Results 8,801-8,820 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rate Application (14 Jan 2015)

Michael Noonan: I am advised by the Revenue Commissioners that "smoothie" is a generic term for a range of blended products containing, among other things, fruit juices and other products derived from fruit, frozen yogurt and/or ice cream and, in some cases, chocolate and confectionery products. Paragraph 8(1) of Schedule 2 of the Value-Added Tax Consolidation Act 2010, provides for the application of the...

Written Answers — Department of Finance: EU Directives (14 Jan 2015)

Michael Noonan: The Payment Accounts Directive introduces rules on the transparency and comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features. The Payment Accounts Directive was agreed in August 2014.  Member States, including Ireland, are required to transpose the provisions of the Payment Accounts Directive into national law...

Written Answers — Department of Finance: State Bodies Mergers (14 Jan 2015)

Michael Noonan: My Department is currently progressing the amalgamation of the Offices of the Financial Services Ombudsman and the Pensions Ombudsman.  A Steering Group chaired by my Department with representatives from the Financial Services Ombudsman, the Pensions Ombudsman, the Departments of Public Expenditure and Reform and Social Protection continue to meet to progress the...

Written Answers — Department of Finance: General Government Debt (14 Jan 2015)

Michael Noonan: The reported general government balance for the period 2007-2013 and the projected figures for 2014-2018 as per Budget 2015 are: - 2007 2008 2009 2010 2011 2012 2013 General government balance 453 -13,145 -19,357 -21,892 -14,764 -13,901 -9,947 Source: Eurostat - 2014f 2015f 2016f 2017f 2018f General government balance -6,868 -5,198 -3,763 -1,930 565 Source: Department of Finance...

Written Answers — Department of Finance: Fiscal Policy (14 Jan 2015)

Michael Noonan: As the Deputy will be aware, the anchor for fiscal policy over recent years has been to achieve a deficit of less than 3% of GDP by 2015 and exit the Excessive Deficit Procedure (EDP).  Through the EDP process, Ireland's targets have always been set in headline deficit terms, for example, a deficit of less than 5.1% of GDP in 2014. For 2015, the Budget forecasts a deficit of 2.7%...

Written Answers — Department of Finance: Banks Recapitalisation (14 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 166, 172 and 181 together. As you will be aware, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns" and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism (ESM) could recapitalize banks...

Written Answers — Department of Finance: Financial Services Regulation (14 Jan 2015)

Michael Noonan: The credit union sector plays an important role in providing financial services nationally, but in doing so must retain the responsibility of ensuring members' funds are not put at undue risk. While the Department receives many proposals on various issues, my Department received a proposal in August 2014 outlining a plan to establish and operate...

Written Answers — Department of Finance: Consultancy Contracts (14 Jan 2015)

Michael Noonan: The information requested by the Deputy is set out in the table below. Consultancy Firm Amount Strata3  €25,392 Carlos Matos Chaves €759 Red C €117,958 Deloitte LLP €97,935 ESRI €141,262 Seamus Coffey €4,900 Tandem Consulting €10,000 MKF property €28,721 VMForensics €14,804 Central Bank €144,498...

Written Answers — Department of Finance: Disabled Drivers Grant (14 Jan 2015)

Michael Noonan: Section 61 of the Finance Act 2014 amended section 92 of the Finance Act 1989 by removing the requirement, in the Disabled Drivers and Disabled Passengers Scheme, in respect of a disabled passenger, that the cost of vehicle adaptation should be more than 10% of the value of the vehicle excluding tax and duty. This amendment came into effect on 23 December 2014, the day the Finance Act...

Written Answers — Department of Finance: Deposit Interest Rates (14 Jan 2015)

Michael Noonan: Relief from DIRT on savings used by first time buyers towards the deposit on a home was introduced from 14 October 2014.  The estimated cost of the relief at the time of the Budget was €2.8m per year based on an estimate of 9,500 first time buyers. I am advised by the Revenue Commissioners that they are currently planning the development of an online system to allow taxpayers...

