Results 11,301-11,320 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I assume that the Deputy’s question relates to the double deduction for carbon tax on farm diesel which I provided for in Finance Act 2012. Under this provision, farmers are allowed a deduction in computing their farming profits or losses for the amount of additional carbon tax they incur on purchases of marked gas oil following the €5 per tonne increase in the rate of carbon...

Written Answers — Department of Finance: Non-Resident Companies (30 May 2013)

Michael Noonan: I propose to take Questions Nos. 69 to 71, inclusive, together. As a general rule, based on long-standing case law, companies are resident in Ireland for tax purposes if they are managed and controlled in Ireland. Section 23A of the Taxes Consolidation Act 1997 supplements this general rule and provides that certain companies incorporated in the State are to be regarded as being resident...

Written Answers — Department of Finance: Tax Compliance (30 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that data are not maintained in a manner which would enable this question to be readily replied to. However I can provide statistics for Revenue’s Large Cases Division which manages the tax affairs of the largest companies and high wealth individuals within the state including those with turnover in excess of €500M. Since 2005 Large...

Written Answers — Department of Finance: VAT Rates Application (30 May 2013)

Michael Noonan: Any proposals to maintain the 9% rate into 2014 will be considered in the context of Budget 2014.

Written Answers — Department of Finance: Property Taxation Collection (30 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Local Property Tax (LPT) Returns, personalised letters and an LPT Guide issued earlier this year to owners of 1.69 million residential properties either by post or by way of their ROS (Revenue Online Service) inbox. The Commissioners have confirmed that at close of business on Tuesday 28 May 2013 1,517,902 LPT Returns have been filed. However,...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: The so-called ‘Double Irish’ two-tier structure is a tax-planning arrangement which has been designed and developed by tax and legal advisers. It relies on arbitrage between the different tax rules used in different countries and is categorically not part of the Irish tax offering. Differences arise in the legal and tax systems between countries. International tax planning...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: Ireland's transfer pricing legislation is based on the OECD arm's length standard which requires associated companies to price transactions on the same basis as independent parties would. Ireland’s legislation takes account of the OECD’s Transfer Pricing Guidelines. It is not correct to suggest that this legislation could be a basis for tax avoidance. The operation of the...

Written Answers — Department of Finance: Credit Availability (30 May 2013)

Michael Noonan: As the Deputy is aware, the Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion in 2012 and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have reported that they achieved their 2011...

Written Answers — Department of Finance: Household Savings Rate (30 May 2013)

Michael Noonan: I am assuming the Deputy is referring to the household savings rate. The latest preliminary estimates from the Central Statistics Office indicate that gross household savings amounted to €11,084 million in 2012. This equates to 6.8 per cent of GDP in 2012. I would point out that the gross household savings rate is typically expressed as a percentage of gross household disposable...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: As I have said in the Dáil previously and also earlier this week in answer to other Parliamentary Questions on this subject, we are in regular contact with our friends in the United States and we will communicate the issues referred to by the Deputy in the appropriate way at the appropriate time. In relation to the company specifically referred to in the question, I understand that...

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

Michael Noonan: The provision of false or inaccurate information to NAMA as part of a sworn statement of affairs by debtors is a criminal offence, under Section 7 of the NAMA Act. NAMA has no hesitation in fulfilling its statutory obligations. I am advised by NAMA that it has, to date, referred two formal complaints to the Garda Bureau of Fraud Investigation arising from the possible failure by debtors to...

Written Answers — Department of Finance: NAMA Portfolio Value (30 May 2013)

Michael Noonan: NAMA has publicly indicated that it has a significant exposure to the Dublin Docklands through its debtors and Receivers and has indicated that it is willing to support investment if it is commercially viable. I am advised that the formal consultation period for the Draft Strategic Development Zone (SDZ) Scheme relating to the North Lotts and Grand Canal Dock areas of Dublin closed on 10th...

Written Answers — Department of Finance: Departmental Budgets (30 May 2013)

Michael Noonan: In the context of the forthcoming Budget, the Department of Public Expenditure & Reform has asked my Department to identify savings which will feed into the expenditure decisions by Government for the Estimates 2014 and the setting of future Ministerial ceilings. The scale of the adjustments for 2014 were set out in part 1 of the Expenditure Report 2013, which was published in...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: Section 12 of Finance Act 2012 provides a deduction from income for income tax purposes for employees who travel abroad to certain countries as part of the duties of their employment. A deduction from salary of up to a maximum of €35,000 will be granted for employees travelling to the so-called BRICS countries, namely Brazil, Russia, India, China and South Africa as part of the duties...

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

Michael Noonan: In my 2013 Budget speech, I indicated that the necessary arrangements to give effect to the Programme for Government commitment to effectively cap taxpayers’ subsidies for pension schemes that deliver income of more than €60,000 would be put in place next year. A cross-Departmental Working Group of officials has been established to examine, among other things, the changes...

Written Answers — Department of Finance: Corporation Tax (30 May 2013)

Michael Noonan: I would remind the Deputy that owing to taxpayer confidentiality I am only able to speak in general terms about this issue and matters that are already in the public domain. As the Taoiseach, the Tánaiste, numerous other Ministers, and I have explained already, there is no special tax rate deal done with any company in Ireland. All companies in Ireland pay the standard 12.5% rate on...

Finance (Local Property Tax Repeal) Bill 2013 [Private Members]: Second Stage (11 Jun 2013)

Michael Noonan: It is unlikely to surprise Members of the House that on behalf of the Government, I am opposing Second Stage of the Finance (Local Property Tax Repeal) Bill 2013 introduced by Deputy Doherty. The introduction of a value-based property tax is part of our obligation under the EU-IMF programme. To remind those in the House who appear to have forgotten, this commitment was entered into by the...

Finance (Local Property Tax Repeal) Bill 2013 [Private Members]: Second Stage (11 Jun 2013)

Michael Noonan: -----even though the options were available. Some property owners may find themselves unable to pay the local property tax but do not qualify for a deferral under the income conditions. For this reason, the Finance (Local Property Tax) (Amendment) Act 2013 provided that a person who has entered into an insolvency arrangement under the Personal Insolvency Act 2012 may apply for deferral of...

Finance (Local Property Tax Repeal) Bill 2013 [Private Members]: Second Stage (11 Jun 2013)

Michael Noonan: You are reverting to one of your worst traditions, of being partitionist and sectarian, you pose as the Republican Party but -----

Finance (Local Property Tax Repeal) Bill 2013 [Private Members]: Second Stage (11 Jun 2013)

Michael Noonan: -----your policies prove you to be partitionist because you have one law which you justify in Northern Ireland and you have another law which you deplore in the South; it is the same law.