Results 8,761-8,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Hidden Economy Monitoring Group Issues (5 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 251 to 253, inclusive, together. I am advised by the Revenue Commissioners that the Hidden Economy Monitoring Group (HEMG) was set up in 1990 at the request of the Central Review Committee of the Programme for National Recovery. Chaired by Revenue, it is a multilateral group comprising of representatives of IBEC, SFA, CIF, ICTU and SIPTU, Government...

Written Answers — Department of Finance: Property Taxation Application (5 Feb 2013)

Michael Noonan: The Government is aware of the important role played by the approved housing bodies in the provision of housing for those who face difficulty in living in our communities. To the extent that such groups are charities and are engaged in the provision of special needs housing, they should be eligible for the exemption for such housing which is provided for in the Finance (Local Property Tax)...

Written Answers — Department of Finance: Tax Yield (5 Feb 2013)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in the Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The SFT was reduced in Budget and Finance Act 2011 by over 50% to a level of €2.3 million with effect from 7 December 2010 with transitional arrangements to...

Written Answers — Department of Finance: Credit Unions Issues (5 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 257 and 258 together. Statutory Instrument No. 546 of 2006 increased the amount of property in a credit union which a member can nominate on his or her death, from a maximum of €13,000 to a maximum of €23,000. This change came into effect on 17 October 2006. It would not be appropriate for me to comment on the other issues raised in the...

Written Answers — Department of Finance: Departmental Funding (5 Feb 2013)

Michael Noonan: My Department does not operate any funding programmes for community, voluntary and sporting organisations.

Written Answers — Department of Finance: Private Pension Levy Abolition (5 Feb 2013)

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: State Savings Scheme (5 Feb 2013)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), that reductions in the interest rates across the full range of State Savings products were announced in December 2012. This was done at a time when rates in the deposit market generally were coming down with the objective of remaining competitive while not incurring interest costs above the levels generally prevailing in the...

Written Answers — Department of Finance: Tax Reliefs (5 Feb 2013)

Michael Noonan: Budget and Finance Act 2006 introduced a limit on the total capital value of pension benefits that an individual can draw down in their life-time from tax-relieved products where those benefits came into payment for the first time on or after 7 December 2005. The limit was introduced at a level of €5 million and is referred to in the legislation as the Standard Fund Threshold (SFT). A...

Written Answers — Department of Finance: Tax Code (5 Feb 2013)

Michael Noonan: Chapter 2C of Part 30 of the Taxes Consolidation Act 1997 (TCA), incorporating sections 787O to 787U, and the associated Schedule 23B provide for a maximum allowable pension fund on retirement for tax purposes. The Chapter imposes a limit or ceiling on the total capital value of pension benefits that an individual can draw upon in their lifetime from tax-relieved pension products where those...

Written Answers — Department of Finance: Tax Collection (5 Feb 2013)

Michael Noonan: The Revenue Commissioners are charged with responsibility for the timely collection and recovery of a range of taxes and duties due to the Exchequer. Revenue has a clear focus on making sure that every person and business complies with the requirement to file the relevant returns and to pay the appropriate tax or duty on a timely basis. That is an appropriate and correct focus for Revenue and...

Written Answers — Department of Finance: Tax Collection (5 Feb 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they are not in a position to provide a full reply to the question in the time available. However, having received additional information from the Deputy, they will respond directly to him as soon as possible.

Written Answers — Department of Finance: Credit Unions Issues (5 Feb 2013)

Michael Noonan: I am advised by the National Treasury Management Agency (NTMA) that it has not been possible to compile the information requested by the Deputy in the time available. However, I will be in contact with the Deputy when the information has been compiled.

Written Answers — Department of Finance: Local Authority Finances (5 Feb 2013)

Michael Noonan: Sections 19 to 21 of the Finance (Local Property Tax) Act 2012, which deal with the local adjustment factor, do not come into operation until 1 July 2014. The first liability date for which the local adjustment factor will be operational is 1 November 2014. The local adjustment factor will be decided as part of the local authorities’ budgetary process. The 30 September deadline will...

Written Answers — Department of Finance: Tax Yield (5 Feb 2013)

Michael Noonan: The amount of tax payable on a pint of beer or stout, a half glass of spirits and a small glass of wine, at the prices indicated are set out below: Tax Take on Alcohol Products Stout Lager Spirits Wine Pint Pint 35.5ml 175ml Price 4.35 5 3.9 5.5 Excise Duty 0.46 0.46 0.52 0.65 VAT 23% 0.81 0.93 0.73 1.03 Total Duty 1.27 1.39 1.25 1.68 The Deputy should be...

Written Answers — Department of Finance: Departmental Staff Redeployment (5 Feb 2013)

Michael Noonan: The person referred to by the Deputy was seconded to the Irish Bank Resolution Corporation on 2nd October 2012 for a period of six months after which time the secondment would be reviewed. As the Head of Market Solutions and a member of the Executive Management Committee the secondee is responsible for all aspects of deal execution in respect of certain designated portfolios. In addition,...

Written Answers — Department of Finance: Banking Sector Regulation (5 Feb 2013)

Michael Noonan: IBRC have a banking licence and continue to be regulated by the Central Bank of Ireland. The Central Bank is the competent authority in Ireland for the issuing of banking licences. Unfortunately I am not in a position to answer the question posed by the Deputy as it is hypothetical in nature.

Written Answers — Department of Finance: Banking Licence Breaches (5 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 271 and 274 to 276, inclusive, together. I have been advised that as disclosed previously in IBRC’s published account and as the organisation in wind down, IBRC is not in full compliance with Irish regulatory requirements. The Central Bank of Ireland, as the primary regulator of IBRC, is fully aware of this. Any breaches of certain technical...

Written Answers — Department of Finance: Banking Licence Breaches (5 Feb 2013)

Michael Noonan: The Central Bank of Ireland has informed me that under Section 33AK of the Central Bank Act 1942, the Bank is restricted in its ability to disclose details of the supervision of individual credit institutions, and cannot therefore provide details of any breaches of the its licensing and supervision requirements. The Central Bank has confirmed that in the event of a breach occurring, action...

Written Answers — Department of Finance: Banking Licence Breaches (5 Feb 2013)

Michael Noonan: The Central Bank has informed me that in the context of efforts to address the difficulties in the Irish banking sector, it was made aware of the challenges faced by institutions to maintain minimum regulatory standards. The breaches were first reported in IBRC’s Interim 2010 accounts which cover the first six months of that year. In this regard and given Irish Bank Resolution...

Written Answers — Department of Finance: Excise Duty Reliefs (5 Feb 2013)

Michael Noonan: Article 4 of Directive 92/83/EEC allows for a lower rate to be applied to beer produced by small breweries. This provision is however specific to beer, and there is no corresponding provision to cover other fermented beverages, including cider. Under EU law (Art 13(2) of Council Directive 92/83/EEC) we are obliged to apply the same rate of excise duty to all other fermented beverages, which...