Results 5,001-5,020 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (13 Mar 2012)

Michael Noonan: As the Deputy is aware the Government is committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider all options for restructuring the notes in terms of the source of funding, the duration of the notes, the interest rate etc....

Written Answers — Appointments to State Boards: Appointments to State Boards (13 Mar 2012)

Michael Noonan: The information requested by the Deputy in relation to semi-state companies and statutory agencies under the remit of my Department is contained in the following tables: National Treasury Management Agency (NTMA) Advisory Committee From 01/01/2007 Name Profession or Occupation Term Mr Kevin Cardiff Secretary General Department of Finance From 1 February 2010 to 3 February 2012 Mr...

Written Answers — Liquor Licensing Laws: Liquor Licensing Laws (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that they may only facilitate the issue of a Publican's licence where the appropriate certificate has been issued by a District or Circuit Court, and certain conditions, as set down in legislation, are met. These include: · Valid Original Court Certificate · Valid Tax Clearance Certificate · Short Certificate of Incorporation (if Licensee is...

Written Answers — Tax Collection: Tax Collection (13 Mar 2012)

Michael Noonan: I am informed by the Revenue Commissioners that this provision is being introduced to address those businesses that deliberately build up significant arrears of tax with no intention whatsoever of ever clearing their tax debts. The types of persons in question are what are commonly known as phoenix companies and similar type operators. They typically run up large Revenue tax liabilities with...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: The IMF has indicated a specific sales target for NAMA of €3.1bn in its March 2012 staff report. NAMA does not have specific annual targets for approved sales for each year up to 2013. However, NAMA advises that it has developed expected levels of cumulative approved sales as broad internal guidelines to ensure that it can reach its target of repaying €7.5bn of debt by 2013. These...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: The NAMA Board initially set itself the target of repaying €7.5bn of its debt by end 2013. By agreement, the May 2011 Memorandum of Understanding with the European Central Bank, European Commission and International Monetary Fund included a target for the disposal of assets equating to approximately €7.5bn in cash by end 2013. As a consequence this target is now a commitment under the...

Written Answers — Proposed Legislation: Proposed Legislation (13 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 — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: The cost to the Central Bank of exchanging Irish pound notes and coins for euro notes and coins for each year since 2004 are set out below. Information for the years 2002 and 2003 is not available. The Central Bank keeps the provision of this service under review. The Central Bank has advised that 60% of the cost relates to direct costs including staff costs. The remaining 40% covers indirect...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: NAMA has provided the property valuation fees below by year, together with the top 10 recipients of these fees in each year. The analysis is based on fees invoiced to and paid by NAMA in the period from inception to 31 January 2012. Amounts are inclusive of VAT. A total of €13.3m has been paid by NAMA for property valuations. €12.4m of the valuation fees paid relate to once-off property...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: I have been advised by the Revenue Commissioners, that based on the information available to them, the person concerned is exempt from the Universal Social Charge (USC) for 2012. A revised tax credit and USC certificate will issue to the person concerned and to his employer over the next few days. The amount of the charge deducted since 1 January 2012 should be refunded by his employer on...

Written Answers — Commission on Credit Unions: Commission on Credit Unions (13 Mar 2012)

Michael Noonan: In May 2011 the Government established the Commission on Credit Unions as an independent commission to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions. In July 2011, the Commission announced a public consultation process and invited views and the question of their publication is a matter for the...

Written Answers — Proposed Legislation: Proposed Legislation (13 Mar 2012)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

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 — Credit Availability: Credit Availability (13 Mar 2012)

Michael Noonan: As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. I can confirm to the Deputy that both banks have achieved their 2011...

Written Answers — Tax Code: Tax Code (13 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 — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including engagement of advisors relating to the sale of its commercial loan books. The bank has informed me that the Annual Report and Accounts for 2011 are due for release at the end of this month. Relevant details of running costs will be provided in the accounts to enable readers to...

Written Answers — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including the wages and running costs of the bank. The bank has informed me that the IBRC Annual report and Accounts for 2011 are due for release at the end of this month. Relevant details of running costs will be provided in the accounts to enable readers to assess the financial position...

Written Answers — Tax Collection: Tax Collection (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that all tax issues relative to the correspondence issued by Revenue to the named individual have been resolved.

Written Answers — Proposed Legislation: Proposed Legislation (13 Mar 2012)

Michael Noonan: The Finance Bill was published on 8th February and contained 76 measures not announced in Budget 2012. A list of these measures is appended. The issue of costings of measures included in the Bill, including those which were not announced in the Budget, was addressed by my colleague, Minister of State Hayes, during the Committee Stage of the Bill. As indicated by the Minister of State, the...

Written Answers — Tax Reliefs: Tax Reliefs (13 Mar 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who inform me that the person concerned first registered a loan for mortgage interest relief on 6 February 2012. Revenue is awaiting confirmation of certain matters from the person concerned in relation to the application. When this information is received by Revenue, they will finalise their consideration of the application without delay.