Results 4,021-4,040 of 27,019 for speaker:Michael Noonan

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael Noonan: The estimated cost of a 2% increase in the standard rate of VAT, using 2010 as a reference year, is €158,000. Since the establishment of the Department of Public Expenditure in July 2011, my Department has operated a shared service arrangement with that Department in respect of certain goods and services acquired by one, or other, of the Departments. The estimate supplied covers the two...

Written Answers — Tax Collection: Tax Collection (6 Dec 2011)

Michael Noonan: I am satisfied that Revenue undertakes the task of securing the collection of the critical taxes and duties payable to the State in an efficient and cost effective manner. I am assured that Revenue management regularly carries out internal reviews of its collection systems to ensure maximum efficiency. And each year the Comptroller and Auditor General examines elements of the tax collection...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (6 Dec 2011)

Michael Noonan: There are many risks in the broad economic environment at present, which I must take into account in conjunction with my Department and the agencies that report to me. The euro is a firm and solid currency currently trading well against all the other major currencies. There is clearly no market expectation and there is certainly no Irish Government expectation, of any collapse in the euro. ...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: While it is possible to change the standard VAT rate at different times, and thereby stagger any proposed VAT increase, this is not advisable. Firstly, to do so would cause significant difficulties in administration for businesses, practitioners and the Revenue Commissioners. In addition, to do so would cause uncertainty for businesses and consumers. Furthermore, staggering the proposed...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: As the Deputy is aware, I will be delivering my Budget for 2012 today. 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.

Written Answers — Departmental Staff: Departmental Staff (6 Dec 2011)

Michael Noonan: Article 286(1) of the Treaty on the Functioning of the European Union sets out the criteria for nomination to the European Court of Auditors stating that "Members of the Court of Auditors shall be chosen from among persons who belong or have belonged in their respective States to external audit bodies or who are especially qualified for this office. Their independence must be beyond doubt"....

Written Answers — Banking Sector Regulation: Banking Sector Regulation (6 Dec 2011)

Michael Noonan: On Thursday 3 November 2011, the Governing council of the ECB reduced the interest rate of main refinancing operations of the Eurosystem by 25 basis points to 1.25%, with effect from 9 November 2011. On Wednesday 9th November, The Taoiseach, the Tánaiste, the Minister for Public Expenditure & Reform and I met with the Chairman of AIB to discuss a number of matters including SME lending...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: The Deputy's suggestion is to reduce the current eight year "deemed disposal" period for the imposition of tax on certain investment products. I am assuming the Deputy's suggestion is that any proposed shorter period would apply to all products currently subject to the deemed disposal regime. I thank the Deputy for his suggestion which I will have considered, along with other potential tax...

Written Answers — Tax Yield: Tax Yield (6 Dec 2011)

Michael Noonan: The prevention of fraud and abuse of the social welfare system is an integral part of the day-to-day work of my Department which processes in excess of 2 million claims each year and makes payments to some 1.4 million people every week. However, it is important to recognise that the vast majority of people are receiving the entitlement due to them. Most social welfare customers fully...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (6 Dec 2011)

Michael Noonan: The merger of AIB and EBS was formally completed on 1 July 2011. Prior to the completion of the merger, each of the banks set their variable mortgage rates according to the levels, calculated by the respective management teams and boards, that was required for each of the institutions to operate as a commercially viable entity in light of the challenging market conditions, the expected cost...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Dec 2011)

Michael Noonan: I am informed by NAMA that the transfer of assets to it from the participating institutions is now close to completion and that loans with nominal balances of €74 billion have transferred to the Agency and that €32 billion has been paid by NAMA in respect of these loans. The provisions under which the National Asset Management Agency acquired loans are set out in the National Asset...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Dec 2011)

Michael Noonan: I assume the Deputy is referring to valuations of property which are an integral part of the due diligence process by which NAMA values loans being acquired from the participating institutions. I am informed by NAMA that the initial property valuation is commissioned and paid for by the institution. NAMA reviews this valuation and only in cases where it considers that the valuation is...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 42 to 44, inclusive, together. In relation to the first question above (ref: 38796/11), the Deputy will note that this matter was addressed in my reply to his previous parliamentary question on the subject (ref: 35901/11 of 22 November 2011). With reference to the remaining two questions (refs: 38797/11 & 38798/11), I am advised by the Central Bank of Ireland,...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (6 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco, that there is no internationally recognised method for precisely determining the amount of tax lost as a result of the illicit trade in cigarettes. However, a survey commissioned by Revenue and the Office of Tobacco Control...

Written Answers — House Prices: House Prices (6 Dec 2011)

Michael Noonan: The Government is acutely aware of the increasing financial stress that some households are facing arising from the difficulty in meeting their mortgage commitments. It was for this reason that the Government took the significant step of establishing an Inter-Departmental Mortgage Arrears Working Group to consider further necessary actions. The Group's report was published in October 2011. ...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: VAT is a tax on the value added to a supply and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the VAT they incur on their business inputs used in the...

Written Answers — Tax Yield: Tax Yield (6 Dec 2011)

Michael Noonan: The Finance (No. 2) Act 2008 included amendments to Sections 766 and 766A Taxes Consolidation Act (TCA) 1997 to provide for companies to claim the research and development tax credit as a payable credit where there is insufficient Corporation Tax in the year of claim and the preceding accounting period to absorb the full credit. This change applies to accounting periods commencing on or after...

Written Answers — Tax Code: Tax Code (6 Dec 2011)

Michael Noonan: Charities and non-profit groups engaged in non-commercial activity are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide and cannot recover VAT incurred on goods and services that they purchase. Essentially only VAT registered businesses which charge VAT are able to recover VAT. I appreciate the...

Written Answers — Credit Availability: Credit Availability (6 Dec 2011)

Michael Noonan: The decision on whether or not to grant a loan to a borrower must remain a commercial decision for the lending institution concerned. It is important that each lending institution is allowed to assess properly and independently the risks that it is considering when deciding whether or not to approve a loan. The Government acts at arms length from the lending institutions and does not...

Written Answers — Tax Code: Tax Code (7 Dec 2011)

Michael Noonan: I recognise that the price of fuel has increased in recent times. The increase in the price of fuel is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. However, given the ongoing pressure on the public finances I am not in a position to reduce the excise rates...