Results 23,461-23,480 of 27,019 for speaker:Michael Noonan

Private Members' Business - Promissory Notes: Motion (8 Nov 2011)

Michael Noonan: That is a Sinn Féin expression. The expression "legitimate target" is a Sinn Féin expression and not ours.

Written Answers — Tax Code: Tax Code (3 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The general position is that school books are zero-rated. The zero rate applies to printed books, including atlases, children's picture, drawing and colouring books and books of music. All digitised publications, regardless...

Written Answers — Banking Sector: Banking Sector (3 Nov 2011)

Michael Noonan: The measures that are in place to assist people who are having genuine difficulties in meeting their mortgage repayments cover both the "pillar banks" and the non pillar banks. The Central Bank's revised Code of Conduct on Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the State. Compliance with the Code is...

Written Answers — Fiscal Policy: Fiscal Policy (3 Nov 2011)

Michael Noonan: The information requested by the Deputy concerning the Exchequer primary deficit – that is the Exchequer deficit excluding debt interest expenditure – bank recapitalisation payments and bond redemptions for each of the years 2007-2010 is set out in the table. The Deputy should be aware that in 2007, the Exchequer was in primary balance. The Exchequer primary balances are calculated using...

Written Answers — Departmental Expenditure: Departmental Expenditure (3 Nov 2011)

Michael Noonan: All employees in my Department are on electronic payslips and hard copy payslips are only provided to employees who are on extended absence, for example, maternity leave. The details sought by the Deputy are as follows: - Number of staff issued with payslips 19. - Annual cost, €183

Written Answers — Departmental Expenditure: Departmental Expenditure (3 Nov 2011)

Michael Noonan: My Department is a shared services payroll provider and, in addition to paying Department of Finance staff, provides a service for a number of other Government Departments/Offices. Hard copy payslips are only provided to Departments/Offices who specifically request them. The details sought by the Deputy are as follows: - Number of staff issued with payslips 272. - Annual cost,...

Written Answers — Tax Code: Tax Code (2 Nov 2011)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the VAT Directive Member States may only apply the reduced VAT rate to those goods and services which are listed under Annex III of the VAT Directive. I understand that the major sectors within the Irish craft industry are pottery, glass, jewellery, textiles and...

Written Answers — Vehicle Registration: Vehicle Registration (2 Nov 2011)

Michael Noonan: I assume the Deputy is referring to the registration of vehicles. I am advised by the Revenue Commissioners that some thought has been given to the question of having two registration periods in the one year. However, it is not clear if it would achieve its aim of spreading the sales of vehicles more evenly throughout the year. It may also distort the market of both new and second hand...

Written Answers — National Asset Management Agency: National Asset Management Agency (2 Nov 2011)

Michael Noonan: NAMA advises me that it does not directly employ developers. NAMA does, however, work with developers where it considers that this will provide the best return to the taxpayer. The alternative is to take enforcement action against a developer, which NAMA has done in 91 cases so far. I understand from NAMA that, as part of its business plan agreements with debtors, it normally looks for and...

Written Answers — Asset Transfers: Asset Transfers (2 Nov 2011)

Michael Noonan: In circumstances where it is obvious that the purpose of an asset transfer, whether to a spouse or otherwise, was a pre-emptive attempt to put assets beyond the reach of NAMA, NAMA has a number of statutory remedies available to it under Irish law. These include the provisions of the Conveyancing Act, the Land and Conveyancing Law Reform Act 2009 and Section 211 of the NAMA Act which provides...

Written Answers — Memoranda of Understanding: Memoranda of Understanding (2 Nov 2011)

Michael Noonan: As the Deputy will be aware, the latest review mission by the External Partners took place from the 11th - 20th of October. There are a numbers of programme documents that underpin the Programme of Financial Support. These documents include · the Memorandum of Economic and Financial Policies (MEFP) · the Memorandum of Understanding on Specific Economic Policy Conditionality, (MoU) · the...

Written Answers — European Banking Authority: European Banking Authority (2 Nov 2011)

Michael Noonan: The Minister for Finance has had no direct contact with the European Banking Authority (EBA) in relation to potential further recapitalisation of the Irish banks. The Central Bank has, however, been engaged with the EBA in relation to the capitalisation of banks around Europe, along with regulators from other member states. Officials from the EBA do however present at various committees,...

Written Answers — Sovereign Debt: Sovereign Debt (2 Nov 2011)

Michael Noonan: There is no question of the Government seeking to restructure sovereign debt. The impact of such an action would be highly detrimental to our chances of returning to sovereign debt markets. Such an action would probably cause great damage to our reputation and sacrifice the credibility we have built up through implementing policies that will assist our economy in returning to growth. It would...

Written Answers — Promissory Notes: Promissory Notes (2 Nov 2011)

Michael Noonan: As you are aware, the Government has been considering burden sharing with senior bondholders in both Anglo and INBS in consultation with our EU partners. We have said that we will not act on this without the agreement of the ECB. This agreement has, as yet, not been forthcoming. I had the opportunity to meet with President Trichet on the margins of the Ecofin meeting in Poland on Saturday,...

Written Answers — Promissory Notes: Promissory Notes (2 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 24, 35 and 36 together. As I stated after my meeting with ECB President Trichet and Commissioner Rehn last month, our European partners expressed strong reservations about burden sharing with senior bond holders in Anglo Irish Bank, now known as IBRC. Mr Trichet voiced his opinion that he is against such actions for two reasons: · Firstly private sector...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (2 Nov 2011)

Michael Noonan: The Eligibility Liabilities Guarantee (ELG) Scheme commenced on the 9th December 2009. The banking guarantee applied to each of the six participating institutions from the dates shown in the table. Participating Institution Subsidiaries Date joined the ELG Scheme Irish Life and Permanent plc 04/01/2010 Irish Permanent (IOM) Limited 04/01/2010 Bank of Ireland 11/01/2010 Bank of...

Written Answers — Tax Refunds: Tax Refunds (2 Nov 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that tax relief is available for fees paid by an individual for approved courses in approved colleges. The claim maybe in respect of a number of students. For 2011 and subsequent years the maximum annual relief for tuition fees is €7,000 @ 20% per individual per course i.e. €1,400 but limited to the amount of tax paid in the year by the...

Written Answers — Universal Social Charge: Universal Social Charge (2 Nov 2011)

Michael Noonan: As the Deputy is aware, the Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It is applied at a low rate on a wide base. The USC is designed to apply across income levels with a smoother progression and to address the irregularities caused by 'step effects' in the previous system of levies. It was a necessary measure to widen the...

Written Answers — Tax Code: Tax Code (2 Nov 2011)

Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by the Commissioners that this credit is granted under Section 472 Taxes Consolidation Act 1997. There are certain conditions that need to be met for the child of the employer to obtain the credit. These are: · The employee is: a "specified employed contributor" as defined in Section 472 or that the Income Tax (Employments)...

Written Answers — Tax Code: Tax Code (2 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that development land is defined as land, the consideration for the disposal of which is greater than its "current use value". The current use value of land is its value if it were unlawful, to develop it, apart from development of a minor nature, and it continues to remain unlawful to do so. Principal private residence relief (PPR relief) extends...