Results 3,121-3,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rate Reductions (27 Sep 2016)

Michael Noonan: The VAT rating of goods and services are subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive provides that Member States may apply either one or two reduced rates to certain goods and services listed in Annex III of the Directive.  In addition, the Directive allows for historic VAT treatment to be maintained under certain conditions on...

Written Answers — Department of Finance: Tax Code (27 Sep 2016)

Michael Noonan: I am advised by Revenue that, under section 86 of the Capital Acquisitions Tax Consolidation Act 2003, gifts and inheritances of dwelling-houses can qualify for an exemption from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. This relief is referred to as the "dwelling house exemption". One of the qualifying conditions for the dwelling house exemption...

Written Answers — Department of Finance: Revenue Commissioners Resources (27 Sep 2016)

Michael Noonan: I am advised by Revenue that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c.100 staff an additional exchequer yield of €50m per annum could be achieved. On this basis it is estimated that by increasing audit staffing resources by c.200 staff an additional exchequer yield of €100m per annum could be achieved.  ...

Written Answers — Department of Finance: Motor Insurance Regulation (27 Sep 2016)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy TD, is undertaking a review of the factors which are influencing the increased cost of motor insurance.  The Working Group brings together all the relevant Departments and Offices involved with the process, including the Central Bank.  Its objective is to identify immediate and longer term measures...

Written Answers — Department of Finance: State Aid Investigations (27 Sep 2016)

Michael Noonan: The Government has authorised me to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case. The Attorney General has been requested to prepare the legal grounds in support of those proceedings and to take all other steps incidental to the conduct of those proceedings. Dáil Eireann has also passed a motion supporting the...

Written Answers — Department of Finance: State Aid Investigations (27 Sep 2016)

Michael Noonan: I first learned of the impending Commission decision following a phone call from Commissioner Vestager on Tuesday 23rdAugust. In that conversation I was given to understand that the Commission would issue a negative decision early the following week. I was given no confirmation of the date of the decision, no indication of the size of the recovery amount, nor was I provided with any...

Written Answers — Department of Finance: UK Referendum on EU Membership (27 Sep 2016)

Michael Noonan: While it is not the result that we hoped for, the Government fully accepts and respects the outcome of the democratic process in the UK. The key issues for Ireland associated with such an outcome have been articulated on numerous occasions by me and other members of the Government and relate to the close economic relationship with the UK, Northern Ireland, the Common Travel Area and the EU...

Written Answers — Department of Finance: State Aid Investigations (27 Sep 2016)

Michael Noonan: The Government has authorised me to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case. The Attorney General has been requested to prepare the legal grounds in support of those proceedings and to take all other steps incidental to the conduct of those proceedings. The appeal is to be lodged by 10 November 2016. Member...

Written Answers — Department of Finance: State Aid Investigations (27 Sep 2016)

Michael Noonan: On 30 August 2016, it was announced that the Commission had concluded their single investigation in Ireland and had issued a negative decision in the Apple State Aid case.   Over the course of the three year investigation, detailed and comprehensive responses were provided to the Commission demonstrating that the appropriate amount of Irish tax was charged in accordance with...

Written Answers — Department of Finance: VAT Rate Application (27 Sep 2016)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. The Programme for a Partnership Government published in May, includes a commitment to retain the hugely successful 9% VAT rate on tourism related services, providing that prices remain...

Written Answers — Department of Finance: Insurance Industry Regulation (27 Sep 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that the risks to policyholders and to the wider financial system are limited. An adequately-reserved, cost-competitive insurance sector is a vital component of economic activity and financial stability. The current high cost of insurance is a concern for the Government. While the provision...

Written Answers — Department of Finance: Tax Code (27 Sep 2016)

Michael Noonan: A Real Estate Investment Trust (REIT) is a collective investment vehicle designed to hold properties in a tax neutral manner. The function of the REIT regime is to eliminate the double layer of taxation that is usually associated with holding properties in a corporate or collective vehicle. A REIT is exempt from any tax on its qualifying income and gains from rental property, however, the...

Written Answers — Department of Finance: Tax Code (27 Sep 2016)

Michael Noonan: I am advised by Revenue that a wide range of statistical information is available on the Revenue Statistics webpage at. In relation to the Deputy's Question, information on the projected yield from increasing the rate of Capital Gains Tax (CGT) can be found on the webpage under the "Ready-Reckoner" heading (). While the Ready Reckoner does not show the specific rate increase requested by the...

Written Answers — Department of Finance: Property Tax Administration (27 Sep 2016)

Michael Noonan: Part 12 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a deferral of Local Property Tax (LPT) where there is an inability to pay and certain specified conditions are met. Once granted a deferral normally remains in place for the particular valuation period (2013-2019). The annual rate of interest currently applied to deferrals is 4%. The interest is added to the...

Written Answers — Department of Finance: Departmental Staff Remuneration (27 Sep 2016)

Michael Noonan: In response to the Deputy's question, my officials have consulted with Bodies under the Aegis of the Department of Finance, and the information sought is provided in tabular form below. Name of body Comments Cost of introducing minimum wage of €12 an hour Cost of introducing minimum wage of €13 an hour Cost of introducing minimum wage of €14 an hour Cost of introducing...

Written Answers — Department of Finance: Departmental Staff Remuneration (27 Sep 2016)

Michael Noonan: In response to the Deputy's question, my officials have consulted the Bodies under the Aegis of the Department, and the information requested is provided in tabular form below. The question has been answered on the basis that a normal working week is 40 hours. Name of body Comment Cost of introducing minimum weekly gross wage of €480 for all full-time employees Cost of introducing...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I wish to thank the committee for the invitation to appear here today to discuss revenue raising proposals. Both the Minister, Deputy Donohoe, who the committee is seeing tomorrow, and I are looking forward to a fruitful and positive collaboration with the committee in the weeks and years ahead. Innovations such as this will increase our collective understanding of the economic and fiscal...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: Section 110 was originally designed to give a very strong incentive to the financial services industry at its initial stage in Dublin. The initiative has worked. Now it has been applied, where it was not intended to be applied, to property funds. After consultation with Revenue it was decided to close what was regarded as a loophole or an unintended application of the section. In...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: That is the thinking at the minute.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: On the figures supplied by the Deputy, I do not have a figure for possible tax loss or what impact it would have on fiscal space. It is too late in the cycle now to do anything to increase the fiscal space in this budget but, obviously, it has implications for the future. Maybe Revenue can give an idea of what they think the tax loss might be or might have been, or would be, if we did not...