Results 22,001-22,020 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: VAT is a tax on the value added to a supply and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the VAT they incur on their business inputs used in the...

Written Answers — Credit Availability: Credit Availability (13 Mar 2012)

Michael Noonan: As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. I can confirm to the Deputy that both banks have achieved their 2011...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that provisions covering the Travel Agents Margin Scheme are contained in Section 88 of the VAT Consolidation Act 2010. This scheme, which is provided for in Articles 306 to 310 of the EU VAT Directive, with which Irish VAT law must comply, was introduced with effect from 1 January 2010. Detailed discussions with the travel industry were carried out...

Written Answers — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including engagement of advisors relating to the sale of its commercial loan books. The bank has informed me that the Annual Report and Accounts for 2011 are due for release at the end of this month. Relevant details of running costs will be provided in the accounts to enable readers to...

Written Answers — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including the wages and running costs of the bank. The bank has informed me that the IBRC Annual report and Accounts for 2011 are due for release at the end of this month. Relevant details of running costs will be provided in the accounts to enable readers to assess the financial position...

Written Answers — Tax Collection: Tax Collection (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that all tax issues relative to the correspondence issued by Revenue to the named individual have been resolved.

Written Answers — Proposed Legislation: Proposed Legislation (13 Mar 2012)

Michael Noonan: The Finance Bill was published on 8th February and contained 76 measures not announced in Budget 2012. A list of these measures is appended. The issue of costings of measures included in the Bill, including those which were not announced in the Budget, was addressed by my colleague, Minister of State Hayes, during the Committee Stage of the Bill. As indicated by the Minister of State, the...

Written Answers — Tax Reliefs: Tax Reliefs (13 Mar 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who inform me that the person concerned first registered a loan for mortgage interest relief on 6 February 2012. Revenue is awaiting confirmation of certain matters from the person concerned in relation to the application. When this information is received by Revenue, they will finalise their consideration of the application without delay.

Written Answers — Tax Collection: Tax Collection (13 Mar 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that the person's tax liability for 2008 was reviewed in 2009 and tax overpaid refunded at that time. No refund is due for 2009 as the correct tax was deducted under PAYE. PAYE Balancing Statement (P21) for 2009 will issue shortly. In relation to the years 2010 and 2011, the Revenue Commissioners are writing to the person concerned for the...

Written Answers — International Agreements: International Agreements (13 Mar 2012)

Michael Noonan: Under the EU/IMF Programme of Financial Support for Ireland, the external partners will provide loan funding of up to €67.5 billion subject to compliance with the conditionality set out in the Programme. The key objective is to restore confidence and return the economy to a path of sustained growth and to support job creation, with a view to Ireland regaining access to market funding at...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 155 and 156 together. As previously advised, NAMA, in agreeing business plans it approves the retention of overheads by debtors which include remuneration but at rates much reduced from that previously applied. NAMA deals with about 800 debtor connections, either directly or through the participating institutions acting on its behalf. Each debtor's...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: I am informed by the Revenue Commissioners that in relation to mortgage arrears cases reported to them, each case is considered on its individual merits before a decision is made on the continued appropriateness of the granting of mortgage interest relief on the particular mortgage account. I am advised by Revenue in relation to cases reported to them by the lender that in broad terms: ·...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: The appointment of this firm to the Corporate Legal Services Panel was announced publicly on the agency's website on 3 January 2012. I am advised by NAMA that this particular firm had in fact been long-standing legal advisors to Treasury Holdings. I am further informed that the firm ceased acting for Treasury Holdings in January 2012 when Treasury Holdings decided to take legal action...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: I am advised by NAMA that there are three separate legal panels from which NAMA procures legal services. These are: Corporate Legal Services Panel (established 3 January 2012) Legal Diligence Services Panel (established 28 November 2009) Certain Legal Services Panel (established 29 October 2010) The names of all companies on these panels are listed on the National Asset Management Agency's...

Written Answers — Price Inflation: Price Inflation (13 Mar 2012)

Michael Noonan: Ireland, as with other countries, has experienced an increase in the cost of petrol and auto-diesel. The increase in fuel prices is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as...

Written Answers — Tax Reliefs: Tax Reliefs (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the Medical Expenses claim was submitted in early February 2012. A PAYE Balancing Statement giving relief for medical expenses incurred for 2011 will issue shortly and a refund of tax will be paid directly to the person's bank account within the next 2 weeks.

Written Answers — Revenue Commissioners Investigations: Revenue Commissioners Investigations (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that for reasons of taxpayer confidentiality they unable to comment on any enquires being made in individual cases.

Written Answers — Social Welfare Benefits: Social Welfare Benefits (13 Mar 2012)

Michael Noonan: As the Deputy will be aware, Ireland agreed a programme of financial support in late 2010 with the ECB, European Commission and the IMF (the Troika). This programme is worth €85 billion, with €17.5 billion coming from our own resources and €67.5 billion of loans being provided from EU funds, the IMF and bilateral lenders. Without this funding the State would not have been able to...

Written Answers — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: As the Deputy is aware, the bank has no means of establishing the underlying ownership of these securities which are freely tradeable once issued. These securities are publicly traded and dealt through market participants and settled by clearing house systems. An issuer does not have any access to the records of the clearing house. At maturity, the Bank will instruct its paying agent to...

Written Answers — Proposed Legislation: Proposed Legislation (13 Mar 2012)

Michael Noonan: Under the Investment Intermediaries Act 1995, all investment firms must have their accounts audited. It is also a requirement that their auditors submit a Statutory Duty Confirmation. At least six weeks before the firm's return is due, the Central Bank sends an email to the firm requesting the auditor's details and the firm must provide these details. While there are sound reasons for this...