Results 11,161-11,180 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (17 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the internationally-recognised standard, which is arm's length pricing, is part of Irish tax law as set out in Part 35A of the Taxes Consolidation Act 1997 (TCA). This standard is applied to transfer pricing arrangements of multinational companies in accordance with the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax...

Written Answers — Department of Finance: Mortgage Interest Rates (17 Jun 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. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or to the mortgage interest rates charged.  It is a...

Written Answers — Department of Finance: Tax Reliefs Cost (17 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 187 and 188 together. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by either Income Tax rate or by reference to income levels, as returns by employers to the Revenue Commissioners of employee contributions to such schemes are aggregated at employer level. There is, therefore, no statistical...

Written Answers — Department of Finance: Tax Collection (17 Jun 2014)

Michael Noonan: It is assumed that the Deputy is referring to inheritance cases where Capital Acquisitions Tax (CAT) is payable. I am advised by the Revenue Commissioners that the information available in respect of numbers of persons who paid such tax is as shown in the following table. In large part, the increases in recent years reflect changes in CAT thresholds. Year Number 2010 8,440 2011 9,705...

Written Answers — Department of Finance: Tax Code (17 Jun 2014)

Michael Noonan: This scheme, which I introduced in the Finance Act 2013, provides for a repayment to qualifying road haulage and bus operators, of a part of the mineral oil tax paid on their purchases of auto-diesel for use in the course of business.  In recognition of the risk of abuse of the tax repayment scheme, provision was made for certain restrictions on the means by which the auto-diesel...

Written Answers — Department of Finance: Tax Residency Issues (17 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that there has been no change in the position since my reply to Parliamentary Question No. 61 of 13 March 2014.  Revenue has not, to date, been notified by any company that is or will be affected by the amendment to company residence rules under section 39 of the Finance (No. 2) Act 2013 as to where it is or will be resident following the...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (17 Jun 2014)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) sets out requirements for mortgage lenders dealing with borrowers facing or in mortgage arrears. The CCMA provides a strong consumer protection framework to ensure that borrowers struggling to keep up mortgage repayments are treated in a fair and transparent manner by their lender and that long term resolution is sought by lenders...

Written Answers — Department of Finance: Tax Code (17 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that there is no statutory definition of employment or self-employment and that the question of whether an individual is engaged under either 1. a contract of service (i.e. an employee), or 2. a contract for services (i.e. self employed/sole trader) is a question of fact and of general law.  Case law shows that there is no one formula under...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 196 to 199, inclusive, together. I am advised that the sale by NAMA of the Project Eagle portfolio of loans to affiliates of Cerberus Capital Management, L.P. has not yet completed and remains subject to contract.  Following the completion of this transaction, NAMA will have a relatively minor exposure as a secured lender to property assets in Northern...

Written Answers — Department of Finance: NAMA Staff Resignations (17 Jun 2014)

Michael Noonan: I note this morning's press coverage of IPUT CEO's indication that the individual (details supplied) has agreed to join IPUT as a non-executive director.  I would note that the individual (details supplied) will have voluntarily remained out of the market for 6 months by the time he joins the board of IPUT.The individual (details supplied) has assured my...

Written Answers — Department of Finance: Mortgage Applications Numbers (17 Jun 2014)

Michael Noonan: In Ireland's recent abnormal housing market we have seen lending volumes decline dramatically. The banks are highlighting the lack of supply of houses in particular urban areas as a contributing factor in the lack of drawdown of approved mortgage facilities. The Government recently launched Construction 2020: A strategy for a renewed construction sector. The purpose of the strategy is to...

Written Answers — Department of Finance: IBRC Liquidation (17 Jun 2014)

Michael Noonan: In the normal course of events the Special Liquidators would report on the second anniversary of their appointment i.e. in February 2015.  The concept of a Progress Report was initially suggested by my officials in February and it was decided to publish such a report in conjunction with the completion of the loan sales processes in order to provide a transparent update on the status of...

Written Answers — Department of Finance: NAMA Operations (17 Jun 2014)

Michael Noonan: My officials meet with a number of different organisations from time to time to discuss matters of interest to my Department. One such area of interest would be the state of the European loan sales market.  I am advised that my officials have met with KPMG and others active in the market to discuss the state of the European loan sales market in general....

Written Answers — Department of Finance: Mortgage Arrears Proposals (17 Jun 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 banks or their management decisions regarding commercial matters. The treatment of mortgage arrears and the products offered is a matter for the individual boards and management teams of the banks. In this context, however, the CCMA requires a lender to document its...

Written Answers — Department of Finance: Banking Sector (17 Jun 2014)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008.  In this regard Permanent TSB prepared a Restructuring Plan, which the Department of...

Written Answers — Department of Finance: NAMA Portfolio Value (17 Jun 2014)

Michael Noonan: The values at which eligible bank assets were acquired by NAMA were determined in accordance with regulations made by the Minister for Finance in March 2010, using a methodology approved by the European Commission.  The process valued loans by calculating the present value of the cash flows associated with the loans' underlying collateral. All property collateral was valued by...

Written Answers — Department of Finance: IBRC Liquidation (17 Jun 2014)

Michael Noonan: As per the Ministerial Instructions dated 7 February 2013, the Special Liquidators have a duty to provide the Minister with information "or reports with respect to the winding-up of IBRC and the sale of IBRC s assets as the Minister may from time to time require". I have been advised by the Special Liquidators that the costs of producing such reports are a cost of the liquidation. The...

Written Answers — Department of Finance: Child Care Costs (17 Jun 2014)

Michael Noonan: Tax relief is not available to parents in respect of creche fees or child care costs.  However, I can assure the Deputy that the Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These include the...

Written Answers — Department of Finance: NAMA Property Sales (12 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 49 and 55 together. I am advised that the sale of this property is being managed by Keenan Corporate Finance (KCF) as the appointed Administrator.  The property was placed on the open market in March 2012 with the marketing process closing in late April 2012.  The highest bidder was Granard Motte Community Enterprise Ltd. (GMCE).  Following...

Written Answers — Department of Finance: Tax Code (12 Jun 2014)

Michael Noonan: I am advised by Revenue that for reasons of taxpayer confidentiality it cannot comment on the tax affairs of individual bodies. However, Revenue has confirmed to me that a full list of bodies or trusts holding charitable tax exemption is available on its website at and the Deputy will be in a position to see that the organisation in question is not on the list. By way of background...