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

Written Answers — Department of Finance: Tax Credits (11 May 2017)

Michael Noonan: I am advised by Revenue that the person concerned has been previously informed by Revenue of what needs to be done to transfer the tax credits concerned. This information has been provided in recent days again. Once the necessary steps are completed, Revenue will be able to complete its consideration of the matter.

Written Answers — Department of Finance: Banking Sector Remuneration (11 May 2017)

Michael Noonan: The previous Government put in place a policy which restricts remuneration in the banks in which the State had to inject capital during the financial crisis. This policy has been in place since mid-2011. In brief, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) and no form of remuneration with any variable pay component(s), can be...

Written Answers — Department of Finance: Banking Sector Investigations (11 May 2017)

Michael Noonan: The Central Bank has various reporting obligations in circumstances where the information obtained by it at any stage prior to, during, or after an Investigation, gives rise to a suspicion of a criminal offence, a breach of company law, or a breach of competition law. In such circumstances, the Central Bank has an obligation to refer the matter to the relevant authority, as prescribed under...

Written Answers — Department of Finance: Tracker Mortgages Examination (11 May 2017)

Michael Noonan: The Central Bank of Ireland published a report providing an update on the Examination of Tracker Mortgage Related Issues on 23 March. As set out in the report/update, as at end February 2017, - approximately 9,900 customer accounts have been identified as impacted by lenders, as part of the Examination; - lenders have commenced contacting the identified impacted customers and have rectified...

Written Answers — Department of Finance: Tax Data (11 May 2017)

Michael Noonan: In my Financial Statement to the House on 11 October 2016, I indicated that I would act to restrict the opportunity for tax defaulters to use the voluntary disclosure regime with effect from May 2017. In line with this undertaking, section 56 of the Finance Act 2016 provides that, as and from the voluntary disclosure deadline date, the making of a qualifying disclosure will not be possible...

Written Answers — Department of Finance: Money Laundering (11 May 2017)

Michael Noonan: The Financial Action Task Force (FATF) is an inter-governmental body that sets global standards to assist its member countries to combat money laundering and terrorist financing activities. In a seven to ten year cycle, the FATF organises peer-reviews of its member countries Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures. As part of this process, it...

Written Answers — Department of Finance: NAMA Investigations (11 May 2017)

Michael Noonan: The Deputy will be aware that I, as Minister, do not have a role in NAMA's commercial decisions. However, while respecting NAMA's independence, I and my officials regularly engage with NAMA regarding its performance and strategy. I maintain a regular dialogue with the NAMA Chairman and receive appropriate updates regarding NAMA's ongoing progress and future plans. I also meet on occasion...

Written Answers — Department of Finance: Development Lending (11 May 2017)

Michael Noonan: I have been informed by the Central Bank that the amount of net lending to business for development purposes in respect of residential and commercial property is as follows: Residential The amount of net lending for residential purposes was -€739 million in 2014. The total outstanding figure stood at €11.8 billion at the end of 2014. The amount of net lending for residential...

Written Answers — Department of Finance: National Debt (11 May 2017)

Michael Noonan: The most recent forecasts of both National Debt interest and General Government interest expenditure are for the period 2017 to 2021 and are contained in the recently published Stability Programme Update (SPU). The relevant information is contained in Table A3, Annex 1 on page 51 of the SPU and is replicated in the table. € million 2017 2018 2019 2020 2021 National Debt Interest...

Written Answers — Department of Finance: Mortgage Data (11 May 2017)

Michael Noonan: The Central Bank has advised me that it does not publish data on the particular basis requested. However, the Central Bank has indicated that, as at end-2016, the value of PDH tracker mortgages in the Irish banking system, including securitised loans serviced by these institutions, was €37.9 billion. The equivalent value of BTL/holiday home tracker mortgages was €13.8...

Written Answers — Department of Finance: VAT Rate Reductions (10 May 2017)

Michael Noonan: As part of the Government's Job Initiative in 2011, I introduced a temporary second reduced VAT rate of 9% in respect of tourism related services, including hotel and holiday accommodation; various entertainment services; the use of sporting facilities; hairdressing services; and various printed matter. This measure was aimed at boosting tourism and the creation of additional jobs in that...

Written Answers — Department of Finance: Tax Rebates (10 May 2017)

Michael Noonan: I am advised by Revenue that as the person concerned did not pay any income tax in 2016 no refund is available. A refund of the Universal Social Charge deducted was issued to the person concerned on 21/04/2017.

Written Answers — Department of Finance: Tax Yield (10 May 2017)

Michael Noonan: In general, the forecasts for all tax-heads use a broadly similar methodology. Specifically, in relation to the Budget 2017 forecasts in respect of income tax (PAYE) and Universal Social Charge (PAYE) the approach is set out below: Firstly an estimate of the 2016 outturn was calculated last October, which became the starting point for 2017, or base year outturn. This starting point is then...

Written Answers — Department of Finance: Tax Yield (10 May 2017)

Michael Noonan: In general, forecasts for all tax-heads use a broadly similar methodology.  Specifically, in relation to the Budget 2017 forecasts in respect of corporation tax the approach is set out below. Firstly an estimate of the 2016 outturn was calculated last October, which became the starting point for 2017, or base year outturn. This starting point is then adjusted to take account of any...

Written Answers — Department of Finance: Tax Yield (10 May 2017)

Michael Noonan: The position is that income tax receipts have performed steadily in the last two consecutive quarters, recording annual growth of 5.1% (€301 million) and 1.4% (€62 million) respectively. The following tables set out the income tax year-on-year performance in the last two quarters: End-quarter 4 2016 End quarter 4 2015 Y-on-Y Change Y-on-Y Change % Income Tax...

Proposed Sale of AIB Shares: Motion [Private Members] (9 May 2017)

Michael Noonan: I move amendment No. 5:To delete all words after “Dáil Éireann” and substitute the following: “affirms its support for the Programme for a Partnership Government’s commitment to provide for a sale of our banking investments where conditions permit; recognises the sustainable increases in infrastructure spending being achieved under the Capital Plan,...

Written Answers — Department of Finance: VAT Rate Reductions (9 May 2017)

Michael Noonan: EU VAT law, with which Irish VAT law must comply, does not in general allow the application of a reduced VAT rate on construction services. However, Ireland applies the 13.5% reduced rate of VAT to construction services under a derogation from the EU VAT Directive, because Ireland applied a reduced rate to such services on 1 January 1991. The Programme for Partnership Government...

Written Answers — Department of Finance: Consumer Credit (9 May 2017)

Michael Noonan: To date, the focus of my attention in relation to personal credit has been on the mortgage market because this is the most significant in terms of its impact on the borrower and the broader economy. I, as Minister for Finance, have not conducted a detailed study of the size of the motor finance market here. In addition, I understand that neither the Central Bank nor the Competition and...

Written Answers — Department of Finance: Vehicle Registration (9 May 2017)

Michael Noonan: There are a number of objectives of the Irish Vehicle Registration Tax (VRT) system. VRT is an important source of Revenue for the State.  It also seeks to reflect the negative externalities caused by using the vehicle in the State. These externalities are the costs to society and to the environment that, without the tax, would not otherwise be reflected in the price of the vehicle...

Written Answers — Department of Finance: VAT Rate Reductions (9 May 2017)

Michael Noonan: VAT registration thresholds provide a mechanism for exempting business with a low turnover from having to register for VAT.  This reduces the administrative burden on both small businesses often at the developmental stage and on the Revenue Commissioners.  The VAT registration thresholds for small businesses are currently €37,500 in the case of a person supplying services and...