Results 12,121-12,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Issues (18 Jul 2013)

Michael Noonan: I can inform the Deputy that under the terms of the Relationship Frameworks that govern the relationship between the Minister for Finance and the State supported banks', the Board and Management team retain responsibility and authority for determining the banks' strategies and commercial policies and conducting their day-to-day operations. The appointment of rent receivers to properties is a...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (18 Jul 2013)

Michael Noonan: The Central Bank has advised as follows in relation to their investigations into various issues arising from the banking crisis. Anglo Irish Bank In May 2011, the Gardaí informed the Central Bank, following consultation with the Director of Public Prosecutions, that to proceed with the Central Bank's examinations at that time could prejudice any future criminal prosecutions....

Written Answers — Department of Finance: IBRC Liquidation (18 Jul 2013)

Michael Noonan: As is normal in liquidations of companies, all costs, charges and expenses properly incurred by the Special Liquidators in relation to the winding up of IBRC, including the Special Liquidators’ fees, will be paid out of the assets of IBRC in priority to all other claims. The Special Liquidators will comply with their reporting obligations and as such the liquidation accounts will be...

Written Answers — Department of Finance: Tax Code (18 Jul 2013)

Michael Noonan: My Department works closely with the Department of Foreign Affairs and Trade who have primary responsibility for such communications on behalf of the Government. The Deputy will already be aware that the Ambassador of Ireland to the United States wrote to the Chairman and Ranking Member of the US Senate Permanent Subcommittee on Investigations directly clarifying Ireland’s position....

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (18 Jul 2013)

Michael Noonan: Following approval by member countries and the European Parliament, the “Two-Pack” which contains two regulations entered into force on 30th May 2013. One of the regulations is on the monitoring and assessment of draft budgetary plans and on ensuring the correction of excessive deficits. The other is on the strengthening of economic and budgetary surveillance and sets out...

Written Answers — Department of Finance: Mortgage Arrears Proposals (18 Jul 2013)

Michael Noonan: I can inform the Deputy that the covered banks have provided me with the following information in relation to their policies on write offs of mortgage debt. AIB AIB has informed me that it reviews each individual's circumstances on a case by case basis through the provision by the borrower of a Standard Financial Statement where that is supplied by the customer. AIB proactively works with...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 185 and 186 together. It is not possible to answer the Deputy's question on business and agricultural reliefs for Capital Acquisitions Tax in the time available. I will contact the Deputy directly with a reply.

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the necessary detailed data is not available to provide a basis for estimating the Exchequer yield that would be raised if the dwelling home exemption for capital acquisitions tax was abolished.

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from the suggested increase in the rate of 1% in the annual charge would be of the order of €0.8 million. This estimate is provisional and subject to revision. It should be noted that this estimate is based upon an assumption that there would be no behavioural impact of this change, which...

Written Answers — Department of Finance: Discretionary Trusts (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 189 and 190 together. Discretionary trusts may be set up for a variety of purposes, including: - for public or charitable purposes, - for the benefit of individuals who are incapable of managing their affairs because of physical, mental or legal incapacity or - to provide for minor children. The creation of a public data base of discretionary trusts,...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling an estimate of the gain to the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available.

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 192 to 194, inclusive, together. 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...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I assume the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer’s marginal tax rate — the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by income tax rate, as tax returns by employers to the...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 196 and 197 together. I assume the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer’s marginal tax rate — the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not...

Written Answers — Department of Finance: Tax Reliefs Availability (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 198 and 199 together. I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits. These are shown in Table IT6 on the Revenue Statistical Report for 2011 which is accessible on the Revenue website at...

Written Answers — Department of Finance: Tax Collection (18 Jul 2013)

Michael Noonan: Individuals who receive rent for properties are liable to Income Tax and USC on the income. In the previous Budget I announced that the Minister for Social Protection, Ms. Joan Burton, T.D., would be bringing forward legislation to change PRSI contributions as follows: - Where modified PRSI rate payers have income from a trade or profession, such income and any unearned income they have...

Written Answers — Department of Finance: Universal Social Charge Application (18 Jul 2013)

Michael Noonan: The position is that the Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. There are certain exemptions and reliefs from the USC. For example, persons in receipt of a payment from the Department of Social Protection such...

Written Answers — Department of Finance: Universal Social Charge Application (18 Jul 2013)

Michael Noonan: The USC was introduced from 1 January 2011 and replaced the Income and Health Levies. The marginal rate for each of these levies was 6% and 5%, respectively, or 11% in total. The marginal rate for the USC was 7%. Taken in isolation the introduction of the USC, therefore, would have had the effect of reducing by 4 percentage points the top marginal tax rates for both PAYE and self-employed...

Written Answers — Department of Finance: Tax Code (18 Jul 2013)

Michael Noonan: The position is that Section 12 of the Taxes Consolidation Act 1997 provides that Income tax is chargeable on all property, profits and gains described in Schedules C, D, E and F. These Schedules are defined in sections 17, 18, 19 and 20 of the Taxes Consolidation Act 1997. Universal social charge is a tax on income specified in the Table to section 531AM of the Taxes Consolidation Act...

Written Answers — Department of Finance: Appointments to State Boards (18 Jul 2013)

Michael Noonan: In response to the Deputy’s question the gender balance in respect of Boards under the aegis of my Department is 75% male and 25% female. My Department is mindful of the Governments target of achieving 40% female membership on State Boards. Candidates applying for vacant positions on boards under the aegis of my Department are assessed primarily on their knowledge and expertise and...