Results 2,781-2,800 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Reliefs: Tax Reliefs (14 Sep 2011)

Michael Noonan: The gradual reduction from marginal to standard rate tax relief on pension contributions commencing in 2012 forms part of the fiscal consolidation measures in the agreement with the EU, IMF and the ECB over the period 2011 to 2014. When introducing the temporary pension scheme levy to pay for the Jobs Initiative on 10 May last, I gave a commitment to examine the issue of reducing the tax...

Written Answers — State Banking Sector: State Banking Sector (14 Sep 2011)

Michael Noonan: As the Deputy is aware the Quinn Group and Quinn family are substantially indebted to Anglo Irish Bank Corporation Limited ('the bank') and by direct extension to the Irish taxpayer. The bank is obliged to take whatever steps are necessary to protect the bank's Quinn-related assets/investments from a diminution of value and the bank's involvement in a joint venture to acquire the Quinn...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: As noted in the proposals, which the Deputy has submitted, the level of tax relief investors can claim on the interest for mortgages and loans on residential rental properties was reduced to 75% of the interest accrued from 7th April 2009 under Section 5 of the Finance Act 2009. The proposals submitted, will be examined in tandem with the normal process of reviewing and considering taxation...

Written Answers — Financial Institutions Remuneration: Financial Institutions Remuneration (14 Sep 2011)

Michael Noonan: The outgoing Board of Irish Nationwide Building Society made many efforts to recoup the bonus paid in 2008 to the individual to whom the Parliamentary Question refers. Now that INBS has merged with Anglo Irish Bank, I regard the commitment of the former CEO to return the bonus to the Society as one that remains outstanding to the new merged entity. Therefore, I have asked the Board of the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 70 and 73 together. The Deputy will recall that the previous Government in January 2010 set out a framework to the Oireachtas for investigation into the banking sector. This investigation consisted of two distinct stages. The preliminary reports published in June 2010 by the Governor of the Central Bank, Professor Patrick Honohan, on The Irish Banking...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 71 and 93 together. The Government acknowledges the continuing cost pressures on parents, particularly those with young children. Childcare is one of the biggest issues facing working parents today. For this reason a number of support measures have been introduced. These include, (i) the Community Childcare Subvention (CCS) programme, which funds...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: As I explained in my speech introducing the "Jobs Initiative" in May last, the decision to fund the Initiative by way of a levy on pension funds over the 4 year period was taken because the alternatives for increases in taxation elsewhere at this time would be more damaging to the economy. I do not have any plans for alternative sources of revenue to the fund the Jobs Initiative.

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am not privy to the full details of the agreement to which the Deputy has referred and accordingly it would be inappropriate for me to comment on it. Initial reports would suggest that any such agreement may provide for a one-off deduction from funds on deposit to settle past liabilities and a withholding tax from 2013 in place of the actual liability due in respect of investment income...

Written Answers — Mortgage Arrears: Mortgage Arrears (14 Sep 2011)

Michael Noonan: I assume that the Deputy is referring to the Deferred Interest Scheme that was recommended by the Expert Group on Mortgage Arrears and Personal Debt which published its report late last year. Under this scheme, subject to certain criteria being satisfied, borrowers are allowed to pay at least 66% of their mortgage interest but less than 100%. Payment of the balance may be deferred for up to...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: The Deputy refers to a reply given to Parliamentary Question No. 105 of 2011, in which a figure was supplied in error. The correct figures are below: 2007 2008 €M Numbers €M Numbers Exemption of Income Arising from the Provision of Childcare Services 0.7 400 0.8 440 Section 216C of the Taxes Consolidation Act, 1997 provides for an exemption from income tax for individuals who mind...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: There are different ways of measuring the effective rate of corporation tax depending on the variables that are used and it is difficult to determine a general or single reliable comparative measure of an effective tax rate. In responding to questions in the House during the Summer, I mentioned that our effective rate of corporation tax was 11.9%. This figure comes from a recent Paying...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: The availability of relief for losses incurred in a business is a well-established feature of corporation tax, which is in recognition of the fact that a business cycle runs over several years and that it would be unbalanced to tax profits in one year and not allow losses in another. Under Irish tax legislation, a company incurring a trading loss in an accounting year can carry that loss back...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 10%, based on the expected outturn in 2011, could be in the region of €110 million, assuming no change in the existing thresholds. The additional full year yield from existing taxpayers from reducing the existing thresholds by 10% and applying...

Written Answers — Tax Reliefs: Tax Reliefs (14 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the information provided in tax returns on the annual amounts of claims for property based tax reliefs is not sufficiently detailed to provide a basis for deriving an estimate of the remaining legacy cost to the Exchequer. I am not therefore in a position to provide the information requested by the Deputy. The estimated annual cost to the...

Written Answers — Departmental Expenditure: Departmental Expenditure (14 Sep 2011)

Michael Noonan: The total amount of professional fees paid by my Department in 2010 was €5,393,503. If a reduction of 25% was applied across the board then potential savings of €1,348,376 could have been achieved. In relation to expenditure on professional fees by agencies under the aegis of my Department the following outlines the position of each:-

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: It is assumed that the threshold for the proposed new tax band mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the introduction of a new 49% rate...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers for 2009, the latest year available, the amount of tax foregone by allowing a deduction for interest on borrowings to be offset against all rental income assessable under Case V, Schedule D for both residential and commercial property is estimated at €745 million. This is an...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: In recognition of the fact that groups of companies generally comprise a single economic entity, the Taxes Consolidation Act 1997 provides for the allowance of trading losses of a group company in an accounting period against profits of another group company in the corresponding accounting period. Essentially, two companies are members of a group of companies if one company is a 75%...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the information furnished on corporation tax returns does not generally require the yield from a particular sector or sub-sector of economic activity to be identified. In these circumstances the amount of tax revenues collected in respect of the activities specified in the question cannot be readily identified from the overall corporation tax...

Written Answers — Departmental Expenditure: Departmental Expenditure (14 Sep 2011)

Michael Noonan: The information requested by the Deputy will be forwarded directly to him within the next few days.