Results 23,521-23,540 of 27,019 for speaker:Michael Noonan

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (26 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that, following the publication of the report of the Moriarty Tribunal, a Revenue official was appointed to examine its contents. The officer has examined the Report and there are a number of matters which have been progressed and others which are still under consideration. The Tribunal recommended that the independence of the Revenue Commissioners...

Written Answers — Tax Code: Tax Code (26 Oct 2011)

Michael Noonan: Changes were introduced in Budget and Finance Act 2011 which reduced the lifetime limit of the tax-free retirement lump sum to €200,000 with any excess over this amount subject to tax on a staged basis. The details supplied with the question relate to the future tax treatment of retirement lump sums. It is not customary that I would comment on the detail of any possible tax changes in...

Written Answers — Tax Code: Tax Code (26 Oct 2011)

Michael Noonan: The windfall rate of 80% applies to a disposal of development land which has been the subject of a "relevant planning decision" – that is, a decision by a local authority since 30 October 2009 to rezone the land or a decision by a local authority since 4 February 2010 to materially contravene its development plan. The rate applies to the portion of the gain attributable to the "relevant...

Written Answers — National Asset Management Agency: National Asset Management Agency (26 Oct 2011)

Michael Noonan: In relation to asset transfers, 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...

Written Answers — Personal Debt: Personal Debt (26 Oct 2011)

Michael Noonan: I have been advised by the Central Bank that it is estimated that between 18% and 21% of owner occupier mortgages were first time buyers between 2003 and 2007. The Bank also estimates that a debt write down in the range of 20% to 50% of the outstanding balance on these loans would cost between €6 billion to €16 billion.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (26 Oct 2011)

Michael Noonan: On 25 July 2011, the Minister for Finance announced that a group of investors had committed to buy up to €1.1 billion of the NPRF's shares in Bank of Ireland. This commitment reduced, from €1.9bn to €0.8bn (58% reduction), the potential maximum cost for the State to meet the bank's PCAR equity capital requirement. As a result of investment from other non-government sources, the total...

Written Answers — Pension Provisions: Pension Provisions (26 Oct 2011)

Michael Noonan: I cannot say what the precise impact of the levy will be on individual funds, schemes or members as this depends on whether and to what extent pension fund trustees and Life Offices decide to pass on the levy to individual members, given the particular circumstances of the pension funds or pension plans that they are responsible for. I can say that the Finance (No 2) Act 2011 provisions which...

Written Answers — Personal Debt: Personal Debt (26 Oct 2011)

Michael Noonan: As the Deputy is aware, earlier this year, the Economic Management Council requested an Inter-Departmental Group to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. Following consideration by the Government, the Group's report was published on 12 October and is available on my Department's website. Given the importance of this issue, the...

Written Answers — Departmental Expenditure: Departmental Expenditure (25 Oct 2011)

Michael Noonan: Fees and expenses incurred by NAMA are recovered through the operating activities of the agency. They are published in the quarterly reports of NAMA, which are laid before the Houses of the Oireachtas and published on the NAMA website. The second quarterly report for the period ending 30 June 2011, accompanied by financial statements for the second quarter, was submitted to me as required...

Written Answers — Proposed Legislation: Proposed Legislation (25 Oct 2011)

Michael Noonan: This question relates to a submission by the Irish Bookmakers Association. The issues raised are being examined in the context of the proposed Betting (Amendment) Bill, which is being drafted at present. The Bill 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...

Written Answers — Pension Provisions: Pension Provisions (25 Oct 2011)

Michael Noonan: The current annual earnings cap of €115,000 acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on employee or personal pension contributions. I am informed by the Revenue Commissioners that the full year yield to the Exchequer arising from reducing the earnings cap to the amount...

Written Answers — Public Service Contracts: Public Service Contracts (25 Oct 2011)

Michael Noonan: The policy of my Department, as set out in Circular 43/2006 "Tax Clearance Procedures, Public Sector Contracts" is that, in the case of all public sector contracts of a value of €10,000 (inclusive of VAT) or more within any 12-month period, the contractor (and agent as appropriate) is required to produce either a valid tax clearance certificate or a C2 certificate. The public sector...

Written Answers — Tax Yield: Tax Yield (25 Oct 2011)

Michael Noonan: The Domicile Levy can be paid at any time up to 31 October in the year following the valuation date, which is 31 December of each year. The first valuation date for the levy was 31 December 2010 and the tax return and payment of the levy for 2010 is not due until 31 October 2011. The yield figure will not be available until after that date. As with other areas of taxation, the rules are...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: The supply of safety equipment including bicycle helmets for children up to 10 years of age is liable to VAT at the zero rate in accordance with paragraph 10(1) of Schedule 2 of the Value-Added Tax Consolidation Act 2010. The supply of safety equipment for adults and children older than 10 years is liable to VAT at the standard rate of 21% as provided for in Section 46(1)(a) of the VAT...

Written Answers — Departmental Agencies: Departmental Agencies (25 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 111, 115 and 137 together. In response to the Deputy's questions there are 2 bodies which are classed as commercial agencies and one body classed as non-commercial State agency which come under the aegis of my Department. The commercial bodies are Anglo Irish Bank and The National Asset Management Agency. The non-commercial State agency which comes under the...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: With effect from the start of this year, codified provisions in relation to transfer pricing address any understatement of profits for Irish tax purposes. These provisions confirm that, for trading transactions between associated persons, the OECD "arm's-length" standard of pricing must apply. Arm's length prices are those that would be agreed by independent parties. If the amount payable...

Written Answers — Tax Reliefs: Tax Reliefs (25 Oct 2011)

Michael Noonan: The public consultation on Section 23-type reliefs and other "legacy" property-based tax reliefs, undertaken by my Department concluded at the end of July. Over 700 submissions were made during the consultation, which forms part of an impact assessment process to assess the potential effects of amending, curtailing and/or abolishing such reliefs, in keeping with the commitment in the...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: I would point out that domestic fuels, namely electricity and gas, are already subject to VAT at the reduced rate of 13.5% in Ireland. The majority of EU Member States, nineteen of the 27 States, apply higher VAT rates to domestic energy than Ireland. Ireland can avail of this reduced rate because of a provision, under Article 118 of the EU VAT Directive that provides that where a reduced...

Written Answers — Departmental Agencies: Departmental Agencies (25 Oct 2011)

Michael Noonan: In response to the Deputy's question information in relation to bodies listed and which come under the aegis of my Department is as follows: Details requested in respect of the Office of the Appeals Commissioners and Office of the Revenue Commissioners are available in the revised estimates for 2011. The National Development Finance Agency (NDFA) performs its functions through the National...

Written Answers — State Banking Sector: State Banking Sector (25 Oct 2011)

Michael Noonan: As the Deputy will be aware, notwithstanding the fact that the State is a 99.8% shareholder in AIB, the bank is run on a commercial basis and the Government does not interfere in the day to day commercial decisions taken by the board and management of the bank. The matter referred to in the Deputy's question would clearly fall into this category and I would have no function in the matter.