Results 1,941-1,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Agriculture Schemes (15 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 184 and 188 together. Section 46 of the Finance Bill provides for a restriction of the flat-rate scheme for farmers with effect from 1 January 2017.  The amendment gives the Minister for Finance the power to make an order excluding particular agricultural goods or agricultural services from the flat-rate addition scheme.  This power can be...

Written Answers — Department of Finance: VAT Rate Application (15 Nov 2016)

Michael Noonan: VAT rating is governed by the EU VAT Directive (2006/112/EC), with which Irish VAT law must comply.  Article 98 of the EU VAT Directive allows Member States to apply up to two reduced VAT rates of no less than 5% to any of the goods or services listed in Annex III of that Directive. The 9% VAT rate applicable in Ireland to the supply of certain goods and services related to the tourist...

Written Answers — Department of Finance: Tax Code (15 Nov 2016)

Michael Noonan: I assume that the Deputy's proposal would envisage a tax free allowance for rental income received from a tenant in receipt of rent supplement, and not a general tax free allowance for all residential landlords in respect of rental income from all tenants in line with rent supplement caps. To introduce a tax exemption for rental income received in line with rent supplement caps...

Written Answers — Department of Finance: Carbon Tax Exemptions (15 Nov 2016)

Michael Noonan: In Budget 2017, I announced the exemption from carbon tax for fuel used to create high efficiency electricity in combined heat and power plants.  The dual process of using energy to create usable heat and power is regarded as a highly efficient energy process and makes use of the heat produced in the electricity generation instead of releasing it into the atmosphere....

Written Answers — Department of Finance: Tax Code (15 Nov 2016)

Michael Noonan: The system of individualisation has been in the tax code since 1999, and is now integral to the overall system. When first announced, the stated purposes of individualisation were, essentially, to ease the burden on single persons (65% of the work force), to take workers on the average industrial wage out of the higher rate of tax and more generally to facilitate a reduction in the numbers...

Written Answers — Department of Finance: Agriculture Schemes (15 Nov 2016)

Michael Noonan: My Department and the Revenue Commissioners have a legal obligation to protect taxpayer confidentiality and due to the small number of taxpayers involved in this particular sector, they are precluded from commenting on the matter. I would point out, however, that Section 46 of the recently published Finance Bill provides for a restriction of the flat-rate scheme with effect from...

Written Answers — Department of Finance: Insurance Costs (15 Nov 2016)

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...

Written Answers — Department of Finance: Public Procurement Contracts (15 Nov 2016)

Michael Noonan: I would like to assure the Deputy that I am aware of the ongoing issues in the construction sector including the challenges faced by contractors. However, as regards procurement, under EU law, public contracts above certain values must be advertised EU-wide and awarded to the most competitive tender in an open and transparent process. The aim is to promote an open, competitive and...

Other Questions: European Banking Sector (10 Nov 2016)

Michael Noonan: As I have said previously, it would not be appropriate for me to comment on media speculation about foreign-owned banks. However, what I can say is that both I and my European counterparts have been working steadfastly since the financial crisis to bring about strengthened oversight and resolution regimes to address any emerging vulnerabilities or instabilities in the European banking...

Other Questions: European Banking Sector (10 Nov 2016)

Michael Noonan: I find it hard enough to assess risk in Ireland without assessing risk in Italy also. Certainly from newspaper reports on its banking system, it would be helpful to everyone in Europe if it were stronger. Since banking union has been put in place, there is a separation of the banking industry from the sovereign, so we get away from the too big to fail mandate that was there eight years ago....

Other Questions: European Banking Sector (10 Nov 2016)

Michael Noonan: The Irish banks emerged as weak principally because the data on which the assessment was made was historic. The Irish banks had moved on significantly to a much stronger position by the day the stress test was published from the day the data on which the stress test was based was collected. There are still difficulties with the Irish banks. The Deputy will notice that while Bank of Ireland...

Other Questions: European Central Bank (10 Nov 2016)

Michael Noonan: The primary objective of the European Central Bank is to maintain price stability within the euro area by implementing monetary policy which is consistent with an inflation rate of below, but close to, 2% over the medium term. Sustained weak inflation rates of less than 1%, despite extremely accommodative monetary policy and forward guidance on interest rates, led the ECB to implement asset...

Other Questions: Tax Code (10 Nov 2016)

Michael Noonan: I am aware that there is some challenge initiated by developers against the proposal and the policy of the Government that NAMA would build 20,000 houses to help with the supply shortages of residences, particularly in Dublin. I do not have any idea how that case is proceeding. With regard to Deputy Wallace's query on REITs, where relevant payments are made to non-resident investors, the...

Other Questions: Fiscal Policy (10 Nov 2016)

Michael Noonan: As the Deputy will be aware, fiscal space estimates are calculated using a set of complex and continually evolving macroeconomic and fiscal projections. These estimates are reviewed and published bi-annually in the Summer Economic Statement in the second quarter and the Budget in October of each year. Budget 2017, which I presented last month, included, along with the 2017 Budget figures,...

Other Questions: Fiscal Policy (10 Nov 2016)

Michael Noonan: The calculation of fiscal space is complex and there are many moving parts. Sometimes they move positively and sometimes they move negatively. We have put in place a reasoned calculation of fiscal space which was published at the time of the summer economic statement and revision was published again at budget time. We will continue with the practice. It is not possible to have a...

Other Questions: Fiscal Policy (10 Nov 2016)

Michael Noonan: I have nothing to add to what I said already. It is not possible to recalculate fiscal space on a weekly basis on the back of the most recent international events. As I have said, it looks as if the risks are on the down side towards a reduction of fiscal space available but things can change very rapidly. When we are recalculating in the springtime we will see where we are at. That is...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: A message was being passed to me and I missed the middle part of the Deputy's intervention. He said something about €9 million or €9 billion.

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: In common with equity holdings in banks across Europe and in most parts of the world, the value of the State's holdings in the three banks I mentioned is less valuable than it was this time last year. That is just the way the market moved. What are we going to do? We will not do anything with Bank of Ireland at present. I have no plans for PTSB at present. I am asking AIB to continue the...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: I do not have the specific information the Deputy references as having come from a newspaper report about the sale of a loan book involving buy-to-let properties. However, if the Deputy tables a question for written answer, I will get him the information. I do not have it in my brief today and I do not want to speak from memory on it.

Other Questions: Tax Code (10 Nov 2016)

Michael Noonan: The primary purpose of dividend withholding tax, DWT, is to collect tax at source when Irish resident companies make taxable distributions to Irish residents. Some non-resident persons are exempt from DWT, including non-resident individuals who are resident in a country with which Ireland has a tax treaty and companies which are not resident in Ireland and which are resident in a country...