Results 2,961-2,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Staff Data (4 Oct 2016)

Michael Noonan: I wish to inform the Deputy that as at 30th September, 2016 there were 326 staff employed in my Department. There are 7 staff seconded into my Department from: the Central Bank of Ireland, the Central Statistics Office, the Department of Public Expenditure & Reform, the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, the Revenue Commissioners and...

Other Questions: Tax Residency (29 Sep 2016)

Michael Noonan: 3 o’clock There was an awareness back in the 1990s of Irish-registered but non-resident companies and that they were used for criminal activity, including fraud. Company law was changed to remediate that. However, no connection was made between Irish-registered non-resident companies and a kind of stateless situation which could be used for the avoidance of tax. This only...

Other Questions: Tax Residency (29 Sep 2016)

Michael Noonan: They share information with the Department of Finance all the time. Therefore, they would also have been aware after the Apple inquiry. Going back to 1991 we need to look at how corporation tax evolved in Ireland. When Revenue gave its opinion on Apple originally, coming into the 1990s no tax was payable on exports of exporting companies. It evolved into a 10% tax payable. Following a...

Other Questions: State Banking Sector (29 Sep 2016)

Michael Noonan: I met recently with the parent bank of Ulster Bank. I met the new chief executive of Ulster Bank as well. There is some competition there. They have assured me Ulster Bank will remain in the Irish market. Ulster Bank is quite significant in the northern half of the country but also in Dublin. Between AIB, Bank of Ireland, Permanent TSB and Ulster Bank, there is quite a good presence. I...

Other Questions: Property Tax Exemptions (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 11 and 18 together. As previously confirmed in my reply to Question No. 308 of 16 September 2016, the Local Property Tax (Amendment) Act 2015 does not provide entitlement to an exemption from LPT on foot of pyritic damage where the property was remediated prior to the commencement of the LPT in July 2013. I also clarified that the exemption is claimed by...

Other Questions: Property Tax Exemptions (29 Sep 2016)

Michael Noonan: I think we all understand the plight of people whose homes are affected by pyrite. All sides of this House have moved to remediate the situation. We have introduced amending legislation to do so. The Revenue administers it. I know the Deputy is a new Member but there are dedicated helplines for Deputies to Revenue, which she probably knows. One can take up any individual case through...

Other Questions: Tax Residency (29 Sep 2016)

Michael Noonan: Different countries use different factors to determine the tax residence of companies. Ireland has traditionally relied primarily on a "management and control" test which takes into account where the key strategic decisions about the company are taken. Some other countries rely primarily on the incorporation test whereby companies are tax-resident in the place where they are incorporated....

Other Questions: State Banking Sector (29 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 10 and 32 together. 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. As I have indicated on a number of occasions, my primary objective in the disposal of...

Other Questions: State Banking Sector (29 Sep 2016)

Michael Noonan: I think the Deputy understands the position on AIB. He put it succinctly in his original question. I do not intend to go for an IPO in 2016, but I am leaving the option open for 2017. There are not other considerations now, apart from the best price available. The decision will depend on market conditions and the assessment of whether we will get a good return for the taxpayer in 2017. ...

Other Questions: Financial Transactions Tax (29 Sep 2016)

Michael Noonan: No. We have considered this very carefully and I have stated the policy position. I admit that the relationship and the potential change may be more significant after Brexit, depending on the result of the negotiations regarding the relationships between the UK and the EU. Certainly, the City of London is going to be central to those negotiations. The position is as I have stated and we...

Other Questions: State Aid Investigations (29 Sep 2016)

Michael Noonan: On 30 August 2016 the European Commission issued a negative decision in the Apple state aid case. The Government profoundly disagrees with the Commission's analysis in the Apple case and will now challenge the decision before the European courts.  Dáil Éireann has also passed a motion supporting the Government's decision to appeal the European Commission's decision. ...

Other Questions: State Aid Investigations (29 Sep 2016)

Michael Noonan: The Attorney General's office is preparing the grounds for the appeal, the detailed appeal papers and so on and that is directed by the Attorney General herself. She has two months and ten days from the date of the decision and she is working expeditiously on it. I have no hard information yet on the collection of arrears but it is the responsibility of the Revenue Commissioners. Some...

Other Questions: State Aid Investigations (29 Sep 2016)

Michael Noonan: Pascal Saint-Amans, who is the tax director of the OECD and was in charge of the BEPS project, visits us regularly and he was here last Monday. He was asked questions about the Apple decision at a press conference he held. He stated two things of importance: first, that in his view the arrears were due to the exchequer in the United States and second, that there was no threat from the...

Other Questions: Tax Exemptions (29 Sep 2016)

Michael Noonan: Following consultations with the Revenue Commissioners, the Department published a draft amendment to deal with the position in respect of section 110. We also intend the draft amendment to be a consultation document in order that it can be further refined, if necessary, before the finance Bill is introduced. Separately, the qualifying funds to which the Deputy referred continue to be...

Other Questions: Tax Exemptions (29 Sep 2016)

Michael Noonan: I have little to add to what I said. We want to ensure tax avoidance is not facilitated by the way in which the law is drafted. The Revenue Commissioners and Department are working up an amendment that will achieve the purpose to which the Deputy drew attention. I cannot yet prejudge the nature of that amendment. but I would be glad to receive any submission the Deputy may wish to make. I...

Other Questions: Financial Transactions Tax (29 Sep 2016)

Michael Noonan: Ireland already has a tax on financial transactions, a stamp duty on transfers of shares in Irish incorporated companies which currently stands at 1%. The yield from this charge in 2015 was €424.13 million and I understand receipts to the end of August 2016 were more than €260 million. The financial institutions levy I announced as part of budget 2014 is a revenue raising...

Other Questions: Financial Transactions Tax (29 Sep 2016)

Michael Noonan: I do not have figures for previous years but I will have them sent to the Deputy. Our position on a financial transactions tax has not changed since June when I last replied to a question from the Deputy on this matter. In Europe, one of the countries that was involved, Estonia, has dropped out and the other ten have not yet reached agreement. I think they are about to make a report but, so...

Other Questions: Tax Exemptions (29 Sep 2016)

Michael Noonan: I am informed by Revenue that once a qualifying investor alternative investment fund is authorised by the Central Bank it falls under the definition of an "investment undertaking" under the taxes Acts. It is therefore subject to the tax treatment provided for investment undertakings. The legislation provides a tax exemption to the undertaking itself and to certain investors, such as...

Ceisteanna - Questions - Priority Questions: VAT Exemptions (29 Sep 2016)

Michael Noonan: As I have said, there was a review and report in advance of the budget for 2016 and the charities participated in the review. It is my understanding that they were agreeable to not making the change that was contemplated at the time because they had significant refunds and nobody wanted to change. The European Union has put in place an action plan on VAT and it is to report before too long....

Ceisteanna - Questions - Priority Questions: Child Care Costs (29 Sep 2016)

Michael Noonan: As the Deputy will be aware, the Minister for Children and Youth Affairs has primary responsibility for Government policy in relation to child care and at the outset, I would refer to the interdepartmental working group on future investment in child care in Ireland, which published its report in July 2015. Having considered the option of a tax credit that would be available to those who incur...