Results 861-880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Customs and Excise Controls (1 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 94 and 101 together. I am informed by the Revenue commissioners that relief from payment of Customs Duty and VAT is allowed on gift consignments from outside of the EU where the following conditions are met: 1. The customs value of the gift does not exceed €45. 2. The gift is correctly declared. 3. It has been sent from a private individual outside of...

Written Answers — Department of Finance: Financial Services Regulation (1 Mar 2017)

Michael Noonan: The role of the Financial Services Ombudsman (FSO) is to independently and impartially investigate and resolve disputes between consumers and regulated financial service providers. When a complaint is made by a Consumer to the FSO, every effort is made by the Ombudsman to facilitate the parties in achieving a mediated settlement. If no settlement is achieved, the matter will...

Written Answers — Department of Finance: Tax Code (1 Mar 2017)

Michael Noonan: As you are aware, Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the...

Written Answers — Department of Finance: Tax Reliefs Application (1 Mar 2017)

Michael Noonan: Section 473A of the Taxes Consolidation Act (TCA) 1997 provides for tax relief at the standard rate of income tax (20%) in respect of qualifying fees paid by an individual for a third level education course, subject to the terms and conditions set out in that section.  Qualifying fees mean tuition fees in respect of an approved course at an approved college, reduced by the amount of the...

Written Answers — Department of Finance: Tax Compliance (1 Mar 2017)

Michael Noonan: I have been advised that as a result of greater co-operation and information sharing between tax authorities worldwide, Revenue will receive details of offshore assets and accounts held by Irish tax-residents under a range of international agreements including FATCA the Inter-Governmental Agreement to share financial account information with the United States, the OECD Common Reporting...

Written Answers — Department of Finance: Tax Data (1 Mar 2017)

Michael Noonan: I am informed by Revenue that, in respect of 2015, the latest year for which there is complete figures, 22,024 individual taxpayers declared themselves to be non-resident for tax purposes on their self assessment tax return. The overall number of individuals who filed self assessed income tax returns for 2015 was 528,533. The tax affairs of high net worth individuals, also referred to as the...

Written Answers — Department of Finance: Credit Union Regulation (1 Mar 2017)

Michael Noonan: The Credit Union Act, 1997 (the 1997 Act) and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (2016 Regulations) (which set out services exempt from additional services requirements) set out the services that a credit union may provide to its members. These include certain insurance services on an agency basis and insurance on an introduction basis. Loan Protection...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (1 Mar 2017)

Michael Noonan: As the Deputy will be aware, the purpose of the Help to Buy incentive is to help first-time buyers fund their first home, whether purchased from a builder or self-built. The incentive applies for the period from 19 July 2016 to 31 December 2019. The legislative provisions for the Help to Buy incentive are set out in Section 477C of the Taxes Consolidation Act 1997, as inserted by Section 9...

Written Answers — Department of Finance: Motor Insurance Regulation (1 Mar 2017)

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 can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is...

Written Answers — Department of Finance: Pension Provisions (1 Mar 2017)

Michael Noonan: I am advised by Revenue that Section 772 of the Taxes Consolidation Act (TCA) 1997 prescribes the conditions required for the approval of a retirement benefits scheme. Under section 772 of the TCA a retirement benefits scheme shall be approved once it is established and Revenue is satisfied that the conditions set out in subsections 2 and 3 have been complied with. As referred to by the...

Other Questions: Mortgage Interest Relief Application (28 Feb 2017)

Michael Noonan: First, the mortgage interest relief only applies to interest which is paid. If somebody has an impaired mortgage and he or she is no longer paying interest he or she will not get interest relief, but one can get it back in subsequent years. The best thing to do would be for the Deputy or his constituent to ring the number I gave and to set out the case for the Revenue Commissioners because...

Other Questions: Mortgage Interest Relief Application (28 Feb 2017)

Michael Noonan: I suggest again that the Deputy ring Revenue to straighten out the interest relief the person is entitled to receive and if he wants to pursue the matter further in terms of a complaint, it is to Central Bank that the complaint should be addressed in the first instance.

Other Questions: State Banking Sector (28 Feb 2017)

Michael Noonan: The position of the Government in regard to the State's shareholdings in the banking sector is very clear. These were investments the State had to make during the banking crisis, and it is the Government's intention that the State will exit these investments in a measured and careful manner. I have been clear in stating that my primary objective in the disposal of these assets will be...

Other Questions: State Banking Sector (28 Feb 2017)

Michael Noonan: The position of the Government in regard to the State's shareholdings in the banking sector is very clear. These were investments the State had to make during the banking crisis, and it is the Government's intention that the State will exit these investments in a measured and careful manner. I have been clear in stating that my primary objective in the disposal of these assets will be...

Other Questions: State Banking Sector (28 Feb 2017)

Michael Noonan: First, the Deputy uses such terms as "give away" and "fire sale" very loosely. Like any asset, whether it is a bank, a house or a bicycle, it is only worth what a willing buyer is willing to give to a willing seller on any given day. When AIB was taken over by the State it was taken over because there were no willing purchasers. One would not have got €100 for it. It does not make...

Other Questions: State Banking Sector (28 Feb 2017)

Michael Noonan: No, we put a lot of money into it to recapitalise it. That was not the purchase price. That was the capital necessary to keep it going as a bank, and that is what it cost the State in terms of capital injection but it was not the market value. Nobody was going to give €20 million for it. The problem was that nobody would give €20 for it at the time. Will we debate it? I...

Other Questions: Employment Rights (28 Feb 2017)

Michael Noonan: I do not want to confuse the issue of the tax and PRSI position of people who are genuinely self-employed. This matter relates to people who are not genuinely self-employed and are using the device for tax reduction purposes. The use of intermediary-type structures is becoming more prevalent as a means of providing labour, and legitimately so. From a tax and PRSI perspective, one of the...

Other Questions: Employment Rights (28 Feb 2017)

Michael Noonan: I acknowledge that Deputy Burton, as the former Tánaiste, was the joint sponsor of this consultation process. It is a good piece of work and I look forward to the report being available and debating it in the House. The construction and development industry, where these practices are prevalent, crashed during the recession and is emerging as a different industry, with contractors and...

Other Questions: Mortgage Interest Relief Application (28 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 45 and 81 together. Section 244 of the Taxes Consolidation Act 1997 provides MIR in respect of qualifying interest paid in a tax year. The level of relief allowable in any tax year in respect of the amount of interest paid, inclusive of any arrears paid, cannot exceed the applicable rates and ceilings for that year. The applicable rate and ceiling for...

Other Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: I thank the Deputy for his question. Until it formally withdraws from the European Union, the United Kingdom will remain a full EU member with all its existing rights and obligations, including in regard to the EU budget. Brexit will involve complex discussions on the multi-annual financial framework, particularly as the United Kingdom is an important net contributor to the EU budget....