Results 24,861-24,880 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Collection: Tax Collection (16 Jun 2011)

Michael Noonan: I understand that the Deputy is referring to the potential for individuals to transfer their pension funds abroad with a view to avoiding tax on a chargeable excess that might arise at the time the pension benefits would otherwise become payable in Ireland. By way of background, under legislation introduced in Budget and Finance Act 2006, a limit of €5 million was placed on the maximum...

Written Answers — Tax Code: Tax Code (16 Jun 2011)

Michael Noonan: Farmers who are registered for VAT account for VAT in respect of all their taxable activities, whether those activities consist solely of farming or both farming and other activities such as the generation of electricity for provision to the national grid. In turn they are entitled to claim input credit for VAT charged on the installation of renewable energy microgeneration equipment for use...

Written Answers — Tax Collection: Tax Collection (16 Jun 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that an amended tax credit certificate issued to the person concerned on 10 June 2011. Based on that certificate, and the information available to the Revenue Commissioners regarding the person's income, no tax will be deducted and their employer will repay any tax already deducted.

Written Answers — Tax Code: Tax Code (16 Jun 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. While many tourist related services are being made subject to a new temporary lower reduced VAT rate of 9% from 1 July next, it is not possible to extend this treatment to all goods and services that are currently subject to the 13.5%...

Written Answers — Tax Collection: Tax Collection (16 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the Value Added Tax (Refund of Tax) (No.15) Order 1981 enables the Revenue Commissioners to refund the VAT paid on qualifying goods, which are purchased for the exclusive use of disabled persons suffering a specified degree of disablement. Qualifying goods means aids or appliances, including parts and accessories, specially constructed or...

Written Answers — Pension Provisions: Pension Provisions (16 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 71 to 73, inclusive, together. The issues raised by the Deputy, in his first two questions, are for the board and management of Irish Life and Permanent (ILP) and fall to be addressed using the normal industrial protocols. Accordingly, it would not be appropriate for me, as Minister for Finance, to comment further. In relation to the possible use of the sale...

Written Answers — Public Sector Pay: Public Sector Pay (16 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 74 and 75 together. Proposals have been brought to Government concerning inter alia the remuneration of chief executives in Commercial State Sponsored Bodies. It would be inappropriate to comment in advance of a Government Decision on the matter or indeed to give an indication of possible outcomes at this time.

Written Answers — Public Sector Pay: Public Sector Pay (16 Jun 2011)

Michael Noonan: The school in which the staff are employed is defined as a public service body within the meaning of, and for the purposes of the Financial Emergency Measures in the Public Interest (No 2) Act 2009. This definition applies to all recognised schools. Once staff are employed by a public service body they must be subject to the provision of the Financial Emergency Measures in the Public...

Written Answers — Departmental Staff: Departmental Staff (15 Jun 2011)

Michael Noonan: There are five Auditors currently employed in my Department. In addition, there are other staff members who carry out a wide range of functions in the audit field.

Written Answers — Proposed Legislation: Proposed Legislation (15 Jun 2011)

Michael Noonan: The Department of Public Expenditure and Reform is currently carrying out preparatory work to implement the commitments in the Programme for Government in relation to the Freedom of Information Acts. When this work is completed the Minister for Public Expenditure and Reform, Brendan Howlin T.D. will bring proposals to the Government.

Written Answers — Local Authority Valuations: Local Authority Valuations (15 Jun 2011)

Michael Noonan: The Valuation Act, 2001 which came into effect on 2nd May, 2002, provides for the revaluation of all commercial and industrial property. The Commissioner of Valuation has sole responsibility for all valuation matters under the Valuation Act 2001 which includes the implementation of the revaluation programme on a nationwide basis. The revaluation programme began in November 2005 in the South...

Written Answers — Tax Collection: Tax Collection (15 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that following receipt of a claim from the person on 25 May and following the normal processing and verification checks by Revenue the claim has now been approved for repayment. The repayment will be made to the bank account of the person concerned within the next few days.

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: Budget 2011 reduced the Stamp Duty rate on residential property purchases while abolishing some reliefs and exemptions, including First Time Buyer relief. This was done to help broaden the tax base and lower the rate of stamp duty for most purchasers. All purchasers of residential property under €1 million in value, are now only liable for stamp duty at 1%. I have no plans at this time...

Written Answers — Negative Equity Mortgages: Negative Equity Mortgages (15 Jun 2011)

Michael Noonan: The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal Debt. This Group published its final Report in November 2010. All of the Expert Group's recommendations are listed in Chapter 2 of the Report which can be accessed at www.finance.gov.ie. The Group's Report contained the following recommendation: "The Group notes that, for some mortgage holders, who...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: Any proposed changes in VAT must be considered in the context of EU law, to which Irish VAT law must comply. In this regard, there is no provision in European VAT law that would allow the application of a reduced VAT rate on supplies of architectural services. Annex III of the VAT Directive lists the goods and services to which Member States may apply a reduced rate. In addition, Member...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I would point out that the VAT rate applicable to construction and maintenance services, including energy reducing services therein, is 13.5% and such services have applied at a reduced VAT rate since the introduction of VAT in 1973. The supply of certain environmental products, such as insulation materials, wind turbine equipment, wood pellet boilers and solar panels, are chargeable at the...

Written Answers — Debt Crisis Resolution: Debt Crisis Resolution (15 Jun 2011)

Michael Noonan: I am informed by the Central Bank that the value of gold and gold receivables held by the Bank at the end of 2010 was some €203.792 million (€147.975 million at end-2009). Gold is valued at the closing market price and securities at mid-market closing prices at year-end. The increase in the balance sheet entry for the value of the Bank's gold holdings at end-2010 is due to the change in...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the following is the position in relation to the classification of the taxpayer's vehicle. The purpose of VRT classification is to decide the applicable rate of VRT. Vehicles are therefore classified for VRT only in response to a declaration for registration or a declaration of conversion of a registered vehicle to a higher VRT category. The...

Written Answers — Consumer Protection: Consumer Protection (15 Jun 2011)

Michael Noonan: There is already a comprehensive licensing system in place for moneylenders. Moneylenders have to apply to the Central Bank annually to have their licenses renewed. Section 93 of the Consumer Credit Act, 1995 (as amended) sets out the Central Bank's powers in relation to the grant or refusal of a moneylender's license. The appropriate moneylending application form (new or renewal) must be...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: As the Deputy is aware, the Joint Administrators of Quinn Insurance Ltd (QIL) recently indicated that there was likely to be a call of about €600m on the Insurance Compensation Fund as a result of the solvency deficit in that company. Currently, there is €30m in the fund with a further €10m expected to be paid into it shortly on completion of the PMPA administration. Consequently, this...