Results 18,441-18,460 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Promissory Notes (17 Jan 2013)

Michael Noonan: I propose to answer Questions Nos. 1 and 2 together. As the Deputies are aware, the Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners, and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. The focus of the ongoing detailed discussions has progressed to...

Ceisteanna - Questions - Priority Questions: Promissory Notes (17 Jan 2013)

Michael Noonan: The Deputy is incorrect in assuming that a deal is certain. What I said was that it was likely. In saying that, I reiterate what I said in advance of the Eurogroup meeting in Brussels last December. I was asked if Ireland would be paying the promissory note and I replied that because a deal was likely it was unlikely that we would be paying it in full. There is no advance on that. The...

Written Answers — Department of Finance: Credit Availability (17 Jan 2013)

Michael Noonan: As part of the redeployment of the NPRF towards commercial investment in Ireland, the NPRF Commission announced on 9th January its commitment to a suite of three long term funds to provide equity, credit and restructuring investment to SME and mid-sized corporates. The SME funds represent a further step in the redeployment of the NPRF towards commercial investment in the Irish economy. By...

Written Answers — Department of Finance: Disposal of Assets (17 Jan 2013)

Michael Noonan: As you will be aware as part of the Central Bank’s Financial Measures Programme 2011 the three PLAR banks are required to deleverage c.€70bn of assets by 31 December 2013. Of this they were required to actively dispose of c.€34bn of assets. Each bank agreed comprehensive deleveraging plans to achieve these deleveraging requirements. The CBI has identified the PCAR...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: I have not received any request from any European or international institution or Government to review either the State’s corporation tax rate or tax treatment of royalties. The Government's position on Ireland's corporation tax rate is very clear and well known to our EU colleagues and our international partners. The Taoiseach, myself and other members of the Government have...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: The Programme for Government indicated that, as part of its fiscal policy, the Government will ensure that “tax exiles” make a fair contribution to the Exchequer. I have already removed the “citizenship” condition for the Domicile Levy to ensure that individuals can not avoid the levy by renouncing their citizenship. The first year for which the changes apply is...

Written Answers — Department of Finance: Charities and Voluntary Organisations (17 Jan 2013)

Michael Noonan: Section 7 of the Finance (Local Property Tax) Act 2012 provides that exemption from the Local Property Tax will be available to a public body or to other bodies that have been granted a charitable tax exemption from Revenue, where the properties in question are used for people with special accommodation needs. Special accommodation needs refers to the provision of housing and support for...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2013)

Michael Noonan: I am advised by NAMA that it utilises a number of asset management strategies to monetise its portfolio, including the sale of individual assets or portfolios of assets and loans sale. A key element in NAMA’s strategic planning also is recognition of the need to invest to preserve and enhance the value of its assets in line with anticipated as well as current demand conditions. NAMA...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 17 and 38 together. I requested the Economic and Social Research Institute (ESRI) and the Central Bank to prepare an assessment of the Commission’s original Financial Transactions Tax (FTT) proposal to implement an FTT in the EU. The ESRI/Central Bank report was published in July last year. Given the wide variation in the estimated revenue yield...

Written Answers — Department of Finance: Property Taxation (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 18 and 37 together. My Department is in regular contact with the Revenue Commissioners with regard to the implementation of this tax through the Interdepartmental Group which was set up to oversee the introduction of Local Property Tax (LPT) and through bilateral discussions with Revenue. The legislation governing the Local Property Tax is contained in...

Written Answers — Department of Finance: State Banking Sector (17 Jan 2013)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to the European Commission in June 2012....

Written Answers — Department of Finance: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: As the deputy is aware, the Irish Government bonds acquired by IBRC in settlement of the second instalment due on the IBRC promissory notes have a stated maturity date of 13 March 2025 at which point it is envisaged they will be repaid by the State for cash with the resulting balance sheet impact. These bonds have been used by IBRC as collateral for a securities repurchase transaction with...

Written Answers — Department of Finance: Personal Insolvency Act (17 Jan 2013)

Michael Noonan: The Deputy will be aware that the Personal Insolvency Act was signed into law by the President on the 26 December 2012. The Act will now be subject to a commencement order by the Minister for Justice, Equality and Defence. It will be a matter for the covered banks, and indeed for all relevant creditors, to engage with any proposal made by a debtor under the debt resolution frameworks...

Written Answers — Department of Finance: Legislative Programme (17 Jan 2013)

Michael Noonan: It is intended that legislation giving effect to Real Estate Investment Trusts (REITs) will be introduced through Finance Bill 2013.

Written Answers — Department of Finance: Tax Yield (17 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that most recent data available in relation to corporation tax returns is in respect of 2010. In that regard, I would refer the Deputy to my reply to Parliamentary Question number 1739/13 which was answered on Wednesday, 16 January 2013 in which I provided the available information requested.

Written Answers — Department of Finance: Property Taxation (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 24 and 64 together. I previously advised the House in my reply to Question no. 57388/12 that the Revenue Commissioners would be resourced to ensure the successful implementation of the tax. The additional resources required for 2013 are noted in the Department of Public Expenditure and Reform Expenditure Report 2013. The Estimate cost for implementation of...

Written Answers — Department of Finance: Tax Reliefs (17 Jan 2013)

Michael Noonan: I assume the Deputy is referring to the clawback of tax relief associated with rented residential accommodation if the property ceases to qualify within the 10 year holding period. I am informed by the Revenue Commissioners that the relief is withdrawn by treating the relief already used as rent received in the period in which the property ceased to be a qualifying property. It is not...

Written Answers — Department of Finance: NAMA Operations (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 26 and 39 together. I am advised by NAMA that it is currently assessing a wide range of projects in Ireland that may be suitable for development by reference to projected demand and that decisions to invest will be based on those projects that are likely to generate a strong commercial return to the taxpayer. NAMA advises that project appraisal is still...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: The position is that no changes were introduced in Budget 2013 to marginal rates of tax on income apart from those applying to those aged 70 years and over and medical card holders (PAYE /and self-employed income earners) whose income is in excess of €60,000 per annum. In such cases, the standard rates of Universal Social Charge will apply from 1 January 2013. This measure will have...

Written Answers — Department of Finance: Promissory Notes (17 Jan 2013)

Michael Noonan: As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. I have previously stated that I am working to try and achieve a solution to the IBRC Promissory Note issue before...