Results 22,941-22,960 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Collection: Tax Collection (14 Dec 2011)

Michael Noonan: The position is that the Universal Social Charge (USC), as with the Income Levy before it, has operated on what is known as "a week-one" basis. The week-one basis allows for the collection of USC by employers on a weekly basis in a similar way to PRSI. This means that USC is deducted from each payment of weekly wages/salary, where the payment is greater than the exemption limit, at the rate...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Dec 2011)

Michael Noonan: Neither I, as Minister for Finance, nor the Central Bank, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. Each institution determines the rate it charges its customers, depending on a number of factors, such as cost of funds and commercial considerations, competition in the market, risk pricing and the impact on...

Written Answers — Tax Code: Tax Code (14 Dec 2011)

Michael Noonan: The position is that the Universal Social Charge (USC) does not apply to social welfare payments or payments of a similar nature made by any other state or territory. However, I should point out that occupational pensions are liable to the USC, if the payment is greater than the exemption limit, which from 1 January 2012 is €10,036 per annum. In this particular case the retired couple in...

Written Answers — Tax Code: Tax Code (14 Dec 2011)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services and goods for the period 1 July 2011 to end 2013. This measure was estimated to cost €120 million in 2011, €350 million in 2012 and in 2013, and €60 million in 2014. Businesses must account for VAT at the 9% rate on these specified goods and...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 82 and 83 together. I am advised by the institutions involved that the payments in question are considered bonus payments as per their description in the relevant contracts. On this basis, as the conditions governing the provision of State assistance to Allied Irish Banks (AIB) prohibit the payment or awarding of bonuses whatsoever, the bank took the view...

Written Answers — Ministerial Appointments: Ministerial Appointments (13 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 86 and 87 together. I have appointed Mary Kenny and Eoin Dorgan as special advisers. The salary for both advisers has been €83,337 per annum since their appointment. The Civil Service Code of Standards and Behaviour (September 2004) sets out the terms and conditions of service, including the engagement in political activity, of all civil servants...

Written Answers — Tax Yield: Tax Yield (13 Dec 2011)

Michael Noonan: I am advised by the Revenue Commissioners that it is not possible to provide a precise breakdown of the net receipts of Stamp Duties on a county basis. However, on the basis of information derived from the processing of property transactions in 2010, an indication of the amount of stamp duties associated with properties located in the various counties can be provided as follows, together...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (13 Dec 2011)

Michael Noonan: I have not asked the PTSB board to review its mortgage interest rates. Neither the Central Bank nor I, as Minister for Finance, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. Ultimately, the pricing of financial products, including variable mortgage interest rates, is a commercial decision for the respective...

Written Answers — Government Bonds: Government Bonds (13 Dec 2011)

Michael Noonan: Data supplied to my Department by the Central Bank of Ireland shows that the average maturity of Government bonds issued in 1984 was approximately seven and a half years.

Written Answers — Tax Code: Tax Code (13 Dec 2011)

Michael Noonan: The position is that cohabitating couples are expressly recognised for the purpose of social welfare law but are not recognised for the purposes of Income Tax law. Although this may appear contradictory, the main aim of both the welfare code and the tax code is to uphold the constitutional right of married couples not to be treated less favourably than unmarried couples. The basis for the...

Written Answers — Tax Code: Tax Code (13 Dec 2011)

Michael Noonan: The rate of VAT was increased in Budget 2012 by 2 percentage points from 21% to 23% as part of a general package of revenue raising measures to contribute to Exchequer funding. The position is that this Government has also fulfilled its commitment in the Programme for Government to maintain the current rates of income tax together with bands and credits and not to increase the top marginal...

Written Answers — Tax Code: Tax Code (13 Dec 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that they have written to the person concerned for details necessary to issue the Balancing Statement (P21) for 2010.

Written Answers — Tax Yield: Tax Yield (13 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners that there is no information available regarding on or off premises sales, as alcohol products tax receipts are not distinguished between alcohol subsequently sold in licensed pubs and sold in off-licences. With regard to the total value of licensed and off- licensed alcohol sales from 2007 to date in 2011, and data on the sale of wine and cider...

Written Answers — Tax Reliefs: Tax Reliefs (13 Dec 2011)

Michael Noonan: As I stated in my Budget speech, the Government has now fulfilled its commitment contained in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers who took out their first mortgage in that period. I will be looking at the technical detail of the legislation in preparation for the Finance Bill and I will take the highlighted case...

Written Answers — Pension Provisions: Pension Provisions (13 Dec 2011)

Michael Noonan: I understand that this question may relate to the flexible options on retirement first introduced in Finance Act 1999. Prior to that Act, any person taking a pension under a defined contribution (DC) scheme or a Retirement Annuity Contract was required to purchase an annuity with their remaining pension pot after drawing down the appropriate tax-free lump sum. Finance Act 1999 introduced...

Written Answers — Tax Reliefs: Tax Reliefs (13 Dec 2011)

Michael Noonan: The Capital Gains Tax (CGT) initiative I announced in the Budget is a relief from CGT on the disposal of certain property, where that property is bought during the "incentive period" from 7 December 2011 to 31 December 2013 and is held for seven years. The relief will apply to all property, whether residential or non-residential. The relief will not apply if a property is sold within...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 Dec 2011)

Michael Noonan: I announced in my Budget speech that I intend to introduce a package of measures in the forthcoming Finance Bill to support the continued success of the International Financial Services (IFS) industry in Ireland. The sector employs more than 30,000 people and contributes over €1 billion in tax to the Exchequer. The Government's commitment to the sector was reaffirmed in the 5-year...

Written Answers — Tax Reliefs: Tax Reliefs (13 Dec 2011)

Michael Noonan: I am advised by the Revenue Commissioners that a claim for "Top Slicing Relief" for the person concerned has been processed and a cheque for the appropriate amount has been issued. A further claim made in July 2011 for relief on a lump sum received in 2006 has been disallowed. As this claim relates to the year 2006, it is outside the 4-year time limit for the making of claims for repayment...

Written Answers — Tax Reliefs: Tax Reliefs (13 Dec 2011)

Michael Noonan: Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The underpinning legislation for the scheme was subject to Commencement Order. However, that legislation, on review, was found to have flaws and would have...

Written Answers — Property Management Fees: Property Management Fees (13 Dec 2011)

Michael Noonan: Where individuals have difficulties in meeting household debts, they may be able to avail of certain services provided by the Department of Social Protection or by organisations which operate broadly under its aegis. I understand from that Department, however, that there is no specific scheme to assist in the payment of residential management fees. My Department is not responsible for...