Results 6,601-6,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Guarantee Scheme (18 Sep 2012)

Michael Noonan: The covered institutions have supplied me with the following information: Institute Secured Senior Bonds at 30 Sept 2010 €bn Unsecured Senior Guaranteed Bonds at 30 Sept 2010 €bn Unsecured Senior Unguaranteed Bonds at 30 Sept 2010 €bn AIB(1) 2.8 6.2 6.4 EBS 2.0 1.0 1.0 IBRC (2) 0.2 2.4 4.7 PTSB 3.1 4.5 2.9 BOI 12.7 8.3 5.1 (1) Does not...

Written Answers — Department of Finance: Tax Reliefs Availability (18 Sep 2012)

Michael Noonan: The position is that Section 469 of the Taxes Consolidation Act 1997 provides the legislative basis for the granting of relief for qualifying health expenses incurred in respect of the provision of health care. The qualifying criteria in relation to the granting of relief are the same irrespective of whether an individual is self-employed or paying tax under the PAYE system. A self-employed...

Written Answers — Department of Finance: Tax Yield (18 Sep 2012)

Michael Noonan: It is assumed that the threshold for the proposed new tax rate mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of the introduction of a new 48% rate...

Written Answers — Department of Finance: Tax Yield (18 Sep 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2013 gains, from increasing the CGT tax rate from 30% to 40% could be in the region of €160 million. This figure includes corporate gains. However, this estimate assumes no behavioural changes on the part of taxpayers, and large increases in rates such as are...

Written Answers — Department of Finance: Tax Yield (18 Sep 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 10% to 40 %, based on the expected outturn in 2012, could be in the region of €100 million, assuming no change in the existing thresholds. The additional full year yield from existing taxpayers from reducing the existing thresholds by 25%...

Written Answers — Department of Finance: Tax Reliefs Cost (18 Sep 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits available as set out in the following tables for 2008 and 2009, the most recent year for which the necessary detailed historical information is available. It should be noted that...

Written Answers — Department of Finance: Tax Reliefs Cost (18 Sep 2012)

Michael Noonan: b) Table IT 6 showing Cost of Tax Credits, Allowances and Reliefs 2008 and 2009 INCOME TAX AND CORPORATION TAX Cost of Tax Credits, Allowances and Reliefs 2008 and 2009 Tax Relief Provision Estimated cost for 2008(1) Estimated cost for 2009(1) INCOME TAX €m Numbers €m Numbers Exemption limits: General Exemption (2) 0.0 0 0.0 0 Child Addition (2) 0.3 900...

Written Answers — Department of Finance: Tax Reliefs Application (18 Sep 2012)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Department of Finance: Tax Yield (18 Sep 2012)

Michael Noonan: The availability of relief for losses incurred in a business is a well-established feature of the corporation tax regime, which is in recognition of the fact that a business cycle runs over several years and that it would be unbalanced to tax profits in one year and not allow losses in another. Under Irish tax legislation a company incurring a trading loss in an accounting year can carry...

Written Answers — Department of Finance: Tax Reliefs Availability (18 Sep 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual’s marginal rate of income tax and for which estimates of cost can be provided are set out below together with estimated costs for the year 2009, the most recent year for which the necessary estimates are available. If relief for these deductions and reliefs was...

Written Answers — Department of Finance: Tax Reliefs Application (18 Sep 2012)

Michael Noonan: It is assumed that the Deputy is referring to the cost, in terms of tax foregone, of the following two property based tax incentive schemes that remain in the tax code: Mid-Shannon Corridor Tourism Infrastructure Investment (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am informed by the Revenue...

Written Answers — Department of Finance: Tax Yield (18 Sep 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 — Department of Finance: Tax Yield (18 Sep 2012)

Michael Noonan: It is assumed that the Deputy is referring to an increase in the rate of Betting duty, which currently stands at 1% and which is on top of other taxes such as corporation tax and income tax as appropriate. I am informed by the Revenue Commissioners that if the rate was increased from 1% to 5%, the yield would be in the region of €135m in a full year. However, this is a straight...

Written Answers — Department of Finance: Tax Yield (18 Sep 2012)

Michael Noonan: The Government does not propose at this time to introduce a wealth tax, although all taxes and potential taxation options are constantly reviewed. To estimate the potential revenue from such a wealth tax, we would need to identify the wealth held by individuals. I am informed by the Central Statistics Office that the institutional sector accounts do not give an indication of the number of...

Written Answers — Department of Finance: Budget 2012 (18 Sep 2012)

Michael Noonan: The Budget Book published on December 6th contained a full assessment of the yield and cost on each of the measures proposed. There was no substantial change in the Finance Act compared with the Budget Statement in December. Finance Act 2012 contained no major new expenditure item. Indeed, many of the individual measures in the Act, which were not specifically referred to in the Budget, are...

Written Answers — Department of Finance: Motor Tax Collection (18 Sep 2012)

Michael Noonan: Vehicles must be registered within 30 days of arriving in the State and an appointment for this purpose must be made with an NCTS Centre within 7 days of the vehicle arriving in the State. I am advised that while there are delays at the NCTS Centre Northpoint in relation to regular NCT vehicle testing, the average waiting time for a VRT inspection appointment is 5 days. Currently the...

Written Answers — Department of Finance: Financial Services Regulation (18 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 268, 270 and 271 together. As the Deputy is awarethe company referred to in the question, chartered accountants and registered auditors, conducted the audits of the relevant financial statements of Anglo Irish Bank Corporation for the year ended 30 September 2008. I have been informed that the bank is not in a position to positively identify all the...

Written Answers — Department of Finance: Financial Services Regulation (18 Sep 2012)

Michael Noonan: I have been informed by PTSB that the partner in charge of the 2008 audit for the audit firm referred to in the question was Mr Alan Boyne and that he read the audit report to shareholders at the 2009 AGM. Mr Boyne led a multi-disciplinary team of professionals in completing the audit.

Written Answers — Department of Finance: Departmental Expenditure (18 Sep 2012)

Michael Noonan: Issues from the Exchequer in respect of voted Department expenditure are shown in Note 4 of the Monthly Exchequer Statement. Information is at aggregate level only representing issues for supply services. The legal costs of the case are a matter for the Department of the Environment, Community and Local Government.

Written Answers — Department of Finance: Departmental Legal Cases (18 Sep 2012)

Michael Noonan: As the Deputy may be aware, this is a matter for the Minister for the Environment, Community and Local Government and the Minister for Public Expenditure and Reform and, as such, I, as Minister for Finance have no role in this matter.