Results 11,041-11,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU Budget (21 May 2013)

Michael Noonan: I presume that the Deputy is referring to the political agreement on Draft Amending Budget Number 2 to EU Budget 2013 reached at the ECOFIN Council on Tuesday 14 May 2013. On 27 March 2013, the Commission proposed that Budget 2013 be increased by €11.2 billion, which the Commission has estimated as the amount required to meet outstanding payment needs from 2012 and expected payment...

Written Answers — Department of Finance: Corporation Tax (21 May 2013)

Michael Noonan: There is no agreed international methodology for calculating the 'effective rate' of corporation tax. With that in mind, I am unsure as to the premise of the Deputy's question. Companies operating in Ireland are chargeable to corporation tax at the 12.5% rate on the profits that are generated from their trading activities here. A higher 25% rate applies in respect of investment, rental and...

Written Answers — Department of Finance: Shadow Banking Sector (21 May 2013)

Michael Noonan: Shadow banking embraces a disparate range of entities and activities which support investment and capital-raising. It can include Money Market Funds or other “deposit taking” investment products, Special Purpose Vehicles which perform liquidity or maturity transformation, Exchange Traded Funds and other funds which provide credit, firms which provide credit guarantees,...

Written Answers — Department of Finance: Property Taxation Administration (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the introduction of the Local Property Tax (LPT) represents a significant administrative challenge. It is the largest implementation of a self-assessment tax system in the history of the State. As a new service that will have exceptional temporary pressures at particular stages of its initial implementation, it was difficult to predict the...

Written Answers — Department of Finance: Banking Sector Remuneration (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 117, and 188 to 192, inclusive, together. I can confirm that the three State supported banks responded with their individual strategies, designed to achieve the required savings, by the due date of 30 April as requested by the Government. Those plans are being evaluated by my Department currently. It is not possible at this stage to reveal precise...

Written Answers — Department of Finance: Tax Collection (21 May 2013)

Michael Noonan: VAT is normally accounted for on the basis of invoices issued, that is VAT is payable on the total sales invoiced in the relevant period, regardless of whether or not the trader has been paid for the supply in that period. However, the cash basis of accounting provides traders with the option to account for VAT on a cash receipts basis. This means that the trader is not required to pay VAT...

Written Answers — Department of Finance: NAMA Investment Funds (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 119 and 208 together. I am advised that NAMA expects, as announced in May 2012, to advance at least €2 billion for projects in Ireland under the control of its debtors and receivers over the period to end-2016. As previously indicated by NAMA, the €2 billion in development capital is in addition to the €500 million that had been...

Written Answers — Department of Finance: Fiscal Policy (21 May 2013)

Michael Noonan: The Government's long-stated goal is to return Ireland to a sound fiscal footing and, in doing so, generate long-term sustainable growth and employment creation. In this regard, I am pleased to report that developments over the last year have been reasonably encouraging. The Irish economy recorded a second successive year of growth last year and the underlying general government deficit -...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 May 2013)

Michael Noonan: The Central Bank has advised that a number of longer term forbearance/modification arrangements have been introduced by mortgage lenders. These arrangements include mortgage to rent, trade down mortgages, equity participation, interest rate reduction, sale by agreement, and split mortgages. I have been informed by the Central Bank of Ireland that the majority of lenders have introduced, or...

Written Answers — Department of Finance: Property Taxation Application (21 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Local Property Tax (LPT) Returns, personalised letters and an LPT Guide have issued to owners of 1.66 million residential properties either by post or by way of their ROS (Revenue Online Service) inbox. The Commissioners have confirmed that in excess of 948,522 LPT Returns have been filed up to close of business on Monday, 20 May 2013. This...

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: I have been informed by the Special Liquidators that the information requested will not be published as it is commercially sensitive financial information which could potentially have a detrimental impact on asset recovery from the impending sale process.

Written Answers — Department of Finance: Property Taxation Collection (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 143 and 154 together. I am informed by the Revenue Commissioners that Local Property Tax (LPT) Returns, personalised letters and an LPT Guide have issued to owners of 1.66 million residential properties either by post or by way of their ROS (Revenue Online Service) inbox. The Commissioners have confirmed that in excess of 948,522 LPT Returns have been filed...

Written Answers — Department of Finance: Tax Reliefs Availability (21 May 2013)

Michael Noonan: I have no plans to re-introduce a scrappage scheme for the motor industry.

Written Answers — Department of Finance: Financial Services Ombudsman Issues (21 May 2013)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. It would not be appropriate for me to comment on how he performs his duties. I have been advised by the Financial Services Ombudsman that in respect of the work undertaken by the Financial Services Ombudsman during the 1st quarter of 2013 (1 Jan 2013 to 31 March...

Written Answers — Department of Finance: Financial Services Ombudsman Reports (21 May 2013)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his duties. I have no role in the day to day workings of the office. However, the Financial Services Ombudsman has informed me that the information requested by the Deputy is as follows: Year Complaints Received Compensation Awarded 2012 8,135 ...

Written Answers — Department of Finance: Tax Code (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the goods and services that are exempt from VAT are set out in Schedule 1 to the Value-Added Tax Consolidation Act 2010, as a series of paragraphs that describe these categories of goods and services. The vast majority of the paragraphs relate to services. There are just five references to goods that are exempt in Schedule 1. These include...

Written Answers — Department of Finance: Charities Regulation (21 May 2013)

Michael Noonan: The charitable tax exemption scheme is administered by the Revenue Commissioners. In order to avail of the exemption, a body or trust must be established for charitable purposes only and must apply all of its income to charitable purposes. The Deputy is most likely aware that while bodies that hold a charitable tax exemption are not permitted to make donations that directly support political...

Written Answers — Department of Finance: Tax Avoidance Issues (21 May 2013)

Michael Noonan: As the Deputy will be aware, for reasons of taxpayer confidentiality, the Revenue Commissioners cannot comment on individual cases, either directly or indeed by inference. By way of a general observation, I am advised by the Revenue Commissioners that they have an active prosecution programme in place across a range of offences, including summary prosecutions and prosecution on indictment....

Written Answers — Department of Finance: Property Taxation Administration (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that taxpayers who access the on-line system Local Property Tax (LPT) system by selecting the “I have not received a Property PIN” tab to file their LPT Return, will, at the end of the filing process, see an acknowledgement number. This is a normal feature of on-line transaction systems. In circumstances where they do not immediately...

Written Answers — Department of Finance: Tax Code (21 May 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that a Personal Insolvency Practitioner (PIP) will be involved in the Debt Settlement Arrangements and Personal Insolvency Arrangements as provided for in the Personal Insolvency Act 2012. Any fees charged by a PIP in connection with these services are liable to VAT at the standard rate, currently 23%. A PIP in this regard is acting in a...