Results 6,401-6,420 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Data (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 134, 146, 161, 162, 173 and 174 together. I am informed by Revenue that an estimated 38% of income earners are exempt from income tax in 2015.  The estimated percentages of self-assessed income earners and PAYE income earners who are exempt from income tax are 36% and 38% respectively. In relation to the Deputy's questions on USC and standard rate bands,...

Written Answers — Department of Finance: Tax Yield (16 Jul 2015)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000, which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap 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 pension...

Written Answers — Department of Finance: Tax Reliefs Cost (16 Jul 2015)

Michael Noonan: I am advised by Revenue that a wide range of statistical information is available on the Commissioners', Statistics webpage: . In relation to the Deputy's question, the latest detailed information on the costs of allowances and reliefs can be found under the Tax Expenditures heading at .  Costs are not yet available in respect of the year 2015 and are only available for 2014 for certain...

Written Answers — Department of Finance: Corporate Tax Compliance (16 Jul 2015)

Michael Noonan: I am informed by Revenue that the total Corporation Tax receipts from the financial and insurance activities sector for the years 2013 and 2014 were around €1,026 million and €1,045 million respectively. The estimated total PAYE and associated USC receipts from this sector were in the region of €1,875 million for 2013 and €2,010 million for 2014. I am further...

Written Answers — Department of Finance: General Government Debt (16 Jul 2015)

Michael Noonan: General government debt has increased by approximately €156.2bn from a debt level of €47.1bn in 2007 to €203.3bn as at December 2014. The Deputy should note that borrowing is not undertaken for any specific purpose but rather as the requirements for cash-flow occur. Total cash and other financial asset balances as reported by the NTMA which were included in the...

Written Answers — Department of Finance: Tax Reliefs Data (16 Jul 2015)

Michael Noonan: The quantities of Petrol, Auto Diesel and Marked Gas Oil (MGO) tax paid in the State  in  each of the years 2012 2014 is as follows: - MGO ('000 litres) Auto Diesel ('000 litres) Petrol ('000 litres) 2012 1,125,849 2,548,025 1,667,582 2013 1,101,590 2,676,358 1,568,147 2014 997,528 2,846,887 1,483,192 MGO, which is commonly referred to as agricultural diesel, is used...

Written Answers — Department of Finance: State Debt (16 Jul 2015)

Michael Noonan: The most recent estimate of the structural deficit was contained in the Stability Programme Update (SPU) published in April.  The estimate for 2015, using the required harmonised methodology, is a structural deficit of 2.6% of GDP.  An updated estimate of the structural balance will be contained in Budget 2016. 

Written Answers — Department of Finance: Financial Services Regulation (16 Jul 2015)

Michael Noonan: As previously outlined to the Deputy, I am aware of a number of reports that have been produced by third parties in relation to matters arising from the banking crisis which remain unpublished at this time including those produced by McCann Fitzgerald and Ernst and Young (which were commissioned by the former Board of INBS) in relation to governance matters in the former Irish Nationwide...

Written Answers — Department of Finance: Credit Unions (16 Jul 2015)

Michael Noonan: On November 2013, on foot of a request from the Governor of the Central Bank, I agreed to the payment to Permanent tsb (PTSB) of a financial incentive to support the transfer of Newbridge Credit Union Ltd (NCU), excluding its premises. The maximum amount of financial incentive is €53.9 million, comprising: - €23 million in cash up-front - paid in full....

Written Answers — Department of Finance: National Treasury Management Agency (16 Jul 2015)

Michael Noonan: State Savings is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of Government savings products offered by the NTMA to personal savers. State Savings form part of Ireland's debt, the repayment of which is a direct, unconditional obligation of the State. The NTMA has advised that the total value of State Savings at end-June 2015...

Written Answers — Department of Finance: Tax Compliance (16 Jul 2015)

Michael Noonan: Maximising voluntary tax and duty compliance is a key objective for Revenue. Providing a high quality efficient and cost effective service to taxpayers and their agents to facilitate voluntary compliance is an important priority for Revenue in that regard. Allied to the quality service approach is a clear focus on addressing non-compliance in all its forms.  Sophisticated risk...

Written Answers — Department of Finance: NAMA Debtors (16 Jul 2015)

Michael Noonan: I am advised by NAMA that it has obtained additional security over assets with an aggregate value in excess of €800m through a combination of the reversal of asset transfers and additional security over previously unencumbered assets. Approximately 25% of additional security by value has been obtained as a result of the reversal of asset transfers. I am further advised by NAMA...

Written Answers — Department of Finance: NAMA Property Rental (16 Jul 2015)

Michael Noonan: I am advised by NAMA that it has received 411 eligible applications for rent abatement, through its debtors and receivers, under its Guidance Note on Upwards Only Rent Reviews, and that, of these, 360 have been approved and a further 39 are currently being assessed. Furthermore, I am advised that just 12 of the 411 eligible applications have been refused.

Written Answers — Department of Finance: Government Bonds (16 Jul 2015)

Michael Noonan: Irish Amortising Bonds were launched in 2012 in response to demand from the Irish domestic pensions industry. The National Treasury Management Agency (NTMA) has advised that, as at end-June 2015, that €1.1 billion of Irish Amortising Bonds had been taken up. The NTMA is available to respond to further demand for such bonds as it arises.

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (16 Jul 2015)

Michael Noonan: Following the commencement of the relevant section of the National Treasury Management Agency (Amendment) Act 2014 on 22 December 2014 the assets of the National Pensions Reserve Fund (NPRF) became the assets of the Ireland Strategic Investment Fund (ISIF). The National Treasury Management Agency (NTMA) has advised that €7.146 billion represents both the final...

Written Answers — Department of Finance: State Claims Agency (16 Jul 2015)

Michael Noonan: The State Claims Agency's (SCA) claims management objective is to manage claims efficiently and conscientiously. This has the following practical implications: - In cases where the State is considered liable or which involve an apportionment of liability, the SCA's approach is to settle such claims expeditiously, in so far as it is possible to do so, and on fair and reasonable terms;...

Written Answers — Department of Finance: IMF Loan Issues (16 Jul 2015)

Michael Noonan: The International Monetary Fund (IMF) is a Quota-based institution. Each member is assigned a Quota, broadly based on its size relative to the world economy. A member's Quota determines its maximum financial commitment to the IMF, as well as its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights (SDRs), the IMF's unit of...

Written Answers — Department of Finance: Budget Statement (16 Jul 2015)

Michael Noonan: Budgetary preparation is a "whole-year" process and work has already commenced for Budget 2016.  As part of its reform of the budgetary process, the Government this year published the Spring Economic Statement and established the National Economic Dialogue.   The Spring Economic Statement set out the emerging economic and fiscal situation and the Government's medium-term fiscal...

Written Answers — Department of Finance: NAMA Transactions (16 Jul 2015)

Michael Noonan: I am advised by NAMA that it has to date advanced €373m in vendor finance across six transactions involving the sale of commercial property securing its loans. These transactions have involved the sale of completed office and retail accommodation and therefore the Deputy's reference to housing units does not arise.  As previously advised by NAMA, a number of positive market...

Written Answers — Department of Finance: Tax Reliefs Data (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 155, 159 and 160 together. I am informed by Revenue that the number of mortgage accounts in receipt of tax relief at source in respect of mortgage interest in each year from 2010 to 2015 (to date), is as set out in the following table. The projected cost of mortgage interest relief in 2015 is estimated to be in the order of €275 million. Year...