Results 5,481-5,500 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (19 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the legislative provisions for the payment of VAT as set out in the Value-Added Tax Consolidation Act 2010 is subject to the requirements of EU VAT law with which Irish VAT law must comply. The general position is that the VAT Directive defines a supply for VAT purposes, the time of supply and when the tax authority becomes entitled under law to...

Written Answers — Tax Code: Tax Code (19 Apr 2012)

Michael Noonan: I have been informed by the Revenue Commissioners that based on the information available the person is exempt from both Income Tax and Universal Social Charge. The person was notified of this in writing on 14 February 2012. An Amended Tax Credit Certificate – 2012 giving the same information was issued to the pension provider on 4 February 2012.

Written Answers — Departmental Staff: Departmental Staff (19 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners they fill posts in accordance with Government policy on the civil service in place from time to time. The filling of such posts can be made internally by promotion, or externally, either by open recruitment, interdepartmental competition or redeployment from other public service bodies. The number of staff promoted following internal selection...

Written Answers — Bonds Markets: Bonds Markets (19 Apr 2012)

Michael Noonan: It has been stated repeatedly that the intention of the National Treasury Management Agency (NTMA) is to return to sovereign debt markets as soon as market conditions permit. In late January the Agency re-engaged with the bond market and extended the maturity of some €3.5 billion of debt which was due for repayment just after the end of the EU/IMF Programme. This is a significant first...

Written Answers — Social and Affordable Housing: Social and Affordable Housing (19 Apr 2012)

Michael Noonan: I am informed by NAMA that it engages with Local Authorities, through the Housing Agency, in relation to social housing. In December 2011, NAMA identified over 2,000 properties under the control of its debtors or receivers as being potentially suitable for social housing. I am advised by NAMA that interested housing authorities should contact the Housing Agency about potential social...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Apr 2012)

Michael Noonan: The advisory group on NAMA was set up to advise me on specific issues related to NAMA. The group's advice to me primarily relates to the strategy of NAMA as proposed by the board of NAMA; the appointment of directors to NAMA; the remuneration of the senior executives of NAMA and any further advice that I may seek on any matter relating to NAMA. I have met with the group on one occasion...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (24 Apr 2012)

Michael Noonan: The Bank's policy in relation to fees is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include these matters. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a significant shareholder in the institution, I must ensure that...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (24 Apr 2012)

Michael Noonan: In response to the Deputy's question the Moriarty Tribunal made a number of observations and recommendations in relation to Financial Regulation. The report suggests that failures in regulation in the period concerned were related more to the attitude of the Regulator towards the regulated than any inadequacy in regulatory powers or the overall system then in place. This accords with the...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (24 Apr 2012)

Michael Noonan: In response to the Deputy's question neither myself or officials of my Department have attended any meetings recently regarding recommendations in the Moriarty and Mahon Tribunal reports.

Written Answers — Tax Code: Tax Code (24 Apr 2012)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. Parts or accessories are also liable to VAT at the standard rate. There is no provision in VAT law that would make it possible to apply a reduced rate or...

Written Answers — Banking Sector Staff: Banking Sector Staff (24 Apr 2012)

Michael Noonan: The Deputy will be aware that AIB, as part of its announcement of 8th March 2012 of a voluntary severance programme, stated "as required under the bank's partnership principles with IBOA, a consultation process will begin immediately with trade union representatives." It went on to state that "AIB will not be making any further public comment until the consultation process with staff...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (24 Apr 2012)

Michael Noonan: The Central Bank has informed me that Chapter 9 of the Central Bank's Documentation on Monetary Policy Instruments and Procedures (2012) contains the specific legal agreements that must be signed by counterparties who wish to conduct certain Eurosystem credit operations. These include Master Repurchase Agreement for marketable assets, the Framework Agreement for the use of Mortgage Backed...

Written Answers — European Council Meetings: European Council Meetings (24 Apr 2012)

Michael Noonan: The Economic and Financial Affairs Council (Ecofin) usually meets monthly, although it can meet more frequently, if required. Formal Ecofin meetings are held in Brussels or Luxembourg; Informal Ecofin meetings are convened in the country holding the six-monthly Presidency (usually April and September). Separately to the Ecofin meetings, Eurogroup meetings usually take place on the evening...

Written Answers — Tax Code: Tax Code (24 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 209 to 211, inclusive, together. I would refer the Deputy to Finance Act 2012. Sections 8 and 27 refer specifically to the measures relating to the R&D tax credit. Finance Bill 2012 provided for a number of changes to the R&D tax credit scheme as follows: Volume basis The first €100,000 of qualifying R&D expenditure will benefit from the 25% R&D tax credit...

Written Answers — Tax Code: Tax Code (24 Apr 2012)

Michael Noonan: I would refer the Deputy to Finance Act 2012. Section 45 refers specifically to the scheme which provides relief from corporation tax on the trading income and certain gains of new start-up companies in the first three years of trading. Finance Bill 2012 extended this scheme for the next three years to include start-up companies which commence a new trade in 2012, 2013 or 2014.

Written Answers — Tax Code: Tax Code (24 Apr 2012)

Michael Noonan: Section 12 of Finance Act 2012 provides for the Foreign Earnings Deduction (FED). The Act was signed into law by the President on 31 March 2012. An initial examination of the potential for extending this relief was undertaken as part of the preparations for the Finance Bill. However, I decided not to introduce such an extension pending an analysis of how the scheme beds down in practice. I...

Written Answers — Credit Availability: Credit Availability (24 Apr 2012)

Michael Noonan: The Minister for Small Business, Mr John Perry T.D., accompanied by the Secretary General from my Department, held a series of seven regional meetings around the country to discuss access to bank credit with key local stakeholders. I attended the meeting with stakeholders in Limerick. These meetings explored the findings of the Mazars survey on credit demand published by my Department late...

Written Answers — Job Creation: Job Creation (24 Apr 2012)

Michael Noonan: I would refer the Deputy to the Explanatory Memorandum that was published with the Finance Bill – it contains information on each section of the Bill. In relation specifically to the measures to support the international financial services industry, there were 13 sections in the Bill containing 21 individual measures – sections 31-35, 37, 39, 41, 42, 47, 52, 100 & 101. The package of...

Written Answers — Tax Code: Tax Code (24 Apr 2012)

Michael Noonan: Section 14 of Finance Act 2012 provides for the Special Assignee Relief Programme (SARP). The Act was signed into law by the President on 31 March 2012. The programme provides for an exemption from income tax on 30% of salary between €75,000 and €500,000 for employees that are assigned for a minimum of 1 year. The exemption is available for a maximum of 5 years. The scheme will operate...

Written Answers — State Banking Sector: State Banking Sector (24 Apr 2012)

Michael Noonan: As part of the recent Memorandum of Understanding ('MOU') dated 10 February 2012 with our External Partners, it was agreed that the authorities will make a decision on the proposed way ahead for the company by the end of April 2012. Much work has been completed by the new management in Permanent TSB and officials in my Department to develop this strategy for discussion with the Troika over...