Results 13,901-13,920 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Economic Growth Rate (20 Nov 2013)

Michael Noonan: My Department published updated macro-economic and fiscal forecasts with Budget 2014 on October 15th. These projections show that Ireland remains on track to meet its obligations under the Excessive Deficit Procedure (EDP), with an underlying general government deficit of 7.3 per cent forecast for 2013, improving to 4.8 per cent in 2014 – both figures within the deficit ceilings set...

Written Answers — Department of Finance: VAT Rate Reductions (20 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that nicotine products, such as nicotine inhalers, tablets and chewing gum, which are categorised as oral medicines and are licensed by the Irish Medicines Board, are charged to VAT at the zero-rate. Nicotine replacement patches and electronic cigarettes, however, do not fall into this category of oral medicines and are therefore subject to the...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (20 Nov 2013)

Michael Noonan: As the deputy will be aware, the Government decided on 14 November that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on December 15 without the need to pre-arrange a new precautionary credit line from our EU and IMF partners. There were essentially two options available. i. to exit without a pre-arranged precautionary facility or backstop. ii....

Written Answers — Department of Finance: Economic Growth Initiatives (20 Nov 2013)

Michael Noonan: I would inform the Deputy that I announced 25 measures for jobs and growth in my Budget 2014 speech. The measures are designed to promote entrepreneurship, stimulate investment, finance growth, encourage innovation, improve cash flow and protect compliant business by tackling the shadow economy. They are targeted in particular at the tourism and hospitality sector, the construction and...

Written Answers — Department of Finance: Banking Sector Issues (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 24 and 69 together. A banking licence allows the holder to undertake certain business activities set out in Annex I of Directive 2006/48/EC, which has been transposed into Irish law by the Central Bank Act 1971, the amended S.I. 395 of 1992, S.I. 661 of 2006 and S.I. 475 of 2009. It is a matter for the licence holder as to which of the permitted...

Written Answers — Department of Finance: Banking Sector Issues (20 Nov 2013)

Michael Noonan: I fully accept that the level of competition in the Irish banking sector has reduced with the recent decisions by ACC and Danske Bank to withdraw, following the withdrawal of Bank of Scotland (Ireland) some time ago. This is consistent with a trend evident through the course of the financial crisis of retrenchment to national borders. Over time, I expect that the restructuring of the...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (20 Nov 2013)

Michael Noonan: The Special Liquidators have given significant consideration to and have sought independent advice from PWC in relation to how the residential mortgage portfolio and other loans in IBRC are to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be split into four segments consisting of performing, non-performing,...

Written Answers — Department of Finance: Food Securities Regulation (20 Nov 2013)

Michael Noonan: Proposals to regulate food securities at an EU level form part of the current MiFID II and MiFIR proposals which aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. The Irish Presidency achieved a Council General Approach on this file which has enabled the Lithuanian Presidency to commence the next stage of the legislative...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Nov 2013)

Michael Noonan: The implementation of sustainable mortgage arrears strategies and solutions by individual banks for their distressed customers, with Central Bank oversight, is a key element of the Government’s overall framework to address the mortgage arrears problem. The Central Bank’s initiative, called Mortgage Arrears Resolution Targets (MART) announced last March, set time bound and...

Written Answers — Department of Finance: Property Taxation Data (20 Nov 2013)

Michael Noonan: Section 157 of the Finance (Local Property Tax) Act 2012, as amended, provides that, in each financial year commencing with 2014, the Minister of Finance shall pay from the Central Fund or the growing produce thereof into the Local Government Fund an amount equivalent to the Local Property Tax, including any interest paid thereon, paid into the Central Fund during that year. I have no role...

Written Answers — Department of Finance: Credit Unions Restructuring (20 Nov 2013)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 provides the statutory basis for the restructuring of credit unions and placed the Credit Union Restructuring Board - ReBo - on a statutory footing from 1 January 2013. ReBo will oversee and facilitate restructuring on a voluntary, incentivised and time-bound basis, and is working towards the timetable set out in the...

Written Answers — Department of Finance: Banks Recapitalisation (20 Nov 2013)

Michael Noonan: The enormous cost being borne by the Irish taxpayer as a result of the recapitalisation of the Irish banking system is a topic that this Government continues to raise at a European level on a regular basis. The successful restructuring of the Promissory Notes in February of this year is evidence of progress in this regard. The Government continues to work constructively with our European...

Written Answers — Department of Finance: Corporate Tax Regime Issues (20 Nov 2013)

Michael Noonan: The Competition Directorate of the European Commission is currently conducting a review of corporate tax ruling procedures in various EU Member States in order to assess such practices under EU State Aid rules. What is involved at this stage is a preliminary gathering and examination of information on the part of the Commission for the purposes of getting an overview of the different tax...

Written Answers — Department of Finance: Economic Policy (20 Nov 2013)

Michael Noonan: The deterioration in Ireland’s public finances from 2008 was driven by a number of factors including the banking crisis. While significant debt was accumulated as a result of financial sector support, large underlying primary deficits (that is, the deficit net of interest payments and financial sector support) have been recorded in every year in Ireland since 2008. These deficits...

Written Answers — Department of Finance: Credit Unions (20 Nov 2013)

Michael Noonan: I am satisfied that the transfer of the assets and liabilities of Newbridge Credit Union to Permanent TSB was the correct course of action in the absence of a willing and suitable credit union transferee. The transfer has brought stability and certainty to the situation and specifically to the members and staff of Newbridge Credit Union and has provided an alternative to liquidation. This...

Written Answers — Department of Finance: Tax Reliefs Availability (20 Nov 2013)

Michael Noonan: As I previously stated, in my reply to Parliamentary Question Number 166 (ref number 45941/13) of 5 November 2013 put forward by the Deputy, decisions regarding tax matters are primarily a matter for my Department and the Office of the Revenue Commissioners. However, the Budget was agreed by the Government before its announcement on Budget day. In addition, as the Deputy is aware, that from...

Written Answers — Department of Finance: Tax Reliefs Cost (20 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits and are shown in Table IT6 on the Revenue Statistical Report for 2011 which is accessible on the Revenue website at www.revenue.ie. The information is located under the main chapter...

Written Answers — Department of Finance: Tax Code (20 Nov 2013)

Michael Noonan: There have been calls from a number of different quarters for me to introduce so called fat and sugar taxes as a means to curb obesity rates in the country. While I am not opposed to such a measure in principle, I’m aware that little research has been done in relation to the efficacy or impact of such a measure or indeed how these taxes would be designed and levied. When introducing...

Written Answers — Department of Finance: VAT Rate Application (20 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the supply of oral medicines is liable to VAT at the zero rate and that the supply of non-oral medicines is liable to VAT at the standard VAT rate at 23%. The supply of insulin solution for injection or insulin suspension for injection, which are not oral medicines, are therefore liable to VAT at the standard rate. The VAT rating of goods and...

Written Answers — Department of Finance: VAT Rate Application (20 Nov 2013)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. There is no provision in the EU VAT Directive that would make it possible to exempt from VAT or apply a zero rate to the supply of such products. Under the...