Results 3,101-3,120 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: The Programme for Government states that as part of the Government's fiscal strategy we will maintain the current rates of income tax together with bands and credits. However, the position is that all taxation measures will be considered in the context of the forthcoming Budget and Finance Bill. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer,...

Written Answers — Trust Funds: Trust Funds (4 Oct 2011)

Michael Noonan: I am informed by the Central Bank that it does not hold or require regulated firms to provide it with any information in respect of funds held in trust funds in this State. Section 46(15) Capital Acquisition Tax Consolidation Act provides that the Revenue Commissioners must be informed when property becomes subject to a discretionary trust. However, this information would only relate to a...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: The Finance Act 2011 contains legislation that, subject to a Ministerial Commencement Order, provides for the extension of the 1% betting duty to remote bookmakers and a 15% gross profits tax on betting exchanges that offer their services to consumers within the State. The tax changes provided for in the Finance Act can only be implemented once the Betting (Amendment) Bill, which will provide...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: A provision for allowing losses to be offset against profits or gains is common to a number of taxes, including Income Tax and Corporation Tax as well as Capital Gains Tax (CGT); and there is no time limit for carrying forwarded losses under any of these taxheads. A chargeable loss arises if a taxpayer disposes of an asset for less than the cost of acquisition – in other words, if the asset...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: I assume the Deputy is referring to the imposition of a time limit on the carry forward of losses in circumstances where a business does not have sufficient profits against which to offset capital allowances. In computing the trading profits of a business for tax purposes, deductions are not generally available for capital expenditure, whether in respect of the cost of capital assets...

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (4 Oct 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that, if the person concerned is still in employment, he should contact his employer in relation to any possible tax rebate. If this person has ceased employment, he should submit a completed Form P50 with P45, parts 2 & 3 to the Revenue Commissioners and a review of his tax position will be undertaken. These forms should be submitted to the...

Written Answers — EU-IMF Programme: EU-IMF Programme (4 Oct 2011)

Michael Noonan: The Programme for Government represents the Government's agreed policy agenda. The policies set out in it are designed to facilitate economic growth, restore confidence, fix the banking system, bring order to our public finances, and support the creation of jobs. The Programme for Government explicitly states its support for the objectives of the EU-IMF programme. The EU-IMF Programme of...

Written Answers — Fiscal Policy: Fiscal Policy (4 Oct 2011)

Michael Noonan: The report to which the Deputy refers was published on 27 July this year by the Secretariat of the National Economic and Social Council. It was not published under the Council's name, and therefore the views expressed in it are those of the authors and do not represent the collective view of the Council. For this reason it was not subject to a Government decision prior to publication....

Written Answers — EU-IMF Programme: EU-IMF Programme (4 Oct 2011)

Michael Noonan: The report referred to is the International Monetary Fund's World Economic Outlook (WEO) published on 20 September 2011. The IMF considers that the recovery of the global economy has weakened considerably, and downside risks have increased sharply. The IMF forecasts world growth of about 4% in both 2011 and 2012 (revised down from 4.5% for both years in the April WEO forecast). However, they...

Written Answers — National Asset Management Agency: National Asset Management Agency (4 Oct 2011)

Michael Noonan: NAMA has a commercial remit and a statutory objective to generate a return for the taxpayer. However, within the context of its commercial remit and consistent with section 2 of the National Asset Management Agency Act 2009, NAMA is at all times open to considering proposals aimed at contributing to broader social and economic objectives. Thus NAMA is open to facilitating the work of public...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the supply of personal protective equipment (PPE) clothing for children up to 10 years of age is liable to VAT at the zero rate in accordance with paragraph 10(1) of Schedule 2 of the Value-Added Tax Consolidation Act 2010. The supply of PPE clothing for children older than 10 years and adults is liable to VAT at the standard rate of 21% as...

Written Answers — Financial Services Regulation: Financial Services Regulation (4 Oct 2011)

Michael Noonan: The Deputy will appreciate that discussions in relation to the restructuring of Quinn Group debt are ongoing. We have been informed by the bank that details of the ongoing discussions with the senior creditors are commercially sensitive. Nonetheless, the bank has informed me that the proposed arrangements envisage the establishment of some new entities. The split, or tranching, of the debt...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: The draft proposal for a Common Consolidated Corporate Tax Base (CCCTB) was published by the European Commission on 16 March this year. Since then, officials from my Department and the Office of the Revenue Commissioners have attended meetings on the subject matter of the CCCTB on five occasions. The first of those meetings was a meeting of the Council High Level Group on Taxation held on 28...

Written Answers — National Asset Management Agency: National Asset Management Agency (4 Oct 2011)

Michael Noonan: The deferred consideration initiative was recently approved by the NAMA Board and the agency has written to me seeking my agreement to the initiative commencing. The details of the initiative are currently being reviewed within my Department and I will respond to NAMA when that review has been completed.

Written Answers — Departmental Expenditure: Departmental Expenditure (4 Oct 2011)

Michael Noonan: The Deputy has requested information in relation to payments made by the Department of Finance, the Central Bank, the NTMA and the NPRF to a number of firms. It is not possible to provide all this information in a short time frame. I have however requested this information from the relevant bodies and will send it to the Deputy shortly. I can however inform the Deputy that my Department has...

Written Answers — State Banking Sector: State Banking Sector (4 Oct 2011)

Michael Noonan: The restructuring of the domestic banking sector creates capacity for the pillar banks to lend in excess of €30 billion over the next three years in SME and other important sectors. This is in excess of Central Bank estimates of the likely demand for SME and mortgage credit over this period. Both pillar banks are concentrating on the Irish economy and need to issue credit to make profits...

Written Answers — Economic Competitiveness: Economic Competitiveness (4 Oct 2011)

Michael Noonan: The Deputy will be aware that this Government's overriding aim is to return the economy to sustainable growth which will underpin an improvement in the labour market. There are three key conditions for doing so: - restoring order to the public finances, - a functioning banking system, and - improving competitiveness. The Government is committed to restoring order to the public finances and...

Written Answers — State Banking Sector: State Banking Sector (4 Oct 2011)

Michael Noonan: As I said in a reply to a question from Deputy Nash on 27 September last, ensuring that a strategic investment bank is operating in the domestic banking market, providing finance to large capital projects and acting as a conduit for venture capital as well as a lender to SMEs, is an objective in the Programme for Government. A comprehensive programme of bank recapitalisation and...

Fiscal Policy (5 Oct 2011)

Michael Noonan: The fourth quarterly review of the EU-IMF programme of financial support for Ireland takes place from 11 to 21 October. The review will comprise a series of meetings to evaluate all the elements of the programme covering fiscal developments, including the comprehensive spending review and potential asset disposal, the macroeconomic outlook and progress on commitments in restructuring the...

Fiscal Policy (5 Oct 2011)

Michael Noonan: The agreement negotiated by our predecessors in office envisaged an ambitious programme for the disposal of State assets.