Results 8,381-8,400 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am expecting the consultant’s draft report on a Review of Remuneration Practices & Frameworks at the Covered Institutions to be delivered by the end of the year, whereupon the findings will be reviewed by my Department and consultations with the various stakeholders will commence. I fully recognise that there is a real public interest in the levels of remuneration at the covered...

Written Answers — Department of Finance: Fiscal Policy (20 Dec 2012)

Michael Noonan: In my Budget Statement on 5 December last, I informed the House that the projected consolidation for 2014 and 2015 of €3.1 billion and €2 billion respectively is unchanged from the figures published in the Medium-Term Fiscal Statement three weeks before Budget 2013. The 2014 target for revenue consolidation is €1.1 billion, with €2 billion for expenditure...

Written Answers — Department of Finance: Additional Voluntary Contributions (20 Dec 2012)

Michael Noonan: In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for three years from the...

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

Michael Noonan: On page A10 of the Budget 2013 booklet which accompanied my Budget speech, I indicated that the full-year yield from changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold), together with other possible changes to be put in place in 2014 to give effect to the commitment in the Programme for Government to cap taxpayers' subsidies for pension...

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

Michael Noonan: I am advised by the Revenue Commissioners that the estimated number of income earners aged 70 years of age and over, estimated by reference to 2013 incomes, who will be affected by the budgetary increase in the universal social charge for persons aged 70 years of age and over and earning €60,000 or more is estimated at approximately 8,900. I am also advised by the Revenue...

Written Answers — Department of Finance: Alcohol Sales (20 Dec 2012)

Michael Noonan: The Deputy will be aware of the measures taken in relation to the excise on alcohol products in the Budget, namely an increase of 10 cent on a pint of beer or cider or a measure of spirits, and a €1 increase on a standard bottle of wine (all VAT inclusive), with pro rata increases on other alcohol products. These measures do not specifically affect the off-trade but will, if passed...

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

Michael Noonan: Minister for Finance ( Mr Noonan): The application of the carbon tax to solid fuels i.e. coal and commercial peat will mean, from 1 May 2013, an increase in price of €1.20 in the case of coal (40kg bag) based on current prices.

Written Answers — Department of Finance: Exchequer Deficit (20 Dec 2012)

Michael Noonan: The data requested by the Deputy, which has been provided by my Department and the National Treasury Management Agency, is provided. The Funding requirement for 2013 and 2014, consisting of the projected Exchequer deficit and Government bonds, is set out in the table. 2013 2014 € billion € billion Exchequer deficit 15.4 11.6 5% Bond April 2013 -5.1 - 4%...

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

Michael Noonan: I am informed by the Revenue Commissioners that they are currently developing the register of residential properties for the purposes of the Local Property Tax (LPT) and it is not possible to say definitively at this stage what the number of liable properties will be. However, the Revenue Commissioners further advise that the number is estimated to be in the region of 1.9 million properties,...

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

Michael Noonan: Bank of Ireland in a press release on 17 December “confirmed that it has achieved and will exceed its €3.5bn SME lending target for 2012. This figure represents the Bank’s approvals for new and increased credit facilities for businesses and farmers. Credit approved for customers seeking restructured facilities are excluded from these figures as reported by Bank of...

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

Michael Noonan: The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks achieved their 2011 targets and are expected to achieve their 2012...

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

Michael Noonan: Landlords cannot claim mortgage interest relief which is only available for owner occupiers in respect of their principal private residence. I am informed by the Revenue Commissioners that landlords may deduct interest on money borrowed to purchase, improve or repair commercial property from the gross rent when computing their rental profits for tax purposes on that property. Interest...

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: The title is correct. First, it is a tax. Second, it is a tax on property. The receipts from the tax will be spent locally and therefore local property tax is the name for it. As Senators have pointed out, it applies to property portfolios as well which are held for investment purposes and rented. If somebody has 30 apartments and rents them, the liability for tax is not on the occupier...

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: No; Fianna Fáil included a flat-rate tax in its budget.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: With respect, Senator-----

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: I wish to correct something. With respect, the Fianna Fáil alternative budget submission included a flat-rate tax as applies in 2012.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: All right; it is possible to vary the yield.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: I believe the yield of the proposed tax was ¤120 million, which was confirmed by the Fianna Fáil spokesman in the Dáil, Deputy Michael McGrath, when I debated this with him on budget night on the "Prime Time" programme. There is no question but that there was a property tax.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: The Senator asked me one question that I did not answer. NAMA, if it is the owner, will carry the same obligations as any other owner.

Seanad: Finance (Local Property Tax) Bill 2012: Committee Stage (20 Dec 2012)

Michael Noonan: Senator van Turnhout seeks an exemption for residential properties owned by discretionary trusts and charities. The Thornhill group expressed concern that the exemption provided for in the household charge legislation for discretionary trusts was a potential vehicle for tax avoidance. It considered that it would be relatively easy for a property owner to place the ownership of properties...