rates. As I said, the Governor of the Central Bank informed me that work had commenced in the Central Bank on this very issue. It is establishing the fact based position in...

Topical Issue Debate: Mortgage Interest Rates (16 Apr 2015)

Michael Noonan: -----I have committed to publishing the results which will provide the evidence based position in having discussions with the banks.

Topical Issue Debate: Mortgage Interest Rates (16 Apr 2015)

Michael Noonan: I think we are all of the view that the margin is excessive and that it has to be reduced.

Written Answers — Department of Finance: Tax Code (16 Apr 2015)

Michael Noonan: Income Tax is imposed by section 12 of the Taxes Consolidation Act 1997 (TCA) and Universal Social Charge is imposed by section 531AM of the TCA. In the case of Income Tax, the tax is charged on an individual's income from all sources, as calculated in accordance with provisions of the Income Tax Acts. Universal Social Charge is charged on an individual's income after any relief for...