Results 18,661-18,680 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Additional Voluntary Contributions (20 Dec 2012)

Michael Noonan: 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 retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for three years from the...

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

Michael Noonan: On page A10 of the Budget 2013 booklet which accompanied my Budget speech, I indicated that the full-year yield from changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold), together with other possible changes to be put in place in 2014 to give effect to the commitment in the Programme for Government to cap taxpayers' subsidies for pension...

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

Michael Noonan: I am advised by the Revenue Commissioners that the estimated number of income earners aged 70 years of age and over, estimated by reference to 2013 incomes, who will be affected by the budgetary increase in the universal social charge for persons aged 70 years of age and over and earning €60,000 or more is estimated at approximately 8,900. I am also advised by the Revenue...

Written Answers — Department of Finance: Alcohol Sales (20 Dec 2012)

Michael Noonan: The Deputy will be aware of the measures taken in relation to the excise on alcohol products in the Budget, namely an increase of 10 cent on a pint of beer or cider or a measure of spirits, and a €1 increase on a standard bottle of wine (all VAT inclusive), with pro rata increases on other alcohol products. These measures do not specifically affect the off-trade but will, if passed...

Written Answers — Department of Finance: Carbon Tax (20 Dec 2012)

Michael Noonan: Minister for Finance ( Mr Noonan): The application of the carbon tax to solid fuels i.e. coal and commercial peat will mean, from 1 May 2013, an increase in price of €1.20 in the case of coal (40kg bag) based on current prices.

Written Answers — Department of Finance: Exchequer Deficit (20 Dec 2012)

Michael Noonan: The data requested by the Deputy, which has been provided by my Department and the National Treasury Management Agency, is provided. The Funding requirement for 2013 and 2014, consisting of the projected Exchequer deficit and Government bonds, is set out in the table. 2013 2014 € billion € billion Exchequer deficit 15.4 11.6 5% Bond April 2013 -5.1 - 4%...

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

Michael Noonan: I am informed by the Revenue Commissioners that they are currently developing the register of residential properties for the purposes of the Local Property Tax (LPT) and it is not possible to say definitively at this stage what the number of liable properties will be. However, the Revenue Commissioners further advise that the number is estimated to be in the region of 1.9 million properties,...

Written Answers — Department of Finance: Credit Availability (20 Dec 2012)

Michael Noonan: Bank of Ireland in a press release on 17 December “confirmed that it has achieved and will exceed its €3.5bn SME lending target for 2012. This figure represents the Bank’s approvals for new and increased credit facilities for businesses and farmers. Credit approved for customers seeking restructured facilities are excluded from these figures as reported by Bank of...

Written Answers — Department of Finance: Credit Availability (20 Dec 2012)

Michael Noonan: The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks achieved their 2011 targets and are expected to achieve their 2012...

Written Answers — Department of Finance: Mortgage Interest Relief (20 Dec 2012)

Michael Noonan: Landlords cannot claim mortgage interest relief which is only available for owner occupiers in respect of their principal private residence. I am informed by the Revenue Commissioners that landlords may deduct interest on money borrowed to purchase, improve or repair commercial property from the gross rent when computing their rental profits for tax purposes on that property. Interest...

Seanad: Finance (Local Property Tax) Bill 2012: Second Stage (19 Dec 2012)

Michael Noonan: The exemption in respect of them will cross over into this legislation.

Seanad: Finance (Local Property Tax) Bill 2012: Second Stage (19 Dec 2012)

Michael Noonan: The introduction of the local property tax will serve a dual function. First, it will provide a stable funding base for the local authority sector, incorporating appropriate elements of local authority responsibility. It will strongly reinforce local democratic decision-making and encourage greater efficiency by local authorities on behalf of their electorates. Second, it will deliver...

Seanad: Finance (Local Property Tax) Bill 2012: Second Stage (19 Dec 2012)

Michael Noonan: The introduction of the local property tax will serve a dual function. First, it will provide a stable funding base for the local authority sector, incorporating appropriate elements of local authority responsibility. It will strongly reinforce local democratic decision-making and encourage greater efficiency by local authorities on behalf of their electorates. Second, it will deliver...

Written Answers — Department of Finance: Property Taxation (19 Dec 2012)

Michael Noonan: The Government is conscious of the very real costs and difficulties faced by people whose homes have been affected by pyrite. My colleague the Minister for Environment, Community and Local Government, Deputy Hogan, has indicated that he considers that houses demonstrated to be subject to a certifiable level of pyritic heave should be exempt from the Local Property Tax. I propose to address...

Written Answers — Department of Finance: Revenue Documents (19 Dec 2012)

Michael Noonan: The Revenue Commissioners advise that they have extensive data exchange arrangements in place with the Department of Social Protection (DSP) and that these are under constant review by the two organisations. The arrangements have been significantly enhanced in recent times and following an exchange with the DSP in relation to DSP pension payments in late 2011, Revenue undertook to amend DSP...

Written Answers — Department of Finance: Property Taxation (19 Dec 2012)

Michael Noonan: Where the owner of a residential property is a charity or a body established by statute and the property is used solely or primarily to provide special needs accommodation – that is accommodation provided to persons who by reason of old age, physical or mental disability or other cause require special accommodation and support to enable them to live in the community – that...

Written Answers — Department of Finance: Illicit Trade in Tobacco (19 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the process of embossing secure tax stamps on cigarette packaging is the method currently used to assist in the detection of illicit cigarettes. Tax stamps are examined using a range of hand held devices that are available to all Revenue enforcement staff. The Revenue Commissioners advise that in 2009 the technical specification for tax stamps...

Written Answers — Department of Finance: Tax Collection (19 Dec 2012)

Michael Noonan: An individual who is tax resident in the State is taxable here on his or her worldwide income. Section 825A Taxes Consolidation Act 1997 (as inserted by section 13 Finance Act 1998) provides that where an employee, who is resident in the State for tax purposes, holds a qualifying employment in another jurisdiction and – (a) the income from that employment is taxed by that...

Written Answers — Department of Finance: Universal Social Charge (19 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that individuals resident in the State are liable to tax and Universal Social Charge (USC) on their worldwide income. Therefore, where a person is resident in the State the following rates of USC apply to income from a business or an employment outside the State. The standard rates of Universal Social Charge are: 2% on the first €10,036; 4%...

Written Answers — Department of Finance: European Banking Sector (19 Dec 2012)

Michael Noonan: Under the agreement on a Single Supervisory Mechanism (SSM) recently reached by Ecofin Ministers the ECB will be the direct supervisor of the most significant credit institutions including those with assets of more than €30bn or with an asset-to-GDP ratio of 20%. To ensure the ECB is truly a European level supervisor it will involve banks in all participating Member States covering at...