Results 8,361-8,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Revenue Commissioners Investigations (20 Dec 2012)

Michael Noonan: Shadow/hidden economy activity creates distortions in the economy and competitive disadvantages for compliant businesses. For these reasons, Revenue focuses on deterring shadow/hidden economy activity and non-compliance through its audit and investigation programmes based on risk analysis, use of Revenue powers and their intelligence and information systems. I am advised by the Revenue...

Written Answers — Department of Finance: Fuel Rebate Scheme (20 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 66, 82, 100 and 101 together. The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget is confined to licensed and tax compliant hauliers. However, I have received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them. I will consider...

Written Answers — Department of Finance: Pension Provisions (20 Dec 2012)

Michael Noonan: As the Deputy will be aware, Government pension policy formed a key theme of my recent Budget. In framing that Budget, I considered a range of complex issues and proposals relating to pensions policy including the draft legislative proposals furnished by the Deputy. As the Deputy will appreciate, the pensions sector is a very important part of the financial services industry in Ireland...

Written Answers — Department of Finance: Universal Social Charge (20 Dec 2012)

Michael Noonan: The position is that individuals paying Class S PRSI are broadly self-employed income earners and proprietary directors. These individuals are already liable to a USC rate of 10% on income in excess of €100,000 per annum, being 3% higher from the USC rate applying to employees. I am advised by the Revenue Commissioners that, assuming the enactment of changes announced in the 2013...

Written Answers — Department of Finance: Property Valuations (20 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 69 and 74 together. No database exists as yet containing the valuations of the housing stock in the State. Neither a nationwide or county breakdown of properties valued at less that €100,000 is therefore available. The estimated percentages of residential properties valued at less than €100,000 based on (a) the property price register and (b)...

Written Answers — Department of Finance: Budget Submissions (20 Dec 2012)

Michael Noonan: The Deputy will be aware that I received a large number of pre-Budget submissions including a proposal for the introduction of a lid-on levy from vintners’ organisations. Preliminary advice suggests that the proposal may not be consistent with the EU Directive concerning the general arrangements for excise duty on alcohol products.

Written Answers — Department of Finance: Tax Code (20 Dec 2012)

Michael Noonan: The total number of SMS and MMS messages sent in the twelve months to the end of June 2012 was in the region of 12.6 billion. This would suggest a yield of c. €126 million from a 1 cent levy on such messages. However, the projected yield from such a levy cannot be directly inferred from the total number of messages sent, as the levy’s imposition could result in considerable...

Written Answers — Department of Finance: Tax Code (20 Dec 2012)

Michael Noonan: The receipt by a person of any sum bona fide by way of windfall winnings from betting or from any licensed lottery including the National Lottery is exempt from Income Tax, Capital Gains Tax and Capital Acquisitions Tax. A tax such as is proposed in the question could affect income for the National Lottery, the surplus from which may be used for national culture, including the Irish...

Written Answers — Department of Finance: Property Taxation (20 Dec 2012)

Michael Noonan: The Northern Ireland domestic rate is made up of two parts. The regional rate is set by central government and makes up c. 55 per cent of the rates bill; it is used to pay for services such as roads, education and health. From 1 April 2011, the regional rate, expressed in terms of pence per pound, for domestic properties, was 0.3698 pence (in 2010/11 it was 0.3608). The district rate,...

Written Answers — Department of Finance: Alcohol Pricing (20 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: Mortgage Debt (20 Dec 2012)

Michael Noonan: The Central Bank has advised me that the sale of a mortgage book is a commercial matter for the financial institutions concerned. However, I have been informed that Allied Irish Bank and Bank of Ireland have sold all or part of their loan book in the past three years. In relation to other financial institutions which provide mortgages, the Central Bank has advised me that the information...

Written Answers — Department of Finance: Mortgage Interest Relief (20 Dec 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source system. I am advised by Revenue that where cumulative mortgage arrears exist for a period exceeding 18 months, there is a requirement on lenders to notify Revenue so that a determination can be made as to continued eligibility, or otherwise,...

Written Answers — Department of Finance: Credit Unions Regulation (20 Dec 2012)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. As Minister for Finance, my role...

Written Answers — Department of Finance: Exceptional Liquidity Assistance (20 Dec 2012)

Michael Noonan: The Promissory Notes and other banking assets act as collateral in relation to exceptional liquidity assistance (ELA) loan (repo) agreements between IBRC and the Central Bank of Ireland (CBI). Repayments on the Promissory Notes and cash generated from banking assets provide cash to IBRC which is available to reduce outstanding ELA. Such repayments of the Promissory Notes and cash flows from...

Written Answers — Department of Finance: Universal Social Charge (20 Dec 2012)

Michael Noonan: The position is that Universal Social Charge (USC) is payable on aggregate income arising in the tax year. This includes any arrears, bonuses or deferred pay that may be paid during the year. Therefore, where any individual receives arrears of salary in 2012 which relate to 2010 or 2011, USC is chargeable in 2012. The standard rates of Universal Social Charge for 2012 are: - 2% on the...

Written Answers — Department of Finance: Tax Collection (20 Dec 2012)

Michael Noonan: As I stated in my reply to Parliamentary Question No.4 of 6 December 2012, the issue and the yield from taxing Child Benefit is fully dependent on resolving a number of significant and complex policy and legal issues before the question of implementing a charge to taxation on this payment can be considered. These policy issues include clearly determining who is the owner of the Child Benefit...

Written Answers — Department of Finance: Tax Code (20 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, as unmarried cohabiting couples are not separately identified in tax statistics, it is not possible to provide the precise information requested by the Deputy. However, in the event that a formal registration scheme for unmarried cohabiting couples were introduced, it is estimated that the cost of extending married treatment under the income...

Written Answers — Department of Finance: Mortgage Arrears (20 Dec 2012)

Michael Noonan: The Deputy will be aware that the Central Bank of Ireland recently published its mortgage arrears data for end of September 2012 which, for the first time, included data on buy-to-let properties. This data can be found on the Central Bank’s website www.centralbank.ie and indicates that 17.9% of buy to let mortgage accounts (25.5% in terms of balance amounts) were in arrears of more...

Written Answers — Department of Finance: Promissory Notes (20 Dec 2012)

Michael Noonan: I have previously stated that I am working to try and achieve a solution before the next scheduled instalment on the Promissory Note scheduled for next March. It would be very difficult for Ireland to make a payment on that date and so we continue to work on a deal with our European partners. I remind Deputies that the Government, together with all other 26 member states at the Euro Summit...

Written Answers — Department of Finance: Banking Sector Redundancies (20 Dec 2012)

Michael Noonan: AIB announced earlier in 2012 its intention to achieve a minimum of 2,500 voluntary redundancies by 2014 as part of a material cost-cutting drive to return the bank to viability. The voluntary exit programme is comprised of an Early Retirement (ER) programme and a Voluntary Severance (VS) Program. The ER component was opened to all areas of the bank and is now closed for future...