Results 4,101-4,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Register Establishment (26 May 2016)

Michael Noonan: I am informed by the Central Bank that it continues to make progress on a CCR implementation project since the enactment of the Credit Reporting Act in December 2013.  The operational implementation of the CCR is a complex process and the final timeline will be influenced by the scale of the technical and operational changes to be implemented by over 500 lenders. In the last 12...

Written Answers — Department of Finance: Central Bank of Ireland Staff (26 May 2016)

Michael Noonan: The Central Bank has informed me that the standardised vacancy rate in the Enforcement Division of the Central Bank of Ireland as at the end of April 2016 is 25%. The Division is currently in the midst of a recruitment campaign aiming to fill a number of these vacancies at varying levels of experience. Staff posts within the Division are not allocated exclusively to one particular...

Written Answers — Department of Finance: Central Bank of Ireland Staff (26 May 2016)

Michael Noonan: The Central Bank has informed me that at the end of April 2016, the Enforcement Division had 53.8 active staff, out of a complement of 71.5. This equates to 75% of their target complement. The Enforcement Division is multi-disciplinary and uses a wide range of powers to investigate cases across the financial services sector. The allocation of staff within the Division to cases...

Written Answers — Department of Finance: Tax Relief Data (26 May 2016)

Michael Noonan: This scheme provides that first-time buyers who purchase or self-build a residential property between 14 October 2014 and 31 December 2017 may be entitled to claim a refund of DIRT which was deducted from interest earned on savings used for the purchase of the property in the 48 months prior to the purchase date or completion date if a self-build. The relief is confined to DIRT paid on...

Written Answers — Department of Finance: House Purchase Schemes (26 May 2016)

Michael Noonan: The Programme for Partnership in Government makes reference to a "temporary targeted reduction of the rate of VAT from 13.5% to 9% on new, affordable houses and apartments, both public and private, timed to generate the maximum impact on supply and to target principally the purchasers of affordable homes". However, I understand that such a VAT amendment would be very complicated to...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (26 May 2016)

Michael Noonan: The first investment strategy of the Ireland Strategic Investment Fund (the Fund) was published in July 2015. The strategy states that "energy (allocation) will include a significant element of renewables investment". The Fund also commits to operating to high international standards, investing in line with both the Principles for Responsible Investment (PRI), which focus on the management...

Written Answers — Department of Finance: Motor Insurance (26 May 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: Tax Code (26 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that, in general, taxpayers who are "chargeable persons" under the self-assessment system (for example, individuals who carry on a trade, or have non-PAYE income such as investment income or foreign pensions) are required to submit a tax return and self-assessment to Revenue by 31 October of the year following the tax year in question (or by...

Written Answers — Department of Finance: Mortgage Schemes (26 May 2016)

Michael Noonan: The Programme for a Partnership Government provides that "We will take all necessary action to tackle high variable interest rates; including through establishing a new code of conduct for switching mortgage provider, administered by the Central Bank and the development of a new, easy-to-use standardised and dedicated switching form." A Central Bank Economic Letter published...

Written Answers — Department of Finance: Property Tax Exemptions (26 May 2016)

Michael Noonan: I am advised by Revenue that the property in question is exempt from Local Property Tax (LPT) until 31 October 2019. The verification check undertaken by Revenue arose on foot of the person in question selecting the incorrect exemption code. On foot of Revenue's check, the person's record was revised to reflect the correct exemption code and the matter was fully resolved.

Written Answers — Department of Finance: Tax Avoidance (26 May 2016)

Michael Noonan: The dwelling house exemption is a provision of the capital acquisitions tax (CAT) legislation. It allows for the tax-free transfer by way of gift or inheritance of the residential property in which a beneficiary lives, subject to certain conditions. These conditions include a requirement that the beneficiary has been living in the property for three years prior to receiving it and that they...

Written Answers — Department of Finance: Pension Provisions (26 May 2016)

Michael Noonan: Before Finance Act 1999 people with defined contribution pension savings had no option but to buy a pension income (called an annuity) with their savings after taking the allowable tax-free retirement lump sum. Changes since then have given people more choices for what to do with their pension savings. This is called the flexible options at retirement regime. These choices include taking a...

Written Answers — Department of Finance: Insurance Costs (26 May 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...

Written Answers — Department of Finance: Tax Relief Availability (26 May 2016)

Michael Noonan: There are no specific tax reliefs or allowances provided for in the Taxes Acts with respect to the employment of au pairs.  The Deputy may be concerned with regard to the obligations of parents employing au pairs to register as an employer and deduct PAYE, USC and PRSI from payments to such au pairs.  In this respect, under regulation 9 of the Income Tax (Employments)...

Written Answers — Department of Finance: Motor Insurance Regulation (25 May 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policyholders and to the wider financial system are limited.  I am aware of reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law...

Written Answers — Department of Finance: Motor Insurance Regulation (25 May 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,...

Written Answers — Department of Finance: Tax Relief Costs (25 May 2016)

Michael Noonan: I am informed by the Revenue Commissioners on the basis of information available, it is not possible for Revenue to provide an estimate of the cost for the Deputy's suggested proposal. VRT on cars is calculated using the level of CO2emissions of each car and the open market selling price. The VRT rate charged varies from 14% to 36% and the current standard rate of VAT is at 23%. The cost of...

Written Answers — Department of Finance: VAT Exemptions (25 May 2016)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply.  The VAT Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the VAT Directive that permits a lower rate.  The EU VAT Directive does not make provision for a...

Written Answers — Department of Finance: Tax Yield (25 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the yield from Stamp Duty on credit cards, debit cards and automated teller machine ("ATM") cards in 2015 and to-date in 2016 is as shown in the following table. Also shown is the yield from Stamp Duty on combined cards, which comprise an ATM and debit card.  The figures to date in 2016 are to end of April 2016 and are provisional in...

Written Answers — Department of Finance: Prize Bonds (25 May 2016)

Michael Noonan: The NTMA have advised me that any individual, regardless of their residency, nationality or location can purchase any State Savings product including Prize Bonds provided they confirm their identity. They can do this by confirming their surname, first name, date of birth, address and Personal Public Service Number (PPSN). Any applicant that does not already have a PPSN may apply to the...