Results 7,981-8,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge (27 Nov 2012)

Michael Noonan: Payments that are made under the Social Welfare Acts are specifically excluded from liability to universal social charge. Accordingly, all State contributory and non-contributory pensions are exempt from the charge. I would also draw the Deputy’s attention to the fact that certain payments, which are of a similar character to social welfare payments, are also exempt from universal...

Written Answers — Department of Finance: Tax Yield (27 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that revenue generated for the State from petrol and auto-diesel in the calendar years 2007 to 2011 in respect of Mineral Oil Tax, Carbon Tax and Value Added Tax is as follows: Petrol MOT Carbon Tax VAT (Estimated) Total €m €m €m €m 2007 1,050.7 - 465.2 1,515.9 2008 1,046.3 - 485.9 1,532.2 2009...

Written Answers — Department of Finance: Banking Operations (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 235 to 237, inclusive, together. I have been advised by IBRC that the review of historical interest rates applied to loan accounts, which was disclosed in the Bank’s annual report of December 2010, covered loans advanced to customers in Ireland, USA, Isle of Man and the UK in the period from 1990 to 2005. The total cost of refunds for all...

Written Answers — Department of Finance: Pension Provisions (27 Nov 2012)

Michael Noonan: I have been informed by the Central Bank that section 33AK(1A) prohibits disclosure by the Bank, its officers, employees, and agents, of confidential information concerning- (a) the business of any person or body whether corporate or incorporate that has come to the person’s knowledge through the person’s office or employment with the Bank, or (b) any matter arising in...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: The position is that, in line with the position prevailing in many other jurisdictions - (a) an individual who is tax resident in the State for a tax year is liable to Irish income tax and the USC on his or her worldwide income for that tax year, and (b) an individual who is not resident here for tax purposes is liable to Irish income tax and the USC on his or her Irish source income and...

Written Answers — Department of Finance: Financial Services Regulation (27 Nov 2012)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on his work. Part V11B of the Central Bank and Financial Services Authority of Ireland Act 2004 details the functions and powers of the FSO. The Financial Services Ombudsman's Bureau has informed me that, when a...

Written Answers — Department of Finance: Pension Provisions (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 241 and 242 together. I am informed that AIB sets out information on its pension deficit in the Bank’s annual and half yearly reports and accounts. The following is a summary of that disclosure. As set out on Note 11 - Retirement Benefits - to the condensed consolidated interim financial statements of AIB Group at 30 June 2012, AIB Group‘s...

Written Answers — Department of Finance: Pension Provisions (27 Nov 2012)

Michael Noonan: I have been informed by AIB that the bank reports the deficit under IAS 19 for financial reporting purposes twice a year, namely June and December after incorporating movements in the scheme liabilities including changes in actuarial assumptions and movement in the scheme assets. The December 2012 results will be announced in Quarter 1, 2013 and the deficit will take into account the loan...

Written Answers — Department of Finance: Pension Provisions (27 Nov 2012)

Michael Noonan: As disclosed in AIB’s half yearly financial report 2012, the first transfer of loans and receivables, which had a carrying value of €0.7 billion resulted in a loss of €0.3 billion. Any further disclosures in respect of the second transfer of loans and receivables will be disclosed in the Annual Report for 2012 due for release in Quarter 1 2013. I have been informed that...

Written Answers — Department of Finance: Banks Recapitalisation (27 Nov 2012)

Michael Noonan: The legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in relation to the discharge of their responsibilities as a company director. As such, the director is legally bound to act in what he or she believes are the interests of the...

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: I am informed by NAMA that there is no discrepancy between the two replies. Parliamentary Question No. 200 of 20 November 2012 sought information on the salary and taxable benefits paid to the NAMA Chief Executive in 2010 and 2011. This was provided as follows: 2011 2010 Salary €430,000 €430,000 Taxable Benefits (car and health insurance) €24,483 €23,036 The...

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: Consistent with its overriding commercial mandate as set out in Section 10 of the National Asset Management Agency Act 2009, NAMA has demonstrated its commitment and contribution to the achievement of wider social and economic policy objectives in line with Section 2 of the Act. This includes NAMA’s identification of over 3,800 residential units controlled by its debtors and receivers...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: It is 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. Having said that, the property tax forms an integral part of policy to broaden the tax base, to provide a stable funding base for local government and to assist the strengthening of democracy at local level. Due consideration...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 249 and 250 together. I understand the Deputy’s question to refer to proposals contained in SIMI’s pre-Budget submission. Such proposals, together with a wide range of proposals submitted to my Department from a large number of interested parties in issues across all tax heads, are being considered in the context of the forthcoming Budget. I...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 251 and 252 together. VAT is charged on the supply of goods and services and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. With regard to reducing the VAT rate applied to car servicing, under EU law it is not possible to reduce the VAT rate applying to car servicing below 12%. This is because car...

Written Answers — Department of Finance: Budget 2013 (27 Nov 2012)

Michael Noonan: As the Deputy will be aware, it is 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.

Written Answers — Department of Finance: Promissory Notes (27 Nov 2012)

Michael Noonan: As the Deputy is aware, the next instalment of the IBRC Promissory Note is scheduled for the end of March 2013. The Irish Government has been working extremely hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. A significant item on the agenda is the issue of...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: The relevant section - “Is the IFSC and Ireland a tax haven?” - of the TASC report referred to by the Deputy acknowledges that, by reference to the standards established by international organisations such as the OECD, Ireland is not a tax haven. The standards established by the OECD are the most widely accepted standards by which countries assess their tax systems and those...

Written Answers — Department of Finance: Tax Collection (27 Nov 2012)

Michael Noonan: I wish to advise the Deputy that Ireland’s corporation tax regime is open and transparent and that companies are fully chargeable to corporation tax at the 12½% rate on profits arising from their trading activities here. A higher 25% rate applies in respect of investment, rental and other non-trading profits as well as profits from certain petroleum, mining or land trading...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: As the incoming EU Presidency, Ireland will be working closely with fellow Member States and the European Commission on the Commission’s forthcoming Communication on Aggressive Tax Planning. We plan to devote a number of official level meetings to this topic during our Presidency. Ireland just like other Member States believes in fair tax competition but, building on the work of the...