Results 2,501-2,520 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (7 Jul 2011)

Michael Noonan: I am advised by AIB that members of the senior management team took the appropriate reductions in pay arising from the CIROC recommendations and the terms of the Subscription Agreement of May 2009. No reductions in basic pay occurred in 2010 and to date in 2011 in respect of the senior management team other than one reduction to a member of the team to ensure on-going compliance with the...

Written Answers — State Agencies: State Agencies (7 Jul 2011)

Michael Noonan: Performance-related pay has been an integral part of the NTMA approach to remuneration, reflecting the approach to remuneration in the private sector organisations with which the NTMA competes for staff. At the same time, public sector organisations must operate having due regard to the wider public policy context, which includes general economic circumstances. Accordingly, it is my...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (7 Jul 2011)

Michael Noonan: The information the Deputy has requested is not held by my Department. The financial institutions covered by the State Guarantee use consultants in respect of many aspects of their operations. The Department of Finance does not compile a list of these consultants. I do however expect the banks to continue to control and reduce their cost base and ensure that they achieve value for money...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (7 Jul 2011)

Michael Noonan: The legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in relation to the discharge of their responsibilities as a company director. As such, the director is legally bound to act in what he or she believes are the interests of...

Written Answers — Deferred Interest Scheme: Deferred Interest Scheme (7 Jul 2011)

Michael Noonan: The Central Bank has advised me that the following lenders have notified the Bank of their decision/intention to implement the recommendation of a Deferred Interest Scheme (DIS) or a variation of it, as set out in the final report of the Expert Group on Mortgage Arrears and Personal Debt with the following effective dates: Mortgage Lender Effective Date Allied Irish Banks Final quarter of...

Written Answers — Exchequer Savings: Exchequer Savings (7 Jul 2011)

Michael Noonan: The Exchequer deficit in the first six months of the year, at €10.8 billion, was in line with my Department's expectations. Tax receipts in the period to end-June, at €15.3 billion, were almost 6% above the same period in 2010. They were however slightly below expectations with a shortfall of 0.7% or €115 million compared to profile being recorded in the first six months of the year....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Jul 2011)

Michael Noonan: As the correspondence the Deputy refers to is of a legal nature, I do not think it is appropriate for me to respond in any depth at this stage other than to state that a reply to the said correspondence was issued on 28 June 2011 and that the capital requirement set by the Central Bank of Ireland (CBI) for each credit institution the subject of the 31 March stress tests, including Irish Life...

Written Answers — Tax Collection: Tax Collection (7 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that they have been recently in contact with the person concerned in relation to a tax debt. Arising from that contact written confirmation is awaited from the person concerned of his specific financial circumstances. I am advised by Revenue that there are no imminent legal proceedings in regard to this matter. Subject to the person concerned...

Written Answers — Tax Collection: Tax Collection (7 Jul 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that they have written to the person concerned advising him that forms P60 are issued by employers to their employees and he should contact his employer in this regard. The taxpayer has also been advised that if he experiences difficulties in relation to this matter he should contact Ms. Julie Miller, Kildare Revenue District, telephone 059...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: Section 117 of the Finance Act 2010 included provision to make public bodies subject to VAT with effect from 1 July 2010 in accordance with the European Court of Justice ruling against Ireland of 16 July 2009 in Case C-554/07. In summary, the VAT Act 1972 was amended to provide that public bodies, including local authorities, are made subject to VAT. More specifically, they are subject to...

Written Answers — Tax Reliefs: Tax Reliefs (12 Jul 2011)

Michael Noonan: The Programme for Government states that property tax reliefs and other tax shelters which benefit very high income earners will be reduced, capped or abolished and to this end I have directed that a process be initiated to assess the possible impacts of such changes on the "legacy" property-based tax relief schemes. The first stage of this assessment process is currently underway in the...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that their valuation officers do not provide an indicative estimate of the vehicle registration tax (VRT) that might be levied on a vehicle in advance of that vehicle being presented for registration. Instead, a number of tools have been made available, through which an individual should be able to estimate an approximate liability. Revenue...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jul 2011)

Michael Noonan: The position in relation to the number and value of loans transferred to NAMA on a bank by bank basis as at 31st December 2010 is set out in the table. This information is provided in the NAMA Quarterly reports which are laid before the Oireachtas and published on the NAMA website on a quarterly basis. At the end of Quarter 4 2010, NAMA reported a figure of 23% of the overall Portfolio as...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain services and goods for the period 1 July 2011 to end 2013. Businesses must account for VAT at the 9% rate on these specified goods and services provided by them on or after 1 July 2011. Where the goods and services are supplied to another VAT-registered business a VAT...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 92 and 93 together. I am informed by the Central Statistics Office that the CSO institutional accounts do not give an indication of the number of households or persons classified by the categories of wealth they hold. These statistics are based on aggregate information collected from financial institutions and do not contain the demographic details which...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 94 and 95 together. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2011 incomes, of a 1% point increase in the top rate of income tax for those single and widowed individuals with incomes over €100,000 and married couples with incomes over €200,000 as referred to by the Deputy would...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: The costs of the provision of certain free or subsidised childcare facilities by employers were exempt from a benefit-in-kind charge on the employees that availed of such facilities. This exemption was abolished in the recent Budget and Finance Bill 2011. This relief was introduced in 1999 to encourage employers to invest in childcare facilities and thus increase the overall supply of...

Written Answers — EU-IMF Programme: EU-IMF Programme (12 Jul 2011)

Michael Noonan: The Government is taking every appropriate opportunity to raise the issue of the interest rate charged on the EU/IMF Programme funds and to press our case for a reduction in the rate. In my recent engagements with Troika senior officials I raised the issue of programme pricing. I have also continued to do so at every suitable opportunity at EU level. The Government is prepared to discuss...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: VAT is applied on the value added on the supply of goods and services. VAT rates are not specific to business sectors, unless a sector deals in one particular good or service. The goods and services to which the 9% VAT rate applies are those, and only those, listed in paragraphs 3(1) to (3), 7, 8, 11, 12, and 13(3) of Schedule 3 of the VAT Consolidation Act 2010. Examples of such goods and...

Written Answers — Tax Yield: Tax Yield (12 Jul 2011)

Michael Noonan: Tax revenue in 2010 amounted to €31.8 billion. Tax revenue in 2011 is estimated at €34.9 billion. The Deputy should be aware that tax revenues are generally not assigned to particular areas of expenditure but rather are available, along with other sources of revenue such as non-tax revenue, capital receipts and Exchequer borrowing, to fund overall expenditure. € billion...