Results 21,461-21,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge Application (10 Nov 2015)

Michael Noonan: I announced a number of changes to the Universal Social Charge (USC) in my recent Budget speech which will apply to all income liable to the USC, including occupational pension income of retired pensioners. From the 1st of January next, the entry threshold to USC is being increased from €12,012 to €13,000, removing over 40,000 individuals from the scope of the charge entirely....

Written Answers — Department of Finance: Tax Code (10 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there are no specific criteria which are  applied to a representative body in submitting a claim for a flat rate expense allowance. The key requirement is that a body must be representative of a particular sector or group of employees. The regime whereby representative bodies may submit a claim in respect of a large number of employees has...

Written Answers — Department of Finance: Credit Availability (11 Nov 2015)

Michael Noonan: The Government recognises that small businesses, including those in the hotel sector, play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. Officials from my...

Written Answers — Department of Finance: Public Investment Projects (11 Nov 2015)

Michael Noonan: The capital allocation for my Department for 2015 is €1.15 million. Of this figure, €1.13 million is in respect of the refurbishment of buildings in the Merrion Street complex. The balance of €0.02 million is attributable to ICT.

Written Answers — Department of Finance: State Banking Sector (11 Nov 2015)

Michael Noonan: As requested by the Deputy, the following is a summary of the AIB and BOI recapitalisation amounts and associated disposal proceeds, investment income and bank liability guarantee fee income to date. I have also included the most recent valuations of our remaining investments in the banks for the benefit of the Deputy: Gross invested €25.4bn Disposal...

Written Answers — Department of Finance: State Claims Agency (11 Nov 2015)

Michael Noonan: It has not been possible for the State Claims Agency (SCA) to collate the information requested in the time available. The SCA have informed me that they will need an additional 10 days in order to compile the necessary data. I will write to the Deputy with the information as soon as it is submitted to me.

Written Answers — Department of Finance: State Claims Agency (11 Nov 2015)

Michael Noonan: It has not been possible for the State Claims Agency (SCA) to collate the information requested in the time available. The SCA have informed me that they will need an additional 10 days in order to compile the necessary data. I will write to the Deputy with the information as soon as it is submitted to me.

Written Answers — Department of Finance: State Banking Sector (11 Nov 2015)

Michael Noonan: On Friday last, 6th November 2015, I welcomed the announcement from AIB that the bank had received approval from its regulator, the SSM (Single Supervisory Mechanism), for a significant reorganisation of its capital structure. The approved reorganisation allows for a redemption of the 2009 Preference Shares, to the value of €1.7 billion for the State, as well as a conversion...

Written Answers — Department of Finance: Proposed Legislation (11 Nov 2015)

Michael Noonan: The Finance Bill is a Money Bill. Article 22 1° of the Constitution defines a Money Bill as meaning a Bill which contains only provisions dealing with all or any of the following matters, namely, the imposition, repeal, remission, alteration or regulation of taxation; the imposition for the payment of debt or other financial purposes of charges on public moneys or the variation or...

Written Answers — Department of Finance: Tax Code (11 Nov 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: Budget Submissions (11 Nov 2015)

Michael Noonan: The Deputy will appreciate that preparation for Budget 2016 and the Finance Bill is a complex matter and it would be impractical to provide a definitive list of every single such meeting that may have taken place. However I can advise him that in advance of Budget 2016 I met, along with Minister Howlin, as I usually do, a number of representative organisations. These were IBEC, ICTU, the...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (12 Nov 2015)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe physical disability...

Written Answers — Department of Finance: Fiscal Compact Treaty (12 Nov 2015)

Michael Noonan: In 2016 Ireland will enter the preventive arm of the Stability and Growth Pact (SGP). Countries in the preventive arm must attain the Medium Term Objective (MTO) or be on an appropriate adjustment path towards it.  The MTO is the central concept of the preventive arm that serves to ensure sustainable public finances and compliance with the 3% of GDP deficit criterion in all but the most...

Written Answers — Department of Finance: Tax Code (12 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the phrase 'tax credit' has a very specific meaning in the Taxes Acts.  For income tax, corporation tax and capital gains tax it means an amount "to be given or set against, or deducted from, the amount of tax chargeable on the person".  Therefore, it includes items which form part of the normal computation of a tax liability, (for...

Written Answers — Department of Finance: Tax Code (12 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 68 and 69 together. I understand that Latvia has a flat income tax rate of 23% with effect from 2015 for certain types of income, while also having a State Social Insurance Mandatory Contributions system. I am not aware of any jurisdictions that have abolished all tax credits. Furthermore, I am not aware of any analysis of the economic and social impacts...

Written Answers — Department of Finance: Tax Data (12 Nov 2015)

Michael Noonan: I assume that the Deputy is referring to the annual cost of increasing the Capital Acquisitions Tax category A threshold, which applies to gifts and inheritances from a parent to a child, from the post-Budget 2016 threshold of €280,000 to €500,000. I am advised by the Revenue Commissioners that the cost of increasing the category A threshold to €500,000 would be...

Written Answers — Department of Finance: Tax Code (12 Nov 2015)

Michael Noonan: As the Deputy will be aware, there have been a number of proposals in recent years to impose taxes on food and beverages to achieve public health objectives. Generally, such proposals encompass either specific products, such as sugar sweetened drinks, or a range of food products with certain characteristics, such as foods with saturated fats above a certain level, foods with added...

Written Answers — Department of Finance: Fiscal Policy (12 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 72 and 73 together. The general government deficit and debt figures for 2016, as per Budget 2016, are currently projected to be -€2.8 billion (-1.2% of GDP) and €207.1 billion (92.8% of GDP) respectively. The Deputy is asking what would be the impact should alternative levels of revenue and expenditure be introduced rather than the measures...

Written Answers — Department of Finance: Banking Sector Data (12 Nov 2015)

Michael Noonan: Section 126AA of the Stamp Duties Consolidation Act 1999 applies to holders of banking licences and building societies in 2011 that were obliged to collect and pay over more than €100,000 in Deposit Interest Retention Tax (DIRT) in that year.  The section provides for a bank levy, in the form of a stamp duty, equal to 35% of the amount of DIRT (known as the "assessable amount")...

Written Answers — Department of Finance: Mortgage Data (12 Nov 2015)

Michael Noonan: I am informed by the Central Bank that it does not publish information on the basis sought by the Deputy. However, the Banking and Payments Federation Ireland (BPFI) publishes a quarterly report on the Irish Mortgage Market. The latest report covers the periods up to Q2 2015. It contains the following data in relation to re-mortgages which it defines as "'a loan which is drawn down by...