Results 10,321-10,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Cost (17 Sep 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of mortgage interest relief for principal private residences by way of tax relief at source (TRS) in the years 2012 and 2013 is as follows: Tax Year Cost - €m Number of Claimants 2012 411 508,200 2013* 353 492,700 *This figure is provisional and subject to revision. A breakdown of the...

Written Answers — Department of Finance: NAMA Portfolio (17 Sep 2014)

Michael Noonan: NAMA acquired a loan portfolio which was secured, among other assets, by some 14,000 completed residential units. I am advised by NAMA that it has identified 5,445 houses and apartments as being available, through its debtors and receivers, for social housing.  Through a process agreed with the Minister for the Environment, Community and Local Government and the Minister for Housing and...

Written Answers — Department of Finance: Promissory Notes (17 Sep 2014)

Michael Noonan: Subsequent to the liquidation of Irish Banking Resolution Corporation the Central Bank acquired €25 billion of Floating Rate Notes (FRNs) and €3.46 billion of Government Fixed Coupon 2025 bonds.  The Bank undertook to sell the combined portfolio of the FRNs and the fixed rate bond as soon as possible provided the conditions of financial stability permit.  The Bank also...

Written Answers — Department of Finance: Security of the Elderly (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 193 and 195 together. I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  In the circumstances, the supply of personal alarms is liable to VAT at the standard rate, currently 23%.  The supply of parts and accessories and monitoring...

Written Answers — Department of Finance: Tax Credits (17 Sep 2014)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit (OPFTC) has been replaced with the Single Person Child Carer Credit from 1 January 2014.   However, the reformed credit is more targeted in that it is, in the first instance, only available to the primary carer of the child. Given the difficult fiscal environment, it is essential to review all tax reliefs, credits...

Written Answers — Department of Finance: Pension Provisions (17 Sep 2014)

Michael Noonan: There are a number of reasons why, under existing policies, pre-retirement access to the main benefits from pension plans or schemes is not permitted, the principal one being that these arrangements (and the associated tax reliefs on contributions and pension fund growth) are designed to be long term savings vehicles based on the principle that the benefits will be "locked away" to help fund...

Written Answers — Department of Finance: Revenue Commissioners Investigations (17 Sep 2014)

Michael Noonan: Further to my previous response to the Question No. 215 of 8 July 2014, the Revenue Commissioners have advised that the importer in question employed a Customs clearance agent to handle the import process, as is normal practice for the importation of goods. The decision by Revenue to examine this container was conveyed to the Customs clearance agent employed by the importer. The decision on...

Written Answers — Department of Finance: VAT Payments (17 Sep 2014)

Michael Noonan: Section 37(1) of the Value-Added Tax Consolidation Act 2010, provides that the amount on which VAT is chargeable is the total consideration receivable by the supplier, "including all taxes, commissions, costs and charges whatsoever" but not including the VAT itself.  VAT is governed by the EU VAT Directive, with which Irish VAT law must comply.  Article 78 of the VAT Directive...

Written Answers — Department of Finance: Departmental Staff Data (17 Sep 2014)

Michael Noonan: The number of staff who retired, resigned or otherwise departed from my Department from 1 July 2013 to 2014 is outlined below. My Departments current staffing levels are consistently below the ECF ceiling. The filling of any vacancies will be dictated by our strategy and the ECF. Savings, if any, will be minimal. Year Number of Staff 1 July31 December 2013 18 of which 9 were not on...

Written Answers — Department of Finance: Departmental Staff Recruitment (17 Sep 2014)

Michael Noonan: The number of new staff employed since 1 July 2013 to 31 December 2013 and the expected number to be employed in 2014 are shown in the table below. The salaries of all staff within my Department fully adhere to pay guidelines issued by the Department of Public Expenditure and Reform. Year Number of Staff 1 July31 December 2013 8 of which 5 were not on the department's...

Written Answers — Department of Finance: Pension Provisions (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 201, 202 and 208 together. As they each relate to the issue of  access to the Approved Retirement Funds (ARFs) option for holders of Buy-out Bonds (BOBs). By way of background, ARFs were introduced by Finance Act 1999 to provide control, flexibility and choice to holders of personal pensions and to proprietary director members of occupational pension...

Written Answers — Department of Finance: Betting Regulations (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 203 and 204 together. The regulatory framework for betting is provided for in the Betting Act, 1931, which falls within the remit of my colleague the Minister for Justice, Equality and Law Reform.  Under this regulatory framework, licensed bookmakers are not permitted to offer any services other than betting in a registered bookmaking premises. ...

Written Answers — Department of Finance: Mortgage Protection Policies (17 Sep 2014)

Michael Noonan: The Government's construction strategy includes a desire for a return to sustainable levels of mortgage lending as part of a healthy market. This involves the consideration of measures to stimulate the development of housing. In Ireland's housing market, over the last few years, lending volumes have declined dramatically. More recently, commentators have been highlighting the lack...

Written Answers — Department of Finance: Tax Exemptions (17 Sep 2014)

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly for the student sector. The scheme provides an exemption from Income Tax,...

Written Answers — Department of Finance: Tax Exemptions (17 Sep 2014)

Michael Noonan: One of the main purposes of section 18 of the Finance Act 2013 is to correct an anomaly which, up until that time, allowed land dealers and developers to potentially obtain a tax deduction in circumstances where they suffered no real economic loss. The provision applies only in very specific circumstances by effectively clawing back a tax deduction, which the taxpayer...

Written Answers — Department of Finance: European Central Bank (17 Sep 2014)

Michael Noonan: Lithuania will join the euro in January 2015.  They will become the nineteenth member of the euro area and this will trigger a change in the voting rights as envisaged by the Governing Council in December 2002.  Currently, the ECB's Governing Council consists of the six members of the Executive Board, plus the governors of the national central banks of the 18 euro area countries....

Written Answers — Department of Finance: Tax Code (17 Sep 2014)

Michael Noonan: The following provisions are due to expire at the end of 2014: Legislative Provision Brief Description Section 285A of the Taxes Consolidation Act 1997 Provides an acceleration of wear and tear allowances for companies in respect of energy-efficient equipment that meets certain energy-efficient criteria and is specified on a list of approved products.  Section 486C of the Taxes...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (17 Sep 2014)

Michael Noonan: The Special Liquidators are in the process of implementing a sale process for the remaining unsold Irish Bank Resolution Corporation residential mortgages. The sales process plan and timeline for the sale of the portfolio has been developed following professional advice and in light of requirements for a robust and credible sales process. The Special Liquidators have given significant...

Written Answers — Department of Finance: Pensions Levy (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 213, 235 and 240 together. I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 would be abolished from the 31st of December 2014. However, I introduced an additional levy on pension funds at 0.15% for 2014 and 2015 to, among other things, continue to help fund the Jobs Initiative. The...

Written Answers — Department of Finance: Property Taxation Application (17 Sep 2014)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how the tax is to be administered and how a residential property is to be valued.  For Local Property Tax (LPT) purposes, the market value of a property on 1 May 2013 is valid for 2013, 2014, 2015 and 2016. Recent media coverage associated with increasing sales prices in the property market, particularly in certain...