Results 17,421-17,440 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: My only problem is finding an opportunity to explain the position.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: The figure is 8.03%. It is worth noting that the structure of tobacco taxation was changed in the Finance Act 2012, which resulted in a higher specific component than had been the case and the introduction of a minimum excise rate. This was mainly to protect excise revenues in the event that the price of a pack of 20 cigarettes was reduced to below €7.75. If the approach suggested...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: I must correct the figure; it is 8.83%.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: Deputy Donnelly explained the position very well. We did a major restructuring last year. When we did the research we also provided for a minimum rate of excise to avoid a downward leveraging of the price. This minimum rate ensures there is a threshold beyond which the cigarette companies will not lower prices further. We built this into the restructuring. Many issues arise with regard...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: I move amendment No. 65: In page 99, to delete lines 10 to 20 and substitute the following: 739J.—(1) (a) In this section ‘investment limited partnership’ means an investment limited partnership within the meaning of the Investment Limited Partnerships Act 1994.”.This is a technical amendment to delete unnecessary wording from the definition of an "investment...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: I move amendment No. 67: In page 102, line 15, to delete “the”.This amendment, which relates to section 44 of the Bill, deals with a drafting issue in that section. It is to delete the definite article on page 102, line 15.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: I move amendment No. 68: In page 106, lines 29 and 30, to delete "that individual or those individuals" and substitute "an individual or individuals".The amendment deals with a drafting issue in the section.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (Resumed) (7 Mar 2013)

Michael Noonan: In seeking relief under the section certification is required from Teagasc that they are qualifying farm restructuring transactions. If this certification is not received, owners of farmland sold by way of CPO or otherwise will not be eligible for the relief. If the sale is for restructuring purposes, it will be certified by Teagasc and the relief will apply, but in other circumstances it...

Written Answers — Department of Finance: Property Taxation Exemptions (7 Mar 2013)

Michael Noonan: While there is no specific exemption from or reduction in the charge to Local Property Tax (LPT) for senior citizens or senior citizens with a disability, the Finance (Local Property Tax) Act 2012 and the recently published Finance (Local Property Tax) (Amendment) Bill 2013 contain certain provisions that may be relevant, depending on the particular circumstances involved. For individuals on...

Written Answers — Department of Finance: Property Taxation Exemptions (7 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to give a definitive reply based on the information provided by the Deputy. While there is no specific exemption from the Local Property Tax (LPT) for houses which have been modified to cater for a resident with a disability, the Finance (Local Property Tax) (Amendment) Bill 2013 that I recently introduced contains certain...

Written Answers — Department of Finance: Property Taxation Application (7 Mar 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 sets out how the tax is to be administered and how a residential property is to be valued for Local Property Tax (LPT) purposes. I am advised by the Revenue Commissioners that LPT is a self-assessed tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the...

Written Answers — Department of Finance: Local Government Funding (7 Mar 2013)

Michael Noonan: Section 157 of the Finance (Local Property Tax) Act, as amended, provides that, in each financial year commencing in 2014, the Minister for Finance shall pay into the Local Government Fund an amount equivalent to the local property tax, including any interest paid thereon, paid into the Central Fund or the growing produce thereof during that year. The allocation of funding to local...

Written Answers — Department of Finance: Tax Code (7 Mar 2013)

Michael Noonan: I would like to thank the Deputy for drawing this report to my attention. I will have my officials examine the report and will revert to the Deputy in writing in due course.

Written Answers — Department of Finance: NAMA Property Leases (7 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 70 and 71 together. As the deputy is aware, NAMA has acquired loans from the five participating institutions and is not the owner/manager of properties. The Agency’s role is that of a secured lender. Properties securing NAMA’s loans continue to be owned and managed by their existing owners or, in the case of enforcement, on their behalf by...

Written Answers — Department of Finance: Property Taxation Exemptions (7 Mar 2013)

Michael Noonan: While no specific exemption from local property tax for individuals in the Health Service Executive Fair Deal Scheme is provided in either the Finance (Local Property Tax) Act 2012 or the Finance (Local Property Tax) (Amendment) Bill 2013 the legislation does provide for a number of exemptions from the Local Property Tax (LPT) as well as for the possibility of deferring the charge in certain...

Written Answers — Department of Finance: Disabled Drivers (7 Mar 2013)

Michael Noonan: I understand the Deputy to refer to the recent announcement by the Minister for Health on the ending of the Motorised Transport Grant and Mobility Allowance schemes. There are no implications with regard to eligibility for VRT rebate for persons with mobility difficulties under the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme, the details of which are set out below. The...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Mar 2013)

Michael Noonan: My Department is in final discussions with the consultants on the report. I expect to bring it to Government imminently for decision. I fully recognise that there is a real public interest in the levels of remuneration at the Covered Institutions and I will endeavour to have the details underpinning the review published as soon as possible thereafter.

Written Answers — Department of Finance: Tax Compliance (7 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the pension levy is a self assessment tax. The chargeable person and the trustees of the pension scheme are both jointly and severally liable for the payment of the pension levy. In the case of assets held under contracts of assurance, the chargeable person is the insurer. In the case of any other assets the administrator is the chargeable...

Written Answers — Department of Finance: Mortgage Arrears Proposals (7 Mar 2013)

Michael Noonan: The Central Bank, under its MARs project, has for some time been intensively working with lenders to ensure that they can offer a range of longer term options to their customers who are experiencing mortgage difficulty. These can include mortgage-to-rent, trade-down mortgages, equity participation, interest rate reduction, split mortgages and sale by agreement, or other appropriate options...

Written Answers — Department of Finance: State Banking Sector (7 Mar 2013)

Michael Noonan: As previously disclosed the gross bank recapitalisation commitments made by the State in Allied Irish Bank (AIB) and Bank of Ireland (BOI) to date are set out in the following table: €bn AIB/EBS BOI Total Government preference Shares (2009) - NPRF 3.5 3.5* 7.0 Capital contributions (with Promissory Notes as consideration)/Special Investment Shares (2010) – Exchequer...