Results 7,381-7,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs (6 Nov 2012)

Michael Noonan: Companies are chargeable to corporation tax on their profits, wherever arising, after taking account of allowable deductions and reliefs as provided for under the Taxes Consolidation Act 1997 (TCA). The TCA requires a company’s trading profits to be computed in accordance with generally accepted accounting practice subject to any adjustment required by law in computing such profits....

Written Answers — Department of Finance: Tax Yield (6 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that for reasons of taxpayer confidentiality and the possibility that this information could be used to identify the corporations concerned, they are not in a position to provide the information on an individual basis as sought by the Deputy. The collective figures for profits and tax reliefs claimed as requested by the Deputy will be examined to see...

Written Answers — Department of Finance: Customs and Excise Controls (6 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of taxes and duties and for tackling the smuggling of dutiable and prohibited goods, that they regard anti-smuggling prevention as a high priority area. The use of enforcement equipment such as mobile X-ray scanners and other detection technologies is just one part of a multi-faceted strategy employed by...

Written Answers — Department of Finance: Departmental Agencies (6 Nov 2012)

Michael Noonan: I wish to clarify that it was Mr Gerry Murray who was appointed to the Board of the National Development Finance Agency (NDFA) in July 2012 and not Mr Gerry Murphy as stated in reply to Parliamentary Question No 141 of 23 October 2012. Mr Murray is the Chief Executive of Institutes of Technology Ireland (IOTI), which is the representative body for thirteen of Ireland’s Institutes of...

Written Answers — Department of Finance: National Asset Management Agency (6 Nov 2012)

Michael Noonan: As previously advised to the House (Parliamentary Question, 39693/12, 20 September 2012) and restated by the National Asset Management Agency’s Chairman before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform in recent weeks, the Agency has permitted 168 principals to retain salaries from rental and other income generated by their cash producing assets where it...

Written Answers — Department of Finance: Tobacco Smuggling (6 Nov 2012)

Michael Noonan: The requirements in relation to cigarette packaging are a matter for my colleague the Minister for Health. I am advised by the Revenue Commissioners that they have not, at this point, conducted a detailed assessment of any impact that the introduction of plain or standardised packaging might have on their work to combat the illicit trade in cigarettes. They will, however, examine the matter...

Written Answers — Department of Finance: Pension Provisions (6 Nov 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 such...

Written Answers — Department of Finance: Tax Code (6 Nov 2012)

Michael Noonan: Controlled foreign company legislation is considered necessary by countries where the opportunity exists for companies to set up subsidiaries in foreign jurisdictions that have very low, or no, corporate tax; to then accumulate tax-free profits in those foreign jurisdictions; and, in time, to repatriate those profits as tax-free dividends to the home country. Where such opportunities exist,...

Written Answers — Department of Finance: Tax Reliefs (6 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that based on associating incomes and mortgage interest data for 2010, and applying derived ratios to the estimated cost of mortgage interest for 2012, the full year cost to the Exchequer of extending the rate of tax relief for mortgage interest paid by claimants with income of less than €30,000 to 50%, and of extending the corresponding rate...

Written Answers — Department of Finance: Bank Charges (6 Nov 2012)

Michael Noonan: As Minister for Finance, I have no statutory role in relation to the issues raised by the Deputy. The issues raised are a commercial matter for the banking group concerned. However, I have been informed by the Central Bank that, as part of the group's model for delivering self service and automated arrangements for routine customer transactions, the group carried out a pilot scheme in...

Written Answers — Department of Finance: EU Treaties (6 Nov 2012)

Michael Noonan: Legislation was required for Ireland to ratify the ESM (European Stability Mechanism) Treaty, and the ESM Act (No 20 of 2012) passed all stages of the Oireachtas, and was then signed into law by the President on 3rd July 2012. Ireland deposited its instrument of ratification of the ESM Treaty on 1st August 2012. The ESM Treaty, at Article 48.1 provides that the ESM will enter into force...

Written Answers — Department of Finance: VAT Rates (6 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 244 and 245 together. I am advised by the Revenue Commissioners that the VAT treatment of motor vehicles is subject to European VAT law with which Irish VAT law must comply. Under EU law, the circumstances in which a particular supply is made will determine the VAT treatment to be applied to it. The terms, 'used vehicle' or 'second-hand vehicle', apply...

Written Answers — Department of Finance: Regulation of Accountants (6 Nov 2012)

Michael Noonan: As I informed you in my reply to you on the 18th September 2012 in relation to your earlier related question [Ref No: 48350/12], where a taxpayer engages the services of an accountant in relation to taxation matters, that contractual relationship is a private one between the taxpayer and the accountant – the Revenue Commissioners are not involved. Accordingly, it is considered that the...

Written Answers — Department of Finance: Budget Submissions (6 Nov 2012)

Michael Noonan: I have received a pre-Budget submission from the Society of St. Vincent de Paul. Its contents will be considered in the context of the forthcoming Budget and Finance Bill. As Deputies are aware it would not be appropriate for me to comment in advance of the Budget on possible Budget decisions.

Written Answers — Department of Finance: Budget 2013 (6 Nov 2012)

Michael Noonan: Last November's Medium-Term Fiscal Statement estimated that revenue raising measures of €1.25 billion would be required as part of the overall consolidation package in 2013 in order to adhere to the 2013 General Government deficit limit of 7.5% of GDP. It was estimated at that time that this would be made up of €0.95 billion in new revenue measures introduced in 2013 and...

Written Answers — Department of Finance: Universal Social Charge (6 Nov 2012)

Michael Noonan: The position is that for 2012 individuals are liable to pay the Universal Social Charge if their income exceeds the threshold of €10,036 per annum. As the taxpayer's gross income from a pension fund exceeds this threshold, the taxpayer is liable to pay Universal Social Charge of 2% on the first €10,036, and 4% on the balance of the taxpayer's gross pension.

Written Answers — Department of Finance: Mortgage Arrears (6 Nov 2012)

Michael Noonan: The Central Bank has advised me that it will be formally publishing statistics on buy-to-let arrears before the end of this year. The Central Bank has stressed that the data it currently has on buy-to-let arrears are provisional and are based on best estimates at present. At the end June 2012, there were approximately 150,000 residential mortgage accounts for buy-to-let properties held...

Written Answers — Department of Finance: Universal Social Charge (6 Nov 2012)

Michael Noonan: The current minimum wage is €8.65 per hour. On an annualised basis, this is equivalent to €17,542 assuming a 39 hour working week. I am advised by the Revenue Commissioners that the additional numbers of income earners that would be exempted from the Universal Social Charge (USC) if the existing exemption threshold of €10,036 per annum was increased to €17,542...

Written Answers — Department of Finance: North-South Implementation Bodies (6 Nov 2012)

Michael Noonan: As the Deputy may be aware the North South Co-operation unit which was in the Department of Finance, transferred with its responsibilities, to the Department of Public Expenditure and Reform, when that department was established. Up until then Officials within my Department worked closely with the Department of Finance and Personnel (DFP) in Northern Ireland as joint sponsors of the Special...

Written Answers — Department of Finance: Bullying in the Workplace (6 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 254 and 255 together. As the Deputy will be aware under the Relationship Frameworks agreed between myself and the Covered Banks responsibility for the day-to-day operations of each Bank rests with the Board of the Bank. The Banks are obligated to notify me of a number of matters under the terms of their respective Relationship Frameworks. However some of the...