Results 3,321-3,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Reviews (16 Sep 2016)

Michael Noonan: The report of the Oireachtas Joint Committee of Inquiry into the Banking Crisis recommended that a full review should take place of section 33AK of the Central Bank Act 1942, to ensure that only documents deemed 'secret' which are independently reviewed by a High Court judge are withheld from any future Oireachtas inquiry. My Department, under the stewardship of Minister of State Murphy,...

Written Answers — Department of Finance: Central Bank of Ireland (16 Sep 2016)

Michael Noonan: Following the joint public consultation published by the Department and the Central Bank in July 2015, I have approved a phased movement towards 100 per cent industry funding of the cost of financial regulation, contingent on the Central Bank agreeing to and implementing new cost control measures. This will commence in 2017 with a move from 50 to 65 per cent of regulation costs being...

Written Answers — Department of Finance: Bank Levy (16 Sep 2016)

Michael Noonan: I, as Minister, announced in last year's Budget a review of the methodology for calculating the Bank Levy. The review considered the performance of the bank levy to date, examined alternative calculation methodologies and practices in other jurisdictions. A public consultation was held to obtain the views of stakeholders in June 2016. The public consultation document was published...

Written Answers — Department of Finance: European Banking Union (16 Sep 2016)

Michael Noonan: Following the recommendations of the Five Presidents' Report on the completion of the Economic and Monetary Union of 22 June 2015, the European Commission presented on 24 November 2015 a proposal to establish a European Deposit Insurance Scheme (EDIS). At the same time, the Commission published the communication "Towards the Completion of the Banking Union". On foot of this a temporary Ad...

Written Answers — Department of Finance: Departmental Legal Cases (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 363 and 364 together. 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...

Written Answers — Department of Finance: EU Issues (16 Sep 2016)

Michael Noonan: The European Commission's proposal for a Common Consolidated Corporate Tax Base (CCCTB) was orginally published in 2011.  No agreement was reached on the proposal and it was subsquently withdrawn by the Commission. In June 2015, the Commission presented a strategy for the re-launch of the CCCTB as part of its Action Plan for Fair and Efficient Corproate...

Written Answers — Department of Finance: EU Directives (16 Sep 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: Departmental Legal Cases (16 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...

Written Answers — Department of Finance: NAMA Code of Conduct (16 Sep 2016)

Michael Noonan: Given the Deputy's question was received on Tuesday 13th September, I assume he is referring to the concerning allegations raised in the previous week's BBC Spotlight programme, particularly regarding former NAMA Northern Ireland Advisory Committee member, Frank Cushnahan. I can confirm I have not met with the NAMA Chairman since that BBC broadcast. NAMA have advised my officials that...

Written Answers — Department of Finance: Tax Treaties (16 Sep 2016)

Michael Noonan: The OECD BEPS reports made a number of recommendations for how tax treaties can be updated to ensure that they do not facilitate double non-taxation.  The Multilateral Instrument is designed to give countries a way to update many or all of their treaties in one go without the need for bilateral renegotiations. Ireland is actively involved in this work at the OECD which is...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations ('Transfer Pricing Guidelines') are the internationally recognised standard for the application of transfer pricing.  In general, Irish rules require that the principles in the Transfer Pricing Guidelines, specifically the version of the OECD Guidelines in place at 22 July 2010, must be...

Written Answers — Department of Finance: Corporation Tax (16 Sep 2016)

Michael Noonan: Corporation tax receipts in Ireland are highly concentrated with a high proportion of receipts coming from the multinational sector.  The Revenue Commissioners have advised that about half of the €2.3 billion increase in Corporation Tax receipts is from a small number of large multinationals and is attributable to a variety of reasons including improved trading...

Written Answers — Department of Finance: Departmental Legal Cases (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 372 and 373 together. 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 and will now challenge the decision before the European Courts.  Notwithstanding this appeal, Ireland is required by law to recover the alleged State aid...

Written Answers — Department of Finance: Tax Credits (16 Sep 2016)

Michael Noonan: The issue of supporting micro-businesses, which are often also businesses in the early stages of their development, needs to be considered in the broader context of the multitude of expenditure and tax instruments which can assist these enterprises to succeed and grow. For example, the 3-year start-up relief from Corporation Tax allows qualifying companies to obtain full relief on their...

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Michael Noonan: There are three cases under appeal and another two of which I know that have been in the public domain. I have been told unofficially that there is another case pending which will be announced shortly. I do not, however, have the details of that. The Commissioner, Margrethe Vestager, advises that there is no Irish case pending. All the time I am talking about tax practices which were...

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Michael Noonan: There are Eurogroup and ECOFIN meetings in Bratislava this Friday and Saturday. I will be attending there tomorrow evening. I know it will be a topic of conversation but I doubt it will be an agenda item. I am sure I will get much advice on it, especially from the smaller countries. The position on the spend is that if this money were available, it would be regarded as windfall. The...

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Michael Noonan: In our language, one cannot use it for current expenditure. It could be used for debt reduction and, in theory, it could be used for capital projects. However, because it would be likely to accrue to the Exchequer in one year, one’s capacity to spend would be caught in the fiscal rules. Then we would be back to the fiscal space. Accordingly, there would not be fiscal space to...

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Michael Noonan: In my view, it would be possible to use a small amount of it for capital expenditure.

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Michael Noonan: If the Deputy wants to interrupt me, she can. If she wants to hear my answers, she had better listen. That is the way the Parliament works, we hope.

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Michael Noonan: I have had no direct contact with the US Administration on the Apple case. I was in Washington some years ago when I met Mr. Jack Lew. Before that, I used to meet Mr. Tim Geithner frequently. However, general tax issues were under discussion then, not this case. My officials have had discussions with people in the US Treasury, for example, Mr. Bob Stack, who is fairly high up in the...