Results 22,541-22,560 of 27,019 for speaker:Michael Noonan

Written Answers — Budgetary Forecasts: Budgetary Forecasts (1 Feb 2012)

Michael Noonan: The Budget forecast is for real GDP growth of 1.3 per cent in 2012. This forecast was prepared on the basis of economic information (domestic and international) available up to end-November 2011, and was mid-range at that time. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this forecast – some to the downside and some to the upside....

Written Answers — Budgetary Submissions: Budgetary Submissions (1 Feb 2012)

Michael Noonan: My Department receives large numbers of submissions in the run-up to every Budget and Finance Bill. In respect of Budget 2012 we received in the order of 700 submissions from a variety of interest groups, representative bodies, commercial organisations and individuals. Submissions covered a wide range of economic and taxation issues ranging from suggestions for economic initiatives to...

Written Answers — Tax Collection: Tax Collection (1 Feb 2012)

Michael Noonan: In preparing Exchequer tax forecasts the methodology adopted by my Department at Budget time involves the estimation of the outturn for the outgoing year across a series of tax headings. This becomes the base for the preparation of the projection for the forecast year. The resulting projected outturn is then adjusted as necessary to take account of the effects of previous Budget measures...

Written Answers — Economic Forecasts: Economic Forecasts (1 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 76 and 77 together. The Budget forecast is for real GDP growth of 1.3 per cent in 2012. This forecast was prepared on the basis of economic information (domestic and international) available up to end-November 2011, and was mid-range at that time. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this...

Written Answers — Economic Competitiveness: Economic Competitiveness (1 Feb 2012)

Michael Noonan: In terms of cost competitiveness, according to the European Commission's Autumn Forecasts published in November 2011, a decline of 3.1 per cent in Irish nominal unit labour costs was forecast for 2011, the most significant decline among euro area Member States. This is in addition to the fact that over the 2009-2010 period, unit labour costs in Ireland fell more than in any other euro area...

Written Answers — Fiscal Policy: Fiscal Policy (1 Feb 2012)

Michael Noonan: Ireland has faced substantial challenges over the past five years as previously accumulated economic, fiscal and financial imbalances began to unwind rapidly. The fallout from this ultimately necessitated a programme of external financial assistance from the EU/IMF. However, since this Government took office we have actively set about addressing the challenges facing the State. On the...

Written Answers — Fiscal Policy: Fiscal Policy (1 Feb 2012)

Michael Noonan: Since this Government took office we have actively set about addressing the challenges facing the State and where relevant, taken issues up at European level. On the banking side, we have recapitalised and restructured the domestic banking system to make it fit for purpose. We have acknowledged the credit problems facing SMEs and established a loan-guarantee scheme. There is also ongoing...

Written Answers — Financial Services Regulation: Financial Services Regulation (1 Feb 2012)

Michael Noonan: I have outlined my position on this matter when replying to previous parliamentary questions on the same subject in particular on 11 January 2012 (Questions Nos. 76, 78 and 95). The Deputy will be aware that the matter is now before the Labour Relations Commission who are presently endeavouring to find an acceptable solution to all parties. Accordingly, it would not be advisable to comment...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 Feb 2012)

Michael Noonan: I am assured by NAMA that it is cognisant of conflicts of interest in the appointment of any advisors and works to prevent them arising. In the case referred to by the Deputy, NAMA has appointed two receivers to the assets of the company subject to receivership proceedings. As one of the receivers is a tenant of the company subject to the receivership process, in a building which is security...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 105, 106, 108 and 146 together. The proposed betting (Amendment) Bill, which is being drafted at present, will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The drafting of the Bill, which is fairly complex, is...

Written Answers — Customs and Excise: Customs and Excise (31 Jan 2012)

Michael Noonan: All consignments of mineral oil from Northern Ireland are subject to requirements of EU law for the Intra-EU movement of excisable products. These requirements include the paying or securing of the excise duty due in the State, and that the consignment is at all times under cover of the appropriate documentation. In keeping, however, with the principle of free movement of goods in the EU,...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The position is that payments from the Department of Social Protection are exempt from the Universal Social Charge. The annual exemption threshold of €10,036 applies to income which is chargeable to the USC. Accordingly, payments from the Department of Social Protection are not included in the exemption limit of €10,036.

Written Answers — Financial Services Regulation: Financial Services Regulation (31 Jan 2012)

Michael Noonan: As the Deputy will appreciate, officials in my Department are in constant and on-going dialogue with our external partners and all of the covered institutions in respect of implementing structures and solutions which would seek to enhance the overall financial system. As and when further measures are agreed/solutions emerge, I will inform the House as appropriate.

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The position is that the stamp duty exemption for "first time buyers" has been abolished in relation to instruments executed on or after 8 December 2011. As regards instruments executed on or before 7 December 2011, a "first-time buyer" for stamp duty purposes is a person (or where there is more than one buyer, each person) who has not on any previous occasion, either individually or...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: I am informed by the Revenue Commissioners that where a commercial premises is in use for the conduct of a trade or profession, or where the premises is being let for such a business, then any normal, recurring, non-capital expenses which are incurred in the purchase, maintenance, upkeep, decoration and repair will generally be treated as deductible expenses for tax purposes. The expenses...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: Budget 2012 saw an increase in the rate of both Capital Acquisitions Tax (CAT) and Capital Gains Tax (CGT) from 25% to 30%. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the CAT tax rate by 10% to 40% could be in the region of €110 million. I am also advised by the Revenue Commissioners that the estimated full year yield to...

Written Answers — Customs and Excise: Customs and Excise (31 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that, although staff are not based full-time at Ireland West Airport Knock, there is a Customs presence for the majority of flights, including all flights from high risk destinations as determined by Revenue's risk analysis and profiling systems. Attendance by Customs officers is selective and targeted and is based on analysis and evaluation of...

Written Answers — EU-IMF Programme: EU-IMF Programme (31 Jan 2012)

Michael Noonan: As the Deputy is aware, the Government is currently in detailed discussions with its European partners about restructuring the promissory notes held by IBRC. These promissory notes are funded by emergency liquidity assistance, or ELA, provided by the Central Bank of Ireland (CBI). This ELA is itself funded by the CBI through Intra-Eurosystem liabilities and any repayments of ELA are used to...

Written Answers — Economic Growth: Economic Growth (31 Jan 2012)

Michael Noonan: The Budget Day forecast is for real GDP growth of 1.3 per cent in 2012. The Budget Day forecast was prepared on the basis of economic information (domestic and international) available up to end-November 2011, and was mid-range at that time. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this forecast – some to the downside and some to...

Written Answers — Departmental Bodies: Departmental Bodies (31 Jan 2012)

Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by Revenue that under its Customer Service Charter a presumption of honesty underpins all interaction with taxpayers (and by extension their representatives). Revenue does not and could not be expected to provide formal confirmation or assurance of the bona fides of any tax professional. The creation of such a document for any...