Results 12,661-12,680 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (22 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 158, 161 and 162 together. They all relate to the same issue. As I announced in my Budget 2014 speech last week, the changes I am introducing to deliver on the commitment I made in Budget 2013 in the supplementary pensions area involve a reduction from 1 January 2014 in the value of the maximum allowable pension fund at retirement for tax purposes (the...

Written Answers — Department of Finance: Departmental Expenditure (22 Oct 2013)

Michael Noonan: The Department of Finance’s budget and staffing allocation reflects ongoing ambitious objectives and goals, across a broad spectrum of economic, fiscal, financial and international policies, set out in its Statement of Strategy. This is particularly important as we target an exit from the EU/IMF programme of support and the Government has recognised this in the ECF numbers and...

Written Answers — Department of Finance: VAT Rate Application (22 Oct 2013)

Michael Noonan: The 23% applies to the supply of health supplements, including protein. The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. A change in VAT rates must be in compliance with the EU VAT Directive. The VAT Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower...

Written Answers — Department of Finance: Budget 2014 (22 Oct 2013)

Michael Noonan: I refer the Deputy to the answer provided to his question on 2nd October (Parliamentary Question No. 101) where I stated that taxation provisions included in the Finance Act 2013 and the Finance (Local Property Tax) Act 2012 in relation to measures set out in Budget 2013 will result in estimated carryover of around €300 million in 2014. In addition I referred to carryover from...

Written Answers — Department of Finance: Budget Measures (22 Oct 2013)

Michael Noonan: The position is that from 16 October 2013, tax relief for medical insurance premiums will be restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceiling will no longer qualify for tax relief. The new ceilings will ensure continuing support via the tax system for those who purchase standard policies,...

Written Answers — Department of Finance: IBRC Staff (23 Oct 2013)

Michael Noonan: I am not aware of any specific proposals put forward by the Labour Relations Commission in relation to IBRC. I have been advised by the Special Liquidators that there is on-going communication between them and the staff of IBRC and their representative bodies to discuss their issues in relation to the liquidation. I acknowledge the significant efforts and commitment made by the staff in...

Written Answers — Department of Finance: Tax Collection (23 Oct 2013)

Michael Noonan: Under the regulations known as the "Two-Pack" which were formally adopted on 30 May 2013, a common budgetary timeline is being introduced for all Euro Area member states. Specifically, the draft budget for central government and the main parameters of the draft budgets for all the other sub-sectors of the general government must be published by the 15 of October each year; draft budgetary...

Written Answers — Department of Finance: Budget Measures (23 Oct 2013)

Michael Noonan: As I outlined in my budget day speech, in order to achieve a deficit of 4.8% of GDP, a total adjustment package of the region €3.1 billion was necessary. This comprised €2.5 billion in expenditure cuts and tax increases complemented with additional resources - other savings of €0.6 billion. A summary table of the adjustment package is outlined below. - €bn...

Written Answers — Department of Finance: Tax Credits (23 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that for 2013, it is currently estimated that 76,800 individuals are in receipt of the One-Parent Family Tax Credit i.e. in a position to utilise some or all of tax credit. As the Deputy is aware, the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax...

Written Answers — Department of Finance: Budget Measures (23 Oct 2013)

Michael Noonan: I assume the Deputy is referring to measures where such approval has yet to be obtained. In my Budget 2013 speech I announced a scheme of accelerated capital allowances entitled "Incentives for certain aviation services facilities". This was provided for in section 31 of Finance Act 2013. This scheme provides accelerated capital allowances for the construction and refurbishment of certain...

Written Answers — Department of Finance: Living City Initiative (23 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 81 and 83 together. The living city Initiative was announced as part of Finance Bill 2013. I stated at the time that the proposed scheme would be subject to a full ex-ante cost benefit analysis and would require State aid approval from the European Commission. The cost benefit analysis was recently presented to my Department and has been published on the...

Written Answers — Department of Finance: Tax Reliefs Eligibility (23 Oct 2013)

Michael Noonan: Relief in respect of health expenses is allowed in accordance with the provisions of section 469 of the Taxes Consolidation Act 1997. In order to qualify for relief an individual must show that he or she has incurred “health expenses” for the provision of "health care". It is not the case that all expenses incurred on health care qualify for relief. For the purposes of...

Written Answers — Department of Finance: Banking Sector Issues (23 Oct 2013)

Michael Noonan: The reports of Governor Patrick Honohan, Messrs. Regling and Watson and the Nyberg Commission pointed out the problems to be addressed in our system of financial regulation. Acting on the recommendations contained in those reports, this Government has undertaken a number of significant reforms towards building a strengthened regulatory framework for the financial services sector and to...

Written Answers — Department of Finance: Insurance Industry Regulation (23 Oct 2013)

Michael Noonan: At the outset it should be noted that governance procedures within firms are of vital importance in managing insurance companies and protecting the Irish consumer. In this regard, the Acquisitions Directive (transposed into Irish law in June 2009); the Central Bank's Corporate Governance Code and the recently introduced Fitness and Probity regime act as important safeguards in that matter....

Written Answers — Department of Finance: Tax Residency Issues (23 Oct 2013)

Michael Noonan: The taxation of individuals in the State is broadly in line with that prevailing in most other OECD jurisdictions, that is to say -- (a) Individuals who are resident in the State for tax purposes (based on the number of days of presence in the State) are taxable here on their worldwide income; and (b) Individuals who are not resident here for tax purposes pay tax here only on income...

Written Answers — Department of Finance: Home Renovation Incentive (23 Oct 2013)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme will run from 1 January 2014 to 31 December 2015 and provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. Qualifying expenditure is expenditure subject...

Written Answers — Department of Finance: Departmental Meetings (23 Oct 2013)

Michael Noonan: Since the formation of this Government, there have been no meetings between me or my advisors and the company referred to in the question. The Secretary General of my Department met with the Irish Managing Director of the company referred to on February 27th 2012 to discuss the broad technology sector and how best to use IT in running an organisation. As a result of that discussion, it was...

Written Answers — Department of Finance: Tax Residency Issues (23 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there is no requirement in Irish tax law for a company to claim or obtain authorisation of non-resident status from Revenue and that statistics on the number of Irish registered non-resident companies are not separately compiled. Accordingly, it is not possible to identify from Revenue records the number of Irish registered non-resident...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (23 Oct 2013)

Michael Noonan: As was highlighted in the Action Plan for Jobs 2013, accessing working capital to avail of increased export opportunities through the provision of a broader suite of financial products is an issue for growing Irish enterprises. For this reason one of the SME State Bodies Group's policy commitments under this plan was to review the availability of appropriate finance for international trade....

Written Answers — Department of Finance: Small and Medium Enterprises Supports (23 Oct 2013)

Michael Noonan: I am acutely aware of the importance of ensuring an adequate flow of credit to SMEs, both for working capital and investment purposes. One of the commitments contained in the Action Plan for Jobs 2013 was for the SME State Bodies Group to "examine the practical steps that can be taken in the short and medium term by the State to improve the financial literacy of our micro and small...