Results 4,041-4,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax (1 Jun 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the Local Property Tax (LPT) is forecast to collect €440 million in 2016. These receipts would be lost if LPT was abolished. It should be borne in mind that under the fiscal rules of the preventive arm of the Stability and Growth Pact, this policy choice would use up available fiscal space unless offset by either discretionary revenue...

Written Answers — Department of Finance: Budget 2016 (1 Jun 2016)

Michael Noonan: I assume the Deputy is referring to the carryover effect of Budget 2016 tax measures. It was estimated that there would be a total negative carryover into 2017 as a result of Budget 2016 tax measures in the region of €192 million. It should be noted that while the following table sets out the carryover effect of Budget 2016 measures, it also includes measures announced in Budget...

Written Answers — Department of Finance: Financial Services Regulation (1 Jun 2016)

Michael Noonan: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law. Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the financial...

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: I am advised by the Revenue Commissioners that as tax returns do not provide a basis for compiling estimates in relation to the amount of Capital Gains Tax liability separately associated with passive and active activity, there is no basis on which Revenue could provide the information requested by the Deputy.

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: I am informed by the Revenue Commissioners that Betting Duty of 1% is levied on both traditional and online (remote) betting, with the latter being in place since 1st August 2015. As there is not yet a full year's data available for online betting, the value of a full year has been estimated and the expected yield is shown in the table below. - Traditional Bet Remote Bet Total - €m...

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: The Programme for a Partnership Government states that increased public spending and reductions in personal taxes will be funded through, among other things, a new tax on sugar sweetened drinks. Details of the design of such a tax is a budgetary matter. In this regard, I would draw the Deputy's attention to the General Excise Duties Tax Strategy Group papers of 2014...

Written Answers — Department of Finance: Tax Credits (1 Jun 2016)

Michael Noonan: I am advised by Revenue that the following table sets out the estimated full year costs to the Exchequer from increasing the earned income tax credit of €550 as set out in Budget 2016 to the various levels as suggested by the Deputy, with the increase in the credit to taper out at income levels between €80,000 and €100,000. These costs also include the estimated...

Written Answers — Department of Finance: Insurance Industry (1 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, may interfere in the provision 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 pricing, or terms...

Written Answers — Department of Finance: Insurance Industry (1 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. The ability of the Government to influence insurance pricing is limited as insurance companies are required under European law to price in accordance with risk and neither I, nor the Central Bank of Ireland, have the power to direct insurance companies on the pricing or the...

Written Answers — Department of Finance: NAMA Portfolio (1 Jun 2016)

Michael Noonan: The Deputy will be aware that NAMA does not own residential property. Rather NAMA has acquired loans and its role is that of a lender with claims over security for its loans, like a bank, rather than a property owner or lessor. Information on the value and performance of NAMA loans is included in NAMA's Section 55 quarterly accounts, which are published on the NAMA website, www.nama.ie....

Written Answers — Department of Finance: Mortgage Book Sales (1 Jun 2016)

Michael Noonan: I have no plans to purchase distressed loans from Ulster Bank or any other commercial bank. The Deputy will be aware that 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...

Written Answers — Department of Finance: Legislative Programme (31 May 2016)

Michael Noonan: The information requested in respect of the Bills which my Department are working on is set out in the following table. Once a Bill has been published it is, of course, a matter for the Oireachtas to determine when the various stages of the legislation will be taken. Bill Timeframe Taxation and Certain Other Matters (International Mutual Assistance) Bill This Bill was submitted for...

Written Answers — Department of Finance: Mortgage Insurance (31 May 2016)

Michael Noonan: As the Deputy will be aware, during the term of the thirty-first Dáil, the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, published a report on "Mortgage Insurance in an Irish Context".  This report (at ) outlined, inter alia, the recent history of mortgage insurance in the Irish market and noted that, for a variety of reasons, the utilisation of...

Written Answers — Department of Finance: Stability and Growth Pact (31 May 2016)

Michael Noonan: I propose to take Questions Nos. 235 to 237, inclusive, together. In accordance with the Council Recommendation, dated 7 December 2010, as part of an Excessive Deficit Procedure (EDP), Ireland was required to reduce its headline general government deficit to at least 2.9% by 2015. To ensure sufficient progress towards this objective, annual targets were set for the headline deficit...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (31 May 2016)

Michael Noonan: Some assistance for the relevant householders may be provided by the Home Renovation Incentive, which was introduced in Budget 2014. The scheme came into operation on 25 October 2013 and is scheduled to run until 31 December 2016. The incentive provides income tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or...

Written Answers — Department of Finance: Excessive Deficit Procedure Administration (31 May 2016)

Michael Noonan: When reporting the Excessive Deficit Returns for 2015 in April, the CSO highlighted that Eurostat had made a determination during the clarification process that the conversion of the AIB preference shares to ordinary shares was to be treated as a capital transfer (expenditure) rather than a reinvestment of capital. This increased the general government expenditure for 2015 on a one-off basis...

Written Answers — Department of Finance: NAMA Annual Report and Accounts (31 May 2016)

Michael Noonan: I would wish to point out that I received NAMA's 2015 Annual Report and Accounts on 12th May 2016. This is less than 3 weeks ago, rather than the two months suggested by the Deputy. As the Deputy will be aware, NAMA is required to submit its annual accounts to me following the Comptroller and Auditor General's (C&AG) audit of those accounts. Thus, prior to...

Written Answers — Department of Finance: Life Insurance Policies (31 May 2016)

Michael Noonan: Firstly, it should be noted that the Central Bank of Ireland has the responsibility for day-to-day regulatory issues, and is statutorily independent in the exercise of these functions.  My officials have consulted with the Central Bank who have advised that the type of plan in question is designed to provide consumers with life cover for their whole...

Written Answers — Department of Finance: Life Insurance Policies (31 May 2016)

Michael Noonan: Firstly, it should be noted that the Central Bank of Ireland has the responsibility for day to day regulatory issues, and is statutorily independent in the exercise of these functions.  While the Bank is prevented from discussing individual regulated firms, it has advised that the regular payment into the plan in question covers the cost of providing the benefits...

Written Answers — Department of Finance: Tax Relief Eligibility (31 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for 'agricultural relief'. The relief takes the form of...