Results 18,161-18,180 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rates (12 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that, assuming the rate of VAT being referred to is the standard rate, the full year cost of reducing the rate from 23% to 21% is estimated at €570m. I have no current plans to reduce VAT rates.

Written Answers — Department of Finance: Pension Provisions (12 Feb 2013)

Michael Noonan: Pensions payable by the Department of Social Protection (DSP) have always been taxable but the amount of tax payable, if any, depends on the circumstances of the individual concerned, usually whether they have other sources of income. As I have previously informed the House, I have been advised by the Revenue Commissioners that following receipt of data from the DSP in late 2011 containing...

Written Answers — Department of Finance: NAMA Debtors (12 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 231 to 233, inclusive, together. NAMA advises that its role as a secured lender does not extend to determining or restricting the clubs or associations to which individuals debtors may belong. Nor is NAMA in a position to dictate a debtor’s choice of holiday location. NAMA seeks to ensure that income generated by assets securing NAMA loans is...

Written Answers — Department of Finance: Financial Services Regulation (12 Feb 2013)

Michael Noonan: The Minister for Finance has no role in the management of the financial regulatory functions of the Central Bank. However, I have been informed by the Central Bank that, due to the confidentiality requirements set out in Section 33AK of the Central Bank Act 1942, it cannot comment on any investigation that may have taken place into the activities of regulated firms.

Written Answers — Department of Finance: IBRC Legal Cases (12 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involves inter alia, asserting control over the...

Written Answers — Department of Finance: Banking Sector Investigations (12 Feb 2013)

Michael Noonan: I have been advised by the Central Bank that the investigations into the incorrect selling of payment protection insurance to consumers are still on-going. The Central Bank has requested several firms to conduct comprehensive reviews of their payment protection insurance sales – this investigation to be overseen by a third party. The listed firms have commenced their reviews of...

Written Answers — Department of Finance: IBRC Legal Cases (12 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: Banking Guarantee Scheme (12 Feb 2013)

Michael Noonan: The response to Parliamentary Question No. 248 of 5 February 2013 sets out the information received from each of the covered institutions in relation to the question posed. There were, also, two additional cases initiated against the Minister for Finance by holders of subordinated debt which were inadvertently omitted from that answer. Details of these cases are set out in tabular form...

Written Answers — Department of Finance: IBRC Liquidation (12 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: Property Taxation Collection (12 Feb 2013)

Michael Noonan: The ESRI report mentioned by the Deputy was commissioned by the Interdepartmental Expert Group on Property Tax (the “Thornhill Group”) and was charged with analysing a residential property tax which would yield specified annual revenue yields. The report notes that increasing the income thresholds will have an impact on the rate of property tax that will be applied. As the...

Written Answers — Department of Finance: NAMA Legal Fees (12 Feb 2013)

Michael Noonan: The case referred to was taken by the person against NAMA, Ireland and the Attorney General. I am advised by NAMA that, as costs in this case have not been agreed or taxed at this point, the information sought by the Deputy is not currently available.

Written Answers — Department of Finance: Promissory Note Negotiations (12 Feb 2013)

Michael Noonan: As the Deputy is aware, this Government reached a conclusion to its discussions with the European Central Bank last week that delivered on our commitment to put in place a fairer and more sustainable arrangement on the IBRC Promissory Notes. Last week also saw the remnants of Anglo Irish Bank and Irish Nationwide removed from the financial and political landscape. Officials within my...

Written Answers — Department of Finance: Insurance Compensation Fund (12 Feb 2013)

Michael Noonan: The Insurance Compensation Fund (ICF) operates under the Insurance Act 1964. Its purpose is to protect policy holders in the event of their insurer becoming insolvent. It is an industry financed fund. However because the scheme is not pre-funded, the Act provides for the Exchequer to advance monies on the recommendation of the Central Bank in circumstances where insufficient funds have been...

Written Answers — Department of Finance: Property Taxation Collection (12 Feb 2013)

Michael Noonan: I am advised by the Revenue Commissioners that it would not be appropriate to give a definitive reply based on the information supplied by the Deputy. The following may be helpful by way of general information. A liability for LPT will arise where a person owns a residential property which is in use or is suitable for use as a dwelling on the liability date, which will be 1 May 2013 for the...

Written Answers — Department of Finance: Tax Code (12 Feb 2013)

Michael Noonan: Section 471 of the Taxes Consolidation Act 1997 provides relief in respect of premiums paid to a bona fide permanent health benefit scheme. The relief is confined to an amount not exceeding 10 per cent of the individual’s total income for any tax year. Where the premium is paid by an individual’s employer and is taxed on the individual as a perquisite, the premium is treated...

Written Answers — Department of Finance: Tax Reliefs (12 Feb 2013)

Michael Noonan: The tax reliefs set out below are available for relief against calculated taxable income at the taxpayer's marginal rate. The Deputy should note that there are certain other exemptions, such as the artist's exemption, which provide that the relevant income does not come into charge at all. The Taxes Consolidation Act 1997 provides that the following may give rise to relief at the...

Written Answers — Department of Finance: Departmental Expenditure (12 Feb 2013)

Michael Noonan: My Department only deals with legislative, policy and budgetary matters for citizens in general. We have no role in assessing the means of actual individual citizens. From time to time my Department carries out theoretical exercises on the effect of proposed tax changes on theoretical individuals in certain income groups, however this does not entail an assessment of individual means.

Written Answers — Department of Finance: Services for People with Disabilities (7 Feb 2013)

Michael Noonan: Liability for local property tax will be calculated based on the “chargeable value” of the residential property. Where a disabled person's grant has been allocated for an extension or improvements to a home to facilitate the physical requirements of disabled or elderly people, the Finance (Local Property Tax) Act 2012 does not currently allow any necessary works to be...

Written Answers — Department of Finance: Tax Rebates (7 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Section 473A Taxes Consolidation Act 1997 provides, subject to certain conditions, for tax relief at the standard rate of income tax (20%) for qualifying tuition fees paid by an individual in respect of a third level education course including a postgraduate course. I am further informed by the Revenue Commissioners that subsection (4) of...

Written Answers — Department of Finance: Tax Reliefs (7 Feb 2013)

Michael Noonan: The tax and duty reliefs currently available to support the funding of sports clubs may be summarised as follows: Exemption from Income Tax and Corporation Tax Section 235 of the Taxes Consolidation Act 1997 (TCA) provides an Income Tax exemption to sporting bodies which have been approved by Revenue Commissioners on the basis that the body has been established and exists for the sole...