Results 321-340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rebates (2 May 2017)

Michael Noonan: I am advised by the Revenue Commissioners that the most recent VAT repayment claim made by the person concerned was selected for a routine compliance appraisal. The claim was processed within Revenue’s Customer Service standards and the VAT in question has been repaid.

Written Answers — Department of Finance: Foreign Direct Investment (2 May 2017)

Michael Noonan: On a visit to the United States last year I met the previous Secretary of the Treasury, Jack Lew, who informed me of the work that had been done at that stage on US tax reform. In February of this year, Steven Mnuchin was appointed as the new Secretary of the Treasury. On my most recent trip to Washington last month for the IMF/World Bank Spring Meetings I was able to listen to Secretary...

Written Answers — Department of Finance: Exports Data (2 May 2017)

Michael Noonan: I am aware that there is extensive commentary on the prospects of US tax reform taking place in the near future. Proposals for US tax reform are, at this stage, just proposals. Agreement between the U.S. House of Representatives, the U.S. Senate and President Trump is needed before any changes can be introduced. The exact implications for Ireland, and the rest of the world, will depend...

Written Answers — Department of Finance: VAT Exemptions (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 227 and 228 together. The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the Directive, defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23%. In general, the EU VAT Directive provides that all goods and services are liable to VAT at...

Written Answers — Department of Finance: Corporation Tax Regime (2 May 2017)

Michael Noonan: The Government’s plan to establish a rainy day fund may go some way towards the intent behind the Deputy’s question. As announced in the 2016 Summer Economic Statement, it is proposed to retain some of the unused fiscal space in 2019, following the achievement of the medium-term budgetary objective in 2018, as a contingency reserve. If it is not deployed in the event of...

Written Answers — Department of Finance: Revenue Commissioners Investigations (2 May 2017)

Michael Noonan: I am advised by Revenue that they have not hired any investigation firms in the past five years.

Written Answers — Department of Finance: Tobacco Control Measures (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 231 and 232 together. I am aware of the proposal to introduce a levy on the tobacco industry which was included as a recommendation in the Department of Health's Tobacco Free Ireland. The proposal was included in my Department's Tax Strategy Group papers of 2015 which form a basis for the discussions of the Tax Strategy Group. As discussed in that paper,...

Written Answers — Department of Finance: Banking Sector Data (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 233 and 238 together. As the Deputy will be aware, the payment of any dividend is exclusively a matter for the board and management of AIB based on the bank’s financial performance and future prospects, and subject to regulatory approval. AIB announced a proposed dividend payment of €250m to ordinary shareholders as part of their annual...

Written Answers — Department of Finance: Help-To-Buy Scheme Administration (2 May 2017)

Michael Noonan: I am advised by Revenue that a payment issued to the persons concerned under the Help to Buy incentive on 12 April 2017. Revenue has apologised to the persons concerned for the delay in processing the payment.

Written Answers — Department of Finance: Tax Rebates (2 May 2017)

Michael Noonan: I am advised by Revenue that a review has been carried out for 2016 for the person concerned and a refund of the overpaid tax has been made. If the person concerned requires any further clarification on any aspect of his tax position he should contact his local Revenue District in Wexford who will be happy to help him.

Written Answers — Department of Finance: Insurance Coverage (2 May 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 position is...

Written Answers — Department of Finance: VAT Exemptions (2 May 2017)

Michael Noonan: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within particular categories of goods and services specified in the Directive, in respect of which Member States may apply a lower rate or exempt...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: Chapter 4A of Part 12 Taxes Consolidation Act (TCA) 1997, which was introduced in Finance Act 2012, provides for a termination of the carry-forward of certain unused capital allowances after the “tax life” of the relevant building or structure has ended. With effect from 1 January 2015, any unused accelerated capital allowances, which are carried forward beyond the “tax...

Written Answers — Department of Finance: Insurance Industry (2 May 2017)

Michael Noonan: Setanta was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. This liquidation is being carried out under Maltese law. As of 31 March 2017, the number of open claims is 1,649. Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v the Motor Insurers' Bureau of Ireland (MIBI). The focus of the court...

Written Answers — Department of Finance: Banking Sector Investigations (2 May 2017)

Michael Noonan: The European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 [S.I. No. 27 of 1995] (the ‘1995 Regulations’), which gives effect to Council Directive No. 93/13/EEC (the ), is a designated statutory instrument for the purposes of the Central Bank Act 1942 (the ‘1942 Act’). Accordingly, if the Central Bank suspects on reasonable grounds that a...

Written Answers — Department of Finance: Corporation Tax Regime (2 May 2017)

Michael Noonan: The terms of reference of the review of the corporation tax code announced last October do not provide for analysis of either the European Commission's proposal for a Council Directive on a Common Corporate Tax Base or their proposal for a Council Directive on a Common Consolidated Corporate Tax Base (CCCTB). These proposals do of course form part of the context in which the review is being...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: Preparatory work in relation to the Tax Strategy Group for 2017 is ongoing at present. A number of topics have been advanced but have not been finalised. It is therefore premature to provide a definitive list at this time. It is envisaged however, that the following papers may be included; Income Tax and USC, General Excises, PRSI, Social Protection Package, Capital Taxes/Exit/DIRT,...

Written Answers — Department of Finance: Tax Rebates (2 May 2017)

Michael Noonan: I am advised by Revenue that Relevant Contracts Tax (RCT) was deducted from payments due to the person concerned. Section 530P of the Taxes Consolidation Act prohibits the repayment of RCT to a subcontractor in respect of the year in which the tax was deducted until such time as their tax return (Form 11) has been filed, a notice of assessment has issued and all liabilities for income tax...

Written Answers — Department of Finance: Credit Union Lending (2 May 2017)

Michael Noonan: I am pleased that the credit union sector is considering various proposals to increase its income and develop its business model. My Department has received a number of such proposals from both the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (CUDA). Proposals from both representative bodies, in relation to the funding of social housing, are at various...

Written Answers — Department of Finance: Tax Reliefs Availability (2 May 2017)

Michael Noonan: I am advised by Revenue that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for 'agricultural relief'. The relief takes the form of a 90% reduction in...