Results 25,281-25,300 of 27,019 for speaker:Michael Noonan

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: There comes a point when it has to be positive and state what it wants to do rather than what it is against.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: Defining wealth as a fixed asset and saying €5 million in a pension fund is not wealth is a long way from reality. I thank everyone who contributed. It was a good and interesting debate. Members met it fairly. It was negative on the afternoon of the first day, but it improved as the week went by. Yesterday parts of the debate were constructive and good ideas came from all sides of the...

Written Answers — Pension Provisions: Pension Provisions (12 May 2011)

Michael Noonan: The position is that the universal social charge (USC) applies to all emoluments of an employment, including anything treated as a taxable benefit-in-kind. The USC also applies to a person's aggregate income before granting relief in respect of pension contributions, including contributions to a personal retirement savings account (PRSA), a personal pension plan, additional voluntary...

Written Answers — Commission on Credit Unions: Commission on Credit Unions (12 May 2011)

Michael Noonan: I propose to take Questions Nos. 43, 44 and 45 together. The Deputy will be aware that, under the EU/IMF Programme of Support for Ireland, we have certain commitments in relation to the credit union sector. One of these commitments is to have the Commission on Credit Unions established by end-May 2011. I intend to meet this target. The Terms of Reference for the Commission will be agreed...

Written Answers — Tax Code: Tax Code (12 May 2011)

Michael Noonan: I assume that the Deputy is referring to the cost of tax reliefs for the years specified in the question. The following tables provide a breakdown of the estimated cost of tax and PRSI reliefs relating to private pension contributions for 2006, 2007 and 2008, the latest year for which the most up-to-date data is available. Figures have been rounded where appropriate. I am advised by the...

Written Answers — Tax Refunds: Tax Refunds (12 May 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that the person concerned has received tax relief in respect of expenditure incurred during the years 2008 and 2009 on prescribed drugs. If additional qualifying expenditure has been incurred on qualifying medical expenses and qualifying dental expenses during the years 2007 to 2010 inclusive, relief can be claimed by submitting completed forms...

Written Answers — Disabled Drivers: Disabled Drivers (12 May 2011)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. The Deputy may wish to note...

Written Answers — Tax Code: Tax Code (12 May 2011)

Michael Noonan: I have been informed by the Revenue Commissioners that the taxpayer in question is not being taxed on an emergency tax basis. The Revenue Commissioners made contact with the employer and it was confirmed that the details per the Tax Credit Certificate, which issued to them on 13 December 2010 are being applied. If any further details are required the person should contact the revenue office...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: As the Deputy is no doubt aware, in government it comes down to a very simple decision and in this case it is a question of whether one does something or nothing. Everybody in the House agrees the jobs crisis is getting worse and that it needs specific and focused action. The previous Government decided to do nothing, we have decided to do something, which is the basis for this initiative....

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I had to check twice to see where Deputy Tóibín was sitting because from what he just said he seems to be sitting in the wrong part of the House. Can any Member name me a tax that is universally popular?

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: Can anyone claim jobs are not a crisis problem in society? The pension funds were built up by the most generous tax regime in the State's history.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I cannot answer if Deputies keep interrupting.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: A large proportion of the accrued value of pension funds is due to the fact that previous Governments allowed a tax break at the marginal tax rate of 40% for people to build up pension funds. Considering somebody on €80 a week is expected to pay the universal social charge because of the difficulties we are in, it is reasonable to ask pension funds to pay a levy of 0.6% for four years.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: It is a very small imposition when compared with the huge generosity of successive Administrations to the pensions industry in providing relief at the marginal rate of tax. This is a generosity that has been pinpointed by the IMF and EU agencies as not to be allowed to continue. That is why the industry came to me and offered the levy. This is a reasonable levy. The lobbies involved will...

Written Answers — Departmental Functions: Departmental Functions (11 May 2011)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. The process of transferring functions from one Department to another is carried out by means of Government Orders under powers contained in section 6(1) of the Ministers and Secretaries (Amendment) Act 1939, while in some cases primary legislation may be needed. Each Order is carefully drafted so that all relevant legislation is listed in...

Written Answers — Fuel Smuggling: Fuel Smuggling (11 May 2011)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in fuel products, that they are conscious of the threat posed by laundered fuel, and that they have undertaken ongoing extensive enforcement action, which has led to the detection of oil laundries and the prosecution of individuals and companies involved....

Written Answers — Compensation Schemes: Compensation Schemes (11 May 2011)

Michael Noonan: There are no plans to introduce a compensation scheme for persons who may have lost money as a result of purchasing shares in privatised State companies.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (11 May 2011)

Michael Noonan: Following my Statement on the restructuring of the domestic banking system on 31 March last, each of the covered institutions is required to prepare comprehensive plans detailing how the restructuring, reorganisation and deleveraging process will be implemented. Under the revised terms of the Financial Measure Programme agreed with the IMF and EU, these plans will also form part of the...

Written Answers — Legislative Programme: Legislative Programme (11 May 2011)

Michael Noonan: My intention is that Minister, Deputy Howlin, and I will present the Ministers and Secretaries (Amendment) Bill for consideration by the Government at its meeting next Tuesday 17 May, with a view to publishing it as soon as possible thereafter. Staff of both the Department of Finance and the Department of Public Expenditure and Reform will continue to work in their existing locations in...

Written Answers — National Anthem: National Anthem (11 May 2011)

Michael Noonan: I understand that the Irish translation which became generally known and used was written perhaps as early as 1917 by Liam Ó Rinn, who later became Chief Translator to the Oireachtas. He translated the first line of the chorus, "Soldiers are we, whose lives are pledged to Ireland" as "Sinne fianna fáil, atá fá gheall ag Éireinn"'. With regard to the history, development and...