Results 4,401-4,420 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The position is that payments from the Department of Social Protection are exempt from the Universal Social Charge. The annual exemption threshold of €10,036 applies to income which is chargeable to the USC. Accordingly, payments from the Department of Social Protection are not included in the exemption limit of €10,036.

Written Answers — Financial Services Regulation: Financial Services Regulation (31 Jan 2012)

Michael Noonan: As the Deputy will appreciate, officials in my Department are in constant and on-going dialogue with our external partners and all of the covered institutions in respect of implementing structures and solutions which would seek to enhance the overall financial system. As and when further measures are agreed/solutions emerge, I will inform the House as appropriate.

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The position is that the stamp duty exemption for "first time buyers" has been abolished in relation to instruments executed on or after 8 December 2011. As regards instruments executed on or before 7 December 2011, a "first-time buyer" for stamp duty purposes is a person (or where there is more than one buyer, each person) who has not on any previous occasion, either individually or...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: I am informed by the Revenue Commissioners that where a commercial premises is in use for the conduct of a trade or profession, or where the premises is being let for such a business, then any normal, recurring, non-capital expenses which are incurred in the purchase, maintenance, upkeep, decoration and repair will generally be treated as deductible expenses for tax purposes. The expenses...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: Budget 2012 saw an increase in the rate of both Capital Acquisitions Tax (CAT) and Capital Gains Tax (CGT) from 25% to 30%. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the CAT tax rate by 10% to 40% could be in the region of €110 million. I am also advised by the Revenue Commissioners that the estimated full year yield to...

Written Answers — Customs and Excise: Customs and Excise (31 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that, although staff are not based full-time at Ireland West Airport Knock, there is a Customs presence for the majority of flights, including all flights from high risk destinations as determined by Revenue's risk analysis and profiling systems. Attendance by Customs officers is selective and targeted and is based on analysis and evaluation of...

Written Answers — EU-IMF Programme: EU-IMF Programme (31 Jan 2012)

Michael Noonan: As the Deputy is aware, the Government is currently in detailed discussions with its European partners about restructuring the promissory notes held by IBRC. These promissory notes are funded by emergency liquidity assistance, or ELA, provided by the Central Bank of Ireland (CBI). This ELA is itself funded by the CBI through Intra-Eurosystem liabilities and any repayments of ELA are used to...

Written Answers — Economic Growth: Economic Growth (31 Jan 2012)

Michael Noonan: The Budget Day forecast is for real GDP growth of 1.3 per cent in 2012. The Budget Day forecast was prepared on the basis of economic information (domestic and international) available up to end-November 2011, and was mid-range at that time. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this forecast – some to the downside and some to...

Written Answers — Departmental Bodies: Departmental Bodies (31 Jan 2012)

Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by Revenue that under its Customer Service Charter a presumption of honesty underpins all interaction with taxpayers (and by extension their representatives). Revenue does not and could not be expected to provide formal confirmation or assurance of the bona fides of any tax professional. The creation of such a document for any...

Written Answers — National Asset Management Agency: National Asset Management Agency (31 Jan 2012)

Michael Noonan: I am informed by NAMA that the site in question is controlled jointly by NAMA and a non-NAMA bank. Any sale requires the joint agreement of the two lenders in question. The company in question had sought to purchase c. 50% of the site marketed for sale, and the view of the joint lenders was that this proposal significantly devalued the balance of the site. I am also informed that the company...

Written Answers — Disabled Drivers: Disabled Drivers (31 Jan 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No: 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. The legislation specifies that...

Written Answers — Departmental Correspondence: Departmental Correspondence (31 Jan 2012)

Michael Noonan: The Revenue Commissioners have asked me to advise you that details of the named individual's Old Age Pension were received from the Department of Social Protection and his Tax Credits 2012 were adjusted to facilitate the collection of tax on this income. The named individual called to his local Revenue office recently and his tax position was fully explained to him. If he has any further...

Written Answers — Tax Collection: Tax Collection (31 Jan 2012)

Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by Revenue that the debt owed by the persons concerned was referred to the Sheriff when an arrangement for payment acceptable to Revenue was not agreed. The persons concerned are paying the debt owed to the Sheriff through an interim phased payment subsequently agreed with the Sheriff. This arrangement is due to be reviewed by the...

Written Answers — State Banking Sector: State Banking Sector (31 Jan 2012)

Michael Noonan: The administration expenses incurred by these financial institutions are a day-to-day operational matter for the board and management of those institutions and I have no function in the matter.

Written Answers — State Banking Sector: State Banking Sector (31 Jan 2012)

Michael Noonan: I have been informed by the Bank that it had a €1.25bn senior unsecured unguaranteed EMTN in issue, which matured on 25 January 2012. Securities such as this are freely tradeable once issued and therefore IBRC, the issuer, has no means of establishing the underlying ownership. These securities are publicly traded and dealt through market participants and settled by clearing house systems....

Written Answers — State Banking Sector: State Banking Sector (31 Jan 2012)

Michael Noonan: I can confirm that IBRC receives the majority of its funding from the Central Bank of Ireland via its emergency liquidity facility. As the Deputy will be aware, the latest published figures are set out in the bank's Interim Report for the six months ended 30 June 2011 which can be found at the following link: http://www.ibrc.ie/About_us/Financial_information/Latest_int...

Written Answers — State Banking Sector: State Banking Sector (31 Jan 2012)

Michael Noonan: I have not asked the Central Bank of Ireland to allow IBRC to delay repayments of the Emergency Liquidity Assistance (ELA) provided. The Deputy will be aware that while there is an implicit link between the current repayment schedule on the Promissory Note and ELA there is no specific repayment schedule, as such, in relation to ELA. Any discussions in relation to ELA would of necessity have...

Written Answers — State Banking Sector: State Banking Sector (31 Jan 2012)

Michael Noonan: The Government is currently in technical discussions with its European partners about restructuring the promissory notes held by IBRC. These promissory notes are funded by exceptional liquidity assistance, or ELA, provided by the Central Bank of Ireland (CBI). This ELA is itself funded by the CBI through Intra-Eurosystem liabilities and any repayments of ELA are used to reduce this liability...

Written Answers — State Banking Sector: State Banking Sector (31 Jan 2012)

Michael Noonan: Exceptional Liquidity Assistance or ELA is one of the ways that the Central Bank has responded to the financial crisis. This is distinct and separate from regular funding operations carried out for monetary policy implementation purposes through the ECB. A loan provided to a credit institution under ELA is granted against suitable collateral, where suitability is in line with unpublished...

Written Answers — Departmental Staff: Departmental Staff (31 Jan 2012)

Michael Noonan: In my Department, I understand that although the Secretary General's nominal salary is significantly higher than €200,000, he has gifted the excess to the state on a voluntary basis. The position of private secretary to the Minister is currently staffed in my Department by a civil servant at Administrative Officer level who receives an allowance of €20,685 per annum in respect of the...