Results 4,921-4,940 of 27,019 for speaker:Michael Noonan

Written Answers — Financial Services Regulation: Financial Services Regulation (1 Mar 2012)

Michael Noonan: The Final Report on the Strategy for Financial Inclusion which was published on my Department's website in March 2011 identified that the credit unions have the potential to play a key role in the provision of the basic payment account and in the promotion of financial inclusion in the future. It is planned that there will be a pilot stage for the basic payment account which is expected to...

Written Answers — Tax Code: Tax Code (1 Mar 2012)

Michael Noonan: I am informed by the Revenue Commissioners that an individual's income from all sources, including income from employment, self-employment, pensions and investments, is taken into account in determining his or her annual income tax liability. The individual is entitled to tax credits which reduce this liability. An individual's civil status determines the level of tax credits available to...

Written Answers — Pension Provisions: Pension Provisions (1 Mar 2012)

Michael Noonan: My officials inform me that the Deputy has clarified that the "private managed pension fund" referred to is to be taken as a reference to an occupational pension from a private sector employment. As the Deputy will be aware, an occupational pension scheme is generally managed by a pension provider or by an administrator appointed by that pension provider. In addition, given the tax benefits...

Written Answers — Industrial Relations: Industrial Relations (1 Mar 2012)

Michael Noonan: I addressed the issue raised by the Deputy in his question when contributing to a Topical Issues debate on the matter of the EBS "13 Month" payment on 15 December 2011. The record of the House shows I indicated that "I have the utmost sympathy for EBS staff regarding the timing of the announcement of the decision that this so-called 13th month payment would not be made. This does not reflect...

Written Answers — Mortgage Arrears: Mortgage Arrears (1 Mar 2012)

Michael Noonan: Bank of Ireland is an independent commercial entity and, subject to compliance with relevant legal, regulatory and accounting requirements, it is a matter for the institution's Board and management to manage and report on its mortgage book and other lending activities. However, from a public policy perspective, a number of steps have been taken to protect all homeowners experiencing...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (1 Mar 2012)

Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on...

Written Answers — National Asset Management Agency: National Asset Management Agency (1 Mar 2012)

Michael Noonan: In July 2010 NAMA published its Business Plan which incorporated three different scenarios and their associated net present value (NPV) outcomes over its expected life time. These included a scenario where there was a recovery of long term economic value which suggested that there was a positive NPV of €1bn; a scenario of long term economic value plus 10 per cent suggesting a positive NPV...

Written Answers — Departmental Agencies: Departmental Agencies (1 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 73 to 75, inclusive, together. I am informed by the National Treasury Management Agency that the Agency's remuneration review in respect of 2011 is currently being finalised. Last December I wrote to the NTMA Chief Executive asking him to ask all NTMA employees whose salary exceeds €200,000 to consider waiving at least 15% of salary or such amount of...

Written Answers — Tax Reliefs: Tax Reliefs (1 Mar 2012)

Michael Noonan: As I announced in the Budget, the proposed new 30% rate of tax relief in respect of interest paid on qualifying home loans for first time buyers who took out their first qualifying home loan in the period between 2004 and 2008 (both dates inclusive) comes into effect as regards the 2012 tax year and subsequent tax years until end 2017. I am informed by the Revenue Commissioners that they...

Written Answers — Financial Services Regulation: Financial Services Regulation (1 Mar 2012)

Michael Noonan: Under Section 57 CL (1) of the Central Bank and Financial Services Authority of Ireland Act, 2004, if either a regulated financial service provider or a complainant is dissatisfied with a finding of the Financial Service Ombudsman (FSO), either the financial service provider or the complainant concerned may appeal to the High Court against the finding. Subject to any such appeal, a finding of...

Written Answers — State Bodies: State Bodies (1 Mar 2012)

Michael Noonan: In response to the Deputy's question each Department is responsible for providing pension fund details in relation to commercial semi State companies for which they hold responsibility. In relation to my own Department there are no commercial semi State companies that come under my aegis.

Euro Area Loan Facility (Amendment) Bill 2012: Order for Second Stage (6 Mar 2012)

Michael Noonan: I move: "That Second Stage be taken now."

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (6 Mar 2012)

Michael Noonan: I move: "That the Bill be now read a Second Time." I thank the House for agreeing to discuss the Euro Area Loan Facility (Amendment) Bill 2012. The Bill is needed urgently to allow Ireland to ratify the changes to the Greek loan facility to implement the new programme of assistance for Greece as agreed by the euro group Finance Ministers on 20 February 2012. The purpose of this Bill is to...

Written Answers — Tax Code: Tax Code (6 Mar 2012)

Michael Noonan: A derogation under EU Directive 2003/96 on Energy Taxation allowed the application of a reduced rate of Mineral Oil Tax to fuel used for the purposes of certain road passenger services. That derogation has expired and the arrangement was, therefore, terminated by the Finance Act 2008. It would not be possible, having regard to the relevant provisions of EU law, to re-introduce a scheme of...

Written Answers — Tax Collection: Tax Collection (6 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that non-established businesses that incur VAT in one Member State for the purposes of their taxable business in another Member State are entitled to a refund of that VAT where certain conditions are met. EU Council Directive 2008/9/EEC sets out those conditions and the claims for refund are processed through the Electronic VAT Refund (EVR) system....

Written Answers — Tax Code: Tax Code (6 Mar 2012)

Michael Noonan: The tax deduction introduced by the Oireachtas (Allowances to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1992 applies in respect of the expense incurred in maintaining a second residence. The legislation does not specify the nature that a second residence has to take. Accordingly, I am informed by the Revenue Commissioners that they have set out their views on how they...

Written Answers — Tax Code: Tax Code (6 Mar 2012)

Michael Noonan: Details of all determinations made by the Revenue Commissioners under section 195 of the Taxes Consolidation Act 1997, including the years 2009, 2010 and 2011 are available on the Revenue website at http://www.revenue.ie/en/tax/it/leaflets/artists-exemption-s ection-195-1997-act.html. This list is updated on a quarterly basis. The criteria under which determinations are made are set out in...

Written Answers — Tax Code: Tax Code (6 Mar 2012)

Michael Noonan: The proposed betting (Amendment) Bill, which is being drafted at present, will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The drafting of the Bill, which is fairly complex, is well advanced. The Finance Act 2011 contained measures to allow for...

Written Answers — Tax Code: Tax Code (6 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that provisions covering the Travel Agents Margin Scheme are contained in Section 88 of the VAT Consolidation Act 2010. This scheme, which is provided for in Articles 306 to 310 of the EU VAT Directive, with which Irish VAT law must comply, was introduced with effect from 1 January 2010. Detailed discussions with the travel industry were carried out...

Written Answers — Tax Collection: Tax Collection (6 Mar 2012)

Michael Noonan: I am informed by the Revenue Commissioners that a claim for refund of PAYE overpaid in 2011 by the persons concerned was received by Limerick Tax District on 1 March 2012. The refund was in the amount of €784.18, and was approved for payment by Limerick Tax District on the same day on which it was received. There are no other outstanding tax liabilities or refunds on record for the...