Results 1,121-1,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (21 Feb 2017)

Michael Noonan: Ireland has a number of different rates which are applicable within our corporation tax regime. Primarily we have our headline rate of 12.5%. The 12.5% rate is for trading income unless the income is from an excepted trade in which case the rate is 25%.  Excepted trades include certain land dealing activities, income from working minerals and petroleum activities. Ireland also...

Written Answers — Department of Finance: Motor Insurance Regulation (21 Feb 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...

Written Answers — Department of Finance: NAMA Assets Sale (21 Feb 2017)

Michael Noonan: I am taking the Deputy's question to refer to the Office of the Comptroller and Auditor General's current review of NAMA as required under Section 226 of the NAMA Act 2009. The Deputy will be aware that the Office of the Comptroller and Auditor General's Section 226 review which "shall assess the extent to which NAMA has made progress toward achieving its...

Written Answers — Department of Finance: Brexit Issues (21 Feb 2017)

Michael Noonan: Ireland has a strong and unequivocal position on our priorities for dealing with Brexit. These are 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. As the Taoiseach has stated publicly, the Irish Government will oppose a hard border, argue for free movement...

Written Answers — Department of Finance: Pension Provisions (21 Feb 2017)

Michael Noonan: I am informed by Revenue that an individual in a defined contribution pension savings arrangement has the option of putting the funds accumulated under the arrangement into an Approved Retirement Fund (ARF) on retirement, subject to conditions. Where such an individual is under the age of 75 at the time of exercising the option and does not meet the requirement of having a minimum...

Written Answers — Department of Finance: EU Funding (21 Feb 2017)

Michael Noonan: The Government is focused on protecting and advancing Ireland's interests before during and after the negotiations. Our priorities are clear: 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. A critical part of our work is  ensuring that our priorities...

Written Answers — Department of Finance: Property Tax (16 Feb 2017)

Michael Noonan: Finance Act 2016 was enacted on 25 December 2016 as a result of it being signed by the President on that day.  This was the day on which many of the Act's provisions came into operation. Finance Act 2016 does not contain any such provisions referred to by the Deputy in relation to either capital gains tax or local property tax. However, section 52 of the Act, which made changes to a...

Written Answers — Department of Finance: Financial Services Regulation (16 Feb 2017)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted in July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The Act introduced a regulatory regime for a new type of entity called a 'credit servicing firm'. Credit Servicing Firms are now subject to...

Written Answers — Department of Finance: Ministerial Meetings (16 Feb 2017)

Michael Noonan: I would remind the Deputy that I made him aware of this meeting in my response to his Parliamentary Question 293 of 14 July 2015, which is available on the Oireachtas website. The Deputy will also be aware that I provided records relating to these meetings directly to the Committee of Public Accounts in my correspondences of 3 November 2016 and 8 December 2016...

Written Answers — Department of Finance: Banking Operations (16 Feb 2017)

Michael Noonan: As the Deputy will be aware, the Single Supervisory Mechanism (SSM) is now responsible for the prudential supervision framework for Euro area banks. Each Irish bank has a Joint Supervisory Team made up of representatives of both the Central Bank of Ireland and the SSM. I cannot comment on regulatory discussions between banks and the SSM but if any institution was proposing to...

Written Answers — Department of Finance: Financial Services Regulation (16 Feb 2017)

Michael Noonan: As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance. I have no role in day to day supervision of the insurance industry, as this is the responsibility of the Central Bank of Ireland.  The Central Bank of Ireland has two specific mandates...

Written Answers — Department of Finance: Tax Reliefs Application (16 Feb 2017)

Michael Noonan: I am advised by Revenue that the High Court decision concerning the deductibility against rental profits of the Non Principal Private residence charge (NPPR) has been appealed by them to the Court of Appeal. While that appeal is pending, Revenue is not in a position to amend assessments or process repayment claims based on the High Court judgement. Revenue advises that there is a general...

Written Answers — Department of Finance: Water Charges (16 Feb 2017)

Michael Noonan: As the Deputy is aware, responsibility for Irish Water rests with my colleague the Minister for Housing, Planning, Community and Local Government, Mr. Simon Coveney TD.  His Department has informed my Department that the revenue loss in 2018 of a continued suspension of domestic water charges is estimated to be in the region of €217 million in cash terms.  This...

Written Answers — Department of Finance: Tax Exemptions (16 Feb 2017)

Michael Noonan: The artists' exemption provides for an exemption from Income Tax on the first €50,000 (increased from €40,000 in Budget 2015) of earnings in relation to certain categories of works, namely: 1. a book or other writing; 2. a play; 3. a musical composition; 4. a painting or other picture; or 5. a sculpture. The exemption does not extend to income arising from:  1....

Written Answers — Department of Finance: Tax Code (16 Feb 2017)

Michael Noonan: I am advised by Revenue that income tax issues relating to foreign assignees working here temporarily are set out in the Revenue's Statement of Practice IT-3-07. The Statement of Practice was updated as a matter of routine in December 2016. In accordance with the terms of the OECD Model Convention on Income and on Capital, it re-affirmed the longstanding position in respect of the taxation...

Written Answers — Department of Finance: Tax Credits (16 Feb 2017)

Michael Noonan: I am advised by Revenue that a Post-Budget 2017 Ready Reckoner is available on the Revenue Statistics webpage at . In relation to the Deputy's question, this Ready Reckoner shows a wide range of detailed information, including, on Page 6, the estimated first and full year costs to the Exchequer of changes to the earned income tax credit. While the figures do not match exactly those...

Written Answers — Department of Finance: Departmental Legal Costs (16 Feb 2017)

Michael Noonan: The amount spent during 2016 by my Department and by named public bodies under my Department's remit on legal services is set out in the attached document. In the time available, it was not possible to provide these details for all bodies under the aegis of my Department and the outstanding detail will be provided shortly in line with Standing Orders. My...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Tax Appeals Commission (Revised) (15 Feb 2017)

Michael Noonan: I am pleased to have the opportunity to appear before the finance committee today in connection with the 2017 Estimates for my Department and for the other Votes within the finance group: the Comptroller and Auditor General, the Revenue Commissioners and the Tax Appeals Commission. If I may, I will focus on my Department first. As members know, the Department was restructured in 2016...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Tax Appeals Commission (Revised) (15 Feb 2017)

Michael Noonan: I do not think Oireachtas approval is necessary because it is in line with Government policy and it is in the programme for Government. The Houses are aware of it. However, I will go back to Government with a memorandum and I envisage a Dáil debate before a decision that takes us beyond the point of no return.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Tax Appeals Commission (Revised) (15 Feb 2017)

Michael Noonan: I will not commit now to bringing a motion before the Dáil, but I will certainly take the views of the Dáil. It would be difficult for me to proceed if I thought a majority of Dáil Éireann was against it.