Results 6,061-6,080 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am informed by NAMA that its 2011 annual report and financial statements, which is due for publication in July, will disclose the carrying value and fair value of its loans. NAMA advises that it is not required to follow the Central Bank guidelines. However, in preparing its annual accounts, NAMA uses international financial reporting standards (IFRS) which are consistent with the Central...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 Jun 2012)

Michael Noonan: I propose to take Questions Nos. 65 to 67, inclusive, together. I have been informed by the Central Bank of Ireland that it is bound by strict confidentiality requirements under Section 33AK (1) (b) (i) of the Central Bank Act 1942, as amended regarding disclosure of supervisory information relating to firms. The Central Bank has developed a framework for reviewing, assessing and mitigating...

Written Answers — Public Service Remuneration: Public Service Remuneration (13 Jun 2012)

Michael Noonan: In response to the Deputy's question the members of the NTMA senior management team - ten people including the Chief Executives of the NTMA, NDFA and NAMA – waived any consideration for performance-related pay in respect of 2011 (as they did previously in respect of 2010). The NTMA made performance-related payments to five key staff in respect of 2011. These payments in aggregate totalled...

Written Answers — Departmental Funding: Departmental Funding (13 Jun 2012)

Michael Noonan: In response to the Deputy's question: The Disabled Drivers Medical Board of Appeal falls within the categories mentioned as an organization which receives funding from the state (through Subhead A3, Vote 7). Part of this Subhead inter alia meets the cost of the Disabled Drivers Medical Board of Appeal. The Board hears appeals from people who have been refused a Primary Medical Certificate...

Written Answers — European Stability Programmes: European Stability Programmes (14 Jun 2012)

Michael Noonan: The following tables, which have been provided by the NTMA, set out the funding operations done by the EFSM and EFSF where Ireland was a beneficiary. In some cases funding operations were done on behalf of another country at the same time and this is also indicated. The cost of funding to the lender may differ from the ultimate cost of borrowing to the borrower because of fees and other...

Written Answers — Tax Code: Tax Code (14 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Relevant Contracts Tax (RCT) is a withholding tax system that operates in the construction, forestry and meat processing sectors. Principal contractors are defined in the legislation (section 530A of the Taxes Consolidation Act 1997) as including "any board or body established by or under statute ... and funded wholly or mainly out of funds...

Written Answers — Tax Yield: Tax Yield (14 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that figures of the net receipt of income tax from the PAYE, farming and other self-employed sectors in the year 2011 are as follows: Net Receipt of Income Tax 2011 Tax Head €m % PAYE 8,496.3 85.0 Farmers 103.5 1.0 Other self-employed 1,397.8 14.0 TOTAL 9,997.6 100.0 These figures do not take...

Written Answers — Tax Yield: Tax Yield (14 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated net receipt for VAT (Domestic) for the year 2010 is €9,051 million and the breakdown on a county basis is set out in the table below; corresponding information is not yet available on this basis for either 2011 or 2012 to date. It should be noted that Revenue officers operate within certain geographical boundaries known as...

Written Answers — Tax Yield: Tax Yield (14 Jun 2012)

Michael Noonan: The current Group A tax-free threshold (for gifts/inheritances from parents to children) is €250,000. I am advised by the Revenue Commissioners that the full year yield from reducing the Group A threshold to €200,000 is estimated to be of the order of €15 million. The Group A threshold has already been reduced by 59% from its peak level of €542,544 in early 2009. Revenue does not...

Written Answers — Tax Code: Tax Code (14 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the cost of reducing the VAT rate to 5% on those services currently applying at the 9% reduced rate, is estimated at €330 million. The cost of reducing the standard VAT rate from 23% to 20% is estimated at €850m. With regard to reducing the standard VAT rate on certain business activities from 23% to 15%, this would not be possible under...

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

Michael Noonan: VAT is charged on the supply of goods and services at different VAT rates, which are subject to the requirements of EU VAT law. The supply of electricity is liable to VAT at the 13.5% reduced rate, as specified in paragraph 17 of Schedule 3 of the Value-Added Tax Consolidation Act 2010. It is possible for Ireland to apply the 13.5% reduced rate to electricity under Title VIII of the EU VAT...

Written Answers — Overseas Development Aid: Overseas Development Aid (19 Jun 2012)

Michael Noonan: Detailed statistics on Ireland's Official Development Assistance (ODA) are compiled by the Department of Foreign Affairs and Trade. Based on the preliminary outturn for 2011 the percentage of ODA administered directly by my Department is approximately 4.25%. A detailed breakdown of expenditure on ODA will be published in the Irish Aid Annual Report for 2011 which I understand is due to be...

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (19 Jun 2012)

Michael Noonan: Following a Revenue Audit a significant additional tax liability was established and assessed. The taxpayer made a payment on account and the balance of tax due was referred to the Revenue Sheriff for enforcement. Should the taxpayer wish to engage with Revenue, with a view to settling the liability, he can contact his local Revenue District, which is located at Michael Davitt House,...

Written Answers — Mortgage Resolution Processes: Mortgage Resolution Processes (19 Jun 2012)

Michael Noonan: Lending institutions are independent commercial entities and, as such, it is a commercial decision for each lender to decide what loans they will provide or agree to have switched to them. I have no power to insist that another lending institution accept a transfer of a mortgage from EBS.

Written Answers — Consumer Protection: Consumer Protection (19 Jun 2012)

Michael Noonan: I, as Minister for Finance have no statutory role in relation to the investigation by the Central Bank into the company mentioned by the Deputy. However, I have been informed by the Central Bank that while the company concerned was not authorised or licensed by the Bank, and therefore its clients were not eligible to a compensation scheme/deposit protection scheme, the Central Bank has...

Written Answers — Pension Provisions: Pension Provisions (19 Jun 2012)

Michael Noonan: There are a number of reasons why, under existing policies, early withdrawals of pension savings are not permitted, the principal one being that pension schemes and plans (and the associated tax reliefs) are designed as long term savings vehicles based on the principle that the savings will be "locked away" until retirement. Otherwise, there would be little reason to treat pension savings...

Written Answers — Public Procurement Contracts: Public Procurement Contracts (19 Jun 2012)

Michael Noonan: I propose to take Questions Nos. 192 to 194, inclusive, together. The Deputy will recall that when the matter of the EUR 3.6 bn statistical error was discussed in the Dáil on 2nd November of last year, I indicated that an external review of systems in the Department of Finance, the National Treasury Management Agency and the Central Statistics Office would be undertaken. It was envisaged...

Written Answers — State Banking Sector: State Banking Sector (19 Jun 2012)

Michael Noonan: The information requested by the Deputy is commercially sensitive and is not specifically disclosed by the Central Bank. However, details of Anglo Irish Bank's primary sources of funding are disclosed in the bank's Annual Report for the year ended 31 December 2011 which is accessible at the attached link. These accounts will be updated in the IBRC interim accounts for the six months ended 30...

Written Answers — Disabled Drivers: Disabled Drivers (19 Jun 2012)

Michael Noonan: The Deputy may be aware that the decision to refuse a Primary Medical Certificate is a matter for the relevant Health Service Executive administrative area. The person may be eligible for a Motorised Transport Grant and accordingly should apply to the Health Service Executive. I am not aware that a refusal to grant a Primary Medical Certificate constitutes any breach of EU legislation in...

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (19 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that there are outstanding taxes owing in respect of the person who is the subject of this question. A Tax Clearance Certificate or a Temporary Tax Clearance Certificate cannot issue in circumstances where there are outstanding tax liabilities. The particular circumstances of the taxpayer are known, and discussions are ongoing between Revenue and the...