Results 8,301-8,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2013 incomes, of increasing the higher rate of income tax by 1 percentage point would be approximately €193 million. This figure is estimated from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in...

Written Answers — Department of Finance: Trade in Illicit Goods (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for the collection of tobacco products tax and mineral oil tax and for tackling the importation of counterfeit goods, that they are very conscious of the threat that this illegal activity poses both to the Exchequer and to legitimate businesses. Revenue is committed to prioritising resources to tackle the shadow economy and...

Written Answers — Department of Finance: Tax Transparency (18 Dec 2012)

Michael Noonan: I am assuming that the Deputy's question is linked to the proposals contained in the Tax Transparency Bill which he introduced in the Dáil on 29 March last. In my contribution to the debate during the Second Stage on 9 November 2012 I referred to the costs and extensive administrative changes needed to advance the proposals contained in the Bill at the level of individual taxpayers....

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: Revenue will provide guidance on how to value property early next year, and will engage in a comprehensive information campaign, including writing to residential property owners in March 2013 enclosing a detailed explanatory booklet on the operation of the Local Property Tax (LPT), valuation procedures and payments methods, as well as an LPT Return form for completion. The initial valuation...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: The Finance (Local Property Tax) Bill 2012, as published, provides for exemptions from and deferral of payment of Local Property Tax in certain circumstances. There is no blanket exemption in cases of divorce. A system of voluntary deferral arrangements focused on particular categories of householders will be implemented to address cases where there is an inability to pay the LPT under...

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: I have been advised that IBRC can confirm that a large volume of information regarding remuneration structures across the Bank has been recently supplied as part of the Mercer Remuneration Review as commissioned by the Department of Finance. This information is currently being analysed as part of the review. As the findings from this review have not yet been published it would therefore be...

Written Answers — Department of Finance: European Council Meetings (18 Dec 2012)

Michael Noonan: The Economic and Financial Affairs Council (Ecofin) usually meets monthly, although it can meet more frequently, if required. Formal Ecofin meetings are held in Brussels or Luxembourg; Informal Ecofin meetings are convened in the country holding the six-monthly Presidency (usually April and October). Separately to the Ecofin meetings, Eurogroup meetings usually take place on the evening...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 159, 164 and 194 together. Under section 11 of the Finance (Local Property Tax) Bill, the personal representative of the estate of a person who was a liable person for Local Property Tax will be the liable person in relation to a relevant residential property. The reason for making a personal representative a liable person is to prevent the avoidance of...

Written Answers — Department of Finance: Tax Reliefs (18 Dec 2012)

Michael Noonan: The tax changes introduced in Budgets 2012 and 2013 which have particular relevance to the agricultural sector are set out below. Budget 2012 Extension of the existing VAT Refund Order for flat-rate farmers to include a refund on the purchase of wind turbines Budget 2012 provided for an extension to the VAT refund order for unregistered farmers to wind turbines and other micro-energy...

Written Answers — Department of Finance: Tax Yield (18 Dec 2012)

Michael Noonan: Budget 2013 introduced four measures relating to the taxation of the farming sector, none of which incur extra tax on the agricultural sector. The Budget provided for the extension of the general rate of stock relief of 25% for a further three years to 2015; and for an extension of the young trained farmer (YTF) rate of stock relief of 100% for a further three years to 2015, subject to...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 163 and 165 together. I understand the estate which is the subject of Deputy Hannigan's second question above has been affected by "pyritic heave". The Government is conscious of the very real costs and difficulties faced by people whose homes have been affected by pyrite. My colleague the Minister for Environment, Community and Local Government has...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: The Local Property Tax will be a self-assessed tax based on the market value of a residential property. There will be a system of market value taxable bands with the initial band covering €0-€100,000 and bands of €50,000 width up to €1,000,000 in value. The tax liability will be calculated by applying the tax rate of 0.18% to the mid-point of the band....

Written Answers — Department of Finance: Revenue Commissioners Investigations (18 Dec 2012)

Michael Noonan: One of the primary roles of the Revenue Commissioners is to ensure that all taxpayers meet their tax and duty obligations. I am advised by the Commissioners that they meet that objective by selecting cases for intervention based on the presence of various risk indicators and other information available. Revenue's electronic risk ranking system categorises taxpayers in accordance with...

Written Answers — Department of Finance: Banking Operations (18 Dec 2012)

Michael Noonan: I have received the following responses to your question from the covered institutions. BOI Bank of Ireland deals with any queries related to matters such as instances of potential overpayment on an individual customer basis. Any potential issue, which affects a greater number of customers, is dealt with through established processes and procedures, in consultation with regulators, where...

Written Answers — Department of Finance: Pension Fund Levy (18 Dec 2012)

Michael Noonan: The pension fund levy applies at a rate of 0.6% per annum to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. The levy will operate for a period of 4 years only (2011 to 2014) and the legislative provisions giving effect to the levy (section 4 of Finance (No 2) Act 2011) were specifically drafted to...

Written Answers — Department of Finance: Tax Reliefs (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that relief from capital gains tax was available where a farmer sold land and used the proceeds to purchase other land for use in farming. This relief (commonly referred to as roll-over relief) was a deferral of the capital gains tax until the replacement land was sold or ceased to be used for the purposes of farming. However this relief ceased...

Written Answers — Department of Finance: Universal Social Charge (18 Dec 2012)

Michael Noonan: The position is that the changes I announced on Budget Day in relation to the liability of individuals to the Universal Social Charge (USC), apply to those individuals who are 70 years of age and over or medical card holders, whose income is €60,000 and above for 2013. It should be noted that the State Pension and other similar type payments made by the Department of Social Protection...

Written Answers — Department of Finance: National Asset Management Agency (18 Dec 2012)

Michael Noonan: As advised in my response to your Parliamentary Question of 11th December 2012 (55389/12), I do not intend to go beyond the extensive information that NAMA, based on legal advice, has already made publicly available in respect of this transaction.

Written Answers — Department of Finance: National Asset Management Agency (18 Dec 2012)

Michael Noonan: I am advised by NAMA that its Annual Report for 2011, which is available on the NAMA website, www.nama.ie, provides details on its organisational structure, staffing resources and operating costs. Details of remuneration bands have been set out in recent in response to Parliamentary Question 47865/12. The NTMA, which assigns staff to NAMA, does not disclose details of the remuneration of...

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: Under the Central Bank Act 1942 and the Statute of the European System of Central Banks (ESCB), the Government has no role in the setting of terms and conditions of employment in the Central Bank. The Act and the Statute guarantee the independence of the Governor in carrying out his ESCB related functions and control over pay and conditions is seen as a necessary part of that independence....