Results 3,841-3,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance Coverage (21 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation but am prohibited from interfering in the provision or pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the...

Written Answers — Department of Finance: IBRC Staff (21 Jun 2016)

Michael Noonan: I am informed by the Special Liquidators that employee claims for an additional four weeks pay per year of service over and above statutory redundancy entitlements have been reviewed and adjudicated by the Special Liquidators. The Special Liquidators have confirmed that, based on legal advice, these claims for additional redundancy entitlements  have not been admitted as...

Written Answers — Department of Finance: VAT Rate Application (21 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 113, 116 and 126 together. 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. In my Budget Day speech last year, I suggested that while the case for retaining the measure for the hotel sector in...

Written Answers — Department of Finance: Departmental Schemes (21 Jun 2016)

Michael Noonan: I am informed by Revenue that statistics regarding the tax cost and number of claims for the Research and Development tax credit are available on the Revenue Statistics webpage at .Information for the tax year 2015 is not yet available as tax returns for this year are not due to be returned in many cases until later in 2016. It is not possible to provide data on the number of jobs created...

Written Answers — Department of Finance: Universal Social Charge (21 Jun 2016)

Michael Noonan: The Summer Economic Statement published by Government today reflects the tax and spending priorities set out in the Programme for a Partnership Government (PPG). As the Deputy is aware, there is a commitment in the PPG  to ask the Oireachtas to continue to phase out the USC as part of a wider medium-term income tax reform plan that keeps the tax base broad, reduces excessive tax rates...

Written Answers — Department of Finance: Pension Provisions (21 Jun 2016)

Michael Noonan: The context in which the particular references to the pension issues of interest to the Deputy were raised in the briefing document was in relation to the development of a universal retirement savings system for that half of the Irish workforce who do not have supplementary pension coverage. Officials of my Department, together with those of other Government Departments and Agencies (as...

Written Answers — Department of Finance: EU Meetings (21 Jun 2016)

Michael Noonan: I attended the Bilderberg meeting from 10-12 June 2016 in Dresden, Germany. I, like a number of European ministers, was invited to attend given my position as Minister for Finance. For further information, I would point the Deputy to the Bilderberg Meetings website (www.bilderbergmeetings.org) which includes information on the organisation's governance, steering committee, meetings,...

Written Answers — Department of Finance: EU Meetings (21 Jun 2016)

Michael Noonan: I attended the Bilderberg meeting from 10-12 June 2016 in Dresden, Germany. I, like a number of European ministers, was invited to attend given my position as Minister for Finance. For further information, I would point the Deputy to the Bilderberg Meetings website (www.bilderbergmeetings.org) which includes information on the organisation's governance, steering committee, meetings,...

Written Answers — Department of Finance: Tax Settlements (21 Jun 2016)

Michael Noonan: I am informed by Revenue that non-publication of a tax settlement applies only where the details of the settlement are specifically excluded from publication by virtue of provisions of Section 1086 of the Taxes Consolidation Act, 1997 as set out in Revenue's Code of Practice for Revenue Audit .I am advised by Revenue that there is no separate non-publication procedure operated by them for any...

Written Answers — Department of Finance: Financial Services Regulation (21 Jun 2016)

Michael Noonan: I presume the Deputy is referring to Statutory Instrument 281 of 2010 European Communities (Consumer Credit Agreements) Regulation 2010 (which transposed Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC). Regulation 11 of the Statutory Instrument transposed Article 8(1) the...

Written Answers — Department of Finance: Tax Relief Eligibility (21 Jun 2016)

Michael Noonan: Some of the details supplied in connection with this question are unclear. However, it would appear to refer primarily to a proposal to allow tax relief on the capital repayment element of a loan for new social housing. The Deputy will be aware that I introduced a new tax relief in Finance Act 2015 which allows a full 100% mortgage interest deduction where a landlord undertakes, for a...

Written Answers — Department of Finance: Tax Relief Eligibility (21 Jun 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: Tax Code (21 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 124 and 125 together. In June 2014, the Competition Directorate of the European Commission announced its intention to open formal state aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. Since October 2015, investigations in three other Member States have concluded. In each of these...

Written Answers — Department of Finance: Economic Competitiveness (21 Jun 2016)

Michael Noonan: There are numerous sources of uncertainty at present which pose risks to the central forecast set out in the Stability Programme Update 2016. Principal among them is the prospect of the UK voting to leave the European Union. An assessment of the potential economic impact of such an outcome is set out below. Recently published work by both the UK Treasury and the UK's National...

Written Answers — Department of Finance: Inflation Rate (21 Jun 2016)

Michael Noonan: The debt profile, the ratio of general government debt to GDP,  is driven by developments in the stock of general government debt and nominal, or current prices, GDP. Nominal GDP, in turn, is determined by both real economic activity and the GDP deflator - which measures price changes in the economy as whole. All else being equal, a lower than expected pace of inflation will lower the...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (21 Jun 2016)

Michael Noonan: The provision of insurance cover is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks.  In my role as Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation. Neither I, nor the Central...

Written Answers — Department of Finance: Financial Transactions Tax (21 Jun 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%. I am informed by the Revenue Commissioners that the yield from this charge in 2015 was €424.13 million. The Financial Institutions Levy I announced as part of Budget 2014 is a revenue raising measure which provides for a...

Written Answers — Department of Finance: Banking Sector (21 Jun 2016)

Michael Noonan: Our strategy envisages Permanent TSB ("PTSB") playing an important role in the future of Irish retail banking as a retail bank bringing competition to the marketplace which has consolidated significantly since 2008.  PTSB is an important bank in a highly concentrated Irish market lending approximately €460 million in 2015.  ...

Written Answers — Department of Finance: Legislative Reviews (21 Jun 2016)

Michael Noonan: My Department continues to keep financial legislation relating to consumer protection under review to ensure consumers are protected. Given that financial consumer protection law is contained within national and European legislation, its consolidation would be an extremely large and complex piece of work and is not something that is currently planned.  The Deputy should...

Written Answers — Department of Finance: Consumer Protection (21 Jun 2016)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The 2015 Act introduced a regulatory regime for a new type of entity called a 'credit servicing firm'. Credit servicing firms are now...