Results 141-160 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: Mr. Irwin briefed the finance committee on what Revenue was doing. I am now briefing the Deputy in the House on the policy position on the political side. There is no contradiction between the two. The Deputy knows quite well that I do not decide on what is released in responding to freedom of information requests. There are independent officers who make these decisions without me even...

Ceisteanna - Questions - Priority Questions: Revenue Commissioners Enforcement Activity (18 May 2017)

Michael Noonan: This question does not relate directly to what were traditionally known as the tax exiles. The Revenue Commissioners have informed me that a very large proportion of the disclosures were received in the days immediately prior to the deadline of 4 May. All of the postal and electronic correspondence received is now being examined. Further details about the disclosures and their value will...

Ceisteanna - Questions - Priority Questions: Revenue Commissioners Enforcement Activity (18 May 2017)

Michael Noonan: The six-month period was the period advised by the Revenue Commissioners. They sought to ensure the maximum return from the voluntary disclosures in terms of time and in terms of the amount of tax that would come in on a voluntary basis. The estimate is now somewhat in excess of €73 million. Those that are availing of tax exile status are doing so in accordance with law. If any...

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: The oral question put by the Deputy is different from the written question. I will read out the prepared reply first and then we can discuss it. The Government has published a comprehensive document on Ireland and the negotiations on the UK’s withdrawal from the European Union under Article 50 of the Treaty on European Union on 2 May. The Government's position in regard...

Ceisteanna - Questions - Priority Questions: Revenue Commissioners Enforcement Activity (18 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 provided that, as and from the voluntary disclosure deadline date, the making of a qualifying disclosure is no longer permitted...

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael Noonan: First, the Deputy must recognise that some taxes are quite lumpy in the way they come in and the Revenue is still confident that the figures will right themselves as the year goes by. We can safely say at this stage that we will not have the overrun in tax receipts that we had over the past two years. The other side of the balance sheet is expenditure and that is running behind profile as...

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: As the Deputy will be aware, during the Committee Stage debate on the Finance Bill 2016, I agreed to commission an independent impact assessment on the effects of the help-to-buy incentive for completion prior to budget 2018. Following a competitive tender process, Indecon Economic Consultants were appointed in April to undertake this impact assessment. This purpose of this...

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: No, we have all agreed several times that the problem with housing relates to supply. The supply of houses is not sufficient to meet demand. Housing demand is not a lot of people who want houses; housing demand is a lot of people who want houses and can put the money up to buy them. It is much more likely that the hugely increased activity in the mortgage market is contributing to the...

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: I can confirm that is the intention.

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael Noonan: Cumulative Exchequer tax revenues at the end of April 2017 were slightly below profile, coming in just 2.4%, or €344 million, under expectations. In terms of the "big four" tax headings, corporation tax, income tax and excise duties recorded shortfalls against profile, but VAT was ahead of expectations. Corporation tax receipts of €587 million were collected to the end of...

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael Noonan: I acknowledge that there is some concern. I hope circumstances will right themselves as the year goes by. With regard to the personal taxes, PAYE yield is in line with expectations. It is up a little. PRSI receipts are up but the USC receipts are down. What I have said in my reply does not fully explain the USC discrepancy. There is something else happening in respect of it. The...

Asian Infrastructure Investment Bank Bill 2017: Second Stage (18 May 2017)

Michael Noonan: I thank the Deputy.

Asian Infrastructure Investment Bank Bill 2017: Order for Second Stage (18 May 2017)

Michael Noonan: I move: "That Second Stage be taken now."

Asian Infrastructure Investment Bank Bill 2017: Second Stage (18 May 2017)

Michael Noonan: I move: "That the Bill be now read a Second Time". The Asian Infrastructure Investment Bank Bill, if approved by the Oireachtas, will facilitate Ireland’s future membership of the Asian Infrastructure Investment Bank, AIIB. It will provide for the approval of the articles of agreement of the AIIB and for payments to be made to the bank. The AIIB is a new multilateral financial...

Written Answers — Department of Finance: Banking Sector Regulation (18 May 2017)

Michael Noonan: I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. is engaging with the Bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent third party and the automatic refund of complex fees to SME customers in the...

Written Answers — Department of Finance: Real Estate Investment Trusts (18 May 2017)

Michael Noonan: A Real Estate Investment Trust or REIT is a quoted company, used as a collective investment vehicle to hold rental property. A REIT is exempt from corporation tax on qualifying income and gains from rental property, subject to a high profit distribution requirement to. A REIT provides the same after-tax returns to investors as direct investment in rental property, by eliminating the double...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (18 May 2017)

Michael Noonan: Within the remit of the Central Bank’s responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place.  The Code of Conduct on...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (18 May 2017)

Michael Noonan: The Central Bank’s Administrative Sanctions Procedure is governed by Part IIIC of the Central Bank Act 1942. Part IIIC was inserted into the Central Bank Act, 1942, by the Central Bank and Financial Services Authority of Ireland Act, 2004. It provides the Central Bank with the power to administer sanctions in respect of the commission of prescribed contraventions by regulated...

Written Answers — Department of Finance: NAMA Loans Sale (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 31 and 15 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: Financial Services Regulation (18 May 2017)

Michael Noonan: The Government considers that measures to encourage and promote a greater level of switching in the mortgage market would help boost the level of competition in the market for existing mortgages.  In particular, the Programme for Partnership Government considers that the development of a code of conduct for switching mortgage provider would be a useful and practical...