Results 18,761-18,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: It is envisaged that the list of unfinished estates to be prescribed by the Minister to the Environment, Community and Local Government for the purposes of the Local Property Tax will be in line with those used for the purposes of the Household Charge. Any such list may require amendment from time to time where the criteria specified in the Local Government (Household Charge) Act 2011 no...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: Having clarified the name of the housing estate with the Deputy I can confirm that the housing estate in question is listed in S.I. 1 of 2012 which lists those estates entitled to a waiver from payment of the Household Charge for 2012. 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...

Written Answers — Department of Finance: Tax Code (18 Dec 2012)

Michael Noonan: Relief from capital gains tax was available where a farmer sold land and used the proceeds to purchase other land for use in farming. This relief (commonly referred to as roll-over relief) was a deferral of the capital gains tax until the replacement land was sold or ceased to be used for the purposes of farming. However this relief ceased with effect form 4 December 2002. You will be aware...

Written Answers — Department of Finance: Tax Code (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that dividends arising on credit union share accounts are subject to tax as follows: -Regular Share Accounts: The credit union member is required to declare the amount of dividends received on his/her annual tax return form and to pay tax on this amount at his or her marginal rate of income tax. In addition, the dividend income will be subject to the...

Written Answers — Department of Finance: Tax and Social Welfare Codes (18 Dec 2012)

Michael Noonan: I am advised by the Department of Social Protection that, in general, credit union dividends come within the definition of ‘reckonable income’ and accordingly are subject to PRSI at 4%. In the case of employees who do not have any self-employed earned income but who do have unearned income, including credit union dividends, that unearned income may, currently, not be subject to...

Written Answers — Department of Finance: Tax and Social Welfare Codes (18 Dec 2012)

Michael Noonan: I announced in Budget 2013 that the PRSI base will be broadened to cover rental, investment and other forms of income from January 2014. The Deputy will be aware that the Revenue Commissioners collect PRSI and this is then transferred into the Social Insurance Fund. In the case of self-employed people, the PRSI is collected through Revenue’s self-assessment system and is already...

Written Answers — Department of Finance: Banking Sector Regulation (18 Dec 2012)

Michael Noonan: The Deputy should note that the Central Bank cannot comment on individual cases as they are precluded under section 33AK of the Central Bank Act 1942, from disclosing information on individual financial service providers. The Central Bank has informed me however that there is a Fitness and Probity Regime which applies to regulated financial service providers and this would include insurance...

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 141 and 142 together. I have been advised that the number of members in the former Anglo Irish Bank and former INBS defined benefit pension scheme is 258. The number of deferred members is 188. Pension entitlements for these schemes are a matter for the independent Trustees. All bar 1.5% of current IBRC employees are on a defined contribution pension (or...

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 143 and 144 together. I have been advised that it would be inappropriate for IBRC to provide a response to this question as it relates to a matter for the Board of company mentioned in the question and the Trustees of that company’s Pension Scheme.

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: As I outlined to the Deputy in my previous reply (ref no 51257/12 of 20th November 2012), on the same subject, the scope to use the provisions of the Credit Institutions (Stabilisation) Act 2010 in the manner proposed is severely limited. The general intent of the legislation is to operate its provisions at a system level to permit the imposition of obligations on credit institutions. It...

Written Answers — Department of Finance: Budget 2013 (18 Dec 2012)

Michael Noonan: The Deputy will be aware that I received a large number of pre-Budget submissions including a proposal for the introduction of a lid-on levy from vintners’ organisations. Preliminary advice suggests that the proposal may not be consistent with the EU Directive concerning the general arrangements for excise duty on alcohol products.

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: It is envisaged that the list of unfinished estates to be prescribed by the Minister to the Environment, Community and Local Government for the purposes of the Local Property Tax will be in line with those used for the purposes of the Household Charge. Any such list may require amendment from time to time where the criteria specified in the Local Government (Household Charge) Act 2011 no...

Written Answers — Department of Finance: Tax Rebates (18 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that section 135(D), Finance Act, 1992 (as inserted by section 83(1)(j), Finance Act 2012) provides for the repayment of residual Vehicle Registration Tax (VRT) following the permanent removal or export of the vehicle to another jurisdiction. I am further advised by the Revenue Commissioners that they expect this system to be operational in the first...

Written Answers — Department of Finance: Tax Reliefs (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that estimates of the cost of tax relief on pension contributions are compiled by reference to the aggregate amount of relief allowed and are not sub-classified by reference to age. On the basis of limited indicative age-related data available for 2010, the latest year for which it is available, the proportional age-related distribution of the...

Written Answers — Department of Finance: Tax Yield (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2013 incomes, of increasing the higher rate of income tax by 1 percentage point would be approximately €193 million. This figure is estimated from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in...

Written Answers — Department of Finance: Trade in Illicit Goods (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for the collection of tobacco products tax and mineral oil tax and for tackling the importation of counterfeit goods, that they are very conscious of the threat that this illegal activity poses both to the Exchequer and to legitimate businesses. Revenue is committed to prioritising resources to tackle the shadow economy and...

Written Answers — Department of Finance: Tax Transparency (18 Dec 2012)

Michael Noonan: I am assuming that the Deputy's question is linked to the proposals contained in the Tax Transparency Bill which he introduced in the Dáil on 29 March last. In my contribution to the debate during the Second Stage on 9 November 2012 I referred to the costs and extensive administrative changes needed to advance the proposals contained in the Bill at the level of individual taxpayers....

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: Revenue will provide guidance on how to value property early next year, and will engage in a comprehensive information campaign, including writing to residential property owners in March 2013 enclosing a detailed explanatory booklet on the operation of the Local Property Tax (LPT), valuation procedures and payments methods, as well as an LPT Return form for completion. The initial valuation...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: The Finance (Local Property Tax) Bill 2012, as published, provides for exemptions from and deferral of payment of Local Property Tax in certain circumstances. There is no blanket exemption in cases of divorce. A system of voluntary deferral arrangements focused on particular categories of householders will be implemented to address cases where there is an inability to pay the LPT under...

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: I have been advised that IBRC can confirm that a large volume of information regarding remuneration structures across the Bank has been recently supplied as part of the Mercer Remuneration Review as commissioned by the Department of Finance. This information is currently being analysed as part of the review. As the findings from this review have not yet been published it would therefore be...