Results 14,301-14,320 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: I might have lost touch with the rules of committees, but there used to be provision for committees to do a piece of research work. Funds were available to do that work and a member could be appointed as a rapporteur. There are ways and means of addressing precise issues within committees.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: When I was Chairman of the Committee of Public Accounts, we did that on a number of occasions. The Chairman could get a discrete piece of research work done, spend a small amount of money on it and appoint one of the members as a rapporteur to report back. That might get to the bottom of the matter.

Written Answers — Department of Finance: Property Taxation Administration (18 Feb 2014)

Michael Noonan: The legislation governing the administration of Local Property Tax (LPT) provides for a number of exemptions from LPT, two of which are particularly relevant to those who purchase a residential property. Firstly, section 8 of the Finance (Local Property Tax) Act 2012 (as amended) provides an exemption from LPT for a property, either new or second hand, purchased between 1 January 2013 and...

Written Answers — Department of Finance: Universal Social Charge Application (18 Feb 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base.  I should point out that it was never intended that...

Written Answers — Department of Finance: Legislative Programme (18 Feb 2014)

Michael Noonan: Under the category "Bills in respect of which heads have yet to be approved by Government", the Government Legislation Programme, published last month, includes a Bill to deal with the Sale of Loan Books to Unregulated Third Parties Bill.  The aim of the Bill is to provide for the application of the protections provided to mortgage holders under the Central Bank Code of...

Written Answers — Department of Finance: Property Taxation Administration (18 Feb 2014)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how Local Property Tax (LPT) is to be administered and how a residential property is to be valued for LPT purposes.  I am informed by the Revenue Commissioners that LPT is a self-assessment tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market...

Written Answers — Department of Finance: Departmental Staff Career Breaks (18 Feb 2014)

Michael Noonan: The following table outlines the current sabbatical/career break position in my Department. Duration People on Sabbatical/Career Break 0-6 Months 1 6-12 Months 1 1-2 Years 2 2-3 Years 3 3-4 Years 1 4-5 Years 0 5+ Years 0   The staff of my Department are at the centre of our HR Strategy which aims to support the Department in achieving our strategy and goals.  Employee...

Written Answers — Department of Finance: Departmental Staff Sick Leave (18 Feb 2014)

Michael Noonan: HR information from the Department of Finance is now provided through the HR Shared Services Centre PeoplePoint . My Department is experiencing some technical issues in attaining the required information to provide the Deputy with the material required. Officials are engaging with PeoplePoint staff on this issue and will revert to the Deputy within the next two weeks.

Written Answers — Department of Finance: VAT Exemptions (18 Feb 2014)

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.  Section 46(1)(a) of the Value Added Tax Consolidation Act 2010 provides that VAT at the standard rate, currently 23%, is chargeable on goods and services that are not specified in the Schedules to the Act.  Flood...

Written Answers — Department of Finance: Credit Unions Regulation (18 Feb 2014)

Michael Noonan: The Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions registered under the Credit Union Act, 1997 - as amended. I have been informed by the Central Bank that it is subject to strict confidentiality requirements and cannot comment on individual credit unions. Credit unions are required to hold an Annual General Meeting...

Written Answers — Department of Finance: Tax Code (18 Feb 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014 incomes, of decreasing both standard rate and higher rates of income tax by 1, 2 and 3 percentage points would be approximately €671 million, €1,343 million and €2,014 million respectively. These figures are estimated from the Revenue tax forecasting...

Written Answers — Department of Finance: Universal Social Charge Yield (18 Feb 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014 incomes, of 1, 2, 3, 4 and 5 percentage point cuts in the Universal Social Charge (USC) would be of the order of €750 million, €1.5 billion, €2.1 billion, €2.6 billion and €3.1 billion respectively. This assumes the same percentage point cut...

Written Answers — Department of Finance: Tax Code (18 Feb 2014)

Michael Noonan: I assume that the Deputy refers to an extension of the standard rate income tax band, which would apply similarly to single and widowed persons, as well as to lone parents. The proposed extension to the standard rate band is assumed to also apply to married couples and civil partnerships.   On this basis, I am informed by the Revenue Commissioners that the full year cost to the...

Written Answers — Department of Finance: VAT Rate Increases (18 Feb 2014)

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. When assessing the potential impact on the economy of such a measure, my Department must weigh the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (18 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 179, 197 and 235 together. I have no plans to prevent the sale of loan books to unregulated entities, regardless of the location of the owners of such entities. This matter is legally complex as it could affect contracts already entered into. It needs careful consideration. For that reason, my officials are currently examining the issue with their...

Written Answers — Department of Finance: European Banking Union (18 Feb 2014)

Michael Noonan: The Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, which forms part of an overall Banking Union proposal involving the ECB, is in place and operational, the European Stability Mechanism could recapitalise banks directly. The Eurogroup meeting of...

Written Answers — Department of Finance: VAT Rate Reductions (18 Feb 2014)

Michael Noonan: EU VAT law, with which Irish VAT law must comply, does not in general allow the application of a reduced VAT rate on construction services. However, Ireland applies the 13.5% reduced rate of VAT to construction services under a derogation from the EU VAT Directive, because Ireland applied a reduced rate to such services on 1 January 1991. However, this derogation is only permissible where the...

Written Answers — Department of Finance: National Monuments (18 Feb 2014)

Michael Noonan: I am advised by NAMA that any funds advanced in respect of the identified property will be applied towards specified building and remediation works by the owner of the property who will ensure the completion of the necessary works.   As set out previously, NAMA has approved funding for the completion of specified works relating to properties at 14-17 Moore Street in accordance with...

Written Answers — Department of Finance: Pensions Levy Issues (18 Feb 2014)

Michael Noonan: A 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 year for 4 years. The Revenue Commissioners have advised me that receipts amounted to €463 million in 2011 and €483 million in 2012. This is broadly in line with the amounts anticipated to be...

Written Answers — Department of Finance: Financial Institutions Levy (18 Feb 2014)

Michael Noonan: The Financial Institutions Levy announced as part of Budget 2014 is a revenue raising measure which allows for a contribution from the banking sector to Ireland's economic recovery. The levy will be in place for three years with an anticipated annual yield of €150 million. As the levy is a percentage of an institutions DIRT liability in 2011, liability to the levy will relate to the...