Results 2,961-2,980 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (27 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 fund the Jobs Initiative.

Written Answers — Tax Code: Tax Code (27 Sep 2011)

Michael Noonan: The issue of country-by-country reporting by Multinational Enterprises (MNEs) features prominently on the agenda of both the European Union and the OECD. In 2010, the EU Commission issued a Communication setting out a twelve point action plan in support of the Millennium Development Goals which inter alia called on Member States to facilitate ongoing research into country-by-country...

Written Answers — Enterprise Support Services: Enterprise Support Services (27 Sep 2011)

Michael Noonan: I have no plans at present to introduce a scheme of assistance similar to the one outlined by the Deputy in his question.

Written Answers — Tax Code: Tax Code (27 Sep 2011)

Michael Noonan: The termination of the tax exemption for royalty and other income arising from qualifying patents came into effect from 24 November 2010 at an estimated full year yield of €50 million. The decision to abolish the relief was taken in the light of a recommendation to this effect by the Commission on Taxation. As part of its review of all tax expenditures, the Commission on Taxation examined...

Written Answers — Tax Yield: Tax Yield (27 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that based on claims for capital allowances on the income tax returns and corporation tax returns for 2009, the latest year available, the notional cash flow saving to the Exchequer of limiting capital allowances available to business at €2 million in a tax year could be in the region of €1 billion if applied to all existing and new claims. ...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (27 Sep 2011)

Michael Noonan: Ireland has a good cordial and professional relationship with both the ECB and the European Commission. The relationships are built on mutual trust, openness and a cooperative and collegiate approach to issues that arise. In relation to the Bank Guarantee I understand that in September 2008, the then Minister for Finance, after consulting with the Governor and the Regulatory Authority, had...

Written Answers — Departmental Bodies: Departmental Bodies (27 Sep 2011)

Michael Noonan: I am informed by NAMA that there are currently three secondees working on short-term assignments of less than 3-months duration in the Agency. It is NAMA's practice to use secondees only on short-term specialist assignments where this is the most cost-effective option available. One of the three is on secondment from the Housing and Sustainable Communities Agency examining NAMA's database...

Written Answers — Consultancy Contracts: Consultancy Contracts (27 Sep 2011)

Michael Noonan: The company referred to in the question was engaged on 16 May 2011 until 31 December 2011 as external adviser on bank restructuring, to ensure a timely, efficient and effective process, and to review the proposals for merger and integration. A fixed fee, including expenses, of €2.75m was agreed for the engagement. The company has carried out no work for the NTMA or the Department of Finance...

Written Answers — Tax Code: Tax Code (27 Sep 2011)

Michael Noonan: I am aware of the proposal to which the Deputy refers. Placing such a charge on mobile telephone masts could deter service providers from erecting new masts in areas where coverage is bad. Consideration would also have to be given to the possible impact within the communications sector and on our communications infrastructure of such a proposal. I have been informed by ComReg that there are...

Written Answers — Tax Yield: Tax Yield (27 Sep 2011)

Michael Noonan: I assume that the Deputy is referring to the employer PRSI charge on share based remuneration introduced by the previous Government, which I abolished as part of the recent Jobs Initiative. Following the announcement that I made on the 18 March 2011, which clarified that PRSI would only apply to share based remuneration that was subject to a written agreement entered into after 1 January...

Written Answers — Tax Yield: Tax Yield (27 Sep 2011)

Michael Noonan: As announced under the Jobs Initiative, a second reduced VAT rate of 9% was introduced on a temporary basis in respect of certain services and goods mainly related to tourism for the period 1 July 2011 to end 2013. Specifically the 9% rate applies to restaurant and catering services; hotel and holiday accommodation; various entertainment services such as admissions to cinemas, theatres,...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (27 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 119 and 122 together. Unfortunately, it has not been possible to get the information from the covered institutions in the timeframe allowed by the Question. I will write to the Deputy in the near future with information provided by the institutions. I would caution however that one institution, at this point, has responded indicating that the information...

Written Answers — State Banking Sector: State Banking Sector (27 Sep 2011)

Michael Noonan: The promissory notes were issued in various tranches with different interest rates (four tranches for Anglo and 2 tranches for INBS. The total interest cost for the State for all tranches of the Anglo and Irish Nationwide promissory notes is circa €17 billion with annual repayments of €3.1 billion per annum. These annual repayments reduce over time as the various tranches of the...

Written Answers — General Government Debt: General Government Debt (27 Sep 2011)

Michael Noonan: The Deputy should be aware that the funds which become available to the State as a result of borrowing undertaken by the Exchequer are not generally assigned to one particular area of expenditure. Rather they are available, along with the funds sourced from revenues such as tax revenue, non-tax revenue and capital receipts, to fund overall expenditure. The figures for General Government...

Written Answers — Tax Yield: Tax Yield (27 Sep 2011)

Michael Noonan: The report "Economics of Tobacco: Modelling the Market for Cigarettes in Ireland " is based on analysis done by Revenue's Research and Analytics Branch. The research was conducted in 2010 and the report was published on the Revenue and Department of Finance websites in early 2011. Neither I nor the Revenue Commissioners are aware of any suggestion that the research is significantly at...

Written Answers — Disabled Drivers: Disabled Drivers (27 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that an application (Form DD1) under the Disabled Drivers Scheme from one of the named persons was received in the Central Repayments Office, Monaghan on 23rd September 2011. The necessary Primary Medical Certificate has also been received. The application form DD1 in question was incomplete but the applicant was contacted by telephone and has...

Written Answers — Tax Reliefs: Tax Reliefs (27 Sep 2011)

Michael Noonan: It is assumed that the Deputy is referring to the cost to the Exchequer of the following property based tax incentive schemes which remain in the tax code: certain tourism infrastructure under the Mid-Shannon Scheme (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am informed by the Revenue Commissioners...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (27 Sep 2011)

Michael Noonan: The Commission on Credit Unions is due to submit its interim report to me, as Minister for Finance, by 30 September 2011. This report will make initial recommendations on strengthening the regulatory framework for credit unions. The Commission will submit its final report to me by 31 March 2012. On the issue of lending restrictions, as Minister for Finance, my role is to ensure that the...

Written Answers — Departmental Strategy Statements: Departmental Strategy Statements (27 Sep 2011)

Michael Noonan: The Pre-Budget Outlook will be published in October although a precise date has not yet been set. The multi-annual fiscal projections which will be published in the Pre-Budget Outlook will cover the period 2012 to 2015.

Written Answers — General Government Debt: General Government Debt (27 Sep 2011)

Michael Noonan: There are quarterly Exchequer primary balance targets that we are required to meet under the terms of the EU-IMF Programme of Financial Support. These are set out in the Technical Memorandum of Understanding (TMU). As they are primary balance targets, they exclude Exchequer debt interest payments. They also allow for the exclusion of expenditure related to the banking sector...