Results 541-560 of 27,019 for speaker:Michael Noonan

Priority Questions: Corporation Tax Regime (4 Apr 2017)

Michael Noonan: As I said in the course of my reply, we have invited Oxfam to meet the officials to discuss in detail the claims it is making. I agree with the Deputy that a lot of adverse comment has been made about Ireland and the tax regime of 12.5% here. A lot of this is driven by those who compete with us for foreign direct investment and it is not true. Many of the comments by certain Commissioners...

Priority Questions: Corporation Tax Regime (4 Apr 2017)

Michael Noonan: -----and point out to us anything we should be doing if its claims are justified.

Priority Questions: Corporation Tax Regime (4 Apr 2017)

Michael Noonan: I have not agreed at all that the arguments in the Oxfam paper are accurate. What I have said is I am inviting Oxfam to meet my officials so the details of its case can be discussed. For example, Mr. Seamus Coffey, the academic from UCC who is now chairman of the Irish Fiscal Advisory Council, carried out some work for the Department two years ago, effectively to establish if there was a...

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael Noonan: The Ireland Strategic Investment Fund, ISIF, was established in December 2014. The creation of ISIF was a commitment in the last Government's programme for Government. The previous Government gave ISIF a unique double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. This mandate sought to demonstrate that the...

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael Noonan: We should give credit where credit is due. It is a very recently established fund, having been set up in 2014. By the end of 2016, an investment of €7 billion in total had been committed. That is the direct investment and the funds triggered by it. It is a significant chunk of money. When one compares it to the overall capital programme, €7 billion is a significant...

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael Noonan: The Deputy's submission is very reasonable. However, infrastructural investment is divided between social investment and investment in economic infrastructure and it is difficult to be certain of an income stream from the former whether it is schools, health centres, etc. It is also the case that while there is potential in some economic investment such as tolling certain roads, there is no...

Priority Questions: Corporation Tax Regime (4 Apr 2017)

Michael Noonan: I thank the Deputy for her question. I am aware of the report which was published by Oxfam on 27 March. The report makes a number of comments about the level of tax paid by certain banks in respect of their operations in each country of operation, including Ireland. The report also asserts that 31 different jurisdictions, including Ireland, should be considered tax havens. I understand...

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: Following the publication of the Comptroller and Auditor General's report, the Taoiseach met party leaders in September 2016 and received submissions from them on the issue. At a subsequent meeting with party leaders in October, there was agreement in principle to establish a commission of investigation. That remains the Government's position. It is the Government's policy to establish a...

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: As I said, before the Government makes a decision on how to proceed it will be important to receive and discuss proposed terms of reference from party leaders and other interested parties. In so far as the Department of Finance is concerned, I would expect that the Department and Minister for Finance will be within the scope of the terms of reference. As a consequence, it would be...

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: Given the manner in which I expect the terms of reference to develop, the Department of Finance would be an interested party and would stand back from the process, which would be the appropriate thing to do. The Deputy should direct any further questions to the Taoiseach to find out what the position might be.

Ceisteanna - Questions: EU Meetings (4 Apr 2017)

Michael Noonan: He always does.

Written Answers — Department of Finance: Brexit Issues (4 Apr 2017)

Michael Noonan: The Government's headline priorities in response to Brexit are well known minimising the impact on trade and the economy; protecting the Northern Ireland Peace Process; maintaining the Common Travel Area; and influencing the future of the European Union. It is quite clear that there are major challenges ahead, for the EU, the UK and for Ireland. The position in relation to the border...

Written Answers — Department of Finance: Bank Branch Closures (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 47, 48, 58, 84 and 229 together. I should say at the outset that I note with regret that Ulster Bank is closing a significant number of branches with considerable negative impacts on both staff and customers alike.  Officials from the bank in question briefed officials in my Department during the week of the announcement. The information was...

Written Answers — Department of Finance: Carer's Allowance Eligibility (4 Apr 2017)

Michael Noonan: Carer's Allowance is a means-tested payment for carers who look after individuals in need of care and attention on a full-time basis.  The Carer's Allowance, in common with many other social welfare payments, is regarded as a taxable source of income.  The level of tax payable, if any, on such income is then determined by the personal circumstances of the recipient, taking into...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (4 Apr 2017)

Michael Noonan: I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. is engaging with the Bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent third party and the automatic refund of complex fees to SME customers in Global...

Written Answers — Department of Finance: Banks Recapitalisation (4 Apr 2017)

Michael Noonan: The bank in question was required by the Central Bank of Ireland, its regulator, to raise new capital as part of its 2011 Prudential Capital Assessment Review (PCAR). As the State was a shareholder at the time, it faced the prospect of injecting further capital into the bank to protect its investment and support the bank at a time when economic and financial conditions were extremely...

Written Answers — Department of Finance: Tax Code (4 Apr 2017)

Michael Noonan: As part of the Government's Job Initiative in 2011, I introduced a temporary second reduced VAT rate of 9% in respect of tourism related services, including hotel and holiday accommodation; various entertainment services; the use of sporting facilities; hairdressing services; and various printed matter. This measure was aimed at boosting tourism and the creation of additional jobs...

Written Answers — Department of Finance: State Banking Sector (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 53 and 77 together. It is the Government's intention that the State will exit its banking investments in a measured and careful manner returning their ownership to the private sector over time. I have been clear in stating that my primary objective in the disposal of these assets will be recovering the maximum amount of money for the Irish taxpayer. In...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: Given that the Comptroller and Auditor General and his office have no dealings with the banks in which the State has investments or with IBRC, I am assuming that the Deputy is querying whether the Comptroller and Auditor General has raised concerns regarding the issues associated with IAS 39 with respect to NAMA and I am answering the question on that basis.  IAS 39 is the current...

Written Answers — Department of Finance: Revenue Commissioners (4 Apr 2017)

Michael Noonan: I am aware that Revenue offers a wide range of contact channels to support taxpayers in both understanding and voluntarily complying with their tax and duty obligations. The contact channels include online, self-service, telephony, postal and a network of public offices which facilitate either walk-in services or an appointments service. I am advised by Revenue that it has an ongoing...