Results 3,841-3,860 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (23 Nov 2011)

Michael Noonan: Any changes to the VAT code will be determined in the context of the upcoming Budget. You will appreciate that it is not normal practice to comment on Budget matters in advance.

Written Answers — Tax Code: Tax Code (23 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that Section 134 (1)(a) of the Finance Act 1992 provides that a vehicle may be registered without the payment of vehicle registration tax (VRT), if the vehicle is "the personal property of a private individual and is being brought permanently into the State by the individual when he is transferring his normal residence from a place outside the State...

Written Answers — Bank Recapitalisation: Bank Recapitalisation (23 Nov 2011)

Michael Noonan: ELA is recorded as an asset on the Central Bank's balance sheet under "Other Assets". All facilities conducted by the Bank are fully collateralised as outlined in detail in the Central Bank's last annual report.

Written Answers — Motor Fuels: Motor Fuels (23 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in fuel products, that they are aware of the threat to the Exchequer posed by laundered fuel. The predominant illicit activity in the mineral oil area in both Northern Ireland and the Republic is the laundering of marked diesel and its sale through illegal...

Written Answers — Company Closures: Company Closures (23 Nov 2011)

Michael Noonan: As the Deputy will be aware the Minister has no direct function in relation to the record of businesses that have been put into receivership. However, the Deputy may wish to note that the information requested is published by the Companies Registration Office (CRO) in their Annual Reports and is available on the CRO website: http://www.cro.ie/en/downloads-corporate.aspx.

Written Answers — Tax Reliefs: Tax Reliefs (23 Nov 2011)

Michael Noonan: It is assumed that the Deputy is referring to proposals relating to the "legacy" property tax relief schemes. The many complex issues and characteristics of the different types of property-related tax schemes were the subject of discussions between the Department of Finance, supported by the Office of the Revenue Commissioners, and the Office of the Attorney General (AG) prior to Budget 2011....

Written Answers — Tax Yield: Tax Yield (23 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the number of tax units on income tax records in 2009, the latest year for which the necessary detailed data is available, whose annual gross income exceeded €1 million was 620. It should be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit. It should be noted that...

Written Answers — Tax Yield: Tax Yield (23 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the application of a 5% levy to the gross income of income earners earning in excess of €120,000 per annum would be of the order €520 million. It should be noted that gross income is as defined in Revenue Statistical Report, 2009. These figures are...

Written Answers — Financial Services Regulation: Financial Services Regulation (23 Nov 2011)

Michael Noonan: Moneylenders have to apply to the Central Bank annually to have their licenses renewed. The appropriate moneylending application form (new or renewal) must be completed and returned to the Central Bank with a number of items, for review and consideration. Section 93 of the Consumer Credit Act, 1995 (as amended), (the Act) sets out the Central Bank's powers in relation to the grant or refusal...

Written Answers — Financial Services Regulation: Financial Services Regulation (23 Nov 2011)

Michael Noonan: Moneylending firms in Ireland are licensed by the Central Bank under the Consumer Credit Act, 1995. Interest rates and financial products, including those of moneylenders, are not regulated by the Central Bank and each institution can determine the rate it charges its customers, depending on a number of factors, including risk. Interest rate caps for moneylenders are not provided for in the...

Written Answers — Budget Statement: Budget Statement (23 Nov 2011)

Michael Noonan: I wish to make clear that I and my colleagues in Government are deeply concerned that this draft confidential information has become public before Government had finally made all of the necessary budgetary decisions. Furthermore, we are concerned at the manner in which this information was put into the public domain. As the Deputy will be well aware, we are in a programme of financial...

Written Answers — Sale of Alcohol: Sale of Alcohol (23 Nov 2011)

Michael Noonan: I wish to inform the Deputy that the introduction of a minimum price order for the sale of alcohol in view of the below-cost selling practice by some multinational supermarkets and the consequent impact of this practice on social order and public health is not a matter for the Department of Finance.

Written Answers — Tax Code: Tax Code (23 Nov 2011)

Michael Noonan: I and my officials have met with interest groups across the board in relation to the forthcoming Budget. I have since announced that I will be proposing an increase in the standard rate of VAT of 2 percentage points from 21% to 23%. This change is being introduced as part of a general package of revenue-raising measures to contribute to Exchequer funding and is in line with commitments made...

Written Answers — Pension Provisions: Pension Provisions (23 Nov 2011)

Michael Noonan: A stamp duty levy of 0.6% applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. The levy is a charge for a temporary period on the significant assets of pension funds, much of which are represented by investments outside of Ireland. The Finance (No.2) Act 2011 legislation which gives effect to...

Written Answers — Interest Rates: Interest Rates (23 Nov 2011)

Michael Noonan: As the Deputy may be aware, this issue was the subject of a topical issues debate in the Dáil put down by Deputy Niall Collins on 15 November last. As the Deputy is aware, in an effort to recoup some of its higher input funding costs, Bank of Ireland is changing the method of calculating its interest rate on its term lending facilities from the current EURIBOR derived reference rates to a...

Written Answers — Mortgage Arrears: Mortgage Arrears (23 Nov 2011)

Michael Noonan: There a number of measures in place to assist people who are having genuine difficulties in meeting their mortgage repayments. The Central Bank's revised Code of Conduct on Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the State. Compliance with the Code is mandatory on all mortgage lenders registered...

Written Answers — Budget Statement: Budget Statement (23 Nov 2011)

Michael Noonan: November is the most important month of the year in terms of tax revenue collection, with significant amounts of revenue due from income tax, corporation tax and VAT. The tax revenue profile published in the early days of February this year estimated that almost €51⁄2 billion or close to 16 per cent of the total Budget day tax revenue forecast of €34.9 billion would be collected this...

Written Answers — Motor Fuels: Motor Fuels (23 Nov 2011)

Michael Noonan: Revenue continuously keeps under review the effectiveness of legislation and regulations in relation to combating the illicit trade in mineral oil. This includes reviewing powers, penalties, etc, and making recommendations to my Department where legislative amendments are required. The ongoing review of effectiveness includes consideration of alternative approaches, as referred to by the...

Written Answers — Pension Provisions: Pension Provisions (23 Nov 2011)

Michael Noonan: In response to the Deputy's Question, I wish to inform him that the remuneration structure in the NTMA is such that there are no general pay grades and all staff are on individually negotiated contracts. These contracts are confidential to the individual concerned. In the case of the Chief Executive, remuneration is determined by the Minister for Finance after consultation with the NTMA...

Written Answers — Government Appointments: Government Appointments (24 Nov 2011)

Michael Noonan: I presume the Deputy is referring to the nomination of Mr. Kevin Cardiff to the European Court of Auditors. The nomination process is underway in the European Parliament. The Government has been notified of the outcome of the vote by the European Parliament's Committee on Budgetary Control on the nomination and is taking the matter under consideration.