Results 20,081-20,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU Directives (17 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 92 and 99 together. The Deposit Guarantee Scheme (DGS) provides protection of up to €100,000 per saver per credit institution, including credit unions. The scheme gives confidence to depositors that their money is safe in the event that a financial institution gets into financial difficulty. Directive 2014/49/EU is a new Directive in...

Written Answers — Department of Finance: Departmental Correspondence (17 Jun 2015)

Michael Noonan: I am advised by Revenue that interest charges are levied on taxpayers who do not meet their tax payment obligations in a timely fashion or who seek to pay their liabilities through phased payment arrangements. The charges are imposed to compensate the Exchequer for the late payment of funds and to ensure equity for the vast majority of taxpayers who pay on time. Revenue has also assured...

Written Answers — Department of Finance: Tobacco Seizures (17 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that seizure figures are not separately maintained for Dún Laoghaire. That data is incorporated in the data maintained for Dublin Port as the Revenue operations at Dún Laoghaire are directed and managed from Dublin Port. The data requested by the deputy is as set out in the following tables: 2013 Product category Location Number of...

Written Answers — Department of Finance: EU Directives (17 Jun 2015)

Michael Noonan: The DGS  Directive which applies to all credit institutions, whether banks or credit unions, entered into force on 4 July 2014 and is required to be transposed into Irish law by 3 July 2015 in order to be applied from 4 July 2015. The main objective of the Directive is to introduce greater harmonisation in areas such as the funding mechanism of DGSs, the...

Written Answers — Department of Finance: Tax Data (17 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the net liability for income tax for the major sectors for the years 2012 and 2013 was as shown in the following table, as at the end of March 2015.  These figures include net income tax liability and also liability for USC and PRSI.  I am also informed that approximately €141million of this amount was still under active...

Written Answers — Department of Finance: Flood Risk Insurance Cover (18 Jun 2015)

Michael Noonan: Flood Re is designed as a not-for-profit flood fund managed and financed by the insurance industry in the UK. Under the Flood Re programme insurers will transfer into the fund those homes at high risk of flooding which they feel unable to insure themselves. Under the scheme, the flood risk element of house insurance premiums for these homes will be capped according to UK council tax...

Written Answers — Department of Finance: NAMA Bonds (18 Jun 2015)

Michael Noonan: I am informed that the Special Liquidators sold the NAMA Subordinated Bonds at a price in excess of the reserve price set by an independent valuer.

Written Answers — Department of Finance: NAMA Bonds (18 Jun 2015)

Michael Noonan: The sale of IBRC assets is a matter for the Special Liquidators of IBRC who updated me and my officials on sales processes throughout the Special Liquidation of IBRC. I am advised by the Special Liquidators that they will not be providing details of the bidders and ultimate purchasers of the NAMA bonds as this information is commercially sensitive. I am further advised by NAMA...

Written Answers — Department of Finance: NAMA Property Sales (18 Jun 2015)

Michael Noonan: The timing of a property sale by a NAMA debtor or receiver is based on a professional assessment of the market in the context of NAMA's statutory commercial objective to maximise the return on its acquired loans and the property and other assets securing those loans. NAMA requires that the sale of property by debtors and receivers is, as with the sale of loans by the Agency itself, conducted...

Written Answers — Department of Finance: Tax Code (18 Jun 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

Written Answers — Department of Finance: IBRC Legal Cases (18 Jun 2015)

Michael Noonan: I am advised by the Special Liquidators that they are not in a position to disclose the requested information due to commercial confidentiality. In relation to whether or not fees were incurred by the State in cases involving the company referred to in the question, my officials are in the process of ascertaining this point and will write to the Deputy directly clarifying the situation.

Written Answers — Department of Finance: Banking Sector (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 71 and 86 together. As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the...

Written Answers — Department of Finance: IBRC Operations (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 72 and 73 together. As the Deputy will be aware the terms of reference of the proposed Commission of Investigation in relation to IBRC include the following explicit term of reference (1b) dealing with issues of public concern: The Commission shall investigate all transactions, activities and management decisions, other than those relating solely to...

Written Answers — Department of Finance: Employee Shareholding Scheme (18 Jun 2015)

Michael Noonan: An Employee Share Ownership Trust (ESOT) is a trust established by a company for the purpose of placing shares into the hands of employees. It operates in tandem with a Revenue Approved Profit Sharing Scheme (APSS). Shares are transferred to employees from the ESOT through the APSS.  Under Revenue approved ESOTs and APSSs any shares appropriated are exempt from income tax in the hands...

Written Answers — Department of Finance: Tax Data (18 Jun 2015)

Michael Noonan: As the Deputy will be aware, landlords may deduct 75% of interest paid on money borrowed to purchase, improve or repair residential property from the gross rent when computing their rental profits for tax purposes on that property. Interest can only be deducted during the period in which the property is let. The estimated cost associated with the deduction of interest expense against...

Written Answers — Department of Finance: Deposit Guarantee Scheme (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 76 and 78 together. The Deposit Guarantee Scheme (DGS) provides protection of up to €100,000 per saver per credit institution, including credit unions. The scheme gives confidence to depositors that their money is safe in the event that a financial institution gets into financial difficulty. Directive 2014/49/EU is a new EU Directive...

Written Answers — Department of Finance: VAT Exemptions (18 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply.  The supply of incontinence pads is liable to VAT at the standard rate, currently 23%.  EU VAT exemptions do not allow for exempting the supply of incontinence pads from VAT and a zero rate of VAT cannot be applied...

Written Answers — Department of Finance: Property Tax Exemptions (18 Jun 2015)

Michael Noonan: Section 10 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a number of exemptions from Local Property Tax (LPT).  These exemptions include any unfinished housing estates or portions of unfinished housing estates, which are prescribed (as unfinished) by the Minister for the Environment, Community and Local Government in Statutory Instrument (SI) No. 91 of 2013. The...

Written Answers — Department of Finance: Carbon Tax Yield (18 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 80 and 81 together. All taxes and reliefs are reviewed on an annual basis as part of the Budget and Finance Bill process.  As part of the process the Tax Strategy Group, an inter-departmental committee which examines options in the area of taxation for the Budget and the medium and longer term, considers a specific energy and environmental taxation...

Written Answers — Department of Finance: Tax Yield (18 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that statistics relating to stamp duty net receipts can be found on the statistics webpage of the Revenue website at . Specifically, a breakdown of stamp duty receipts in tabular form is available at including the years 2010 to 2014. The Deputy may wish to note that the net receipt figures for stamp duty paid on share transactions includes all...