Results 9,381-9,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Staff (6 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 72 and 76 together. As the Deputy is aware, the legislation surrounding liquidation ranks employees as preferential creditors in respect of certain amounts owing to them on a winding up, including accrued wages and salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages arising from accidents. Any claims, over...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: I welcome the outcome of the ECB Governing Council meeting last month and I am not concerned that the transactions accompanying the liquidation of IBRC, involving the exchange of Promissory Notes for Government bonds, is in breach of any Articles of the Treaty on the Functioning of the European Union. The transaction was unanimously noted by the ECB Governing Council, as indicated by...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: As the Deputy will know, the Promissory Notes were replaced with a portfolio of long term non-amortising Irish Government bonds as a result of the transaction last month. The nominal value of the new bonds is €25bn which is equal to the nominal value of the IBRC Promissory Notes previously. With regard to an estimated comparison of the new arrangement with the Promissory Notes...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: I am advised that the Central Bank of Ireland will sell the bonds but only where such a sale is not disruptive to financial stability. The Central Bank have undertaken that a minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014, €0.5bn per annum from 2015 to 2018, €1bn per annum from 2019 to 2023 and €2bn per annum from...

Written Answers — Department of Finance: IBRC Staff (6 Mar 2013)

Michael Noonan: The abruptness of the decisions taken on the 6th and 7th February and how it was communicated was regrettable but was unavoidable given the scale, sensitivity and complexity of the economic issues involved. I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff...

Written Answers — Department of Finance: IBRC Staff (6 Mar 2013)

Michael Noonan: Following the liquidation of IBRC, all employment contracts in the Republic of Ireland were terminated and the Special Liquidators have confirmed that unlike in other liquidations, the vast majority of employees have now been re-hired by the special liquidators, for a minimum period of 3 months, to ensure an orderly wind-down of the business. At this early stage of the liquidation process,...

Written Answers — Department of Finance: IBRC Liquidation (6 Mar 2013)

Michael Noonan: I am advised that development bonds that were previously entered into by IBRC in favour of the various county councils or local authorities remain in place. However it should be noted that it is likely that any liabilities arising under these arrangements, if called upon, will rank as unsecured claims in the special liquidation. It must be stressed that these bonds are contingent...

Written Answers — Department of Finance: Property Taxation Application (6 Mar 2013)

Michael Noonan: As set out in the Local Government (Charges) Act 2009, as amended, liability to pay the Non-Principal Private Residence (NPPR) Charge is determined on the basis of ownership of the property in question on the liability date, which is 31 March for 2013. The Local Property Tax (LPT) does not come into effect until 1 July 2013. The Government decided to extend the NPPR Charge into 2013 to...

Written Answers — Department of Finance: Property Taxation Application (6 Mar 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 sets out how the Local Property Tax (LPT) is to be administered and provides that a liability for LPT will arise where a person owns a residential property on the liability date which will be 1 May 2013 for the year 2013 and for subsequent years, 1 November in the preceding year. Where a property is owned by more than one person, the owners are...

Written Answers — Department of Finance: Universal Social Charge (6 Mar 2013)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. Individuals that are subject to the USC charge do not accumulate entitlements or specific benefits but do benefit generally from the services provided by the State. I...

Written Answers — Department of Finance: Tax and Social Welfare Codes (6 Mar 2013)

Michael Noonan: Pensions payable by the Department of Social Protection (DSP) have always been taxable but the amount of tax payable, if any, depends on the circumstances of the individual concerned, usually whether they have other sources of income. I am advised by the Revenue Commissioners that following receipt of data from the DSP in late 2011 containing details of DSP pension payments, it emerged that...

Written Answers — Department of Finance: Liquor Licences (6 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that they may only grant a liquor licence to a person where that person has presented a Court Certificate to them within 12 months of the date on which it was issued. The person in question presented a Court Order dated 5th July 2005 to Revenue in May 2006 instead of a Court Certificate. This Court Order was accepted by Revenue in place of a Court...

Written Answers — Department of Finance: Tax Code (6 Mar 2013)

Michael Noonan: Section 823A of the Taxes Consolidation Act 1997 provides for the Foreign Earnings Deduction. This section was introduced in Finance Act 2012 and provides a limited tax deduction for individuals who carry out part of the duties of their office or employment in Brazil, Russia, India, China or South Africa. As 2012 was the first year of its operation, and given that many individuals do not...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I propose to take amendments Nos. 2 and 3 together. The Deputy will be aware that I announced in my Budget Statement that individuals earning more than €60,000 would not be entitled to benefit from the lower rates of the universal social charge. If I were to accept the amendments, it would mean that every individual with an income that did not exceed €65,000 would not pay any...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The universal social charge is a tax which was in place before the Government took office. There is a very high yield of in excess of €4 billion. The yield is so high because it applies at very low levels of income. The percentage increases as income increases, which is in line with Deputy Richard Boyd Barrett's idea of progressivity. The amendment seeks to exempt all income below...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Terms such as “a money tree in the back garden” or “magic bean economics” are pretty normal in debates such as this. No offence is intended to anybody. As a matter of fact, Deputy Richard Boyd Barrett spoke about the money tree when he was discussing the property tax in the Dáil several days ago.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: There is no intention to diminish what the Deputy is saying. However, when I use these terms, I am saying there is not any unidentified source that will yield more tax if the Government had enough courage to tax that particular piece. There is no hidden source of tax. If only we had the courage or the imagination to tax it, then it would be fine. My criticism of the Deputy's amendments is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: On the progressivity of income tax, the proposal made in the amendment would not yield the sums forgone. Deputy Pearse Doherty talked about Deputy Michael McGrath's amendment in respect of a new rate of income tax of 48%. A third rate would increase the top rate by seven percentage points.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Okay. The proposal would mean the top marginal rate of tax would be 59% for employees and 62% for the self-employed. One reaches a point where the levels of personal taxation are counterproductive. Not only would such a rise not yield the revenue estimated but people might do different things with their money like moving out of the country, as well as it being a tax on jobs. I fully...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: We are taking welfare changes into account as well in the study.