Results 7,421-7,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2012)

Michael Noonan: The schemes providing for tax relief for investment in small and medium-sized enterprises are as follows. The Employment and Investment Incentive (EII) EII is a tax incentive that provides tax relief for investors who purchase new ordinary shares in small and certain medium-sized companies carrying on a trade, and who hold those shares for a minimum of three years. The incentive is...

Written Answers — Department of Finance: Tax Yield (7 Nov 2012)

Michael Noonan: It is the standard practice for the Minister for Finance to review all tax expenditures and reliefs in the run up to the annual Budget. It is also a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. However, in general, the marginal tax rate, which is described as the tax rate that...

Written Answers — Department of Finance: National Asset Management Agency (7 Nov 2012)

Michael Noonan: The National Asset Management Agency advises that it is acting as Promoter of the QIF and is taking all necessary steps towards obtaining regulatory approval for the QIF. The Deputy may wish to consider the Central Bank Guidance Note 2/96 - Promoters of Collective Investment Schemes for information about the role and responsibility of the Promoter.

Written Answers — Department of Finance: National Asset Management Agency (7 Nov 2012)

Michael Noonan: I am advised that regulatory requirements stipulate that the Board must comprise a minimum of three suitably qualified directors. The National Asset Management Agency proposes to nominate one director. It is envisaged that the investment manager to the QIF will appoint one director and subsequent directors will be appointed by the QIF once it has been incorporated. The remuneration of...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2012)

Michael Noonan: Tax reliefs are kept under continuous review. However, as the Deputy will be aware, it would not be appropriate for me to comment in advance on possible Budget decisions.

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: An Approved Minimum Retirement Fund (AMRF) is established where a person, who would otherwise be eligible to take retirement benefits from a pension arrangement in the form of either a taxable lump sum payment or investment in an Approved Retirement Fund (ARF), is unable to satisfy the “specified minimum income” requirement. The “specified minimum income”...

Written Answers — Department of Finance: Tax Collection (7 Nov 2012)

Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by Revenue that numerous efforts were made to meet the taxpayer concerned to give him an opportunity to discuss his affairs and resolve the outstanding issues. However, to date no engagement with the taxpayer has been forthcoming. Revenue also afforded the taxpayer and his agent the opportunity to file correct returns but to date...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: Unfortunately, it is not possible to supply the information the Deputy has requested at this time. My officials and officials in the covered institutions (in conjunction with certain of the trustees of the underlying pension schemes) are considering a number of issues, including the provisions of the Data Protection Act, which may prevent me from releasing some (or all) of the data which you...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I understand that Department of Finance officials have been in contact with AIB in relation to this matter. I am informed that AIB has written to former senior executives at the bank requesting a voluntary contribution or reduction in their pension. This process is ongoing as other individuals are written to including former staff of EBS. I understand that this is a technically complex...

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: AIB confirmed in August 2012 that it agreed the transfer of €1.1 billion nominal of Irish loan assets to the AIB pension fund. I am informed by the Bank that the transfer of assets to the pension fund was undertaken to facilitate the early retirement component of the voluntary severance program of the bank. If the transfer of assets had not taken place, the early retirement component...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I am informed that AIB has a number of defined benefit schemes. All retired AIB employees, currently in receipt of an occupational pension from the bank, are paid out of one of these schemes.

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: AIB Group’s pension deficit as reported at 30 June 2012 in the bank’s interim results was €1,457m. I am informed that this figure includes all of the Group’s pension schemes, including the Irish defined benefit scheme. This figure is disclosed to the market on a semi-annual basis and updated figures will be reported in early 2013 in the bank’s Annual Report...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I am informed by the bank that staff were advised on the 14th June 2012 of its intention to close the defined benefit schemes to future accrual. Following this announcement the bank commenced a consultation process with unions representing staff in line with agreed procedures. It is currently anticipated that agreement with the unions will be in place before the end of 2012.

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: AIB has informed me that it understands that an application under section 50 would not apply to pensions already in payment.

Credit Union Bill 2012: Order for Second Stage (8 Nov 2012)

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

Credit Union Bill 2012: Second Stage (8 Nov 2012)

Michael Noonan: I move: "That the Bill be now read a Second Time." The Credit Union Bill 2012 is an important step towards placing the Irish credit union movement on a sustainable path for the longer term. From the outset, I want to set out clearly that the Bill implements the Commission on Credit Unions report, which was agreed and co-authored by key stakeholders, including credit union representatives....

Written Answers — Department of Finance: Tax Code (8 Nov 2012)

Michael Noonan: In bringing forward the necessary legislation to provide for the changes to tax legislation arising from the enactment of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, (the Civil Partnership Act), I advised this House that the new legislation (subsequently Finance (No. 3) Act 2011) would ensure that registered civil partners receive the same tax treatment...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the number of litres of petrol and diesel that were sold in the state in the past five years is not available. However, the number of litres of petrol and diesel where Mineral Oil Tax was paid in the calendar years 2007 to 2011 is as follows: Year Petrol Auto Diesel Litres Litres 2007 2,377,727,280 3,025,245,030 2008...

Written Answers — Department of Finance: Credit Unions (8 Nov 2012)

Michael Noonan: Under the Exemptions from Additional Services Requirements Regulations (SI 223 of 2004, SI 107 of 2007 and SI 838 of 2007), credit unions can provide ATM and third party payment services to members. This enables credit unions to provide card services to their members. The Central Bank has advised me that 46 credit unions reported on the 2011 Credit Union Annual Return that they provide such...

Written Answers — Department of Finance: Departmental Staff Redeployment (8 Nov 2012)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that they undertake regular workforce planning analyses to identify key posts and skills that require to be filled to enable them to deliver on their current and developing strategies. The Revenue Commissioners are in on-going discussions with the Department of Public Expenditure and Reform on their immediate and medium term resource...