Results 2,081-2,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Institutions Levy (10 Nov 2016)

Michael Noonan: In accordance with Section 126AA of the Stamp Duties Consolidation Act 1999, an annual levy was imposed on certain financial institutions for each of the years 2014, 2015 and 2016. The levy is charged at 35% of the Deposit Interest Retention Tax (DIRT) paid by a financial institution in 2011 and raises approximately €150 million annually for the Exchequer. In the case...

Written Answers — Department of Finance: Programme for Government Implementation (10 Nov 2016)

Michael Noonan: Subject to the approval of the Oireachtas of the Finance Bill 2016, potential applicants for the Help to Buy scheme will be able to register online with Revenue from 1 January 2017. It is estimated that the scheme will cost the Exchequer €40 million per annum, but that the cost for 2017 will be €50 million due to the inclusion of the cost associated...

Written Answers — Department of Finance: Programme for Government Implementation (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 90 and 94 together. The Central Bank has advised that the review of the macro prudential mortgage lending regulations is continuing and that it expects to publish the final outcome of that review by the end of November. As part of this review process, the Central Bank initiated a public "call for evidence based submissions". The...

Written Answers — Department of Finance: State Banking Sector (10 Nov 2016)

Michael Noonan: The State has a shareholding of 99.9% in AIB. This shareholding is a valuable asset to the State and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. My primary objective in the disposal of those assets will be recovering the maximum amount of money for the Irish taxpayer. I have indicated...

Written Answers — Department of Finance: Stability Programme Data (10 Nov 2016)

Michael Noonan: Ensuring the plausibility of estimates of potential growth is a key priority given their significance in the application of the fiscal rules. As previously noted by both my own Department and the Fiscal Advisory Council, the Commonly Agreed Methodology (CAM) for estimating potential output is subject to limitations particularly when applied to Ireland. My Department continues to assess the...

Written Answers — Department of Finance: Public Interest Directors (10 Nov 2016)

Michael Noonan: In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process". As such I do not expect to make any new appointments of Public Interest Directors to the board of the banks. ...

Written Answers — Department of Finance: Fuel Laundering (10 Nov 2016)

Michael Noonan: I am advised by Revenue, who are responsible for combating fiscal fraud, that action against fuel laundering and related forms of criminal activity is a central element of their work. I am advised also that it is inherently difficult to estimate with confidence the extent of any illegal activity and that it is not possible, therefore, to put a figure on the cost to the Exchequer of fuel...

Written Answers — Department of Finance: Tax Code (10 Nov 2016)

Michael Noonan: The Programme for a Partnership Government commits to the introduction of a tax on sugar-sweetened drinks (SSDs). The tax will contribute towards important public health goals, as well providing a new source of revenue for public spending. The Department of Health has also supported the introduction of a tax on SSDs in order to reduce added-sugar in diets, particularly the diets...

Written Answers — Department of Finance: Central Bank of Ireland IT Operations (10 Nov 2016)

Michael Noonan: The Governor of the Central Bank made remarks back in June on the topic of technological innovation and financial services. I think it is important to be clear on what the Governor said. He said that in addition to the four primary challenges he identified in the regulatory treatment of financial innovations, technological innovation may also alter the role of central banks in managing...

Written Answers — Department of Finance: Credit Availability (10 Nov 2016)

Michael Noonan: In terms of credit availability to SMEs from the banking sector, I would draw the Deputy's attention to the most recent Department of Finance Credit Demand Survey which covers the period October 2015 to March 2016. This survey series seeks information from a significant sample of Irish SMEs from all sectors and regions of the country. A total of 1,500 telephone interviews were...

Written Answers — Department of Finance: Knowledge Development Box (10 Nov 2016)

Michael Noonan: The Knowledge Development Box (KDB) was introduced in Finance Act 2015 and applies from 1 January 2016. At this time it is not possible to provide a breakdown of the uptake of the measure as the data is not yet available. The Corporation Tax returns that relate to the activity in 2016 will not be filed until November 2017. It is expected that because of the operation of the formula set out...

Written Answers — Department of Finance: Knowledge Development Box (10 Nov 2016)

Michael Noonan: It is not possible to provide the total cost of the scheme for 2016 as this data is not yet available. Corporation Tax returns for 2016 returns will not be filed until November 2017. As set out it Budget 2016, it is estimated that the KDB will cost €31m in 2016 and €50m over a full year thereafter. The basis for this calculation was explained in the Tax Expenditures Report...

Written Answers — Department of Finance: Corporation Tax (10 Nov 2016)

Michael Noonan: It is assumed that the Question is referring to the increase in Corporation Tax receipts in 2015 of €2.3 billion over 2014 receipts and the €820 million surplus in receipts this year to-date. Information in respect of the reasons underpinning variations in Corporation Tax receipts is generally only available from analysing the annual Corporation Tax returns....

Written Answers — Department of Finance: Financial Services Sector (10 Nov 2016)

Michael Noonan: While I am not responsible for the IFSC funds working group or have any involvement in the setting of any of the agendas, officials from my Department attend its meetings. I understand that the group has met 10 times in 2016; the agendas for each of those meetings are set out below. Agenda IFSC Funds Working Group Thursday 21st January 2016 at 11:00am...

Written Answers — Department of Finance: Tax Agreements (10 Nov 2016)

Michael Noonan: To date, Ireland has signed a total of 72 agreements for the avoidance of double taxation with respect to taxes on income.The countries are listed in the following table.  In addition, the State has two agreements with the United States and with the United Kingdom dealing with the avoidance of double taxation on gifts and inheritances. DTAs signed by Ireland as at  7 November 2016...

Written Answers — Department of Finance: Tax Avoidance (10 Nov 2016)

Michael Noonan: Ireland has been a keen supporter of the OECD BEPS process and has been actively engaged in the implementation of the BEPS recommendations since the reports were published in October 2015. I recently published an Update on Ireland's International Tax Strategy which sets out what we have done and what we plan to do regarding the implementation of the OECD BEPS recommendations. In...

Written Answers — Department of Finance: EU Directives (10 Nov 2016)

Michael Noonan: The Anti-Tax Avoidance Directive was agreed by Member States following ECOFIN on 17 June 2016. The Directive includes five significant corporate tax anti-avoidance measures. Three of the measures derive from the non-binding elements of the OECD BEPS process, with the remaining two measures coming from the European Commission's previous Common Consolidated Corporate Tax Base (CCCTB)...

Written Answers — Department of Finance: Tax Data (10 Nov 2016)

Michael Noonan: Each year at Budget time, for the last two years, my Department has published (on its website) it's Report on Tax Expenditures. The second such report was published on 13 October 2016, and can be found at. The information sought is contained in pages 103-123 of the Report.

Written Answers — Department of Finance: Tax Settlements (10 Nov 2016)

Michael Noonan: In accordance with section 1086 Taxes Consolidation Act 1997, the Revenue Commissioners are obliged to publish a List of Tax Defaulters every quarter with details of those taxpayers with whom they have reached a settlement that has met certain specific criteria. The legislation provides for the publication of tax defaulters, whether they have paid the settlement amount or not. In addition,...

Written Answers — Department of Finance: Motor Industry (10 Nov 2016)

Michael Noonan: I am advised by Revenue that a car hire company operating in the State is obliged to use cars that are registered in the State. A car rental that is registered in another jurisdiction and is brought into the State by a non-State resident can be either brought out of the State by that person or can be left in the State where it can (1) be re-hired once to another non-State resident with a...