Results 5,941-5,960 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. While the EU VAT Directive and Irish VAT law provide for the possibility of applying a reduced rate of VAT to the supply of certain medical equipment this possibility does not extend to the supply or hire of continuous positive...

Written Answers — National Debt: National Debt (6 Jun 2012)

Michael Noonan: The National Debt is calculated by the National Treasury Management Agency and historical data is published on their website - http://ntma.ie/GovernmentDebt/historicalData.php. The table below sets out the National Debt for the years 1985 to 2011. The National Debt was €129.0 billion at end May 2012. Year Total EUR Million 1985 23,492 1986 27,440 1987 30,085 1988 31,250 1989...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Jun 2012)

Michael Noonan: NAMA has informed me that it has engaged accountants, solicitors and other professional advisors in its initial establishment, the acquisition of its loan portfolio and its ongoing operations. A breakdown of the fees in relation to the organisation in question are shown below. The analysis is based on fees invoiced to and paid by NAMA in the period from inception to 31 March 2012. Amounts...

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

Michael Noonan: I would point out that VAT is normally accounted for on the basis of invoices issued i.e. VAT is payable on the total sales invoiced in the relevant period, regardless of whether or not the trader has been paid for the supply in that period. However, the cash basis of accounting provides traders with the option to account for VAT on a cash receipts basis. This means that the trader is not...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Jun 2012)

Michael Noonan: Irish government bonds held by each of the covered institutions are as follows: Irish Government Bonds - Year end 2011* Carrying Value AIB €5,217m BoI €4,222m IBRC €303m ILP €2,319m · Figure for BOI excludes €462m held in its life company · Figure for ILP excludes bonds held by Irish Life * Excludes promissory notes. Information beyond year end 2011 has not been...

Written Answers — State Banking Sector: State Banking Sector (6 Jun 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 staffing, general pay rates and expenses incurred by bank staff in the performance of their duties. I have been informed by the bank that staff numbers and associated costs are detailed in the Bank's accounts on an annual and interim basis, the most recent being the 2011 Annual...

Written Answers — Electronic Payments System: Electronic Payments System (6 Jun 2012)

Michael Noonan: The funding of payments made by line Departments and Offices is organised through the Paymaster General's Office, which is part of my Department. Virtually all payments by Government Departments from their annual Votes are now made electronically. Since 2001 Departments have reduced the number of payable orders issued annually from 4.2 million to an expected 190,000 in 2012, which is a...

Written Answers — Motor Taxation: Motor Taxation (6 Jun 2012)

Michael Noonan: As the Deputy will be aware Budget 2012 announced a public consultation to review options for the improvement of VRT and Motor Tax revenue in future years, in the context of a fall in VRT yields from €1.4bn in 2007 to €387m in 2011. The closing date for receipt of submissions under the public consultation process was 1 March 2012. 34 submissions were received, 12 of which were from...

Written Answers — Tax Refunds: Tax Refunds (6 Jun 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that reviews for 2008 and 2009 were issued on 10 August 2010 and 11 November 2010 respectively. These reviews were based on the information available at that time and included tax relief for interest paid as claimed. The Revenue Commissioners are now writing to the person concerned for additional information to enable them to review the...

Written Answers — Illegal Trade in Tobacco Products: Illegal Trade in Tobacco Products (6 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products, that there is no internationally recognised method for precisely determining the amount of tax lost as a result of the illicit trade in cigarettes. However, a survey commissioned by Revenue and the Office of Tobacco...

Written Answers — EU-IMF Programme: EU-IMF Programme (6 Jun 2012)

Michael Noonan: I understand your question is intended to ascertain when the loans drawn down from the EU/IMF Programme will be repaid. I would first of all emphasise that the funds drawn down under both the EU/IMF programme and the bilateral loan agreements are not ring-fenced for particular uses and contribute alongside tax and other State revenues to meeting all calls on the Exchequer. However, the cost...

Written Answers — Irish Horseracing Industry: Irish Horseracing Industry (6 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that there are no specific statutory tax incentives for the horse racing and breeding industry. Before 1 August 2008, profits or gains from stallion fees were exempt from income tax and corporation tax, although all other profits from horse-breeding, such as the sale of yearlings, were always taxable. The exemption no longer applies to profits or...

Written Answers — Greyhound Industry: Greyhound Industry (6 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that there are no specific statutory tax incentives for the greyhound racing and breeding industry. Profits from stud greyhound service fees arising before 1 August 2008 were exempt from income tax and corporation tax. The exemption no longer applies to profits or gains arising on or after that date.

Written Answers — Casual Trading: Casual Trading (6 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that specific measures have been implemented to tackle hidden economy issues in the cash sector including casual trading markets. The threat to the Exchequer posed by the shadow economy is fully recognised by Revenue which puts a strong focus and concentration on those sectors that traditionally have been susceptible to shadow activity. Revenue's...

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

Michael Noonan: I am advised by the Revenue Commissioners that no trace of tax contributions can be found in respect of the person named. Should he wish to discuss tax matters he can telephone Frank Levey in Limerick Tax Office at 061 212800.

Written Answers — General Government Debt: General Government Debt (6 Jun 2012)

Michael Noonan: The information requested by the Deputy is available in the table set out below. The Exchequer balance figures for 2006-2010 are from the annual Finance Accounts. The 2011 figure is as per the end-December 2011 Exchequer Statement. The audited figure will be set out in the 2011 Finance Accounts which will be published later this year. The General Government Balance (GGB) figures for 2006...

Written Answers — Tax Reliefs: Tax Reliefs (6 Jun 2012)

Michael Noonan: The tax exemptions for the travel pass scheme operates on two levels in order to ensure that the taxation benefits are given to employees. Firstly, where a travel pass is provided in addition to normal remuneration the taxable BIK that arises on its provision is exempt from tax in the hands of the employee under section 118(5A) of the Taxes Consolidation Act 1997. However, many travel pass...

Written Answers — Wage Rates: Wage Rates (6 Jun 2012)

Michael Noonan: At an aggregate level, my view is that over the medium term wages should move in line with productivity trends. In fact, one of the key problems in the past decade was that wage growth was far in excess of productivity gains. This undermined Ireland's competitive position and resulted in a sharp moderation in export growth from 2000 onwards. Encouragingly, however, some of this...

Written Answers — Mortgage Arrears: Mortgage Arrears (6 Jun 2012)

Michael Noonan: The Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. The Deputy will be aware that the Interdepartmental Report on Mortgage Arrears indicated that the reform of personal insolvency legislation is a central catalyst to the resolution of the mortgage arrears problem. In particular, it...

Written Answers — European Stability Mechanism Fund: European Stability Mechanism Fund (6 Jun 2012)

Michael Noonan: The European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State and Government (HoSG) of the Euro Area on 21 July, 9 December 2011 and 2 March aimed at improving the effectiveness of the mechanism. In order to...