Results 6,321-6,340 of 27,019 for speaker:Michael Noonan

Written Answers — Sovereign Debt: Sovereign Debt (5 Jul 2012)

Michael Noonan: The study referred to by the Deputy concerns one possible approach to the debt crisis that Europe is trying to deal with at the moment. The particular approach envisaged would involve the effective mutualisation of eurozone sovereign debt above the level of 60% of GDP. As the Deputy will be aware, the statement issued following the Euro Area Summit on 29 June envisages the European...

Written Answers — Tax Credits: Tax Credits (5 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the original Tax Credit Certificate was not correct. The person in question drew the matter to attention and a revised Tax Credit Certificate for 2012 issued on the 21st June. This revised certificate deleted the reference to pension made on the previous certificate. A balancing statement for the year 2011 will also issue shortly correcting any...

Written Answers — Financial Services Ombudsman: Financial Services Ombudsman (5 Jul 2012)

Michael Noonan: As the Deputy is aware, I do not comment on specific cases. However, I would advise that if an individual has made a formal complaint to the bank in question about the matter referred to and if they are not satisfied with the reply then I suggest that they contact the Financial Services Ombudsman in relation to this matter. The Financial Services Ombudsman is an independent office established...

Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The Deputy will be aware that I have always stated that our problems are part of a wider European dilemma and any solution to address the Irish situation must be as part of an overall Eurozone/global solution. The recent shift in European policy in terms of breaking the vicious circle between the banks and the sovereign is to be welcomed and represents a major step forward. While the...

Written Answers — Tax Code: Tax Code (5 Jul 2012)

Michael Noonan: From 1 January 2012, the Revenue Commissioners have substantially modernised the operation of Relevant Contracts Tax (RCT). Key features of the new scheme are a streamlining of the processes for the submission of information and payments to Revenue and the introduction of a new RCT rate at the standard rate of 20%. The latter was designed to improve the cash-flow position of tax compliant...

Written Answers — Tax Collection: Tax Collection (5 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 61 and 62 together. The information requested by the Deputy in relation to the yield from Stamp Duty on residential and non-residential property, together with the numbers of duty paid transactions, is as set out in the following tables. As indicated below, a breakdown between residential and non-residential transactions is not available for 2010 and 2011....

Written Answers — Tax Collection: Tax Collection (5 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to furnish precise figures of the VAT take from residential property transactions, as the information furnished on VAT returns does not require the yield from particular sectors of trade to be identified. However, based on data published by the Department of the Environment, Heritage and Local Government, the estimated yield...

Written Answers — Budget Targets: Budget Targets (5 Jul 2012)

Michael Noonan: Under the terms of the ECOFIN Council decision of December 2010, the State's General Government deficit must not exceed 8.6 per cent of GDP this year. This is the main quantitative budgetary target set for 2012. While there will inevitably be some pluses and minuses in the various revenue and expenditure areas, I am satisfied, primarily on the basis of the Exchequer Returns for the first...

Written Answers — Economic Competitiveness: Economic Competitiveness (5 Jul 2012)

Michael Noonan: Substantial progress has been made in terms of improving our competitiveness. Relatively lower price inflation over the last number of years means that Irish price levels have fallen relative to our major trading partners. At the same time there has been a significant improvement in our cost competitiveness. Indeed, the European Commission recently forecast that our nominal unit labour...

Written Answers — Tax Collection: Tax Collection (5 Jul 2012)

Michael Noonan: The performance of Exchequer tax revenues against target in the period to end-June is set out in the following table. Exchequer Tax Revenues End-June2012 Target€m End-June 2012Outturn €m Excess/ Shortfall €m Excess/Shortfall% Income Tax 6,846 7,061 215 3.1% VAT 5,160 5,189 29 0.6% Corporation Tax 1,706 1,980 274 16.1% Excise 2,244 2,209 -35 -1.6%...

Written Answers — Economic Growth: Economic Growth (5 Jul 2012)

Michael Noonan: Following three successive years in which output fell, positive growth returned to the Irish economy last year. The recovery is expected to continue this year, and to both broaden and gain ground in 2013. Over the medium term, a return to robust and more sustainable growth is foreseen. While exports are expected to continue supporting economic activity, a gradual pick-up in domestic demand...

Written Answers — National Asset Management Agency: National Asset Management Agency (5 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 73 and 74 together. I have advised the House previously that the NAMA Board has recently completed a review of its strategy in light of developments in the Irish economy and in the property markets since it published its first business plan in July 2010. Key factors considered by the Board as part of its strategic review include the performance of the various...

Written Answers — Legislative Programme: Legislative Programme (10 Jul 2012)

Michael Noonan: The European Stability Bill 2012 passed all stages in the Dáil on 20 June and all stages in the Seanad on the 27 June 2012. The European Stability Mechanism Act 2012 (No. 20 of 2012) was signed into law by President Higgins on the 3rd day of July, 2012.

Written Answers — Customs and Excise: Customs and Excise (10 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the terms and conditions of approval of airports by the Revenue Commissioners, as a place for the arrival of aircraft from outside the State, requires the operator/proprietor/licensee of each airport to notify Customs of all arrivals and to maintain a record of all such arrivals. In general, customs controls at small airports are risk-based and...

Written Answers — Customs and Excise: Customs and Excise (10 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that arrangements have been in place for some time, between the operators/ proprietors/licensees at the airports in question and the Revenue Customs Service, to ensure that all unscheduled flights arriving into these airports are notified to Customs. These arrangements are working well and the Commissioners are satisfied, insofar as possible, that all...

Written Answers — Disabled Drivers: Disabled Drivers (10 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 103 to 105, inclusive, together. I am advised by the Revenue Commissioners that Statutory Instrument (S.I.) 353/1994 Disabled Driver and Disabled Passenger Regulations outline the provisions under which certain vehicles may qualify for relief from VRT and VAT when used for the transportation of disabled passengers. Regulation 2 of the above mentioned S.I....

Written Answers — VAT Rates: VAT Rates (10 Jul 2012)

Michael Noonan: All fruit juices, soft drinks, bottled water and smoothies are subject to the standard VAT rate, currently 23%. The standard rate is the VAT rate applied to such products in the majority of EU Member States. Prior to 1992 bottled waters and fruit juices had applied at the zero rate, but were made subject to the standard rate from 1 November 1992 in order to correct a competitive anomaly, as...

Written Answers — Tax Reliefs: Tax Reliefs (10 Jul 2012)

Michael Noonan: In general, all companies are entitled to claim a deduction for costs wholly and exclusively incurred for the purposes of the trade. There are a number of statutory prohibitions on deductions and these are set out in Section 81, Taxes Consolidation Act 1997. In addition, a deduction in respect of entertainment expenses is expressly forbidden. Where the cost of a training course is reimbursed...

Written Answers — Departmental Properties: Departmental Properties (10 Jul 2012)

Michael Noonan: I would advise the Deputy that I have no function in the matter of accommodation arrangements at the Central Bank and that the matter has not been discussed at Cabinet. I understand from the Central Bank that based on current construction programme projections and planning time lines, it is expected that the Central Bank would occupy the new building on the North Quays by the second...

Written Answers — Tax Code: Tax Code (10 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 109 and 110 together. I understand that comprehensive analysis of the options to support the provision of affordable and accessible childcare was undertaken in 2005. Having considered the options available, the then Government introduced the early childcare supplement, providing a direct payment to all families with young children. In addition, certain other...