Results 10,801-10,820 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rebates (8 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  In the circumstances, the supply of personal alarms is liable to VAT at the standard rate, currently 23%.  The supply of parts and accessories and monitoring fees are also liable to VAT at the standard rate. I am...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 210 to 213, inclusive, together. By way of background, the tax code in Ireland has a number of long-standing general anti-avoidance rules relating to what are called 'close companies'.  A close company is, broadly speaking, a company under the control of 5 or fewer people. Two of these rules impose an additional tax charge (or surcharge) on certain close...

Written Answers — Department of Finance: Fuel Rebate Scheme (8 Jul 2014)

Michael Noonan: As the Deputy is aware, following a ruling by the European Court of Justice in April 2013 and subsequent negotiations with the European Commission, the excise relief on fuel element of the Disabled Drivers and Disabled Passengers scheme will be discontinued from 31 December 2014. As I have previously stated arrangements are being made to provide for a new fuel grant scheme for disabled...

Written Answers — Department of Finance: Revenue Commissioners Investigations (8 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the control and examination function such as that which was performed in the case in question is essential in safeguarding national and EU revenues, and in ensuring compliance with importation prohibitions and restrictions. The examination was carried out under the provisions of the Customs Code [Council Regulation (EEC) No. 2913/92], that...

Written Answers — Department of Finance: Property Taxation Collection (8 Jul 2014)

Michael Noonan: I am advised by Revenue that it has made eight separate payment options available to assist property owners meet their Local Property Tax (LPT) and Household Charge (HHC) obligations in a manner that best suits individual circumstances. Included among the options are a number of phased payment methods that allow property owners spread their liabilities over the course of the year. For...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: To estimate the potential revenue from such a tax one would need to identify the wealth held by individuals, which is not possible from the data available at present.  I am informed by the Revenue Commissioners that they currently have no statistical basis for compiling estimates in relation to a potential wealth tax.  Although an individual's assets and liabilities are declared in...

Written Answers — Department of Finance: Mortgage Interest Rates (8 Jul 2014)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks with the banks provide that the State will not intervene in the day-to-day operations of the institutions or their management decisions. These documents are published on the Department of Finance website. I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the value of the banks as assets...

Written Answers — Department of Finance: European Banking Sector (8 Jul 2014)

Michael Noonan: The European Banking Authority (EBA) forms part of the European System of Financial Supervision and aims to ensure effective and consistent prudential regulation and supervision across the European banking sector. It took over all existing tasks and responsibilities of the Committee of European Banking Supervisors. Its overall objectives are to maintain financial stability in the EU and to...

Written Answers — Department of Finance: Financial Instruments (8 Jul 2014)

Michael Noonan: The Consumer Notice on Crowdfunding, including Peer-to-Peer Lending information notice which was issued by the Central Bank on 17 June 2014 was to alert consumers to the fact that crowdfunding, including peer-to-peer lending, is currently not a regulated activity in Ireland. Crowdfunding, including peer-to-peer lending in respect of enterprise and other activities, is becoming an ever more...

Written Answers — Department of Finance: World Bank Policy (8 Jul 2014)

Michael Noonan: Detailed information on Ireland's relationship with the World Bank is contained in the Annual Report for 2013 entitled "Ireland's Participation in the International Monetary Fund and the World Bank" which is prepared by my Department in accordance with Section 10 of the Bretton Woods Agreements (Amendment) Act 1999 and which I presented to Dáil Éireann earlier this year.  ...

Written Answers — Department of Finance: Tax Reliefs Application (8 Jul 2014)

Michael Noonan: Since 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

Written Answers — Department of Finance: Universal Social Charge Exemptions (8 Jul 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base, and the revenues collected play a vital part in meeting...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that there are no tax concessions available in respect of a person disposing of shares in the circumstances outlined by you. As I stated in a reply to a previous PQ from the Deputy in relation to this issue, farmers who sell shares in order to make capital investments in their farms are no different to any other taxpayers who may decide to sell...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive, with which Irish and UK VAT legislation must comply, distinguishes between a supply of goods and a supply of services.  Where an Irish VAT registered trader makes a supply of goods to a UK business then the Irish trader zero-rates the supply and the UK business self-accounts for VAT on the goods.  The UK trader...

Written Answers — Department of Finance: House Purchase Schemes (8 Jul 2014)

Michael Noonan: My Department is committed, under the construction strategy, to examine the concept of a mortgage insurance scheme and how it might benefit new housing completions in the Irish market. The objective of any scheme would be to ensure adequate availability of mortgage finance on affordable terms for new completions, particularly for 'First Time Buyers', as the economy recovers. In doing so I...

Other Questions: National Debt (3 Jul 2014)

Michael Noonan: The question of early repayment of any one lender cannot be treated in isolation from other lenders and market expectations for when programme loans are due to be repaid. The early repayment of IMF loans would trigger automatic mandatory proportionate early repayments of EFSF and EFSM loans, as well as the bilateral loans with the United Kingdom, Kingdom of Sweden and Kingdom of Denmark....

Other Questions: National Debt (3 Jul 2014)

Michael Noonan: It is something I am considering. I have asked the NTMA to do preliminary work and we will continue to explore it. The first obstacle I have come up against is the pari passurule in law whereby one treats others equally to put it at its simplest. It is the obligation to pay everybody if we pay one and makes it not worth pursuing. However, there may be ways around that and it is still...

Other Questions: Seed Capital Scheme Payments (3 Jul 2014)

Michael Noonan: For the period 2003 to 2012, some 601 companies availed of the seed capital scheme with a cost to the Exchequer of €19.6 million. Provisional figures for 2013 suggest that 65 companies availed of the seed capital scheme at a cost of €1.3 million to the Exchequer. It is not possible to provide both of these figures for all years since the inception of the scheme without a more...

Other Questions: Seed Capital Scheme Payments (3 Jul 2014)

Michael Noonan: The only objective evidence we have, rather than simply relying on bank data, is from the RED-C polling company. It surveys SMEs to ascertain the availability of credit and the trend is towards improvement. The last survey showed that just over 80% of SME applications for loans resulted in the loans being granted. That still means one in five is being refused, which is high, but the trend...

Other Questions: Tax Code (3 Jul 2014)

Michael Noonan: I should point out that it is standard practice for the Minister for Finance to review all taxation policy in the run-up to the annual budget. It is also a long-standing practice of the Minister for Finance not to comment, in advance of the budget, on any tax matters that could be the subject of budget decisions. With regard to budgetary matters, when focusing on the primary objectives of...