Written Answers — Department of Finance: Tax Collection (14 Jan 2015)

Michael Noonan: I am advised by the Revenue Commissioners that they have been in contact with the person's pension provider, which indicated that the person's tax credits were incorrectly applied for the initial pension payments in 2015. The pension provider has confirmed that they have now amended their records and the tax over deducted will be repaid directly to the person concerned. Separately, the...

Written Answers — Department of Finance: Exchequer Returns (14 Jan 2015)

Michael Noonan: The information requested by the Deputy is published as part of the Exchequer returns process and is displayed on the second page of the Exchequer Statement under non-tax revenue. For convenience the requested information is reproduced in the table below. The figure of €10.701 million under the heading of "Other Dividends" has also been expanded to show the source of the dividends. ...

Written Answers — Department of Finance: Exchequer Returns (14 Jan 2015)

Michael Noonan: The End December 2014 Exchequer Statement included capital receipts of €405 million under the heading "National Lottery License payment". This amount was paid by Premier Lotteries Ireland Limited for the licence to operate the National Lottery. Further capital receipts of €1.86 million were received under the heading "Sale of State Property". These receipts are broken down as...

Written Answers — Department of Finance: Property Tax Yield (14 Jan 2015)

Michael Noonan: €491 million was collected in Local Property Tax (LPT) receipts in 2014 against a Budget 2014 forecast target of €550 million. The Budget 2014 forecast assumed that prepayments in 2014 of 2015 LPT liabilities would be similar to the significant pre-payments for 2014 liabilities of c. €75 million that were made in November and...

Written Answers — Department of Finance: Tax Code (14 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated annual Exchequer cost of reducing the excise duty on petrol and diesel by 10% is around €96m and €127m respectively. The impact per litre is shown in the following table: Current Total Excise & Carbon Average Price Average Price Reduction Less Reduction Per Litre (VAT inclusive) Per Litre Cent Cent...

Written Answers — Department of Finance: Local Government Fund (14 Jan 2015)

Michael Noonan: Section 157 of the Finance (Local Property Tax) Act 2012, as amended, provides that, in each financial year commencing with 2014, the Minister shall pay from the Central Fund or the growing produce thereof into the Local Government Fund an amount equivalent to the Local Property Tax (LPT), including any interest paid thereon, paid into the Central Fund during that year. During 2014, the...

Written Answers — Department of Finance: IBRC Liquidation (14 Jan 2015)

Michael Noonan: As part of the liquidation of the Irish Bank Resolution Corporation (IBRC) on 6 February 2013, the Central Bank of Ireland acquired €25.034 billion  long-dated Irish Government Floating Rate Notes (FRNs) and €3.461 billion of the Irish Government 2025 Fixed Rate Bond.  The table below sets out the various notes, the applicable interest rate, the maturity date for...

Written Answers — Department of Finance: EU Directives (14 Jan 2015)

Michael Noonan: I am setting out, in tabular format, the EU Directives which remain to be implemented by my Department. Directive Transposition Deadline Additional Comments 2009/138 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance 31/03/2015 2013/50 Directive 2013/50/EU of the European...

Written Answers — Department of Finance: Departmental Staff (14 Jan 2015)

Michael Noonan: I wish to inform the Deputy that 1 member of staff of my Department was seconded to PWC during the years 2010 to date in 2015. I am advised by the Revenue Commissioners that there have been no such secondment arrangements in respect of the periods referred to.

Written Answers — Department of Finance: Departmental Staff (14 Jan 2015)

Michael Noonan: I wish to advise the Deputy that currently there are 6 people on secondment to my Department from external accountancy firms and consultancy firms. The firms involved are AIB, PWC, A&L Goodbody, Dillon Eustace, Matheson and the Irish Funds Industry. These secondments supplement the skills and numbers in key/critical areas of my Department. I am advised by the Revenue Commissioners...