Results 11,681-11,700 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Issues (2 Jul 2013)

Michael Noonan: As the Deputy is aware, I have no statutory function in relation to banking decisions made by individual lending institutions at any particular time. This is ultimately a commercial decision for the management team and board of each bank, having due regard to their customers and the impact on profitability. Notwithstanding the fact that the State is a minority shareholder in Bank of Ireland,...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs...

Written Answers — Department of Finance: Tax Credits (2 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of increasing the employee (PAYE) tax credit in the manner mentioned by the deputy would be of the order of €235 million. This estimate is derived from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for...

Written Answers — Department of Finance: Tobacco Smuggling (2 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the monthly seizures of cigarettes and tobacco in 2011 and 2012, and this year to 31 May, are as detailed in the following tables. 2011 Month Cigarette Seizures Number of Cigarettes Seized Tobacco Seizures Quantity Seized (Kilograms) January 789 10,939,140 111 472 February 822 8,091,205 134 133 March 1,155 10,794,099 132 210 April 777...

Written Answers — Department of Finance: Property Taxation Application (2 Jul 2013)

Michael Noonan: The inter-departmental group, chaired by Dr Don Thornhill, which considered the design of a property tax (the “Thornhill Group”) recommended that the Local Property Tax (LPT) paid in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. The Group recognised the considerable pressures on the...

Written Answers — Department of Finance: National Treasury Management Agency Remuneration (2 Jul 2013)

Michael Noonan: The amounts of performance-related pay paid to staff of the National Treasury Management Agency (NTMA) and the number of staff in receipt of such payments in 2011 and 2012 are set out in the table below: Year Total Amount of Performance-related pay Number of Staff who received Performance-related pay 2011 €62,610 5 2012 €43,100 6 The NTMA employed a total of 500 staff at...

Written Answers — Department of Finance: EU Directives (2 Jul 2013)

Michael Noonan: On June 13 2013, the Irish Presidency reached a breakthrough in talks at Council level on the MiFID II and MiFIR proposals which aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. The achievement of a Council General Approach, which was endorsed at Ecofin on 21 June 2013, signals a significant step forward by the EU towards...

Written Answers — Department of Finance: Bank Guarantee Scheme Bond Repayments (2 Jul 2013)

Michael Noonan: The following table details the liability management exercises. Liability Management Exercises - 2008 2009 2010 2011 2012 - €m €m €m €m €m Total Subordinated Bonds: BoI(1) Consideration2 600 700* 3,300* 800* N/a Nominal Value 600 1,700 4,700 2,300 N/a Average Discount 0% 59% 30% 65% N/a AIB (incl EBS) Consideration 200 1,366...

Written Answers — Department of Finance: Departmental Staff Numbers (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 248 and 249 together. At the end of 2008 the number of senior staff serving in my Department was as follows: Senior Staff Nos. Secretary General Finance 1.00 Secretary General PSMD 1.00 Second Secretary 3.00 Assistant Secretary 14.00 Principal 56.50 Since 2008 my Department has changed its organisational structure and its deployment of staff in...

Written Answers — Department of Finance: Maternity Benefit Issues (2 Jul 2013)

Michael Noonan: The position is, as I have stated on many occasions in the House, that from the 1st of July 2013, Maternity Benefit will be treated as taxable income. The underpinning legislation for this measure was contained in the Finance Act 2013, which was passed by the Oireachtas and signed in to law on 27 March 2013.

Written Answers — Department of Finance: Revenue Commissioners Investigations (2 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that they have available to them a range of information sources from which they can monitor cash purchases of houses and other real estate which allows the Commissioners determine whether any tax issues arise from any such cash transactions. Under Section 42 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 all designated...

Written Answers — Department of Finance: Tax Collection (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 256 to 258, inclusive, together. I am informed by the Revenue Commissioners that VAT is chargeable and is being collected on sales in Irish airport duty free areas, to customers travelling within the EU in accordance with the provisions of section 3 of the Value-Added Tax Consolidation Act 2010 which provides that VAT is chargeable and payable on the supply...

Written Answers — Department of Finance: Companies Law Issues (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 259 and 261 together. The issue of "country by country reporting" is topical at EU level at present. Up until now, "country by country reporting" was required only for those companies who were involved in extractive industries (e.g. mining, oil exploration etc.). Under the Irish Presidency of the EU agreement was reached on extending "country by country...

Written Answers — Department of Finance: Companies Law Issues (2 Jul 2013)

Michael Noonan: I assume that the Deputy's question relates to proposals for the 4th Money Laundering Directive published by the Commission on 5 February 2013. Article 29 of the Draft Directive provides as follows: "Article 29 1. Member States shall ensure that corporate or legal entities established within their territory obtain and hold adequate, accurate and current information on their ...

Written Answers — Department of Finance: Mutual Assistance Requests (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 262 to 267, inclusive, together. I assume the Deputy is referring to exchange of information in relation to direct taxes. All of Ireland's mutual assistance requests in relation to direct taxes take place in accordance with the exchange of information provisions in: Ireland's Double Taxation Treaties; the EU Council Directive 2011/16 on administrative...

Written Answers — Department of Finance: Treatment Abroad Scheme (2 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that with regard to claims in respect of tax relief for qualifying health expenses where the relevant health care is obtained outside the State, the following is the current position: - (a) the health expenses are allowable provided that the practitioner (GP, consultant or dentist) is entitled under the laws of the country in which the care is...

Written Answers — Department of Finance: Consultancy Contracts Issues (2 Jul 2013)

Michael Noonan: I am informed by the Central Bank that it does not currently engage nor has it procured any such services over the last five years. In 2011, a one off specific service was provided by an external PR adviser at a cost of €169.40. The Central Bank has also informed me that as part of the National Payments Plan, marketing agencies have been and will be engaged to assist in developing...

Written Answers — Department of Finance: Banking Sector Issues (2 Jul 2013)

Michael Noonan: As the Deputy will be aware Allied Irish Bank and Permanent TSB each hold Irish banking licences issued by the Central Bank of Ireland and are subject to regulations which require inter-alia each institution to be solvent. Further details of the financial position of each institution are available in the respective annual reports which are available on their websites. AIB and Permanent TSB...

Written Answers — Department of Finance: VAT Rates Reductions (2 Jul 2013)

Michael Noonan: I would point out that a reduced rate of VAT (13.5%) already applies to the supply of housing repair, maintenance and improvement work on residential properties. In order to apply a lower reduced VAT rate to these services, the only rate possible would be the 9% VAT rate. While EU VAT law provides that a VAT rate of 5% or more may be applied to the supply of construction services on...

Written Answers — Department of Finance: Tax Reliefs Availability (2 Jul 2013)

Michael Noonan: Section 473A of the Taxes Consolidation Act 1997 provides, subject to certain conditions, for tax relief at the standard rate of income tax (20%) as regards a portion of qualifying fees paid by an individual in respect of a third level education course including a postgraduate course. Qualifying fees means tuition fees in respect of an approved course at an approved college and includes what...