Results 361-380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Assets Sale (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 271 and 272 together. The Deputy will be aware that Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that, under Section 10 of the Act, its primary objective is to obtain the best achievable financial return for the State from its acquired loan portfolio. In this regard, I am advised that NAMA is...

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

Michael Noonan: As set out in my Department's Section 227 Review of NAMA in July 2014, the ability of NAMA to obtain the best achievable financial return for the State is heavily dependent on its retention of expertise. That view has been strongly endorsed by the NAMA Board. Given that, I agreed with the NAMA Board in the context of NAMA's accelerated senior debt redemption target and its ancillary...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (2 May 2017)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT, up to a certain limit, on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: NAMA Transactions (2 May 2017)

Michael Noonan: I am advised by NAMA that the Agency has, to date, advanced a total of €384m in eight vendor finance transactions involving the sale of commercial property securing its loans.  I am advised that four of the loans have now been repaid in full and that the four remaining loans have an outstanding principal balance of €228.5m as at end-2016. Under sections...

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

Michael Noonan: I propose to take Questions Nos. 276 to 278, inclusive, together. In my Financial Statement to the House on 11 October 2016 I indicated that I would act to restrict the opportunity for offshore 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 following the voluntary...

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

Michael Noonan: I propose to take Questions Nos. 279 and 280 together. On 1 January 2015 new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and electronic (TBE) services to consumers.  VAT on these services is now chargeable where the consumer is located instead of where the supplier is located.  This ensures...

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

Michael Noonan: As outlined in Budget 2017, I intend to introduce a tax on sugar sweetened drink in April 2018 which will coincide with the introduction of a similar tax in the UK.   A public consultation process opened on Budget night seeking the views of interested parties on the make up of the tax which ran until 3rd January 2017.  Some 30 submissions were received, all of...

Written Answers — Department of Finance: Bank Branch Closures (2 May 2017)

Michael Noonan: Firstly I note with regret that Ulster Bank is closing a significant number of branches with considerable negative impacts on both staff and customers alike.  As you would be aware redundancies are a matter for my colleague, the Minister for Jobs, Enterprise and Innovation.  I fully appreciate that the decision taken by the bank will be keenly felt in the locations concerned, both...

Written Answers — Department of Finance: Vehicle Registration (2 May 2017)

Michael Noonan: The relief from the payment of Vehicle Registration Tax (VRT) is provided for under the Finance Act 1992, s.134(1)(a) and Vehicle Registration Tax (Permanent Reliefs) Regulations 1993, Reg 4, (S.I. No. 59/93). In order to qualify for relief an applicant must meet a number of eligibility criteria including the possession and actual use of the vehicle outside the State for at least six...

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

Michael Noonan: I am informed by the Central Bank that in general both parties to a joint mortgage are jointly and severally liable for the debt. The removal of persons from a mortgage agreement is a matter governed by contract law and the Central Bank is therefore limited in what it can prescribe in this area. If the Deputy has a particular concern in relation to this issue, and wishes to provide me with...

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...

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

Michael Noonan: I am advised by Revenue that Section 266A of the Taxes Consolidation Act 1997 provides for refunds of Deposit Interest Retention Tax (DIRT) for first-time buyers who purchase a house or apartment to live in as their home. It also applies to first time buyers who self-build a home to live in. Refunds can be claimed by a first-time buyer of a house or apartment who purchases or self-builds...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (2 May 2017)

Michael Noonan: A vehicle which has benefitted from tax relief under the Drivers/Passengers with Disabilities Scheme must be retained for the minimum period of 2 years or more. There is no provision to enable a person dispose of the vehicle earlier than the prescribed timeline without making a refund of a proportion of the relief already obtained.   However, if further adaptations to the same...

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

Michael Noonan: I assume that the deputy is referring to recommendations made by the Shannon Aviation Business Development Task Force in their final report of 12 November 2012, which is available at . Following that report two specific measures were introduced, which are available in respect of any airport in the State and not restricted to activities at Shannon. The restriction of any measure to a...

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

Michael Noonan: I am advised by Revenue that it is estimated that annual the tax cost for each one per cent reduction in the standard Capital Gains Tax (CGT) rate of 33% is in the region of €25 million. It is estimated that the tax cost of the annual exemption for individuals (€1,270) was €12m in 2015, the latest year for which full data are available. Other costings are shown in the...

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

Michael Noonan: Standard legal conventions do not allow for the formal exercise of statutory powers retrospectively.  Therefore the Central Bank does not have the statutory power to compel lenders to implement redress and compensation programmes or to set compensation levels in respect of failures that occurred prior to the introduction of the Central Bank (Supervision and...

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance (13 Apr 2017)

Michael Noonan: I welcome the opportunity to discuss the stability programme update. The stability programme sets out the Governments macroeconomic and fiscal forecasts for Ireland and is the first update of the Government's projections since budget 2017 was introduced in October of last year. The stability programme is presented in draft form - I am, as usual, willing to take on board constructive...

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance (13 Apr 2017)

Michael Noonan: We are maintaining the same fiscal space as we announced in the budget. The fiscal space is €1.2 billion but there has been a strong carryover effect from the budgetary decisions of last October. These amount to approximately €500 million on the expenditure side and in the region of €175 million to €180 million on the tax side. When we put the two together, that...

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance (13 Apr 2017)

Michael Noonan: When the figures first emerged, we were a bit puzzled by that. When we drilled down, however, we found that the shortfall related to USC rather than income tax. We reduced the take from USC in the budget and perhaps that had an additional impact beyond forecast, but I do not think so. PAYE was up by 6% year on year and PRSI was up 7%. There is a quirk in the USC and I have asked the...

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance (13 Apr 2017)

Michael Noonan: The first position is the current position. That position was set out by the then Minister, Deputy Brendan Howlin, in 2015 when he announced the capital budget. When one takes commercial State bodies and everything else into account, that amounts to €42 billion over the period to 2021. Since then, further revenue streams have come up with the growing economy. There is a review of...