Results 22,301-22,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Fiscal Policy (19 Jan 2016)

Michael Noonan: The projected fiscal space figures published in Table A8 on page C.50 of the Budget 2016 book are consistent with compliance with our obligations under the expenditure benchmark.  Fiscal space is calculated in line with the trend potential growth rate of GDP less a convergence margin that applies as Ireland is not yet at its medium term budgetary objective under the balanced budget...

Written Answers — Department of Finance: State Banking Sector (19 Jan 2016)

Michael Noonan: I have made it clear that the decision to sell any part of our shareholding in AIB will be one for the next Government. The State's stake in AIB is a valuable asset. As the deputy will know, in December of 2015, AIB successfully completed the reorganisation of the bank's capital, including the return of almost €1.7 billion to the exchequer from the redemption of Preference Shares....

Written Answers — Department of Finance: IBRC Liquidation (19 Jan 2016)

Michael Noonan: The Special Liquidators intend to provide an update on the winding up of Irish Bank Resolution Corporation Limited (in Special Liquidation) by way of their third progress update report in the first quarter of 2016. ​I am advised by the Special Liquidators that they currently have a cash balance in excess of €2.1 billion on hand which will be available for distribution to...

Written Answers — Department of Finance: Tax Exemptions (19 Jan 2016)

Michael Noonan: I am advised by Revenue that an application for an exemption from Vehicle Registration Tax (VRT) was made by the person concerned in November 2014. The letter of acknowledgement issued by Revenue following receipt of the application contained details of a Revenue contact phone number, postal address, email address and a named Revenue official. Revenue made numerous unsuccessful attempts...

Written Answers — Department of Finance: Defence Forces Remuneration (19 Jan 2016)

Michael Noonan: The legislation governing the deductibility of expenses incurred in employment, as set out in section 114 of the Taxes Consolidation Act 1997, provides that, for an expense to qualify as a deduction against income from an office or employment, the expense must be wholly, exclusively and necessarily incurred in the performance of the duties of the office or employment. For ease of...

Written Answers — Department of Finance: Tax Yield (19 Jan 2016)

Michael Noonan: My Department issues official taxation forecasts twice a year, firstly as part of the annual Budget, which is published in October each year and then updated, if necessary, in the Stability Programme Update (SPU) in April of the following year. Therefore, the next official forecast for 2016 in respect of corporation tax will be contained in the 2016 SPU. As part of the SPU...

Written Answers — Department of Finance: Pension Provisions (19 Jan 2016)

Michael Noonan: In Finance Act 2013, I rescinded the Finance Act 2011 changes to the specified or guaranteed pension income requirement for Approved Retirement Fund access which had increased that income requirement from €12,700 to a variable limit based on 1.5 times the State Pension (Contributory) which amounted to €18,000 per annum. At the same time, I also rescinded the Finance Act 2011...

Written Answers — Department of Finance: Insurance Industry (19 Jan 2016)

Michael Noonan: The liquidation of an insurance company is a legally complex process. Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law. Progress in the liquidation of Setanta Insurance has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland (MIBI). On 4...

Written Answers — Department of Finance: European Central Bank (19 Jan 2016)

Michael Noonan: The Treaty on the Functioning of the European Union (TFEU) assigns responsibility for monetary policy to the European System of Central Banks (the ECB and national central banks).  Article 127 of the TFEU provides that the "primary objective of the European System of Central Banks (ESCB) shall be to maintain price stability".  This article goes on to say that "without prejudice to...

Written Answers — Department of Finance: Universal Social Charge Exemptions (19 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated first and full year cost of increasing the USC (Universal Social Charge) exemption threshold from €13,000 to €80,000 is in the order of €1,584 million and €2,148 million respectively.  This costing assumes that the current USC rates and bands as set out in Budget 2016 remain in place for those...

Written Answers — Department of Finance: Debt Collection (19 Jan 2016)

Michael Noonan: I am advised by Revenue that its clear preference is to always engage directly with taxpayers and businesses that are experiencing temporary cash-flow difficulties rather than deploying debt collection/enforcement sanctions. However, any such engagement is predicated on open and honest discussion by the taxpayer/business, including a willingness to identify and agree a mutually...

Written Answers — Department of Finance: Departmental Offices (19 Jan 2016)

Michael Noonan: This issue has already been discussed in this House at Estimates time last year. My Department and the Department of Public Expenditure and Reform share the office space in the South Block of Government Buildings. In 2014 the Office of Public Works (OPW) conducted an investigation of the Building and concluded that a full electrical rewiring and upgrade of the fire systems...

Written Answers — Department of Finance: Property Tax Exemptions (19 Jan 2016)

Michael Noonan: Section 13 of the Finance (Local Property Tax) Act 2012 (as amended) sets out how residential properties are to be valued for Local Property Tax (LPT) purposes. The current valuation date of 1 May 2013 is now valid until 31 October 2019 on foot of a recent legislative amendment (Finance (Local Property Tax) (Amendment) Act 2015). The declared valuation is not affected by any repairs or...

Written Answers — Department of Finance: Departmental Staff Promotions (19 Jan 2016)

Michael Noonan: I wish to inform the Deputy that since the implementation of the Cross Stream Promotion arrangements a number of staff at Clerical Officer and Executive Officer level in my Department have participated in various competitions which were advertised internally. However, to date, none have been successful. All competitions run by my Department adhere to the Commission for Public...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (20 Jan 2016)

Michael Noonan: I am advised by Revenue that applications under the Disabled Driver and Passenger Fuel Grant Scheme can be made using the facility on the Revenue website, . This is one of a range of self-service facilities available from Revenue to enable taxpayers make their claims and have them processed and paid in the most efficient, speedy and cost-effective manner. Paper claims under the scheme can be...

Written Answers — Department of Finance: Tax Code (20 Jan 2016)

Michael Noonan: Section 125 of the Stamp Duties Consolidation Act 1999 provides for a levy of 3% on the gross amount received by an insurer in the form of premiums paid in respect of non-life policies covering risks which are located in the State.  This levy applies to most non-life insurance premiums with the exception of re-insurance, voluntary health insurance, marine, aviation and transit insurance,...

Written Answers — Department of Finance: Property Tax Assessments (20 Jan 2016)

Michael Noonan: I am advised by Revenue that any property that is in use as, or that is suitable for use as, a dwelling house is subject to Local Property Tax (LPT). For LPT purposes, the state of dereliction of a property is not relevant where it (the property) is actually occupied as a dwelling house. However, a property that is derelict to such an extent that it is not suitable for occupation (and...

Written Answers — Department of Finance: Tax Code (20 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 55 to 60, inclusive, together. I am advised by the Revenue Commissioners that the estimated first and full year costs of abolishing the Universal Social Charge (USC) structure, as set out in Budget 2016, would be in the order of €2,522 million and €3,703 million respectively. The estimated yield to the Exchequer from the various single band and...

Written Answers — Department of Finance: Tax Data (20 Jan 2016)

Michael Noonan: I am informed by the Revenue Commissioners that DIRT on interest bearing deposits is declared and paid on a four-times yearly basis by financial institutions. The total value of DIRT due and paid is reported to Revenue at institutional level. Detailed figures are not required in these returns to identify the numbers of accounts on which DIRT was paid or the amount of interest earned or DIRT...

Written Answers — Department of Finance: Tax Reliefs Cost (20 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. In relation to the first question, I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage: . In relation to the Deputy's specific question, potential costs from reducing the rate of Capital Gains Tax (CGT) can be found in the post-Budget 2016 Ready...