Results 18,481-18,500 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: It is not clear from the question what the underlying issue is that the Deputy is referring to. However, a number of features of our corporation tax regime may be relevant here. In the first instance, there are certain anti-avoidance rules that may apply to company with few members such as the close company surcharges. The close company surcharges apply to Irish resident companies...

Written Answers — Department of Finance: Bank Guarantee Scheme (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. 2008 2009 2010 2011 2012 €m €m €m €m €m Total Subordinated and Junior Bonds: BoI(1) Consideration2 600 700* 3,300* 800* N/a Nominal Value 600 1,700 4,700 2,300 N/a Average Discount 0% 59% 30% 65% N/a AIB (incl EBS) Consideration 200 1,366 1,842 1,052 N/a Nominal Value 200...

Written Answers — Department of Finance: Departmental Overview (17 Jan 2013)

Michael Noonan: In terms of the public finances, 2012 was a successful year. We continue to meet our targets under the EU/IMF programme. We have successfully re-engaged with the international bond markets, which has acknowledged Ireland’s Fiscal and Economic progress through a significant decline in the yield on Irish Government bonds, and the economy is projected to grow again for the second...

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

Michael Noonan: The Deputy may be referring to a recent report by Fitch Ratings, the ratings agency, which cited a likely further drop of 20 per cent in Irish house prices. This opinion is at odds with much of the recent indicators on the Irish housing market. Data from the CSO's Residential Property Price Index show that national prices have been broadly stable for the last nine months, with prices in...

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

Michael Noonan: The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget is confined to licensed and tax compliant hauliers. However, I have received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them. I will consider these proposals and the level of the rebate in the context...

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

Michael Noonan: I am advised by the Revenue Commissioners that certain farming educational qualifications are required by farmers who wish to avail of Young Trained Farmer Relief under the income tax and stamp duty regimes. The current position for each regime is as follows: Income Tax: Young Trained Farmer Relief is available to farmers who are under 35 years at the start of the year in which they first...

Written Answers — Department of Finance: Consumer Protection (17 Jan 2013)

Michael Noonan: AIB have informed me that any queries related to matters such as allegations of failing to act in the interest of the customer are dealt with on a case by case basis by the bank with individual customers. Any potential broader issues which affect a greater population of customers are dealt with via established procedures in consultation with the Central Bank as regulator. All relevant...

Written Answers — Department of Finance: Deposit Interest Rates (17 Jan 2013)

Michael Noonan: In recent months there has been a significant fall in market interest rates across Europe and particularly in Ireland and this has resulted in the interest rates offered by the banks declining significantly. The recent reduction in State Savings rates is in line with this general reduction in interest rates. This is the first change in State Savings rates since 2007. Irish savers have been...

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

Michael Noonan: The Finance (Local Property Tax) Act 2012 provides for a range of penalties to be imposed on liable persons for non-compliance with their obligations under the Act, such as failure to deliver a return to the Revenue Commissioners, or where a liable person knowingly makes a false statement on a return in order to reduce their liability to Local Property Tax (LPT). The Act also allows for...

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

Michael Noonan: Tax revenues are forecast by my Department on a disaggregated individual tax-head basis using relevant macro-economic drivers and, where appropriate, certain elasticity factors. The basic methodology is to estimate the base-year outturn, adjust for any known once-off factors and then grow the adjusted outturn by a macro-economic driver or "macro". Notwithstanding the strengths/weaknesses of...

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

Michael Noonan: I propose to take Questions Nos. 75, 79 and 81 together. 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. This work is one of the Government’s key priorities and will remain a key...

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

Michael Noonan: I propose to take Questions Nos. 76, 77 and 78 together. My Department continually monitors the data it receives on mortgage debt. The Central Bank compiles and publishes quarterly mortgage arrears and repossession statistics for both primary domestic homes (PDH) and buy-to-let (BTL) mortgages and my Department monitors these statistics closely. These statistics which go back to September...

Written Answers — Department of Finance: Economic Policy (17 Jan 2013)

Michael Noonan: As outlined in the Budget, my Department is forecasting real GDP growth of 1.5 per cent in 2013, which represents a third successive year of growth for the Irish economy. Data published since Budget Day, including third quarter of 2012 National Accounts figures, are consistent with these projections and they are broadly in line with the forecasts of other institutions. The recovery of the...

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

Michael Noonan: A number of foreign based banks are exiting the Irish market and concentrating on their home markets. Irish banks are adopting a similar strategy and deleveraging from foreign markets. The impact of the exiting banks on particular sectors will reflect the extent to which they focused on that particular sector. One of the ways that the Government is addressing the reduced capacity is through...

Topical Issue Debate: Local Property Tax (16 Jan 2013)

Michael Noonan: The Revenue will send out a return to every householder. Much of what I described related to Revenue putting together a register of homeowners as that is not readily available. It will involve putting together a complete inventory of homeowners in Ireland, not valuing the properties just identifying the owners because the obligation to pay is on the owners. If one goes to anybody in the...

Topical Issue Debate: Local Property Tax (16 Jan 2013)

Michael Noonan: I thank the Deputy for raising this important issue. The legislation governing the local property tax is contained in the Finance (Local Property Tax) Act 2012 which was signed into law by the President on 26 December 2012. The legislation sets out in detail how the tax is to be administered and provides how a residential property is to be valued for local property tax purposes, including...

Written Answers — Department of Finance: Property Taxation (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that it would not be appropriate to give a definitive reply based on the information supplied by the Deputy. However, 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...

Written Answers — Department of Finance: Property Taxation (16 Jan 2013)

Michael Noonan: A similar exemption from the local property tax will apply for unfinished housing estates as applied for the Household Charge in 2012. The Minister for the Environment, Community and Local Government shall prescribe a list of developments in the State being developments each of which that Minister is satisfied is incomplete to a substantial extent. Such properties will not be regarded as...

Written Answers — Department of Finance: Property Taxation (16 Jan 2013)

Michael Noonan: The Thornhill Group, the inter-departmental group, chaired by Dr Don Thornhill, established to consider the structures and modalities of a property tax, recommended that owners and not occupiers be the liable persons for the local property tax. This was also the view of the 2009 Commission on Taxation. The Thornhill Group saw some merit in having an occupier-focused system in that it may be...

Written Answers — Department of Finance: Fuel Rebate Scheme (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 87, 88 and 90 together. The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget is confined to licensed and tax compliant hauliers. However, I have received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them. I will consider these...