Results 23,001-23,020 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The Deputy's suggestion is to reduce the current eight year "deemed disposal" period for the imposition of tax on certain investment products. I am assuming the Deputy's suggestion is that any proposed shorter period would apply to all products currently subject to the deemed disposal regime. I thank the Deputy for his suggestion which I will have considered, along with other potential tax...

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

Michael Noonan: The prevention of fraud and abuse of the social welfare system is an integral part of the day-to-day work of my Department which processes in excess of 2 million claims each year and makes payments to some 1.4 million people every week. However, it is important to recognise that the vast majority of people are receiving the entitlement due to them. Most social welfare customers fully...

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

Michael Noonan: The merger of AIB and EBS was formally completed on 1 July 2011. Prior to the completion of the merger, each of the banks set their variable mortgage rates according to the levels, calculated by the respective management teams and boards, that was required for each of the institutions to operate as a commercially viable entity in light of the challenging market conditions, the expected cost...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Dec 2011)

Michael Noonan: I am informed by NAMA that the transfer of assets to it from the participating institutions is now close to completion and that loans with nominal balances of €74 billion have transferred to the Agency and that €32 billion has been paid by NAMA in respect of these loans. The provisions under which the National Asset Management Agency acquired loans are set out in the National Asset...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Dec 2011)

Michael Noonan: I assume the Deputy is referring to valuations of property which are an integral part of the due diligence process by which NAMA values loans being acquired from the participating institutions. I am informed by NAMA that the initial property valuation is commissioned and paid for by the institution. NAMA reviews this valuation and only in cases where it considers that the valuation is...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 42 to 44, inclusive, together. In relation to the first question above (ref: 38796/11), the Deputy will note that this matter was addressed in my reply to his previous parliamentary question on the subject (ref: 35901/11 of 22 November 2011). With reference to the remaining two questions (refs: 38797/11 & 38798/11), I am advised by the Central Bank of Ireland,...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (6 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco, that there is no internationally recognised method for precisely determining the amount of tax lost as a result of the illicit trade in cigarettes. However, a survey commissioned by Revenue and the Office of Tobacco Control...

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

Michael Noonan: The Government is acutely aware of the increasing financial stress that some households are facing arising from the difficulty in meeting their mortgage commitments. It was for this reason that the Government took the significant step of establishing an Inter-Departmental Mortgage Arrears Working Group to consider further necessary actions. The Group's report was published in October 2011. ...

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

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 — Tax Yield: Tax Yield (6 Dec 2011)

Michael Noonan: The Finance (No. 2) Act 2008 included amendments to Sections 766 and 766A Taxes Consolidation Act (TCA) 1997 to provide for companies to claim the research and development tax credit as a payable credit where there is insufficient Corporation Tax in the year of claim and the preceding accounting period to absorb the full credit. This change applies to accounting periods commencing on or after...

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

Michael Noonan: Charities and non-profit groups engaged in non-commercial activity are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide and cannot recover VAT incurred on goods and services that they purchase. Essentially only VAT registered businesses which charge VAT are able to recover VAT. I appreciate the...

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

Michael Noonan: The decision on whether or not to grant a loan to a borrower must remain a commercial decision for the lending institution concerned. It is important that each lending institution is allowed to assess properly and independently the risks that it is considering when deciding whether or not to approve a loan. The Government acts at arms length from the lending institutions and does not...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: In a full year.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: I am also modifying retirement relief from capital gains tax so that it better incentivises the timely transfers of farms and businesses before the current owners reach the age of 66. The approach is in keeping with the policy of my colleague the Minister for Agriculture, Food and the Marine, Deputy Simon Coveney, of encouraging timely transfer of farm assets and improving the age profile of...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: -----but if they purchase in 2013, mortgage relief will end, arising from the decision of the previous Government. Mortgage Arrears Turning to those in mortgage difficulty, the Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. It was for this reason that the Government took the...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: All the poor people down my way pay tax. I do not know what country the Deputy is living in if he thinks the low paid do not pay income tax.

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: That is the key issue for this budget. I want to make it clear that there will be no increase in income tax in this budget. In case there is any doubt, there will be no increases in rates, no narrowing of bands and no reductions in personal tax credits. Wages and salaries in January will be no lower than in December; therefore, people will continue to have discretion on how they spend...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: If one looks at the supporting documents and at the tables of income for different families and people in different family situations, one will find that we have achieved a first. If one looks across different families and partnerships, one will see the income from their wages and salaries will be exactly the same. I do not think that has ever happened before in a budget. The Government has...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: If it is, it should test it out on the people in the next election, but we fundamentally disagree with that approach. The majority of revenue adjustments to date have been achieved through increases in direct taxation. The marginal rate of taxation on income is now 52% for PAYE workers and 55% for the self-employed. The OECD has concluded that Ireland has the most progressive tax system of...

Budget Statement 2012 (6 Dec 2011)

Michael Noonan: In case the figures have been lost in the noise, the change means that 330,000 people will no longer be liable to pay the universal social charge. The Revenue Commissioners will collect the universal social charge on a cumulative basis next year, thereby reducing the risks of over or underpayment of the charge. This will offset the costs of the very positive change made for the lower paid....