Results 20,201-20,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Capital Allowances (23 Jun 2015)

Michael Noonan: Capital expenditure incurred on registered private nursing homes qualifies for capital allowances in the form of an industrial building annual allowance at the rate of 15% over 6 years and 10% in the seventh year. Capital allowances are granted for such capital expenditure incurred on the construction or refurbishment of a building providing that the building is in use for the purposes of...

Written Answers — Department of Finance: Tax Exemptions (23 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that section 69 of the Capital Acquisitions Tax Consolidation Act, 2003 provides for a cumulative annual exemption of €3,000 for gifts taken by any one person from any one donor in each calendar year. This annual exemption was originally £250 (€317) and was increased to £500 (€635) in 1979, £1,000 (€1,270)...

Written Answers — Department of Finance: IBRC Liquidation (23 Jun 2015)

Michael Noonan: The Irish Bank Resolution Corporation Bill 2013 (the " IBRC Act") was passed by the Dáil on 7 February 2013. The IBRC Act provided for the winding up of IBRC in an orderly and efficient manner in the public interest. On 7 February 2013, I as the Minister for Finance, made an Order pursuant to Section 4 of the IBRC Act providing for the winding-up of IBRC under the provisions of the...

Written Answers — Department of Finance: NAMA Accounts (23 Jun 2015)

Michael Noonan: NAMA is subject to statutory audit by the Comptroller and Auditor General (C&AG) and internal audit by PwC (formerly by Deloitte. NAMA provides a significant level of disclosure regarding its audit functions and accountability in its Annual Reports.  The Deputy may be interested to review the following sections of NAMA's Annual report for 2014, available on NAMA's we...

Written Answers — Department of Finance: Commissions of Investigation (23 Jun 2015)

Michael Noonan: In response to significant public concerns, and to focus the review on the transactions that have led to the significant public concerns, a Commission of Investigation into certain decisions, transactions and activities entered into by IBRC has now been established. As the Deputy will be aware, the Terms of Reference of the Commission of Investigation were debated in...

Written Answers — Department of Finance: Universal Social Charge Payments (23 Jun 2015)

Michael Noonan: Since coming into government, I have made several significant changes to the Universal Social Charge which have increased its fairness.  As a result of a Review of USC by my Department, the Government decided in Budget 2012 to increase the entry point to the Universal Social Charge from €4,004 to €10,036 per annum.  It is estimated that this removed almost 330,000...

Written Answers — Department of Finance: VAT Rate Application (23 Jun 2015)

Michael Noonan: In general I am not in favour of hypothecation of taxes as it constrains the Government's scope on expenditure decisions and can distort the allocation of resources. Therefore, I have not examined allocating Value Added Tax receipts accruing to the Exchequer to fund public broadcasting and digital content. Similarly, I have not discussed this issue with the Department of Communications,...

Written Answers — Department of Finance: VAT Rate Application (23 Jun 2015)

Michael Noonan: On 1 January 2015, new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and e-services to consumers.  VAT on these services is now chargeable where the consumer is located instead of where the supplier is located.  This ensures that the VAT goes to the Member State in which the services are...

Written Answers — Department of Finance: Property Tax Exemptions (23 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 244, 245 and 263 together. Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for a temporary exemption of at least three years from the charge to Local Property Tax (LPT) for residential properties that have been certified under Regulations made by the Minister for the Environment, Community and Local Government (S.I No 147 of...

Written Answers — Department of Finance: Deposit Guarantee Scheme (23 Jun 2015)

Michael Noonan: 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 relation to the DGS which is being transposed into...

Written Answers — Department of Finance: Tax Collection (23 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that inheritance tax may be paid by instalments where a person inherits real property (i.e. buildings and land). However, there is no statutory entitlement to this facility were a person inherits property other than real property, unless a person inherits a limited interest only (i.e. for the duration of a life or a specified period) in the property....

Written Answers — Department of Finance: Departmental Correspondence (23 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 248, 249 and 251 together. The exchange of correspondence, to which the Deputy refers, arose as a response to views attributed in the press to the Central Bank of Ireland regarding the overall position of the insurance industry and regarding named companies.  As some of these important issues had not previously been raised with my...

Written Answers — Department of Finance: Central Bank of Ireland Staff (23 Jun 2015)

Michael Noonan: As Minister for Finance, I have no role in the employment or departure of staff in the Central Bank. Under the Central Bank Act 1942, as amended, the Central Bank Commission is responsible for administrating the staffing of the Central Bank with a view to enabling the Central Bank to perform and exercise its functions and...

Written Answers — Department of Finance: Electric Vehicles (23 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that section 135C of the Finance Act, 1992 currently provides for a remission or repayment of Vehicle Registration Tax (VRT) on a range of series production electric vehicles. In summary, these reliefs are as follows: - Categories of vehicle Amount of VRT Hybrid electric: electric and internal combustion Passenger and light commercial...

Written Answers — Department of Finance: Mortgage Data (23 Jun 2015)

Michael Noonan: Firstly, it is important to note that a lender regulated by the Central Bank of Ireland who is no longer providing new mortgage loans is still required to comply with the relevant provisions of Irish financial services legislation in relation to their existing loan book. This includes the Code of Conduct on Mortgage Arrears (CCMA). As the Deputy will be aware, borrowers whose loans are...

Written Answers — Department of Finance: Financial Services Regulation (23 Jun 2015)

Michael Noonan: Effective from 1 February 2008, the Central Bank of Ireland is responsible for the authorisation and supervision of Retail Credit Firms.  Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals, but are not licensed to accept deposits. Some firms authorised in this category are mortgage lenders.  In light of their activities,...

Written Answers — Department of Finance: IBRC Loans (23 Jun 2015)

Michael Noonan: 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 dealing with other matters of concern: "The Commission shall report on any other matters of concern arising from its investigation of the above matters and make any further recommendations as the Commission sees fit." Both...

Written Answers — Department of Finance: Tax Reliefs Eligibility (23 Jun 2015)

Michael Noonan: Section 469 of the Taxes Consolidation Act 1997 (the Act) provides for relief in respect of qualifying expenses incurred in the provision of health care in a tax year against the tax paid by an individual for that year. In the context of this section health care is defined as the prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability. This...

Written Answers — Department of Finance: Vehicle Registration (23 Jun 2015)

Michael Noonan: Section 134(5) of the Finance Act 1992 provides that the Minister for Finance 'may authorise the Commissioners to register a vehicle, subject to such conditions, limitations or restrictions (if any) as they may impose, either without payment of vehicle registration tax or on payment of the tax at less than the rate ordinarily chargeable or, where the said tax has been paid, to repay the tax...

Written Answers — Department of Finance: Financial Services Regulation (23 Jun 2015)

Michael Noonan: The Code of Conduct for Business Lending to Small and Medium Enterprises (SME Code)  was introduced in 2009 and sets out important protections for SMEs when they are accessing credit or in financial difficulties. A limited review was carried out in 2011 focussing on the 'Financial Difficulties' provisions, with new and amended provisions introduced with effect from 1 January 2012. On 11...