Results 20,121-20,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Savings Schemes (4 Oct 2012)

Michael Noonan: The interest paid on Savings Bonds has always been tax-free to Irish residents. Interest is applied on maturity, which is after 3 years, or on encashment, which could be at any stage during the life of the Savings Bond. Based on the estimated interest payout on Savings Bonds in 2012 of €146 million, if this was subject to the higher DIRT (Deposit Interest Retention Tax) rate of 33%...

Written Answers — Department of Finance: Mortgage Arrears Proposals (4 Oct 2012)

Michael Noonan: The Central Bank of Ireland is engaging with all regulated mortgage lenders to ensure they have a robust strategy in place, incorporating a range of short and long term arrangements, to deal with mortgage arrears, both in respect of private residential mortgages and buy to let properties. To date there has been no official statistics on arrears in the buy to let market. However the Central...

Written Answers — Department of Finance: Tax Collection Forecast (4 Oct 2012)

Michael Noonan: Shadow/hidden economy activity creates distortions in the economy and competitive disadvantages for compliant businesses. For these reasons, Revenue focuses on deterring shadow/hidden economy activity and non-compliance through its audit and investigation programmes based on risk analysis, use of Revenue powers and their intelligence and information systems. I am advised by the Revenue...

Written Answers — Department of Finance: Promissory Note Negotiations (4 Oct 2012)

Michael Noonan: As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This remains one of the Government’s key priorities. We will continue to target the reduction of the burden to the State of funding...

Written Answers — Department of Finance: Proposed Legislation (4 Oct 2012)

Michael Noonan: The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a debt management and/or a debt advice service. I have received Government approval to bring forward an amendment, at the Committee Stage, of the Central Bank (Supervision and Enforcement) Bill 2011 to provide for a regulatory regime for debt management and debt advice companies.

Written Answers — Department of Finance: Tax Code (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 53 and 60 together. The position is as stated in the Programme for Government that as part of the Government’s fiscal strategy we will maintain the current rates of income tax together with bands and credits. In addition, we will not increase the top marginal rates of taxes on income. There are no plans at this time to depart from this policy.

Written Answers — Department of Finance: Tax Reliefs Availability (4 Oct 2012)

Michael Noonan: In relation to costs, the estimated full year costs and/or yields of the tax revenue measures introduced in Budget 2012 are set out on pages B5 – B 11 of the Summary of 2012 Budget and Estimates Measures Policy Changes section of the Budget 2012 book. To enable meaningful evaluation to take place, the reliefs need to have been in place for some period of time. As 2012 is the earliest...

Written Answers — Department of Finance: Budget Consultation Process (4 Oct 2012)

Michael Noonan: I am aware of the report referred to by the Deputy. The Government is eager to hear reasonable proposals for budget measures from all interested parties and organisations. We will consider them fully and give them due consideration. Last year’s Medium-Term Fiscal Statement set out a multi-annual fiscal consolidation strategy agreed by Government for the period to 2015. It showed the...

Written Answers — Department of Finance: Tax Reliefs Availability (4 Oct 2012)

Michael Noonan: I assume that the Deputy is referring to what may be appropriate to deduct in the context of the computation of profits from all sources by those who are required to submit an annual tax return to the Revenue Commissioners under the Pay and File system. I am advised by the Revenue Commissioners that there is no standard list of what is deductible for tax purposes for either companies or...

Written Answers — Department of Finance: Tax Reliefs Cost (4 Oct 2012)

Michael Noonan: As regards tax reliefs currently available, a comprehensive summary of these was provided recently in my reply to PQ 38291/12 and a copy of this reply has been provided to the Deputy. That reply contains details, as advised to me by the Revenue Commissioners, of the total identifiable costs to the Exchequer relating to income tax and corporation tax allowances, reliefs, exemptions and tax...

Written Answers — Department of Finance: Proposed Legislation (4 Oct 2012)

Michael Noonan: It is intended to publish the Finance (Local Property Tax) Bill on Budget Day.

Written Answers — Department of Finance: Tax Yield (4 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information on total corporation tax receipts broken down by sector for the years 2007, 2008, 2009 and 2010 are available from the Revenue Statistical Reports which are accessible on the Revenue website at www.Revenue.ie. The information is located in Table TR6, under the main chapter heading of Total Revenue. That table provides a...

Written Answers — Department of Finance: Tax Code (4 Oct 2012)

Michael Noonan: The Programme for Government indicated that, as part of its fiscal policy, the Government will ensure that “tax exiles” make a fair contribution to the Exchequer. In Budget 2012 I abolished the “citizenship condition” for payment of the Domicile Levy to ensure that individuals could not avoid the levy by renouncing their citizenship. I also stated that I intend...

Written Answers — Department of Finance: European Stability Mechanism (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 64 and 65 together. Apart from the various technical meetings with Troika members, Ireland continues to be fully engaged in the process by the Eurogroup and Heads of State or Government on how these commitments will be implemented. Apart from the various technical meetings with Troika members, we are pursuing a diplomatic offensive which has included...

Written Answers — Department of Finance: Budget 2012 (4 Oct 2012)

Michael Noonan: The Government framed Budget 2012 in such a way as to make it as growth-friendly as possible. As I stated on Budget day last December, Budget 2012 balances the need to restore confidence in Ireland's fiscal position with the key objective of supporting economic growth that delivers jobs. Budget 2012 implemented the necessary corrections to keep Ireland on track with our fiscal targets to...

Written Answers — Department of Finance: Tax Code (4 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, as information on the value of capital gains arising from the disposal of principal private residences is not required in capital gains tax returns, there is no dedicated basis for separately identifying the yield that would arise from applying capital gains tax to sales of principal private residences. Accordingly, the specific information...

Written Answers — Department of Finance: Credit Availability (4 Oct 2012)

Michael Noonan: I presume the Deputy is referring to Volume 2012, No.8 of the Economic Letter Series published by the Central Bank on 22 August last, entitled “Irish SME credit supply and demand: comparisons across surveys and countries.” I welcome all analysis in this key area which is used to inform all stakeholders. However, the Deputy should note that the Economic Letter contains a...

Written Answers — Department of Finance: Postal Services (4 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that throughout the EU, the customs control regime that applies to universal postal service providers, such as An Post, is significantly different from that which applies in respect of ordinary fast parcel operators. Postal operators are exempt from the normal customs requirement to submit manifests, containing details of individual shipments that...

Written Answers — Department of Finance: Departmental Appointments (4 Oct 2012)

Michael Noonan: This Department is redirecting our own primary focus more towards the identification and implementation of measures which will contribute to enhanced confidence, delivering sustainable growth in our economy and thereby repair the damage caused to the lives of citizens, the economy and the banking sector. This involves the reassignment and training of our existing teams so that they can...

Written Answers — Department of Finance: Tax Reliefs Availability (4 Oct 2012)

Michael Noonan: The position is that tax relief is available up to and including the tax year 2017 on interest paid on a qualifying home loan taken out on or after 1 January 2004 and on or before 31 December 2012. Such relief is not confined to first time buyers. In addition, tax relief is not available on the interest paid on a loan taken out on or after 1 January 2013. As regards the deadline, the loan...