Results 18,621-18,640 of 27,019 for speaker:Michael Noonan

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: No; Fianna Fáil included a flat-rate tax in its budget.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: With respect, Senator-----

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: I wish to correct something. With respect, the Fianna Fáil alternative budget submission included a flat-rate tax as applies in 2012.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: All right; it is possible to vary the yield.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: I believe the yield of the proposed tax was ¤120 million, which was confirmed by the Fianna Fáil spokesman in the Dáil, Deputy Michael McGrath, when I debated this with him on budget night on the "Prime Time" programme. There is no question but that there was a property tax.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: The Senator asked me one question that I did not answer. NAMA, if it is the owner, will carry the same obligations as any other owner.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: The title is correct. First, it is a tax. Second, it is a tax on property. The receipts from the tax will be spent locally and therefore local property tax is the name for it. As Senators have pointed out, it applies to property portfolios as well which are held for investment purposes and rented. If somebody has 30 apartments and rents them, the liability for tax is not on the occupier...

Written Answers — Department of Finance: Property Taxation (20 Dec 2012)

Michael Noonan: Under section 11 of the Finance (Local Property Tax) Bill, the personal representative of the estate of a person who was a liable person for Local Property Tax will be the liable person in relation to a relevant residential property. The reason for making a personal representative a liable person is to prevent the avoidance of the payment of local property tax by means of unnecessarily...

Written Answers — Department of Finance: Property Taxation (20 Dec 2012)

Michael Noonan: In order to estimate a potential yield from a property tax based on value bands, an estimate of the share of properties that fall within each band is needed. As a data set of the values of all of Ireland’s property does not exist, a methodology for estimation must be formulated. In order to build conservatism into the yield forecast from the new local property tax, no single...

Written Answers — Department of Finance: Property Taxation (20 Dec 2012)

Michael Noonan: The Revenue Commissioners will be resourced to ensure the successful implementation of the Local Property Tax. The additional resources required for 2013 are noted in the Department of Public Expenditure and Reform Expenditure Report 2013. The information requested by the Deputy is set out in Page 52 of the Expenditure Report 2013. The Estimate cost for implementation of Property Tax in...

Written Answers — Department of Finance: Household Charge (20 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 57 and 76 together. The Revised Estimates for Public Services 2012, published by my colleague, the Minister for Public Expenditure and Reform, showed that revenues from the Household Charge were paid directly into the Local Government Fund (LGF) and used to fund Local Government services (Vote No. 25, Page 114). With revenues going directly to the LGF, this...

Written Answers — Department of Finance: Banking Sector Regulation (20 Dec 2012)

Michael Noonan: I have been informed that IBRC has a Conflicts of Interest Policy (the “Policy”). This policy outlines what the Bank’s Board of Directors and the Group Executive Committee (GEXCO) believes are the essential standards of behaviour expected of employees. All directors and employees of the Bank and its relevant subsidiaries, in all jurisdictions, must adhere to the letter,...

Written Answers — Department of Finance: Banking Sector Regulation (20 Dec 2012)

Michael Noonan: I have been informed that IBRC does not have the requisite data to answer this parliamentary question. However all directors and employees of the Bank are governed by a Conflicts of Interest Policy. In addition, all Irish employed directors and certain Irish employees are governed by the Ethics in Public Office Acts 1995 and 2001.

Written Answers — Department of Finance: Disposal of Assets (20 Dec 2012)

Michael Noonan: The overriding mandate of IBRC is to maximise the recovery of its loans on behalf of the State and by extension the taxpayer. I have been advised that the underlying approach of the Bank is to work constructively with each borrower on an individual basis to identify the most appropriate loan repayment plan. The strategies for loan recovery vary depending on the particular circumstances of the...

Written Answers — Department of Finance: Property Taxation (20 Dec 2012)

Michael Noonan: The Finance (Local Property Tax) Bill 2012 does not provide an exemption or concession for persons who paid large amounts of stamp duty. The Inter-Departmental Expert Group on the Design of a Property Tax (the “Thornhill Group”) recommended against allowances for Stamp Duty because such allowances would not be targeted at need.

Written Answers — Department of Finance: Pension Provisions (20 Dec 2012)

Michael Noonan: In Budget 2013, 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 existing...

Written Answers — Department of Finance: Financial Services Regulation (20 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that they do not directly monitor private monetary transactions. However, Section 42 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 obliges banks, in addition to other designated bodies, to report any financial transaction, private or otherwise, to the Revenue Commissioners and An Garda Síochána where there is a...

Written Answers — Department of Finance: State Bodies (20 Dec 2012)

Michael Noonan: It is not possible to provide the information requested by the Deputy in the time available. However, I will be in contact with the Deputy when the information has been compiled.

Written Answers — Department of Finance: Revenue Commissioners Investigations (20 Dec 2012)

Michael Noonan: Shadow/hidden economy activity creates distortions in the economy and competitive disadvantages for compliant businesses. For these reasons, Revenue focuses on deterring shadow/hidden economy activity and non-compliance through its audit and investigation programmes based on risk analysis, use of Revenue powers and their intelligence and information systems. I am advised by the Revenue...

Written Answers — Department of Finance: Fuel Rebate Scheme (20 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 66, 82, 100 and 101 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...