Results 18,501-18,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Job Creation (16 Jan 2013)

Michael Noonan: Employment data are presented in net terms and information on gross flows into and out of employment are not available, making it difficult to assess the number of jobs created by any policy initiative. Notwithstanding that quantifying the impact is difficult, I am confident that the measures introduced as part of the Jobs Initiative, such as reducing the rate of VAT in the high value added...

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

Michael Noonan: I propose to take Questions Nos. 91, 99, 111, 114, 118 to 121, inclusive, 126, 133, 136 to 138, inclusive, 147, 148, 150 and 218 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...

Written Answers — Department of Finance: EU Policy Group (16 Jan 2013)

Michael Noonan: As the Deputy will be aware, Ireland has now assumed the Presidency of the European Union. Our work programme will be formally presented to the ECOFIN Council on 22 January 2013. In our role, we have a particular responsibility to ensure that real progress is made on the various issues now affecting the European Union. With respect to those dossiers relating to economic and fiscal policy,...

Written Answers — Department of Finance: Regulatory and Poverty Impact Assessments (16 Jan 2013)

Michael Noonan: A Regulatory Impact Analysis was carried out by my Department in September 2012 prior to the publication (28 September 2012) of the Credit Union Bill 2012. The General scheme of the Bill was published on my Department’s website on 9 July 2012 for general consultation purposes and was conducted in agreement with the Chair of the Oireachtas Joint Committee on Finance, Public Expenditure...

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

Michael Noonan: I propose to take Questions Nos. 94, 112, 113, 139 and 164 together. The legislation governing Local Property Tax (LPT) is contained in Finance (Local Property Tax) Act 2012 which was signed into law by the President on 26 December 2012. The LPT legislation sets out in detail how the tax is to be administered and provides how a residential property is to be valued for LPT purposes...

Written Answers — Department of Finance: Copyright Infringement (16 Jan 2013)

Michael Noonan: In response to the Deputy’s question I can confirm that copyright protection in relation to the National Anthem ran out in December 2012. The main purpose of ownership by the State of the copyright to the original version of the National Anthem was to ensure that it was freely available for general use. The situation in this regard has not changed with the expiry of copyright. In...

Written Answers — Department of Finance: Departmental Bodies (16 Jan 2013)

Michael Noonan: In response to the Deputy’s question the following table contains details of bodies which arefinanced from, answerable to or established by my Department that have been abolished, merged or re-organised since March 2011. Name of Body Date merged or abolished Savings that have been realised since the changes were made Irish Nationwide Building Society ( INBS) Merged with Irish...

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

Michael Noonan: The Government is aware of the important role played by the Approved Housing Bodies in the provision of housing for those who face difficulty in living in our communities. To the extent that such groups are charities and are engaged in the provision of special needs housing, they should be eligible for the exemption for such housing which is provided for in the Finance (Local Property Tax)...

Written Answers — Department of Finance: Tax Yield (16 Jan 2013)

Michael Noonan: The pension fund levy raised €463 million in 2011 and €482 million in 2012. The implementation of a jobs and growth strategy is a key priority of the Government. The moneys raised from the pension fund levy are being used to pay for the Government’s Jobs Initiative introduced in May 2011. The Jobs Initiative contains a range of measures aimed at assisting in employment...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: The Deputy will be aware that the asset transfer to AIB’s pension scheme was directly linked to the bank’s Early Retirement and Voluntary Severance Programme and was essential for the bank to be able to fund these plans. It was not connected with addressing any existing deficit in the bank’s pension fund. The achievement of these staff reductions in the bank is expected...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: I assume from the details supplied that the Deputy is referring to small self-administered pension schemes (SSASs). I am advised by the Revenue Commissioners that SSASs are a particular type of occupational pension scheme in respect of which special requirements apply in relation to their approval, operation and supervision. The reason for these requirements is to ensure that such schemes...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 102, 117, 173 and 202 together. In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the...

Written Answers — Department of Finance: Universal Social Charge (16 Jan 2013)

Michael Noonan: The USC was introduced from 1 January 2011 and replaced the Income and Health Levies. The marginal rate for each of these levies was 6% and 5%, respectively, or 11% in total. The marginal rate for the USC was 7%. Taken in isolation the introduction of the USC, therefore, would have had the effect of reducing by 4 percentage points the top marginal tax rates for both PAYE and self-employed...

Written Answers — Department of Finance: Tax Reliefs (16 Jan 2013)

Michael Noonan: In my Budget 2013 speech, I announced that changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold - SFT) and other possible changes to give effect to the commitment in the Programme for Government to cap taxpayers’ subsidies for pension schemes which deliver pension income of more than €60,000 will be put in place in 2014. The...

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. Local Property Tax is a self-assessment tax. It is chargeable in respect of a building, or a part of a building that is in use as, or that is suitable for use as, a residence. However, it is not chargeable on the part of a building in...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: The statement referred to in the details supplied by the Deputy relates to the study undertaken by the Department of Social Protection, the Central Bank and the Pensions Board into the level of charges in the pensions industry. The report on this study was published by my colleague, Ms Joan Burton TD, the Minister for Social Protection in late October last. On its publication, Minister Burton...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the relevant information they have in this area is in respect of the amounts of contributions to various pension arrangements for which income tax and corporation tax relief is claimed and relates to contributions in relation to both the public and private sectors. The information is in respect of contributions to Retirement Annuity Contracts...

Written Answers — Department of Finance: Alcohol Pricing (16 Jan 2013)

Michael Noonan: Because of successive price increases by the trade, the specific rather than ad valorem nature of the duties and the reduction of Alcohol Products Tax rates in Budget 2010, the value of excise duty rates on beer and wine (when measured as a percentage of retail prices) has fallen over the period 2002 to 2012. In this context, prior to Budget 2013 there has been no general increase in the...

Written Answers — Department of Finance: Mortgage Debt (16 Jan 2013)

Michael Noonan: This question relates to the interest restriction applying to residential lettings, whereby the deductibility of interest in computing taxable rental income from residential property (insofar as it would otherwise be allowable) is limited to 75% of such interest. This restriction was introduced in the April 2009 supplementary budget as part of an urgent revenue-raising package aimed at...

Written Answers — Department of Finance: Tax Code (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the profits and gains arising from stud farms including, for example from the sale of horses and stallion services, are fully chargeable to income tax and corporation tax. I am also advised that profits or gains from the sale of certain stallion services which arose prior to 1 August 2008 were exempt from income tax and corporation tax. However,...