Results 10,161-10,180 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Customs and Excise Controls (16 Apr 2013)

Michael Noonan: Revenue is an integrated tax and customs administration. The Revenue Commissioners currently has approximately 2,000 staff engaged on activities that are dedicated to target and confront non-compliance. These front-line activities include anti-smuggling and anti-evasion, investigation and prosecution, audit, assurance checks, anti-avoidance, returns compliance and debt collection. Revenue...

Written Answers — Department of Finance: VAT Rates Exemptions (16 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the standard rate of VAT, currently 23%, applies to the sale of ice-cream, as it does to the most confectionery and sugary foods. In this respect, ice-cream parlours selling ice cream to customers must charge the 23% rate on the supply of ice-cream. However, where ice-cream is provided as part of a meal by a caterer, such as a restaurant, the...

Written Answers — Department of Finance: Pension Provisions (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 307 and 341 together as both relate to pre-retirement access to Additional Voluntary Contributions (AVCs). Finance Act 2013 was passed into law on 27th March and section 17 of the Act, which makes provision for pre-retirement access to AVCs, has effect from that date. Section 17 introduces a new section 782A into the Taxes Consolidation Act 1997 which...

Written Answers — Department of Finance: Mortgage Arrears Proposals (16 Apr 2013)

Michael Noonan: The Deputy will be aware that the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The targets are set in relation to both Principal Dwelling Homes and Buy to Let mortgages. Performance targets have been set for: - ACC; - AIB; - Bank of Ireland; - KBC Bank Ireland; - Permanent TSB; and...

Written Answers — Department of Finance: Tax Credits (16 Apr 2013)

Michael Noonan: I assume the Deputy is referring to the provision of a tax credit similar to the PAYE tax credit of €1,650 for individuals who start their own business. Such a measure could prove costly to the Exchequer. If 10,000 new businesses were created in 2013 the cost of the credit could be €16.5 million, potentially rising to €49.5 million in 2015 if the same number of...

Written Answers — Department of Finance: Budget Timetable (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 313 and 314 together. The budgetary process for 2014, like any other year, is a “whole-year” process and in that regard preparations have already commenced for Budget 2014. Last March, both ECOFIN and the European Parliament agreed on the content of two draft regulations known as the “two-pack”. The “two-pack” is...

Written Answers — Department of Finance: Non-Principal Private Residence Charge Collection (16 Apr 2013)

Michael Noonan: The Non-Principal Private Residence charge (NPPR) is a matter for my colleague, the Minister for the Environment, Community and Local Government. The NPPR charge will be collected in 2013, when a half-year Local Property Tax (LPT) will also apply. The NPPR charge will be discontinued thereafter.

Written Answers — Department of Finance: Pensions Levy Yield (16 Apr 2013)

Michael Noonan: The implementation of a jobs and growth strategy is a key priority of the Government. The moneys raised from the pension fund levy are being used to pay for the Government’s Jobs Initiative introduced in May 2011. The Jobs Initiative contains a range of measures aimed at assisting in employment generation – providing opportunities for those who are out of work, to restore public...

Written Answers — Department of Finance: Pensions Levy Issues (16 Apr 2013)

Michael Noonan: In my Budget 2013 speech, I made a point of confirming that the pension levy announced as part of the Jobs Initiative will not be renewed after 2014.

Written Answers — Department of Finance: Pensions Levy Yield (16 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that receipts to date from the temporary 0.6% stamp duty levy on pension fund assets introduced in the Finance (No. 2) Act 2011 amounted to €463 million in 2011 and €483 million in 2012. This is broadly in line with the amounts anticipated to be collected in those years. There is no yield from the levy as yet in respect of 2013. The...

Written Answers — Department of Finance: Croke Park Agreement Issues (16 Apr 2013)

Michael Noonan: Croke Park II would represent another key milestone in returning the Irish economy to a sound fiscal footing. It is only by addressing our current fiscal imbalances that we will be able to return to sustainable economic growth and job creation. As the Deputy will be aware, there remains a considerable gap between revenue generated and expenditure. This situation is not sustainable over the...

Written Answers — Department of Finance: Property Taxation Exemptions (16 Apr 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how the tax (LPT) is to be administered and provides for a number of specific exemptions from the charge. Chapter 14 of the Revenue booklet ‘ Your guide to Local Property Tax’ sets out in detail the various property types that are exempt from LPT. From the information provided by the Deputy, the person in question...

Written Answers — Department of Finance: Tax Credits (16 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that based on the information available to them, it is not possible to allow relief in the form of a Tax Credit. Such expenses can only be claimed on a review basis at the end of each year. The Revenue Commissioners will contact the individual directly to clarify any issues in relation to expenses in employment that he may have.

Written Answers — Department of Finance: Property Taxation Exemptions (16 Apr 2013)

Michael Noonan: A requirement to pay management fees is not relevant in determining liability to Local Property Tax (LPT). There is no specific relief from the LPT for the payment of management fees, and I have no plans to introduce such a relief. Those who are liable for management fees to property management companies may be exempt or eligible for relief from LPT for another reason, or may be entitled...

Written Answers — Department of Finance: IBRC Liquidation (16 Apr 2013)

Michael Noonan: I have been advised that it is the intention of the Special Liquidators to package and sell the loan books as portfolios. The Special Liquidators are still in the process of devising and implementing the sales process in respect of IBRC’s assets and are therefore not in a position to write to borrowers with regards the disposal of their loans. There is an obligation on the Special...

Written Answers — Department of Finance: Exchequer Deficit (16 Apr 2013)

Michael Noonan: Exchequer debt interest expenditure at end-March, at €1,892 million was €105 million less than profiled in the Exchequer Borrowing Requirement (EBR) profile published by my Department on 4 March, alongside the end-February Exchequer Returns. This difference is primarily due to a timing issue around an interest payment on a loan from the European Financial Stability...

Written Answers — Department of Finance: Credit Union Issues (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 326 to 329, inclusive, together. The decision to apply to the High Court for the appointment of a Special Manager is a matter for the Governor of the Central Bank, following consultation with me as Minister for Finance. On 13 January 2012, the Central Bank of Ireland secured a High Court Order for the appointment of a Special Manager to Newbridge Credit...

Written Answers — Department of Finance: Exchequer Deficit (16 Apr 2013)

Michael Noonan: The data requested by the Deputy relating to underlying general government deficit, covering the period 2008 to 2015, is listed in the following table. Underlying general government deficit (€m) Underlying general government deficit as % GDP 2008 13,160 7.4 2009 18,484 11.5 2010 16,723 10.7 2011 14,432 9.1 2012 13,305 8.2 2013 12,646 7.5 2014 8,905 5.1 ...

Written Answers — Department of Finance: Budget Timetable (16 Apr 2013)

Michael Noonan: Last March, both ECOFIN and the European Parliament agreed on the content of two draft regulations known as the “two-pack”. One of the key requirements under the “two-pack” which will impact on our budgetary process is that the draft budget for central government and the main parameters of the draft budgets for all the other sub-sectors of the general government...

Written Answers — Department of Finance: Property Taxation Collection (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 332 and 334 together. According to Budget estimates the Local Property Tax is expected to generate an overall yield of €250 million in 2013 and €500 million in 2014. I am advised by the Revenue Commissioners that it is not possible to provide a breakdown of these estimates on a regional or administrative basis until Local Property Tax...