Results 10,581-10,600 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Expenditure (30 Apr 2013)

Michael Noonan: The OECD published a report on Base Erosion and Profit Shifting (BEPS) by multinational corporations on 12th February 2013. The OECD will now prepare an action plan by June this year to examine next steps. Three focus groups have been established comprising of OECD members with the aim of developing the action plan. The OECD expects to present this action plan to the July G20 meeting. The...

Written Answers — Department of Finance: Tax Reliefs Application (30 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that a breakdown between rent received from residential property and other types of property is not sought or provided in tax returns. However based on personal income tax returns filed by non-PAYE taxpayers for the year 2010, the latest year for which this information is available, and making certain assumptions about the data it is estimated that...

Written Answers — Department of Finance: Social Insurance Issues (30 Apr 2013)

Michael Noonan: The position is that PRSI is payable on an individual's pay and income after allowing relief for capital allowances. Universal Social Charge (USC) is payable on an individual's pay and income after allowing for losses incurred in, or capital expenditure incurred for the purposes of a trade. In relation to both PRSI and USC, pension contributions are not deducted in arriving at the amounts...

Written Answers — Department of Finance: Tax Yield (30 Apr 2013)

Michael Noonan: An annual imputed distribution rate of 5% applies to approved retirement funds (ARFs) with asset values of €2 million or less and also to ‘vested’ Personal Retirement Savings Accounts (PRSAs where benefits have commenced) on the same basis. A higher imputed distribution rate of 6% applies to ARFs and/or ‘vested’ PRSAs with asset values of more than...

Written Answers — Department of Finance: Tax Yield (30 Apr 2013)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Department of Finance: Budget 2014 Issues (30 Apr 2013)

Michael Noonan: As I have discussed in recent parliamentary questions, I will not be drawn into speculation on the composition of the next Budget at this stage. The Stability Programme Update which will be discussed at the Oireachtas Committee on Finance, Public Expenditure & Reform later today, incorporates revised economic and fiscal forecasts for the medium term and articulates...

Written Answers — Department of Finance: Budget 2013 (30 Apr 2013)

Michael Noonan: Around €600 million of the revenue consolidation will be provided through carry forward from measures announced in Budget 2013 and prior budgets. This estimate of carry forward is inclusive of an estimated €250 million yield resulting from changes to take effect in 2014 to the maximum allowable pension fund, which was outlined in the Summary of 2013 Budget Measures. The...

Written Answers — Department of Finance: Universal Social Charge Exemptions (30 Apr 2013)

Michael Noonan: The current minimum wage is €8.65 per hour. On an annualised basis, this is equivalent to €17,542 assuming a 39 hour working week. I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of increasing the existing Universal Social Charge exemption threshold of €10,036 per annum to...

Written Answers — Department of Finance: Property Taxation Administration (30 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that since July 2011 paper receipts no longer issue in respect of tax payments. This decision was taken on the basis that the vast majority of taxpayers conduct business with Revenue via its online service. The online service facilitates direct access to payment information and therefore customers have no need for a paper receipt. The change has...

Written Answers — Department of Finance: Tax Reliefs Availability (30 Apr 2013)

Michael Noonan: There are two provisions that provide relief in respect of capital gains tax to individuals who dispose of their business or farming assets on attaining certain ages, whether they retire or not. These are Section 598 of the Taxes Consolidation Act 1997 (which in the main is aimed at individuals who dispose of their business or farming assets outside of the family) and Section 599 of the...

Written Answers — Department of Finance: Property Taxation Administration (30 Apr 2013)

Michael Noonan: Based on the information supplied by the Deputy it is not possible to give a definitive reply, however, by way of general information, the following may be of relevance in this case. Local Property Tax (LPT) is a self-assessed tax and is chargeable in respect of a building or a part of a building that is in use or that is suitable for use as a residence. However, it is not chargeable on the...

Written Answers — Department of Finance: Tax Collection (30 Apr 2013)

Michael Noonan: This is a matter for the Revenue Commissioners. In my response to a previous PQ 18215/13 of April 18th 2013, I advised the Deputy that Revenue would expedite the examination and conclude the case when outstanding issues were addressed. The outstanding return was filed by the agent on April 19th 2013, and the relevant payment was received by Revenue on April 23rd 2013. The examination of the...

Written Answers — Department of Finance: Mortgage Arrears Resolution Process (30 Apr 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to the issues raised by the Deputy. I have been advised by the Central Bank that there are no statistics available from the Central Bank regarding the number of appeals submitted to the Appeals Board by mortgage holders who are engaged in the Mortgage Arrears Resolution Process.

Written Answers — Department of Finance: Banking Sector Issues (30 Apr 2013)

Michael Noonan: I have been informed by the covered banks that they do not disclose the information which the Deputy has requested. However the covered banks do provide a significant level of disclosure on their mortgage portfolios in their annual reports.

Written Answers — Department of Finance: Mortgage Repayments Issues (30 Apr 2013)

Michael Noonan: A number of longer term forbearance /modification arrangements have been introduced by mortgage lenders. These arrangements include mortgage to rent, trade down mortgages, split mortgages, equity participation, interest rate reduction and sale by agreement. The majority of lenders have introduced, or are in the process of introducing, a split mortgage arrangement. The most recently...

Written Answers — Department of Finance: Central Bank of Ireland Issues (30 Apr 2013)

Michael Noonan: I am informed by the Central Bank that it has relevant policies and procedures in place to deal with this potential matter and that its current policies and procedures are appropriate. Specifically, this potential issue is taken into account when drafting new contracts for certain roles or reassigning staff to other duties if a potential for conflict arises. The Central Bank Code of Ethics...

Written Answers — Department of Finance: NAMA Expenditure (30 Apr 2013)

Michael Noonan: NAMA advises that insolvency practitioner fees for insolvency services across the NAMA- and PI-managed portfolios in 2012 totalled €19.2 million. NAMA advises that it is prohibited under Sections 99 and 202 of the NAMA Act from providing data on an individual debtor connection or insolvency appointment basis.

Written Answers — Department of Finance: Central Bank of Ireland Issues (30 Apr 2013)

Michael Noonan: I am informed by the Central Bank that the terms of the contract agreed with the Deputy Governor Financial Regulation provided for a performance related payment of €100,000 payable on review of performance at the end of the third year of the contract. When Mr. Elderfield's contract was agreed in November 2009, the bonus was part of an agreed remuneration package which involved a 50%...

Written Answers — Department of Finance: NAMA Debtors (30 Apr 2013)

Michael Noonan: NAMA advises that, to date, it has referred two formal complaints to the Garda Bureau of Fraud Investigation arising from possible failure by debtors to fully disclose their assets and liabilities in their statements of affairs to the Agency.

Written Answers — Department of Finance: Revenue Commissioners Reports (30 Apr 2013)

Michael Noonan: The 90th Annual Report of the Revenue Commissioners, covering the year 2012, provides a very comprehensive account of Revenue’s performance across a range of key strategic and business programmes and reflects the progress of the organisation in the implementation of its Statement of Strategy. The Report reflects the impact and importance of key actions and activities by Revenue in...