Results 3,461-3,480 of 27,019 for speaker:Michael Noonan

Written Answers — Proposed Legislation: Proposed Legislation (25 Oct 2011)

Michael Noonan: This question relates to a submission by the Irish Bookmakers Association. The issues raised are being examined in the context of the proposed Betting (Amendment) Bill, which is being drafted at present. The Bill will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the...

Written Answers — Pension Provisions: Pension Provisions (25 Oct 2011)

Michael Noonan: The current annual earnings cap of €115,000 acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on employee or personal pension contributions. I am informed by the Revenue Commissioners that the full year yield to the Exchequer arising from reducing the earnings cap to the amount...

Written Answers — Public Service Contracts: Public Service Contracts (25 Oct 2011)

Michael Noonan: The policy of my Department, as set out in Circular 43/2006 "Tax Clearance Procedures, Public Sector Contracts" is that, in the case of all public sector contracts of a value of €10,000 (inclusive of VAT) or more within any 12-month period, the contractor (and agent as appropriate) is required to produce either a valid tax clearance certificate or a C2 certificate. The public sector...

Written Answers — Tax Yield: Tax Yield (25 Oct 2011)

Michael Noonan: The Domicile Levy can be paid at any time up to 31 October in the year following the valuation date, which is 31 December of each year. The first valuation date for the levy was 31 December 2010 and the tax return and payment of the levy for 2010 is not due until 31 October 2011. The yield figure will not be available until after that date. As with other areas of taxation, the rules are...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: The supply of safety equipment including bicycle helmets 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 safety equipment for adults and children older than 10 years is liable to VAT at the standard rate of 21% as provided for in Section 46(1)(a) of the VAT...

Written Answers — Departmental Agencies: Departmental Agencies (25 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 111, 115 and 137 together. In response to the Deputy's questions there are 2 bodies which are classed as commercial agencies and one body classed as non-commercial State agency which come under the aegis of my Department. The commercial bodies are Anglo Irish Bank and The National Asset Management Agency. The non-commercial State agency which comes under the...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: With effect from the start of this year, codified provisions in relation to transfer pricing address any understatement of profits for Irish tax purposes. These provisions confirm that, for trading transactions between associated persons, the OECD "arm's-length" standard of pricing must apply. Arm's length prices are those that would be agreed by independent parties. If the amount payable...

Written Answers — Tax Reliefs: Tax Reliefs (25 Oct 2011)

Michael Noonan: The public consultation on Section 23-type reliefs and other "legacy" property-based tax reliefs, undertaken by my Department concluded at the end of July. Over 700 submissions were made during the consultation, which forms part of an impact assessment process to assess the potential effects of amending, curtailing and/or abolishing such reliefs, in keeping with the commitment in the...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: I would point out that domestic fuels, namely electricity and gas, are already subject to VAT at the reduced rate of 13.5% in Ireland. The majority of EU Member States, nineteen of the 27 States, apply higher VAT rates to domestic energy than Ireland. Ireland can avail of this reduced rate because of a provision, under Article 118 of the EU VAT Directive that provides that where a reduced...

Written Answers — Departmental Agencies: Departmental Agencies (25 Oct 2011)

Michael Noonan: In response to the Deputy's question information in relation to bodies listed and which come under the aegis of my Department is as follows: Details requested in respect of the Office of the Appeals Commissioners and Office of the Revenue Commissioners are available in the revised estimates for 2011. The National Development Finance Agency (NDFA) performs its functions through the National...

Written Answers — State Banking Sector: State Banking Sector (25 Oct 2011)

Michael Noonan: As the Deputy will be aware, notwithstanding the fact that the State is a 99.8% shareholder in AIB, the bank is run on a commercial basis and the Government does not interfere in the day to day commercial decisions taken by the board and management of the bank. The matter referred to in the Deputy's question would clearly fall into this category and I would have no function in the matter.

Written Answers — Tax Collection: Tax Collection (25 Oct 2011)

Michael Noonan: I am informed by the Revenue Commissioners that there has been no delay in dealing with this matter. The person concerned wrote to the Office of the Appeal Commissioners on 5th October to make an appeal. The Appeal Commissioners replied on 14th October advising him that, in accordance with the relevant legislation, he should make his appeal through the Revenue Commissioners. In writing to...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: The Deputy appears to be referring to Section 92B Stamp Duties Consolidation Act 1999, which relates to first time buyer relief from Stamp Duty on the purchase of residential property. Finance Act 2011 abolished first time buyer relief, along with a number of other reliefs from Stamp Duty on residential property transfers, as part of the process in which the Stamp Duty rate was reduced to 1%...

Written Answers — Departmental Expenditure: Departmental Expenditure (25 Oct 2011)

Michael Noonan: In general, my Department uses the services of the Office of the Attorney General and the Office of the Chief State Solicitor. However, it also seeks outside legal advisors in circumstances requiring legal services of a specific nature. The costs associated with the Office of the Attorney General and the Office of the Chief State Solicitor are borne by their respective Votes. The...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that they have contacted the employer and that a P45 will issue to the person concerned today.

Written Answers — Mortgage Debt: Mortgage Debt (25 Oct 2011)

Michael Noonan: I would like to thank the Deputy for bringing to my attention the proposals for dealing with the mortgage arrears situation. As the Deputy is aware a lot of discussion has taken place to deal with the mortgage arrears situation and a lot of suggestions have been put forward. In November 2010, the Expert Group on Mortgage Arrears and Personal Debt published its report. All of the Group's...

Written Answers — Departmental Expenditure: Departmental Expenditure (25 Oct 2011)

Michael Noonan: My Department is a shared services payroll provider and, in addition to paying Finance staff, uses its licensed Corepay system to provide a service for a number of other Government Department/Offices per anumn. The annual maintenance and support costs in respect of this service is, €49,200. The Revenue Commissioners, which is under the aegis of my Department, is not part of my Department's...

Written Answers — Financial Services Regulation: Financial Services Regulation (25 Oct 2011)

Michael Noonan: As Minister for Finance, I do not get involved in or comment on negotiations/discussions between a borrower with his/her lender. I note that the borrower in question is engaging with the lender. As the Deputy is aware the Central Bank's Code of Conduct on Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the...

Written Answers — Financial Services Regulation: Financial Services Regulation (25 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 125, 130 and 134 together. As Minister for Finance, I have no statutory role in the setting of interest rates charged by financial institutions regulated by the Central Bank. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing...

Written Answers — National Asset Management Agency: National Asset Management Agency (25 Oct 2011)

Michael Noonan: The second quarterly report for the period ending 30 June 2011, accompanied by financial statements for the second quarter, was submitted to me by NAMA as required by the end of September 2011 and I will lay the report before each House of the Oireachtas shortly.