Results 8,081-8,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Credits (4 Dec 2012)

Michael Noonan: I assume that the Deputy is referring to the ‘key employee’ provision of the R&D tax credit which allows the tax credit to be transferred to a person key to carrying out of R&D in order to encourage them to drive R&D projects and to bring them to Ireland. This provision is restricted to a person who owns less than 5% of the company. The objective of the provisions...

Written Answers — Department of Finance: Promissory Notes (4 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 144 and 170 together. As the Deputy is aware, the promissory note repayments, both capital and interest, are made to IBRC. As IBRC is wholly owned by the State, any future return to the State will be by way of dividends from IBRC or from the projected final net asset position for IBRC. IBRC provides details of their outstanding liabilities in their published...

Written Answers — Department of Finance: Banks Recapitalisation (4 Dec 2012)

Michael Noonan: As previously outlined to the Deputy, it is not possible to identify the senior bondholders invested in specific institutions at a given point in time. As these securities are freely tradable once issued it is not possible to trace their ultimate ownership. These securities are traded and dealt through market participants and settled by clearing house systems. An issuer does not have any...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: I assume the Deputy to refer to the proposal to introduce a price cap of the pre-tax price of tobacco. Preliminary advice on this suggests that any proposal to interfere with the ability of manufacturers to set the maximum price level for tobacco is a breach of Council Directive 2011/64/EU on the structure and rates of excise duty applied to manufactured tobacco. In the circumstances,...

Written Answers — Department of Finance: Vehicle Registration Tax (4 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that Section 132 of the Finance Act, 1992 provided for the introduction, from 1 January 1993, of “a duty of excise, to be called vehicle registration tax”. I can assure the Deputy that the legislation in relation to vehicle registration tax is compatible with the provisions of the Treaty on European Union and the Treaty on the...

Written Answers — Department of Finance: Tax Collection (4 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the person in question is in receipt of an occupational pension and a pension from the Department of Social Protection. As the person’s total income exceeds the exemption limit of €18,000 he is liable to income tax.

Written Answers — Department of Finance: Pre-Budget Submissions (4 Dec 2012)

Michael Noonan: The facility to cost Budget proposals and policies is one made available by my Department, on request, to all opposition parties. No party to date has availed of this facility in relation to Budget 2013. In advance of Budget 2012 one such request was received. This was passed to the relevant officials, examined in detail and costed accordingly. My Department receives Pre-Budget...

Written Answers — Department of Finance: Mortgage Interest Relief (4 Dec 2012)

Michael Noonan: The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. Tax relief on interest paid on qualifying home loans taken out in the period 1 January 2004 to...

Written Answers — Department of Finance: Budget Consultation Process (4 Dec 2012)

Michael Noonan: In advance of Budget 2013 I met, along with Minister Howlin, a number of representative organisations. These were IBEC, ICTU, the IFA, the ICMSA, the Construction Industry Federation and the Community and Voluntary Pillar. The Pillar, as the Deputy will be aware, comprises seventeen separate organisations. In addition, I met with other organisations including the Vintners' Federation of...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, from extending the additional universal social charge of 3%, which is currently applicable to self-employed income in excess of €100,000, to all income earners at this level of income would be of the order of €71 million. The Universal Social Charge is an individualised...

Written Answers — Department of Finance: Tax Code (4 Dec 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 Code (4 Dec 2012)

Michael Noonan: I understand from the Revenue Commissioners that EU Directive 92/ 83 - EEC, which governs the structure of alcohol taxation, does not provide for different tax treatment of alcohol products depending on where the product is sold. Therefore, it does not allow for the introduction of such a levy.

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: With regard to the VAT treatment of below cost selling, VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: The Deputy will be aware that the Minister for Health established a Special Action Group on Obesity (SAGO) to examine and progress a number of issues to address the problem of overweight and obesity, particularly in children. I understand that SAGO are calling for consideration to be given to taxation measures being applied to all foods and drinks high in fat and sugar. A detailed...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: It is assumed that the Deputy’s question envisages a movement away from the current system of marking of oil to which a reduced rate of tax applies to one in which certain users, who currently use marked oil tax paid at a reduced rate for specific uses, would instead be given refunds of part of the mineral oil tax paid by them in respect of fuel used for non-auto purposes. No...

Written Answers — Department of Finance: Tax Code (4 Dec 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 35% could be in the region of €80 million. This figure includes corporate gains. However, this estimate assumes no behavioural changes on the part of taxpayers, and increases in rates may have a significant...

Written Answers — Department of Finance: Tobacco Control Measures (4 Dec 2012)

Michael Noonan: I assume the Deputy to refer to the proposal to introduce a price cap of the pre-tax price of tobacco. Preliminary advice on this suggests that any proposal to interfere with the ability of manufacturers to set the maximum price level for tobacco is a breach of Council Directive 2011/64/EU on the structure and rates of excise duty applied to manufactured tobacco. In the circumstances,...

Written Answers — Department of Finance: Mortgage Interest Relief (4 Dec 2012)

Michael Noonan: It is assumed that the annual maximum of €2,000 mentioned in the question relates to a limit in terms of tax relief. On that basis, I am informed by the Revenue Commissioners that the full year cost to the Exchequer of extending mortgage interest relief for new first time buyers in 2013, subject to that annual maximum, would be of the order of €3.3 million.

Written Answers — Department of Finance: Credit Unions Regulation (4 Dec 2012)

Michael Noonan: Ms. Sharon Donnery was appointed as the Registrar of Credit Unions on 23 November 2012 and will take up her new position on 1 February 2013. Ms. Donnery joined the Central Bank in 1996 as an economist and has held a number of management positions in the Central Bank. She has been in her current role as Head of Division within the Central Bank’s Consumer Protection Directorate for...

Written Answers — Department of Finance: Mortgage Interest Relief (4 Dec 2012)

Michael Noonan: The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. This means that a loan will have to be drawn down on or before 31 December 2012 in order to...