Results 12,761-12,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Yield (5 Nov 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: Budget 2014 (5 Nov 2013)

Michael Noonan: 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 Credit will be of the same value, i.e. €1,650, as the existing One-Parent Family Tax Credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new...

Written Answers — Department of Finance: NAMA Portfolio Issues (5 Nov 2013)

Michael Noonan: The Agency’s Annual Report and Financial Statement 2012 give a geographical breakdown of the total portfolio albeit not by county. A county breakdown of property securing NAMA’s loans, by value, was provided in the Agency’s Annual Report and Financial Statements for 2011, which is available on the NAMA website, www.nama.ie. NAMA advises that the geographical distribution...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (5 Nov 2013)

Michael Noonan: The 12th review mission of the EU-IMF Programme of Financial Support is scheduled from 29 October to 7 November 2013.

Written Answers — Department of Finance: Budget Measures (5 Nov 2013)

Michael Noonan: In analysing the economy and in producing economic forecasts, my Department models household disposable income in aggregate terms and projects how this income is allocated between spending and savings. The impact of these decisions on tax revenue and employment is also modelled. In relation to the specific example, when discussing the merits of such a measure it is important not to lose...

Written Answers — Department of Finance: Tax Collection (5 Nov 2013)

Michael Noonan: I am advised by Revenue that the person in question elected to be jointly assessed for tax with his wife in accordance with Section 1017 of the Taxes Consolidation Act 1997. Section 1017 (1)(a) clearly states that the ‘husband shall be assessed and charged to income tax, not only in respect of his total income (if any) for a specified year, but also in respect of his wife’s...

Written Answers — Department of Finance: Tax Collection (5 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there is no entitlement to a claim for payment of interest by Revenue in this case. The position is that in September 2011, as part of a Revenue Audit, income tax assessments of €27,633.46 and €28,295.28 were raised for years 2008 and 2009 respectively. These assessments were made in the absence of returns and following failure by...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: Under the Tax Acts, a chargeable person is a person who is chargeable to tax on income. However, in the case of income tax, an individual will not be regarded as a chargeable person where – - the individual is in receipt of PAYE income only, or - the individual is in receipt of PAYE income and has small amounts of other income that is being fully taxed through the PAYE system or...

Written Answers — Department of Finance: Pension Provisions (5 Nov 2013)

Michael Noonan: In Budget 2013, I made a number of commitments in relation to the tax provisions affecting supplementary pension provision. I said that tax relief on pension contributions would continue at the marginal rate of tax. In addition, I gave an undertaking that the 0.6% pension fund levy would not be renewed after 2014. I considered that I was in a position to make these significant commitments...

Written Answers — Department of Finance: Budget 2014 (5 Nov 2013)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme will run from 25 October 2013 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. There is no VAT relief under this scheme....

Written Answers — Department of Finance: Pension Provisions (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 184 and 185 together. As both questions 184 and 185 relate to the changes to the Standard Fund Threshold (SFT) regime announced in my 2014 Budget Statement and reflected in the recently published Finance (No.2) Bill 2013, I propose to deal with them together. I should state at the outset that there is insufficient detail in the questions to allow for...

Written Answers — Department of Finance: Credit Unions Restructuring (5 Nov 2013)

Michael Noonan: As agreed at the meeting with Newbridge Credit Union Action Group, on receipt of their alternative proposal, I forwarded it to Professor Honohan, Governor of the Central Bank, with a view to a meeting between the Central Bank and the Action Group. This is now a matter for the Central Bank and I understand that the meeting took place last week. A transfer under the Central Bank and Credit...

Written Answers — Department of Finance: NAMA Debtor Agreements (5 Nov 2013)

Michael Noonan: NAMA proactively encourages its debtors and receivers to engage with tenants in relation to rents and operates a specific Guidance Note to enable tenants to make an application through their landlord for a reduction in rent on upward-only commercial leases relating to business premises that secure its loans. Under the Guidance Note on Upwards Only Rent Reviews, which NAMA published in...

Written Answers — Department of Finance: NAMA Property Sales (5 Nov 2013)

Michael Noonan: I do not intend to establish such a mechanism. NAMA does not sell property. Rather, property securing NAMA’s loans are sold by debtors and receivers. NAMA is subject to confidentiality obligations under sections 99 and 202 of the NAMA Act. It also has a commercial and statutory independent mandate and strategies applied in accordance with this mandate, including those relating to...

Written Answers — Department of Finance: NAMA Property Sales (5 Nov 2013)

Michael Noonan: I would remind the Deputy that, as Minister for Finance, I have no role in relation to strategies applied by the NAMA Board in fulfilling its commercial mandate and I do not intervene in the detail of NAMA’s business and I would consider it inappropriate to do so. More generally, the publication of information relating to individual NAMA sales, as suggested by the Deputy, would be in...

Written Answers — Department of Finance: NAMA Property Sales (5 Nov 2013)

Michael Noonan: I am advised by NAMA that there have been no cases to date where a purchaser’s contractual arrangements with NAMA have not been fulfilled.

Written Answers — Department of Finance: Tax Clearance Certificates (5 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they do not have any record of an application for a Tax Clearance Certificate from the individual concerned. If this person requires a Tax Clearance Certificate there is a facility to apply for this online at www.revenue.ie. Should he require further assistance he can contact Laura Murphy on 021 6027018.

Written Answers — Department of Finance: Mortgage Arrears Code of Conduct (5 Nov 2013)

Michael Noonan: The Central Bank has advised that, where a borrower believes that their lender has not complied with or in any way disregarded the Central Bank’s Code of Conduct on Mortgage Arrears, he/she may make a complaint to their lender. The lender must seek to resolve the borrower’s complaint in line with the complaints handling process set out in provisions 10.7 to 10.12 of the Central...

Written Answers — Department of Finance: Exchequer Revenue (5 Nov 2013)

Michael Noonan: It is not possible to calculate the net benefit to the Exchequer as a result of the 15,000 jobs that have been created since the reduction in the VAT rate that would take account of all of the variables that apply in every case. However, I can put forward a specific example for the information of the Deputy. The calculations presented are based on a single individual who takes up full time...

Written Answers — Department of Finance: Exchequer Deficit (5 Nov 2013)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. The measure was estimated to cost €120 million in 2011, €350 million in 2012, €350 million in 2013, and €60 million in 2014. In the recent Budget I announced...