Results 4,601-4,620 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a person in receipt of rental income is assessed to income tax on the net amount of the rents received, i.e. the gross rents less allowable expenses incurred in earning those rents. In computing the net amount of the rents received, only those deductions that are specified in the Taxes Consolidation Act 1997 are allowable. The legislation is...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that a Tax Credit Certificate that granted exemption from both PAYE and Universal Social Charge (USC) for the current tax year, 2012 was issued to person in question and their pension provider. The person's pension provider should refund any deductions of USC that may already have been made, from his private pension, in the current year, 2012,...

Written Answers — Tax Reliefs: Tax Reliefs (7 Feb 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. An application for exemption...

Written Answers — Tax Yield: Tax Yield (7 Feb 2012)

Michael Noonan: Wealth tax was introduced in tax year 1975/76 and was abolished at the end of tax year 1977/78. The rate of the tax was 1% and it applied to the "net market value", as defined, of the "taxable wealth" of an individual, a discretionary trust, or a private trading company. There were a number of allowable deductions and exemptions from the tax. I am informed by the Revenue Commissioners that...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Feb 2012)

Michael Noonan: I am informed that NAMA approves the sale of assets, including houses and apartments by debtors or receivers acting on its behalf, at the current market rate for such properties. Properties under the control of receivers or other insolvency professionals appointed by NAMA are listed on its website at http://www.nama.ie/PropertiesEnforced.php . Potential purchasers are encouraged to contact...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, according to Revenue records the person in question was granted one PAYE Credit for the years 2006 – 2011. On the 10 January 2012, the taxpayer advised Revenue that his spouse had a pension in her own right and he was granted an additional PAYE Credit for the year 2012. However, following further contact from the taxpayer when he was making a...

Written Answers — EU-IMF Programme: EU-IMF Programme (7 Feb 2012)

Michael Noonan: As part of the December 2010 ECOFIN Council recommendations to Ireland under the Excessive Deficit Procedure, Ireland is required to reduce its actual General Government deficit to below 3 per cent of GDP by 2015. The focus of Government at present is on adhering to the 8.6 per cent of GDP deficit target set for 2012 as well as on reducing the deficit to below 3 per cent of GDP by 2015, as we...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: The position is that tax relief for mortgage interest paid on a qualifying loan, a loan used for the purchase, repair, development or improvement of a person's main residence, is paid through the tax relief at source (TRS) system. Where interest relief has been ceased by Revenue, and the mortgage is subsequently the subject of repayment in accordance with an agreed schedule with the...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: Mortgage Interest Supplement is paid by the Department of Social Protection. It is a short term support to help pay mortgage interest repayments and the payment is based on the interest portion of a mortgage after deductions have been made for mortgage interest relief and any mortgage allowance or mortgage subsidy payable towards the interest part of the mortgage by any local authority....

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 133 and 134 together. The information requested, estimated by reference to the income tax years 2010 and 2011, is set out in the following table: 2010 (provisional) 2011 (provisional) Gross Income Gross Gross Range Income Numbers Tax Paid Income Numbers Tax Paid € € € € € 0 -...

Written Answers — Proposed Legislation: Proposed Legislation (7 Feb 2012)

Michael Noonan: My colleague, Mr. Alan Shatter TD, Minister for Justice, Equality and Defence, has now published the Heads of a Personal Insolvency Bill for Oireachtas and public consultation. The Bill will provide for a new framework for the formal settlement of debt and for personal insolvency. The proposed reform will consist of following main elements: · a revised judicial process (bankruptcy) to...

Written Answers — Tax Yield: Tax Yield (7 Feb 2012)

Michael Noonan: The Jobs Initiative publication from May of last year clearly outlined the expected revenue yields to be generated from the pension levy over the 2011 – 2014 period. In addition, the publication also included details of the proposed current and capital expenditure and other revenue measures. This information was most recently included in the response to PQ 4718/12 & PQ 4719/12 on January...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: The Promissory Note acts as collateral under emergency liquidity assistance (ELA) loan (repo) agreements with 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 on the Central Bank's balance sheet. Other than that there is no link between the Promissory Note and ELA.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: One of the functions of the Central Bank of Ireland, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. The Central Bank cannot disclose the financial institutions that avail of such support although it is open to all eligible counterparties to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: The Central Bank has informed me that one of their functions, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. My Department, in addition, continues to monitor details of historical levels and trends in respect of the use of Central Bank...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: Emergency Liquidity Assistance, or ELA, is funded by the Central Bank of Ireland through the Eurosystem, and any repayments are used to reduce this liability on the Central Bank's balance sheet. The government is currently in technical discussions with European authorities in relation to the promissory notes held by the Irish Banking Resolution Corporation that are currently funded by ELA....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: The most recent published information detailing the resources of IBRC are contained in the interim accounts of the bank. The attached link is provided for the Deputy's convenience. The information requested in relation to projected cash flows are commercially sensitive and as such, the Deputy will appreciate, cannot be properly disclosed. ...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the person in question is exempt from the Universal Social Charge (USC), based on the most recent figures available to Revenue. A revised Tax Credit/USC Certificate has recently issued to this person and their pension provider. This person's pension provider will refund any USC deducted since January.End of Take

Written Answers — Official Engagements: Official Engagements (7 Feb 2012)

Michael Noonan: I am informed that the meeting referred to by the Deputy did take place and that it was at the request of Mr. O'Mahony. I understand that it was a listening exercise from the Department's perspective and that Government policy deliberations were not discussed. It would not be unusual for the Department to agree to such requests for a meeting.

Written Answers — Disabled Drivers: Disabled Drivers (7 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 144 to 146, inclusive, together. 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...