Results 12,601-12,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (15 Oct 2013)

Michael Noonan: I assume that the Deputy refers to an increase of €100 in the standard rate tax bands, which would apply similarly to single and widowed persons, as well as to lone parents. In addition, the proposed increase is assumed to also apply to married couples. On this basis, I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (15 Oct 2013)

Michael Noonan: The criteria relating to the engine size of a vehicle and the relief available for vehicles which qualify under the Disabled Drivers Passenger Scheme have been in place since 1989. The purpose of the scheme was to provide for ways in which people with a physical disability could become more mobile; it is felt that the present limit of 2000cc is sufficient to allow for an extensive choice of...

Written Answers — Department of Finance: European Banking Authority (15 Oct 2013)

Michael Noonan: The Central Bank of Ireland has informed me that discussions in relation to the parameters for the forthcoming European Banking Authority (EBA) stress tests are ongoing. As much of the detail is still not yet finalised it would be premature to speculate on the outcome at this stage.

Written Answers — Department of Finance: Income Data (15 Oct 2013)

Michael Noonan: Aggregate level data on household and corporate net worth are published by the Central Bank in the Quarterly Financial Accounts. I am informed by the Central Statistics Office (CSO) that its institutional sector accounts do not give an indication of the number of households or persons classified by the categories of wealth they hold. These statistics are based on aggregate information...

Written Answers — Department of Finance: Tax Code (15 Oct 2013)

Michael Noonan: The position is that section 187 of the Taxes Consolidation Act 1997, which provided for tax exemption limits for married and single persons under 65 years of age, ceased to have effect from 1 January 2008. The following are the current tax bands:- - Single or widowed person - €32,800 at 20%, balance at 41%. - Married couple with one income source - €41,800 at 20%, balance...

Written Answers — Department of Finance: Pensions Levy Issues (15 Oct 2013)

Michael Noonan: I would like to make the Deputy aware that the answer to this question has been prepared on a pre-Budget basis only and does not reflect any measures which have been announced as part of Budget 2014. A temporary 0.6% stamp duty levy on pension fund assets was introduced in the Finance (No.2) Act 2011 as a measure to fund the Jobs Initiative. This was estimated to yield €470 million a...

Written Answers — Department of Finance: Consultancy Contracts Expenditure (15 Oct 2013)

Michael Noonan: I can only reply in respect of my Department and the offices/agencies under the aegis of my Department. In the period since 2008 a total of €11.132m has been paid to Ernst & Young and Grant Thornton. This is the figure to date in 2013 for all offices and agencies under the aegis of my Department with the exception of the following: - NAMA & the NTMA group - the figure...

Written Answers — Department of Finance: VAT Rate Application (15 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 41 and 42 together. I am advised by the Revenue Commissioners that sales of hurleys are liable to VAT at the standard rate, currently 23%. This information is available on the VAT Rates Database on the Revenue website www.revenue.ie. A change in VAT rates must be in compliance with the EU VAT Directive. This Directive generally provides that supplies of...

Written Answers — Department of Finance: Property Taxation Administration (16 Oct 2013)

Michael Noonan: Section 157 of the Finance (Local Property Tax) Act 2012, as amended, provides that, in each financial year commencing with 2014, the Minister shall pay from the Central Fund or the growing produce thereof into the Local Government Fund an amount equivalent to the Local Property Tax, including any interest paid thereon, paid into the Central Fund during that year. Accordingly, receipts from...

Written Answers — Department of Finance: NAMA Portfolio Issues (16 Oct 2013)

Michael Noonan: As the Deputy will be aware, given the independence afforded to NAMA by the NAMA Act, and having established NAMA’s mandate through legislation, I have no role as Minister for Finance in relation to strategies applied by NAMA in fulfilling that mandate. NAMA’s role is that of a secured lender, like any bank they own the debt while the debtor or appointed liquidator still owns...

Written Answers — Department of Finance: Social Insurance Rates (16 Oct 2013)

Michael Noonan: The position is that it is the standard practice for the Minister for Finance to review all tax expenditures and reliefs including PRSI in the run up to annual Budget. On foot of the reviews carried out by my Department, yesterday I announced in my Budget Speech a package of 25 measures costing over €500m to promote jobs and growth. I believe that these measures will assist new...

Written Answers — Department of Finance: VAT Rate Application (16 Oct 2013)

Michael Noonan: As I announced in the Budget, the 9% VAT rate on tourism related activity will be retained.

Written Answers — Department of Finance: IBRC Liquidation (16 Oct 2013)

Michael Noonan: The Special Liquidators have confirmed that Irish Bank Resolution Corporation Limited (the “Bank”) identified in June 2010 that it had a customer overcharging issue (i.e. there had been a difference between the interest rate charged to customers and the interest rate documented in the corresponding loan facility agreements) on customer loan accounts in the Republic of Ireland,...

Written Answers — Department of Finance: VAT Rate Reductions (16 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. Food...

Written Answers — Department of Finance: Insurance Coverage (16 Oct 2013)

Michael Noonan: It should be noted at the outset that neither I nor the Central Bank can compel insurers to quote for business. The decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the assessment an insurer will make of the risks involved. I understand that insurance companies as a matter of course carry out reviews of the risks...

Written Answers — Department of Finance: Legislative Programme (16 Oct 2013)

Michael Noonan: In response to the Deputy's question my Department has published 15 bills and 3 impact assessments since March 2011. Details of the bills and impact assessments are as follows: Bills Finance (No. 2) Bill 2011 Finance (No. 3) Bill 2011 Insurance (Amendment) Act 2011 Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011 Central Bank (Supervision and Enforcement) Bill...

Written Answers — Department of Finance: Tax Rebates (16 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that on 20th December 2012 the Taxpayer’s agent submitted a claim for Incapacitated Child Tax Credit for the four years covering 2008 to 2011 inclusive. Additional information requested in support of the claims was submitted to Revenue on 24th April 2013. The Incapacitated Child Tax Credit claimed was granted on 11th May 2013 and the Income Tax...

Written Answers — Department of Finance: Credit Unions Regulation (16 Oct 2013)

Michael Noonan: I have been advised by the Central Bank that where proof of identity is required, the industry standard is to adopt a “One plus One” approach meaning that one item should be sought from a list of official photographic identification documents such as a passport to verify the name and date of birth of a prospective customer, while a second item should be sought from a list of...

Written Answers — Department of Finance: Tax Compliance (16 Oct 2013)

Michael Noonan: It is not clear what the Deputy has in mind when he refers to tax fraud by category, but it is widely accepted that there is no absolute and comprehensive way to measure the potential State revenues lost through tax non-compliance. However, that which can be measured is the tax, together with associated interest and penalties, recovered by the Revenue Commissioners from the compliance...

Written Answers — Department of Finance: Tax Reliefs Application (16 Oct 2013)

Michael Noonan: As I pointed out in previous replies to PQs tabled by the Deputy in June of this year and earlier this month, I made provision in Budget 2013 for the following measure designed to assist farmers with consolidation of farm land. This measure followed on from measures in the previous year’s Budget which also supported farm expansion and the transfer of land. Section 48 of Finance Act...