Results 7,321-7,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (25 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that for the purposes of Capital Acquisitions Tax (Gift and Inheritance Tax), the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary), determines the maximum tax-free threshold (known as the “Group threshold”) below which gift...

Written Answers — Department of Finance: National Asset Management Agency (25 Oct 2012)

Michael Noonan: Under the NTMA business model, its remuneration structure is such that there are no general pay grades and no pay scales and all staff are on individually-negotiated contracts. The legislation which established the NTMA positioned it outside of the wider public service structures with operational freedom to negotiate market competitive salaries so that it would have, for example, the...

Written Answers — Department of Finance: VAT Rates (25 Oct 2012)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In Ireland the zero rate applies to printed books, including atlases, children’s picture, drawing and colouring books and books of music. It is possible for Ireland to apply the zero rate to printed books because Ireland applied the zero rate to these books on and...

Written Answers — Department of Finance: Pension Provisions (25 Oct 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 Reliefs (25 Oct 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 (25 Oct 2012)

Michael Noonan: I assume the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer’s marginal tax rate — the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by income tax rate, as tax returns by employers to the...

Written Answers — Department of Finance: Pension Provisions (25 Oct 2012)

Michael Noonan: The following are the current arrangements which apply in relation to the taxation of retirement lump sums paid under Revenue approved pension arrangements. These arrangements apply in both the public and private sectors and were introduced in Budget and Finance Act 2011: - Retirement lump sum amounts up to €200,000 are paid free of tax. They are also paid free of the Universal Social...

Written Answers — Department of Finance: Pension Provisions (25 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that tax relief is provided at an individual’s marginal income tax rate on amounts contributed to pension schemes (subject to limits). Relief is also provided on contributions made by the employers to such schemes. In addition the amount of profits and gains generated by the investments held by those pension schemes is exempt from tax. ...

Written Answers — Department of Finance: VAT Rates (25 Oct 2012)

Michael Noonan: VAT is a tax on the value added to products and services and is governed by the EU VAT Directive. EU VAT rules provide that a standard VAT rate of between 15% and 25% applies to the supply of all goods and services with certain derogations. Annex III of the VAT Directive provides a list of goods and services to which Member States may apply a reduced rate of between 5% and 15% (with Member...

Written Answers — Department of Finance: Pension Provisions (25 Oct 2012)

Michael Noonan: Revenue approval of occupational pension schemes is given on the basis that retirement benefits may, generally, be paid at normal retirement age which cannot fall before age 60 or after age 70. Most schemes would have a normal retirement age of 65. Revenue approval may also provide, however, for early retirement from age 50 where scheme rules allow and with the employer’s consent. In...

Written Answers — Department of Finance: Fiscal Policy (25 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 58 and 61 together. My Department undertakes and publishes macro-economic analysis on a frequent basis, including the Stability Programme Update published in April of this year and the forthcoming Medium Term Fiscal Statement. As part of this on-going and wide-ranging work, my Department examines the issue of debt sustainability. Indeed, section 4.5 of the...

Written Answers — Department of Finance: Fiscal Policy (25 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 59 and 62 together. At the outset, I want to stress that the Government’s key objective of supporting economic growth that delivers jobs remains to the forefront in framing fiscal and economic policy. Fiscal consolidation reduces the fiscal deficit and increases investor confidence which in turn lowers the cost of borrowing and helps to put public...

Written Answers — Department of Finance: Consultancy Contracts (25 Oct 2012)

Michael Noonan: The following table sets out the name, cost, date of commission, date or expected date of publication and name of the external consultant in respect of all reports commissioned by my Department since March 2011: Name of report and provider Cost Date of Commission Date of Publication Charles River Associates (Acquisition by Allied Irish Banks of EBS Building Society) €50,000...

Written Answers — Department of Finance: Departmental Agencies (25 Oct 2012)

Michael Noonan: The Government approved the establishment of a State Legal Costs Unit within the State Claims Agency on 27 March 2012. The State Legal Costs Unit will initially deal with third-party costs arising from the Moriarty and Mahon Tribunals with its remit expanding to the Smithwick Tribunal third-party costs, after that Tribunal reports. The use of a single agency will enhance the State’s...

Written Answers — Department of Finance: Mortgage Interest Relief (25 Oct 2012)

Michael Noonan: The Revenue Commissioners administer mortgage interest relief through the Tax Relief at Source [TRS] system. Mortgage interest relief is provided to mortgage holders via on-going electronic data file transfers between Revenue and each of the 132 individual qualifying lenders. Both Revenue and the lenders were required to upgrade their IT systems to facilitate payment of the new 30% rate...

Written Answers — Department of Finance: Departmental Expenditure (25 Oct 2012)

Michael Noonan: The information requested by the Deputy could not be collated in the time available. My Department will respond directly to the Deputy as soon as possible.

Written Answers — Department of Finance: Departmental Staff Promotions (25 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 67, 68 and 69 together. Since my appointment as Minister for Finance on 9 March 2011, 19 staff members who were serving as Administrative Officers (AO) and Higher Executive Officers (HEO) have been awarded promotions through an internal competitive process to Assistant Principal level. 6 staff members, serving as Assistant Principals (AP) have been awarded...

Fiscal Responsibility Bill 2012: Order for Report Stage (6 Nov 2012)

Michael Noonan: I move : "That Report Stage be taken now."

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael Noonan: The policy issues which are raised in these amendments are of a wider scope and scheme than the substance of the Bill and the stability treaty. Deputy Doherty has identified some of the issues that any Government would have to consider in preparing a correction or budgetary plan. However, it should be noted that we are talking about a plan and not the actual detailed legislative budgetary...

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael Noonan: That is a very exaggerated presentation of the facts. Let us suppose in the years to come the national finances are out of kilter with the provisions of the treaty. There are only two ways to correct fiscal imbalances, either by increasing taxes or cutting expenditure. For tax increases the Minister of the day must introduce a budget followed by a finance Bill and there will be votes in...