Results 21,241-21,260 of 27,019 for speaker:Michael Noonan

Written Answers — Derivatives Market: Derivatives Market (22 May 2012)

Michael Noonan: I propose to take Questions Nos. 215 and 216 together. The Central Bank published the Irish results early last year. The survey was conducted on turnover in April 2010 and can be found at http://www.centralbank.ie/polstats/stats/pages/bissurvey.asp x. While the global survey showed that trading activity in the OTC interest rate derivatives market increased by 24 per cent since the last...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: Stamp duty is a duty charged on a wide range of legal and commercial documents or instruments as opposed to the transaction underlying the instruments. The stamp duty chargeable in relation to transactions involving financial instruments is as follows. Stocks and Marketable Securities Stamp duty at the rate of 1% is chargeable on the instrument of transfer, including electronic transfers...

Written Answers — International Agreements: International Agreements (22 May 2012)

Michael Noonan: The Foreign Account Tax Compliant Act (FATCA), which is part of the US Hiring Incentives to Restore Employment Act of 2010, aims to combat tax evasion by US tax residents using foreign accounts. It includes certain provisions on withholding taxes and on the reporting of information by foreign financial institutions for US tax compliance purposes. It will come into effect from January 2013....

Written Answers — Fiscal Policy: Fiscal Policy (22 May 2012)

Michael Noonan: The Deputy is referring to Section 83 of Finance Act 2012 which deals with the Export Refund Scheme. The reason the scheme will commence when the Minister for Finance so orders, is because of the time required to ensure the necessary systems and procedures have been put in place. As the Deputy will appreciate, the appropriate IT system required for the scheme to function effectively will...

Written Answers — European Stability Mechanism: European Stability Mechanism (22 May 2012)

Michael Noonan: On 27 March 2012 while presenting the OECD's Economic Surveys of the Euro Area and the European Union in Brussels, OECD Secretary-General Angel Gurría said the Euro Area Finance Ministers meeting, taking place that week, needed to boost the firepower of the European stability funds to at least one trillion euros. He said that a credible financial firewall would provide governments with the...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: Of the five "wealth taxes" mentioned by the Deputy, three – those in France, Norway and Switzerland – are wealth taxes as normally understood, that is, an annual recurring tax on wealth. To estimate the potential revenue from such a wealth tax, we would need to identify the wealth held by individuals. I am informed by the Central Statistics Office that the CSO institutional sector...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 May 2012)

Michael Noonan: I have no function in respect of the sale of private property by the National Asset Management Agency. NAMA has not disposed of any property directly itself. The NAMA Board has issued guidelines to be followed by its debtors and receivers in terms of the disposal of assets, which require, wherever feasible, their sale on the open market and their public advertisement. In any event, NAMA...

Written Answers — National Debt: National Debt (22 May 2012)

Michael Noonan: What the analysis referred to by the Deputy shows is that on the basis of certain assumptions, including regarding the deficit in the public finances and nominal economic growth rates, the debt-to-GDP ratio could converge to a low level in the long-run. The analysis referred to by the Deputy is a technical, mathematical analysis. In it, it is assumed that nominal GDP grows at 4 per cent per...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the employer in question is obliged to issue P45s to employees. In this case the non-issue of a P45 will be followed up by Kilkenny District, Office of the Revenue Commissioners, Kilkenny.

Written Answers — Departmental Agencies: Departmental Agencies (22 May 2012)

Michael Noonan: I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the total value of the National Pensions Reserve Fund Discretionary Portfolio at 31 December 2011 was €5.4 billion , including cash balances of €0.8 billion. The total value of the National Pensions Reserve Fund Discretionary Portfolio at 31 March 2012 was €5.7...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: The annual turnover threshold for VAT registration depends on the nature of the business carried on. In general, there are two thresholds: the goods threshold, which is currently €75,000, and the services threshold, which is €37,500. Where 90 per cent or more of the turnover of a person or company consists of the supply of taxable goods, that person or company must register and account...

Written Answers — Public Service Staff: Public Service Staff (22 May 2012)

Michael Noonan: Information regarding the number of retired public servants who have been re-hired is detailed in the Appropriation Accounts. The Appropriation Accounts are available online at www.audgen.gov.ie. The 2011 Appropriation Accounts have not yet been finalised by the Office of the Comptroller and Auditor General. During the period January 2012 to date, no retired public servant has been...

Written Answers — Tax Reliefs: Tax Reliefs (22 May 2012)

Michael Noonan: Section 480A of the Taxes Consolidation Act 1997 provides for relief from income tax on retirement for certain income of certain sportspersons. The sportspersons who qualify are: athletes, badminton players, boxers, cricketers, cyclists, footballers, golfers, jockeys, motor racing drivers, rugby players, squash players, swimmers and tennis players. The earnings to which the relief applies...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: The position is that changes included in Finance (No. 3) Act 2011 arising from the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 gave effect to specific provisions in relation to the taxation of civil partners under which they can elect to be jointly or separately assessed to tax or indeed to continue to be treated as single persons. It also allows for the...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: The aim of the Department of Social Protection in means testing for job seeker's allowance individuals who are seeking employment is not the same as the Revenue Commissioners in administering tax credits which are available for offset against liability to income tax on earnings. The basis for the current tax treatment of married couples derives from the Supreme Court decision in Murphy vs....

Written Answers — Ministerial Staff: Ministerial Staff (22 May 2012)

Michael Noonan: In response to the Deputy's question costs for the new scheme introduced for the provision of drivers for Ministers in 2011 are a matter for each Department. In relation to the use of my car for Ministerial travel under the new scheme, the total cost has been €133,246 for the period May 2011- to date in May 2012. This cost included mileage (which is to cover car related expenses), the...

Written Answers — Departmental Staff: Departmental Staff (22 May 2012)

Michael Noonan: The Troika negotiations are undertaken by a team of officials, led by the Secretaries General of the Department of Finance and Public Expenditure and Reform and the Governor of the Central Bank of Ireland. The negotiators are supported by a Programme Compliance Office in the Department of Finance as well as officials in my Department, the Department of Public Expenditure and Reform, the...

Written Answers — Banking Sector Credit Provision: Banking Sector Credit Provision (22 May 2012)

Michael Noonan: I propose to take Questions Nos. 233 to 236, inclusive, together. As the Deputy is aware, the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the period 2011-2014. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. This lending...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (22 May 2012)

Michael Noonan: I wish to inform the Deputy that I receive representations on the illicit tobacco trade on an on-going basis. This Government together with the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco, regard the tackling of the illicit tobacco trade as a high priority area. The strategy employed by...

Written Answers — Financial Services Regulation: Financial Services Regulation (22 May 2012)

Michael Noonan: The Department of the Taoiseach, supported by the Department of Finance, has engaged with the international financial services industry in Ireland since the establishment of the IFSC in 1987 by providing a forum for the exchange of views and the co-ordination of effort through the mechanism of the IFSC Clearing House Group (CHG) and the related Working Groups. During this period, the IFSC has...