Results 13,501-13,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (3 Dec 2013)

Michael Noonan: I am advised by Revenue that the information sought by the Deputy is not maintained in a format that easily facilitates extraction of the specific figures from the overall income tax take. However, on the basis of an estimated ‘sectoral’ analysis of taxes collected annually, Revenue has calculated that the net income tax (inclusive of the Universal Social Charge) collected...

Written Answers — Department of Finance: IBRC Expenditure (3 Dec 2013)

Michael Noonan: I have been informed by the Special Liquidators of IBRC that they have been unable to obtain the information requested by the Deputy in the time available. I will write to the Deputy directly with the information as soon as it becomes available.

Written Answers — Department of Finance: Property Taxation Assessments (3 Dec 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. LPT is a self-assessed tax so it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property as at 1 May 2013. For the purposes of LPT, values for properties under €1...

Written Answers — Department of Finance: Exchequer Returns Issues (3 Dec 2013)

Michael Noonan: Net Exchequer borrowing in 2011, 2012 and to end-October 2013 is shown in the table below: € million 2011 2012 2013 (to end-October) Net Borrowing1 27,046 21,050 13,408 Applied as follows: - Exchequer Borrowing Requirement (EBR) 24,918 14,892 10,526 - Increase in Exchequer Deposits & Other Balances 2,128 6,158 2,883 Source: Finance Accounts 2012 and end-October 2013...

Written Answers — Department of Finance: Living City Initiative (3 Dec 2013)

Michael Noonan: The Deputy will be aware that I announced in my Budget Statement that the Living City Initiative, which was enacted in the Finance Act 2013, would be extended to now include the cities of Dublin, Cork, Galway and Kilkenny as well the original target cities of Limerick and Waterford. The inclusion of these four cities within the Initiative followed the results of a thorough independent ex ante...

Written Answers — Department of Finance: Departmental Functions (3 Dec 2013)

Michael Noonan: At the outset the Department of Social Protection has policy responsibility for the pensions system in Ireland from a social policy context as well as determining the future direction of how this policy should unfold. This policy area includes pensions adequacy to ensure sufficient income in retirement, the sustainability of the pension system in the light of demographic and investment...

Written Answers — Department of Finance: International Bodies Membership (3 Dec 2013)

Michael Noonan: EIOPA (European Insurance and Occupational Pensions Authority) was established by the EIOPA Regulation on 1 January 2011. It is part of the European System of Financial Supervision and is an independent advisory body to the European Parliament, the Council of European Union and the European Commission. EIOPA’s core responsibilities are to support the stability of the financial system...

Written Answers — Department of Finance: Public Sector Pensions Issues (3 Dec 2013)

Michael Noonan: I take it that the Deputy is referring to the encashment option provided for by section 787TA of the Taxes Consolidation Act 1997 which was inserted into that Act by section 18(7)(b) of the Finance Act 2012. In that regard, I would like to clarify that the encashment option confers no rights on public servants to early access to pension benefits. The encashment option operates in the context...

Written Answers — Department of Finance: Tax Credits (3 Dec 2013)

Michael Noonan: I assume that the Deputy is referring to the stamp duty levy that applies to the assets of funded pension schemes and plans approved by the Revenue Commissioners under Irish tax legislation. The chargeable persons for the levy are the trustees or other persons (including insurance companies) with responsibility for the management of the assets of the pension schemes or plans. The payment of...

Written Answers — Department of Finance: Pension Provisions (3 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 82 and 83 together. Regarding the start date for the changes I am making to the SFT regime, I indicated in my 2013 Budget Statement that changes would be introduced in 2014 to give effect to the commitment in the Programme for Government to cap taxpayers’ subsidies for pension schemes that deliver pension income of more than €60,000 per annum....

Written Answers — Department of Finance: Banking Sector Issues (3 Dec 2013)

Michael Noonan: Competition in the retail deposit market is a good thing for Irish customers. As the Deputy is aware, I have no function in setting the interest rates that commercial banks are willing to pay for deposits. I strongly urge customers to shop around and obtain the best rate they can for the type of account they want, the duration and the amount they are depositing. The National Consumer...

Written Answers — Department of Finance: EU Directives (3 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 85 and 86 together. The proposed 4th Anti-Money Laundering Directive seeks to update the 3rd Directive to take account of the February 2012 revision of the international standards for anti-money laundering requirements – the recommendations of the FATF (Financial Action Task Force). This is a very important piece of legislation and we continue to...

Written Answers — Department of Finance: Revenue Commissioners Investigations (3 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that while no specific projects have been undertaken in the recent past to identify the origin of funds used to acquire residential or other properties for cash, the Revenue Commissioners have a wide range of information sources available from which they can monitor cash purchases of houses and other real estate. Under Section 42 of the Criminal...

Written Answers — Department of Finance: Pensions Levy Issues (3 Dec 2013)

Michael Noonan: I announced in my 2014 Budget speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I will, however, introduce an additional levy on pension funds at 0.15%. I am doing this to continue to help fund the Jobs Initiative, including the continuation of the reduced 9% VAT rate detailed below and to make provision for...

Written Answers — Department of Finance: Generic Drugs Substitution (3 Dec 2013)

Michael Noonan: As the Deputy will be aware, industrial production and exports of chemicals and pharmaceuticals have been impacted by declines in volumes since early 2012. This is most likely due to the expiry of patents on certain ‘blockbuster’ drugs, an effect known as the ‘patent cliff’. The patent cliff has also weighed down on GDP, given the comparatively large weighting of...

Written Answers — Department of Finance: Tax Code (3 Dec 2013)

Michael Noonan: Due to the diverse nature of the tax and duty administration, Revenue maintains contracts with hundreds of suppliers. Revenue adheres to national and EU procurement rules and all its suppliers are required to have tax clearance. The company registration location of each supplier is not recorded on Revenue’s procurement system. In the last year, Revenue made payments to some 28...

Written Answers — Department of Finance: Carbon Budget (4 Dec 2013)

Michael Noonan: Solid fuel carbon tax will be charged on all solid fuels supplied in the State, regardless of whether the fuel products are Irish made or imported. Solid fuel is defined under section 77 of the Finance Act 2010, as amended and means coal or peat. Coal is further defined to include coal and lignite, solid fuel manufactured from coal and lignite, and any other energy product within the...

Written Answers — Department of Finance: Tax Exemptions (4 Dec 2013)

Michael Noonan: In the recent Budget I announced the Start Your Own Business initiative, which provides an exemption from Income Tax for individuals who have been unemployed for a period of 12 months and who start a new, un-incorporated business between 25 October 2013 and 31 December 2016. I can confirm that one-parent family payment is a qualifying payment for the purposes of the initiative.

Written Answers — Department of Finance: Banking Sector Staff Issues (4 Dec 2013)

Michael Noonan: As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial decisions. I have been informed that AIB has previously indicated that as part of its restructuring plan to reduce costs and increase efficiencies, outsourcing of certain functions would be considered in...

Written Answers — Department of Finance: Tax Exemptions (4 Dec 2013)

Michael Noonan: The Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These include the Community Childcare Subvention (CCS) programme, which funds community childcare services to enable them to charge reduced childcare fees to...