Results 10,161-10,180 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget 2015 (30 Sep 2014)

Michael Noonan: The matters raised are under consideration in the context of the AgriTaxation Review which I announced in my Budget 2014 speech. The review is be completed shortly and its report is expected to be published around Budget Day. It would not be appropriate for me to comment on the Deputy's questions in advance of the completion of the review.

Written Answers — Department of Finance: Economic Data (30 Sep 2014)

Michael Noonan: The economy recorded GDP growth of 0.2 per cent in 2013.  Most recently, first estimates of economic activity for the second quarter 2014 show GDP growing by 1.5 per cent over the quarter and by 7.7 per cent year-on-year in the second quarter.  Taken in conjunction with data for quarter one, GDP grew by 5.8 per cent in the first half of this year.  The increase in economic...

Written Answers — Department of Finance: Tax Reliefs Application (30 Sep 2014)

Michael Noonan: The graduate entry programme provides undergraduate medical education of four years duration and has been developed to produce medical graduates with the ability to successfully undertake an internship and thereafter to gain full registration with the Medical Council. The programme is supported by a combination of student fees, State funding and other income.   While in this...

Written Answers — Department of Finance: Banking Sector (30 Sep 2014)

Michael Noonan: As the Deputy is aware, I have no direct function in the relationship between banks and their customers.  I have no statutory function in relation to banking decisions made by individual lending institutions at any particular time as these decisions are taken by the board and management of the relevant institution. A Relationship Framework has been specified that defines the...

Written Answers — Department of Finance: VAT Rate Application (30 Sep 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services are chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the...

Written Answers — Department of Finance: Banking Sector (30 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 191 and 192 together. On 16 December 2013, Mr Jim Luby of McStay Luby Chartered Accountants was appointed by the High Court as liquidator of Newbridge Credit Union Limited (in liquidation).  I have been informed by the Central Bank that Permanent tsb is currently operating out of the premises of Newbridge Credit Union Limited, under licence...

Written Answers — Department of Finance: Tax Yield (30 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 193 and 199 together. I am informed by the Revenue Commissioners that on the basis of Income Tax and Corporation Tax returns for the period 2010-2012 (the latter being the latest tax year for which the necessary information is available), there is no record of any profits or gains to which the windfall tax provisions would apply having been returned. ...

Written Answers — Department of Finance: Tax Reliefs Availability (30 Sep 2014)

Michael Noonan: I have no plans to introduce a tax relief for individuals who wish to build their own homes. However, I would draw the Deputy's attention to the availability of the Home Renovation Incentive (HRI) which came into operation on 25 October 2013 and will run until 31 December 2015.  The incentive provides for tax relief for homeowners by way of a tax...

Written Answers — Department of Finance: Tax Reliefs Availability (30 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 195 and 203 together. I am advised by the Revenue Commissioners that Income Tax and Corporation Tax allowances, reliefs, exemptions and tax credits, for which estimated costs are currently available, are shown in Table IT6 on the Revenue Statistical Report, accessible on the Revenue website (). The information is located under the "Income Tax" chapter and the...

Written Answers — Department of Finance: Tax Reliefs Availability (30 Sep 2014)

Michael Noonan: Aside from the personal tax credits and reliefs available to all taxpayers, depending on their circumstances, I assume the question relates specifically to tax relief for tuition fees available in respect of a child attending full time third level education.  Section 473A of the Taxes Consolidation Act 1997 provides for tax relief at the standard rate of income tax (20%) in respect of...

Written Answers — Department of Finance: Tax Rebates (30 Sep 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that the refund claimed by the person concerned was processed on the 5 September 2014 and a refund of €227.21 was credited to her bank account on 10 September 2014.  A letter was sent to the person concerned on the 5 September 2014 which included details of the refund due. The letter of 18 September 2014 was an advice that all tax...

Written Answers — Department of Finance: Property Taxation Application (30 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 198 and 201 together. I am advised by the Revenue Commissioners that section 97(2) of the Taxes Consolidation Act 1997 specifies the expenses that a landlord is entitled to deduct from gross rent in computing rental profits for tax purposes. Paragraph (c) of subsection (2), which refers to services rendered, reads as follows: "(c) the cost to the person...

Written Answers — Department of Finance: VAT Rate Increases (30 Sep 2014)

Michael Noonan: It is assumed that the Deputy is referring to the VAT registration threshold for goods, which is currently €75,000. On this basis, I am informed by the Revenue Commissioners that it is tentatively estimated that the full year cost to the Exchequer of raising the threshold is as set out in the table. Change in Threshold Estimate Cost Range 75,000 to 100,000 €80m€110m...

Written Answers — Department of Finance: Insurance Costs (30 Sep 2014)

Michael Noonan: 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 Bank of Ireland, as regulator, interfere in the pricing of insurance products.  The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: Banking Sector Redundancies (30 Sep 2014)

Michael Noonan: As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial matters. AIB has previously indicated that as part of its restructuring plan to reduce costs and increase efficiencies, outsourcing of certain functions would be considered in consultation with unions and...

Written Answers — Department of Finance: Banking Operations (30 Sep 2014)

Michael Noonan: At the outset, I must confirm to the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed position of mortgage holders. The decision on whether or not to grant a mortgage to a borrower...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Establishment (30 Sep 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. As the Deputy will be aware, the legislation enabling the establishment of the SBCI was passed by the Oireachtas prior to the Summer recess and the SBCI was incorporated as a company in September. The company...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Remit (30 Sep 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. In conducting its operations, the SBCI must adhere to EU State aid requirements. My officials have met with Commission State aid officials to ensure that the activities of the SBCI conform with the relevant State aid...

Written Answers — Department of Finance: Tax Code (30 Sep 2014)

Michael Noonan: This Government, in recognition of the income tax burden shouldered by the Irish people, included a commitment in the programme for Government, not to increase income tax rates and to maintain the existing income tax credits and bands. I am glad to report that this commitment has been achieved. Furthermore, the Deputy will be aware that I am on record stating that I believe that the burden...

Written Answers — Department of Finance: Economic Data (30 Sep 2014)

Michael Noonan: The European statistical agency, Eurostat, has agreed recommendations on the estimation and recording of illegal economic activities in recent years and, with effect from September 2014, requires Member States to include estimates for illegal economic activities in the National Accounts. Section 13 of the 1993 Statistics Act provides that the Director General of the Central Statistics Office...