Results 13,501-13,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (4 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the basis for calculating the capital value of pension rights under the Standard Fund Threshold (SFT) regime is set out in Schedule 23B to the Taxes Consolidation Act 1997. In the case of defined benefit arrangements, the schedule provides a formula for determining the capital value of uncrystallised rights (that is rights being built up but...

Written Answers — Department of Finance: IBRC Loans (4 Dec 2013)

Michael Noonan: I have been advised by the Special Liquidators that they have corresponded with all IBRC borrowers providing them with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for loan assets. Consideration was given to Borrower representations and the Special Liquidators have responded to those Borrower...

Written Answers — Department of Finance: Credit Unions Regulation (4 Dec 2013)

Michael Noonan: The Report of the Commission on Credit Unions recognised that the issue of governance of credit unions is at the core of strengthening the regulatory framework and set out detailed governance requirements for credit unions. The Credit Union and Co-Operation with Overseas Regulators Act 2012, sets out comprehensive governance requirements for credit unions which are designed to provide a...

Written Answers — Department of Finance: Property Taxation Administration (3 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that letters were issued in October 2013 to over 980,000 property owners who paid their 2013 LPT by lump sum (i.e. by debit/credit card, cash, cheque/postal order or single debit authority) or by way of regular cash payments. Letters were not sent to property owners who paid their 2013 LPT by deduction at source from salary/occupational pension or...

Written Answers — Department of Finance: Carbon Tax Implementation (3 Dec 2013)

Michael Noonan: Solid fuel carbon tax will be charged on all solid fuels supplied in the State, regardless of whether the fuel products are Irish made or imported. Solid fuel is defined under section 77 of the Finance Act 2010, as amended and means coal or peat. Coal is further defined to include coal and lignite, solid fuel manufactured from coal and lignite, and any other energy product within the...

Written Answers — Department of Finance: NewERA Projects (3 Dec 2013)

Michael Noonan: NewERA regularly meets with the commercial semi-state companies within its remit, Government departments, stakeholders, other commercial parties and advisors in carrying out its functions, including advising on the disposal or restructuring of State assets. Due to the commercial sensitivities and confidential nature of the matters under discussion it would not be appropriate for me to...

Written Answers — Department of Finance: Tax Code (3 Dec 2013)

Michael Noonan: Where property is owned under a joint tenancy each joint-tenant has an equal undivided share in the property, which passes automatically on the death of one joint-tenant to the surviving joint- tenant(s). Where property is owned under a tenancy-in-common, each tenant-in-common owns a proportionate share in the property. On the death of a tenant-in-common, his or her share in the property...

Written Answers — Department of Finance: Revenue Commissioners Resources (3 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they already have a dedicated phone service in place for Oireachtas members (01 – 674 8102) who have any tax related queries. In addition, the Revenue Commissioners operate a large number of contact channels, including low cost phone numbers (1890) for some of their most popular services, as well as numerous electronic mailboxes for those...

Written Answers — Department of Finance: VAT Rate Application (3 Dec 2013)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23%. Parts or accessories and training are also liable to VAT at the standard rate. However, training provided in a work setting, for example for the purposes of health...

Written Answers — Department of Finance: Financial Services Regulation (3 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 54 and 55 together. Ensuring that Irish regulated banks are adequately providing for loan losses in their books of account is the responsibility of the Governor of the Central Bank and I have full confidence in his ability to fulfil that role. As regards the comments attributed to the debate in the House of Commons Parliamentary Commission, and referred...

Written Answers — Department of Finance: Financial Services Sector (3 Dec 2013)

Michael Noonan: KBC released their third quarter financial performance statement and report on 14 November. In this report, KBC stated that, in light of a paper by the European Banking Association on forbearance and non-performing loans as well as the upcoming asset quality review in 2014, they are reassessing their Irish loan book and expect to add additional provisions due to the reclassification of...

Written Answers — Department of Finance: Financial Services Regulation (3 Dec 2013)

Michael Noonan: The Financial Services (Deposit Guarantee Scheme) Act 2009 provides for the operation of the Deposit Protection Account (DPA). Credit Institutions are required to maintain a balance in the DPA equivalent to 0.2% of their total deposits (subject to a minimum of €50,000 for each bank or building society). The Central Bank of Ireland is responsible for the operation of the Deposit...

Written Answers — Department of Finance: Financial Services Regulation (3 Dec 2013)

Michael Noonan: The CRD IV legislative package is made up of the Capital Requirements Directive - 2013/36/EU and the Capital Requirements Regulation 575/2013. The Capital Requirements Directive will be transposed into Irish law by 31 December 2013. The Capital Requirements Regulation is directly effective in Irish law and will come into force on 1 January 2014. CRD IV is the EU implementation of the...

Written Answers — Department of Finance: Pensions Levy Issues (3 Dec 2013)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I will however, introduce an additional levy on pension funds at 0.15% to, among other things, continue to help fund the Jobs Initiative. The additional levy, within the existing legal framework, will apply to pension fund assets...

Written Answers — Department of Finance: Tax Yield (3 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that, on the basis of the incomes table supplied, the conclusions referred to by the Deputy are arithmetically correct. The table contains a distribution of incomes and income tax by reference to ranges of income for the income tax year 2013 which was provided in my reply of 30 April 2013 to Parliamentary Question Number 151 (Reference number...

Written Answers — Department of Finance: Departmental Expenditure (3 Dec 2013)

Michael Noonan: In my Department, no official has received the cost of club membership fees as part of their contract of employment.

Written Answers — Department of Finance: Departmental Expenditure (3 Dec 2013)

Michael Noonan: The Department of Finance continues to invest in staff development in order to supplement the skills and qualifications of our teams through a combination of internal and external training and development initiatives. Under the revised Statement of Strategy 2011-2014, the Department aims to improve training in order to develop greater technical, management and leadership skills. Using the...

Written Answers — Department of Finance: Property Taxation Administration (3 Dec 2013)

Michael Noonan: I am advised by Revenue that a key aspect of the work undertaken in connection with the administration of Local Property Tax (LPT) was the development of a register of residential properties in the State. The process involved consolidating property address data, which was extracted from various Government and non-Government sources, in respect of almost two million records. In some instances...

Written Answers — Department of Finance: Property Taxation Collection (3 Dec 2013)

Michael Noonan: Part 10 of the Finance (Local Property Tax) Act 2012 (as amended) provides for payment of the Local Property Tax (LPT) by deduction at source from certain payments made by the Department of Social Protection. I am advised by the Revenue Commissioners that the legislative provisions concerning deduction of LPT from certain Department of Social Protection payments were drafted in...

Written Answers — Department of Finance: Credit Unions Regulation (3 Dec 2013)

Michael Noonan: I have been informed by the Central Bank that it does not store the specific information requested by the Deputy. However, I have been informed that staff employed in the Registry of Credit Unions, which is responsible for overseeing credit unions, have a range of backgrounds including accounting, economics, legal and compliance. The Registry of Credit Unions ensures on appointment, that all...