Results 3,881-3,900 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2012 incomes, of increasing the existing exemption threshold of €4,004 per annum for the Universal Social Charge (USC) to €15,000 per annum would be €120 million. These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009...

Written Answers — Interest Rates: Interest Rates (24 Nov 2011)

Michael Noonan: I assume that the Deputy is referring to the 2010 "Study on Interest Rate Restrictions in the EU (Final Report) (Ref. No. ETD/2009/IM/H3/87)" which followed wide consultation with Member States and is available on the European Commission website. It should be noted that the views expressed in the study are the views of the consultants who drafted the study and not those of the European...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (24 Nov 2011)

Michael Noonan: For the Deputy's information, the Commission valued the NPRF at €14.9 billion at 30 September 2011. The directed portfolio (the part of the Fund which is managed by the Commission on foot of directions from the Minister for Finance) was valued at €9.6 billion, while the discretionary portfolio, the investment of which remains the Commission's responsibility, was valued at €5.3 billion...

Written Answers — Tax Reliefs: Tax Reliefs (24 Nov 2011)

Michael Noonan: It is assumed that the Deputy is referring to the cost, in terms of tax foregone, of the following two property based tax incentive schemes that remain in the tax code: Mid-Shannon Corridor Tourism Infrastructure Investment (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...

Written Answers — Retail Trade: Retail Trade (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that a number of studies have been undertaken in the last few years to determine the level of cross-border shopping and how much this affects Exchequer revenue. The Report on the Implications of Cross Border Shopping, which was undertaken on behalf of the Minister for Finance by the Revenue Commissioners and the Central Statistics Office, was...

Written Answers — Retail Trade: Retail Trade (24 Nov 2011)

Michael Noonan: An estimate of the amount of products purchased over the internet by Irish residents from foreign based suppliers is not available. In general, the amount of VAT and other taxes collected from internet trading is not separately identifiable as businesses are obliged to calculate and return VAT and other taxes by reference to their entire taxable activities, which includes both traditional...

Written Answers — Motor Fuels: Motor Fuels (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioner, 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 — Motor Fuels: Motor Fuels (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of the reduced rate for Marked Gas Oil in 2010 was €441m. This oil is used by the commercial, agricultural and construction sectors.

Written Answers — Motor Fuels: Motor Fuels (24 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 — Departmental Schemes: Departmental Schemes (29 Nov 2011)

Michael Noonan: State aid approval for the Employment and Investment Incentive (EII) was received from the European Commission late last week. I announced the commencement of the incentive, via press release, with effect from 25 November 2011. In view of the extended time frame that has been involved in achieving the approval of the European Commission, I have decided to allow for the EII and the existing...

Written Answers — Tax Code: Tax Code (29 Nov 2011)

Michael Noonan: As the Deputy will appreciate, I receive numerous requests for the introduction of new tax reliefs and extensions to existing ones. The Deputy will also appreciate that I must be mindful of the public finances and the many demands on the Exchequer. Tax reliefs, no matter how worthwhile in themselves, reduce the tax base and make general reform of the tax system that much more difficult. I...

Written Answers — Tax Code: Tax Code (29 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 94 and 130 together. A multinational company that is resident in Ireland is subject to tax on all profits of the company wherever arising. To the extent that those profits arise from trading activities, they are taxed at 12.5%. The profits of a company for tax purposes are the profits computed in accordance with standard accounting practice as adjusted by...

Written Answers — Strategic Development Fund: Strategic Development Fund (29 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 95 and 99 together. Following a decision by the Government, I, along with my colleagues Mr Brendan Howlin, TD, Minister for Public Expenditure and Reform, and Mr Fergus O'Dowd, TD, Minister of State for NewERA, announced on Thursday, 29 September, the establishment of NewERA and the Strategic Investment Fund under the National Treasury Management Agency...

Written Answers — Tax Code: Tax Code (29 Nov 2011)

Michael Noonan: The European Commission published last month its proposal for a Financial Transactions Tax, or FTT, and its assessment of the impact of the measure. We are analysing the proposals contained in the draft Directive. The measure will now be subject to detailed discussions at EU level and, as always, we will participate constructively in those discussions. There is no consensus as yet among...

Written Answers — Pension Provisions: Pension Provisions (29 Nov 2011)

Michael Noonan: The 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 pension arrangements affected include funded retirement benefit schemes (i.e. occupational pension schemes), retirement annuity contracts and personal retirement savings accounts (PRSAs – other than what are...

Written Answers — Tax Code: Tax Code (29 Nov 2011)

Michael Noonan: As I stated in my previous reply to the Deputy in Parliamentary Question Number 54 on 17 November 2011, the Universal Social Charge (USC) is designed to apply on a wide base with no special exemptions. As such, the USC applies to income from dividends and rental income.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (29 Nov 2011)

Michael Noonan: The Deputy will be aware that directors at the covered institutions, including public interest directors who were nominated by my predecessor, are appointed and remunerated by the respective boards. Accordingly, disclosure of details of their remuneration is covered by various rules and procedures. The information sought by the Deputy, to the extent that it has been released publicly by the...

Written Answers — Alcohol Pricing: Alcohol Pricing (29 Nov 2011)

Michael Noonan: Minimum pricing is a mechanism of imposing a statutory floor in price levels for alcohol products that must be legally observed by retailers. Its primary function would be to discourage at-risk levels of alcohol consumption. A National Substance Misuse Strategy was established in 2009. It is examining the development of policy to deal with a wide range of key issues relating to the supply,...

Written Answers — National Asset Management Agency: National Asset Management Agency (29 Nov 2011)

Michael Noonan: The Chairman of NAMA is not paid a salary but he is paid a fee. The fee payable to him as Chairman is €150,000 in 2011.

Written Answers — Tax Reliefs: Tax Reliefs (29 Nov 2011)

Michael Noonan: It is a long-standing practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject of Budget decisions.