Results 461-480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance (12 Apr 2017)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, set out in an action plan within the Report. The Report including the Action Plan is available...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (12 Apr 2017)

Michael Noonan: I am conscious of the difficulties that the absence of flood cover can cause to householders. However, the provision of insurance is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and then ensuring that they have adequate provisioning to meet those risks. Consequently, neither the Government nor the Central Bank...

Written Answers — Department of Finance: VAT Rate Application (12 Apr 2017)

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. It is not possible to charge VAT on education fees as this is contrary to EU VAT law. Article 132(1)(i) of the EU VAT Directive provides that: " 1.Member States shall exempt the following transactions: (i) the provision of children's or young people's education, school or...

Order of Business (11 Apr 2017)

Michael Noonan: It is only yourselves who are making it messy.

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (11 Apr 2017)

Michael Noonan: I am informed by the Medical Board of Appeal that as of March 2017, there are 278 appeals active at the Disabled Drivers Medical Board of Appeal.  There has been a recent upsurge in the number of appeals to the DDBMA. The DDBMA, within its functions, has the facility to deal with waiting lists by holding extra hearings.  I am aware that extra hearings were held...

Written Answers — Department of Finance: Help-To-Buy Scheme (11 Apr 2017)

Michael Noonan: As the Deputy will be aware, the HTB incentive was initially announced on 19 July 2016 as part of 'Rebuilding Ireland: Action Plan for Housing and Homelessness'. This plan contains a significant volume of responses to the current housing crisis, of which the HTB incentive is just one. The comprehensive Action Plan takes a holistic approach in addressing the many interacting...

Written Answers — Department of Finance: Universal Social Charge (11 Apr 2017)

Michael Noonan: I understand that the Deputy is referring to the step effect which occurs when a taxpayer becomes liable to the Universal Social Charge.  Individuals with USC-liable income of less than €13,000 per annum are exempt from USC, but once that threshold is exceeded, USC is payable on all relevant income. While step effects are never ideal, they are often a feature of tax systems...

Written Answers — Department of Finance: Tax Agreements (11 Apr 2017)

Michael Noonan: I have been advised by Revenue, that Ireland and the Netherlands regularly exchange tax information under the provisions of the Ireland-Netherlands Double Taxation Convention and Council Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation. The exchange of information carried out under these legal agreements is governed by strict confidentiality provisions and the...

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

Michael Noonan: The estimated cost to the Exchequer of a 20% tax credit on expenditure incurred of €950 by taxpayers for Gaeltacht courses for their children for 1,000 applicants would be in the order of €190,000. This estimate assumes that all of the qualifying taxpayers pay €950 each per child and that they would have sufficient income to use the credit to the maximum extent.

Written Answers — Department of Finance: IBRC Liquidation (11 Apr 2017)

Michael Noonan: I am advised by the Special Liquidators that customers who are eligible for redress as part of the tracker mortgage review will be treated as unsecured creditors of IBRC in respect of any such amounts which are found to be due to them for the period beginning February 2007 up until the date of liquidation. Dividends will be paid to those affected in line with other creditor payments. Amounts...

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

Michael Noonan: I am informed by Revenue that there is no information available to Revenue on which to estimate a cost to the Exchequer for the reintroduction of the One-Parent Family Tax Credit (OPFTC) in the manner set out by the Deputy, as Revenue would not have the necessary information as to the access arrangements of single parents. The Deputy will be aware that the OPFTC was replaced by the Single...

Written Answers — Department of Finance: Insurance Industry Regulation (11 Apr 2017)

Michael Noonan: As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  This legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is...

Written Answers — Department of Finance: Government Bonds (11 Apr 2017)

Michael Noonan: I do not intend to issue a direction of this nature to the National Treasury Management Agency (NTMA) as I am confident that the NTMA is already pursuing the optimal strategy in its management of this debt. While on the surface it may appear attractive to replace debt that was issued at a higher borrowing cost than the cost that applies to debt issued today, the reality is more complex...

Written Answers — Department of Finance: Mortgage Applications Approvals (11 Apr 2017)

Michael Noonan: The Central Bank is the macro prudential authority in Ireland and it has a range of policy instruments available to it, including the macro prudential measures for residential mortgage lending and the counter-cyclical capital buffer (CCyB) and the other systemically important institution (O-SII) buffer, to help ensure the stability of the financial system. The residential mortgage...

Written Answers — Department of Finance: Tax Collection (11 Apr 2017)

Michael Noonan: I am advised by Revenue that capital gains tax (CGT) is chargeable on the increase in the value of an asset from the time it was acquired to the time of its disposal. Costs relating to the purchase and disposal of an asset are allowed in calculating the amount of CGT due. In addition, indexation relief is available up to and including the year 2002. This relief ensures that gains that relate...

Written Answers — Department of Finance: Inflation Rate (11 Apr 2017)

Michael Noonan: The Purchasing Managers Index (PMI) indicates that input costs have increased for manufacturers in Ireland in recent months. However, data published by the CSO show that manufacturing output prices increased by 2.4 per cent in February year-on-year, compared with a decrease of -0.7 per cent in 2016 as a whole. This suggests that manufacturing firms were able to offset some of their cost...

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

Michael Noonan: The Central Bank is the statutory supervisory and enforcement authority for regulated financial services providers in Ireland, and it is also responsible for protecting the consumer of financial services. As such, it is the independent responsibility of the Central Bank to ensure that financial institutions and individuals are held accountable for failings where there is sufficient evidence...

Written Answers — Department of Finance: Economic Policy (11 Apr 2017)

Michael Noonan: It is not yet clear what the impact of the new administration in Washington might be on the Irish economy. There is still considerable uncertainty around the specific trade policies which will be pursued and how successful the new administration will be in enacting these policies. However, if US economic policy were to become more protectionist, this would likely have significant...

Written Answers — Department of Finance: Film Industry Tax Reliefs (11 Apr 2017)

Michael Noonan: I am informed by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry. A table sets out the number of cases of relief in each of the years 2011, 2012, 2013 and 2014: Year No. of cases 2011 2,669 2012 3,372 2013 4,217 2014 4,124 Information...

Written Answers — Department of Finance: Financial Services Regulation (11 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 157 and 160 together. Fund service providers are an important part of the investment fund sector and it is important that we have an appropriate regulatory framework in place for such entities. The Central Bank of Ireland is responsible for the authorisation and supervision of fund service providers operating in Ireland The legislative framework that...