Results 22,981-23,000 of 27,019 for speaker:Michael Noonan

Written Answers — Employment Support Services: Employment Support Services (6 Dec 2011)

Michael Noonan: Sections 88A and 472A of the Taxes Consolidation Act, 1997 provide for the Revenue Job Assist scheme, which allows tax relief for employers and employees in situations where an individual commences work having previously been long term unemployed. The scheme operates by providing a double deduction from Income Tax and PRSI for 3 years for employers that employ a person who has been unemployed...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (6 Dec 2011)

Michael Noonan: 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 in Ireland regulated by the Central Bank. In a recent letter to the Taoiseach, the Deputy Governor of the Central Bank stated that the power to exercise close regulatory control over retail interest rates is not sought by the Central Bank...

Written Answers — House Repossessions: House Repossessions (6 Dec 2011)

Michael Noonan: I have requested that the Covered Institutions to supply responses to the respective follow up questions, and I will write to the Deputy in this regard, as soon as the information is to hand.

Written Answers — Grant Payments: Grant Payments (6 Dec 2011)

Michael Noonan: My Department has no function in this particular matter.

Written Answers — Departmental Staff: Departmental Staff (6 Dec 2011)

Michael Noonan: In my Department, the following increments have been made payable in the years in question: o 2010 – 261 increments paid to Department of Finance staff members o 2011 – 171 increments paid, to date, to Department of Finance staff members It is not possible to provide the Deputy with the number of increments that will be paid in 2012 as payment of increments is subject to sick leave and...

Written Answers — Pension Provisions: Pension Provisions (6 Dec 2011)

Michael Noonan: A stamp duty levy of 0.6% applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. The levy is a charge for a temporary period on the significant assets of pension funds, much of which are represented by investments outside of Ireland, in order to fund the Jobs Initiative introduced earlier this...

Written Answers — Tax Collection: Tax Collection (6 Dec 2011)

Michael Noonan: I am advised by the Revenue Commissioners that their office in Athlone has been in contact with the named individual in relation to the mandatory e-filing obligation of his company. He has been advised that the obligation to Pay and File Tax returns electronically applies to the company (but not to his own personal Income Tax returns). The company has been advised that it has the right to...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: As regards the possible introduction of new mortgage products for the situation described by the Deputy, the Central Bank has advised me that they wrote to all mortgage lenders to ascertain whether they were offering, or intended to offer, a mortgage product that would allow home owners to sell their existing home and transfer the negative equity portion of the original loan to the new loan....

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. The EU VAT Directive provides that Member States must apply VAT to all economic activity, which includes the supply of goods. Member States must apply a standard VAT rate to the majority of goods and services, with the option of applying...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: The 2% VAT increase I announced recently relates to an increase in the standard VAT rate from 21% to 23%. The standard VAT rate applies to the majority of goods and services in the State including cars, petrol and auto-diesel, electrical equipment and CD/DVDs, alcohol, cigarettes and tobacco, telecommunications, furniture, cosmetics, adult clothing and footwear. However, I would point out...

Written Answers — Financial Services Regulation: Financial Services Regulation (6 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 25 to 27, inclusive, together. Section 35 of the Credit Union Act 1997 (Section 35) imposes limits on credit unions in relation to longer-term lending. The funding of credit unions is predominantly provided on a short-term basis in the form of on-demand savings and consequently the Section 35 limits are necessary for the protection of the financial stability...

Written Answers — Credit Availability: Credit Availability (6 Dec 2011)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. This is part of normal regulation...

Written Answers — Departmental Staff: Departmental Staff (6 Dec 2011)

Michael Noonan: Head to Head transfers are permitted between provincial locations when both transferees are the most senior on the Central Transfer list and/or the Central Applications Facility (CAF) in their own location. Both Departments and both applicants must agree to the transfer. The Department (details supplied) approached my Department to facilitate a head to head transfer for their staff member....

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael Noonan: The estimated cost of a 2% increase in the standard rate of VAT, using 2010 as a reference year, is €158,000. Since the establishment of the Department of Public Expenditure in July 2011, my Department has operated a shared service arrangement with that Department in respect of certain goods and services acquired by one, or other, of the Departments. The estimate supplied covers the two...

Written Answers — Tax Collection: Tax Collection (6 Dec 2011)

Michael Noonan: I am satisfied that Revenue undertakes the task of securing the collection of the critical taxes and duties payable to the State in an efficient and cost effective manner. I am assured that Revenue management regularly carries out internal reviews of its collection systems to ensure maximum efficiency. And each year the Comptroller and Auditor General examines elements of the tax collection...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (6 Dec 2011)

Michael Noonan: There are many risks in the broad economic environment at present, which I must take into account in conjunction with my Department and the agencies that report to me. The euro is a firm and solid currency currently trading well against all the other major currencies. There is clearly no market expectation and there is certainly no Irish Government expectation, of any collapse in the euro. ...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: While it is possible to change the standard VAT rate at different times, and thereby stagger any proposed VAT increase, this is not advisable. Firstly, to do so would cause significant difficulties in administration for businesses, practitioners and the Revenue Commissioners. In addition, to do so would cause uncertainty for businesses and consumers. Furthermore, staggering the proposed...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: As the Deputy is aware, I will be delivering my Budget for 2012 today. It is a long-standing practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject of Budget decisions.

Written Answers — Departmental Staff: Departmental Staff (6 Dec 2011)

Michael Noonan: Article 286(1) of the Treaty on the Functioning of the European Union sets out the criteria for nomination to the European Court of Auditors stating that "Members of the Court of Auditors shall be chosen from among persons who belong or have belonged in their respective States to external audit bodies or who are especially qualified for this office. Their independence must be beyond doubt"....

Written Answers — Banking Sector Regulation: Banking Sector Regulation (6 Dec 2011)

Michael Noonan: On Thursday 3 November 2011, the Governing council of the ECB reduced the interest rate of main refinancing operations of the Eurosystem by 25 basis points to 1.25%, with effect from 9 November 2011. On Wednesday 9th November, The Taoiseach, the Tánaiste, the Minister for Public Expenditure & Reform and I met with the Chairman of AIB to discuss a number of matters including SME lending...