Results 1,261-1,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Interest Relief Application (7 Feb 2017)

Michael Noonan: Section 244 of the Taxes Consolidation Act 1997 provides for mortgage interest relief (MIR) in respect of qualifying interest paid in a tax year. The allowable relief is based on the actual amount of interest paid by the borrower. For example, where the borrower pays the correct mortgage amount in accordance with the terms of the loan then the full MIR entitlement is applied to the loan...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (7 Feb 2017)

Michael Noonan: The European Commission's proposal for a Common Consolidated Corporate Tax Base was published in October and discussed at the November ECOFIN meeting. During the discussion, which was held in public session, a number of my fellow Ministers gave some initial impressions of the proposal. At the December ECOFIN, Council Conclusions were approved in respect of the Commission's wider package...

Written Answers — Department of Finance: Motor Insurance Regulation (7 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: Tax Code (7 Feb 2017)

Michael Noonan: The Irish ambassador to Brazil is leading our engagement with the Brazilian Federal Revenue Service.  Officials from the Department of Finance, the Revenue Commissioners and the Department of Foreign Affairs and Trade are in close contact with the ambassador and supporting these efforts.  As I previously informed the House, the Brazilian Federal Revenue Service have agreed to...

Written Answers — Department of Finance: Tax Reliefs Availability (7 Feb 2017)

Michael Noonan: As the Deputy will be aware, the Graduate Entry Medicine (GEM) programme provides undergraduate medical education of four years duration to individuals who have previously completed an alternative undergraduate degree. It has been developed to produce medical graduates with the ability to successfully undertake an internship and thereafter to gain full registration with the Medical...

Written Answers — Department of Finance: Tax Reliefs Availability (7 Feb 2017)

Michael Noonan: The recently launched "Realising our Rural Potential: Action Plan for Rural Development" by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs contains a detailed list of actions and priorities with a view to revitalising rural Ireland generally. This effort is being led by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs in...

Written Answers — Department of Finance: Pension Provisions (7 Feb 2017)

Michael Noonan: I am informed by Revenue that section 787G of the Taxes Consolidation Act 1997, permits a holder of a Personal Retirement Savings Account (PRSA) to transfer his/her PRSA to a Revenue approved occupational pension scheme. Where such a transfer occurs the assets transferred become subject to the rules of the occupational pension into which they are transferred. The receiving occupational...

Written Answers — Department of Finance: Financial Services Regulation (7 Feb 2017)

Michael Noonan: Regulation (EC) No. 1606/2002 of the European Parliament (the Regulation) requires all listed European companies to prepare their consolidated financial accounts in accordance with EU adopted International Financial Reporting Standards (IFRS) - formerly known as International Accounting Standards (IAS) -  for accounting periods commencing on or after 1 January 2005. The Regulation...

Written Answers — Department of Finance: Mortgage Arrears Rate (7 Feb 2017)

Michael Noonan: I am informed by the Central Bank that it does not publish information in the format requested.  However I would refer the Deputy to the Central Bank's quarterly publication on Residential Mortgage Arrears and Repossessions Statistics which includes details on total balances for split mortgage solutions.  The most recent publication is for Quarter 3 2016 and is available...

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 189 to 192, inclusive, together. NAMA's tax affairs, and the legal structures it utilises to carry out its mandate, are a matter for NAMA to determine within the perimeter of its mandate and applicable law, including tax law.  As we know the establishment of Section 110 companies is completely legal as it is permitted under Irish law and tax codes....

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: Having consulted with the eighteen bodies under the aegis of the Department of Finance, I have been advised that in addition to NAMA, the National Treasury Management Agency (NTMA) and IBRC (in Special Liquidation) are the only other bodies which have been using the section 110 tax structure. As controller and manager of the Ireland Strategic Investment Fund,...

Written Answers — Department of Finance: Tax Rebates (7 Feb 2017)

Michael Noonan: I am advised by Revenue that they have no record of any outstanding request for a refund of taxes from the person concerned. Balancing Statements issued to the person concerned for the years 2013, 2014 and 2015.  For the year 2016 the most efficient method to request a review is for the person concerned to register for Revenue's online service myAccount.  When he receives his...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: Good morning. I thank the Chairman and the committee for inviting me to attend today to discuss this important issue. The topic of today's discussion is the subject of ongoing litigation before the European courts involving the State, Apple and the European Commission. As a result, I am required to fully respect the constraints placed on me by both Irish and EU law as regards public...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: No, we cannot because it was contained in the original decision. I do not know if the Senator has read the full decision by the Commission. The latter referenced this as a possibility. There was an accompanying press statement which also said that some of the €13 billion - if that is the correct figure - might be due to other countries. At ECOFIN, Spain and Austria have publicly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: No, I am not disputing it. I am simply saying that the assertion that there could be third-country claims to the €13 billion - if that is the figure - was much stronger on the day the decision was made in late August and was more emphatic in the accompanying press statement. It was also reflected in the full report that was published in December. The Commissioner is now putting a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: No, we cannot take it off the table because the Commissioner is not doing so. The Commissioner has said that there is a possibility that countries which believe that Apple did not pay sufficient tax in their jurisdictions could make claims against the escrow account of the €13 billion when this is all resolved, if that is the way it goes. We cannot take it off the table because we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: There is a mixture of tax law and politics being operated in this situation and I do not like what the Commission did. I would think the Senator would have gathered that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: I accept the information that she gave. I worked with Margrethe Vestager when she was the Danish Finance Minister for three years. When Ireland held the EU Presidency, I worked closely with her on banking union. There were particular issues in banking union in Denmark as it was outside the eurozone but there was going to be a banking arrangement that would apply across the European Union....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: The figure to date is €1.8 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: We do not know how long this will last. It could go on for four years. I will give the Senator the information I have to hand. The legal process could take several years to conclude and, therefore, it is not possible to provide a comprehensive estimate. We expect further expenses at this time. The case has involved a significant degree of legal and technical complexity and additional...