Results 14,641-14,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (5 Mar 2014)

Michael Noonan: The National Treasury Management Agency (NTMA) has advised that the average length of time taken to process repayments from State Savings products is currently 5 working days.  This is within the published repayment notice period of 7 working days for State Savings products other than the Deposit Account Plus where the repayment notice period is 30 days.

Written Answers — Department of Finance: Cycle to Work Scheme Retention (5 Mar 2014)

Michael Noonan: The Cycle To Work scheme provides that a director or employee shall not be relieved from a charge to income tax more than once in any period of 5 consecutive years of assessment, commencing with the year of assessment in which the director or employee concerned is first provided with a bicycle or bicycle safety equipment. Accordingly, a person who purchased a bicycle in the 2009 year of...

Written Answers — Department of Finance: VAT Rate Application (5 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that VAT law in Ireland must comply with the EU VAT Directive.  In this respect, while the majority of food products are already liable at the zero rate of VAT, food products can only benefit from zero rating in accordance with Article 110 of the VAT Directive which permits the retention of the zero rate for clearly defined social reasons where...

Written Answers — Department of Finance: Tax Reliefs Cost (5 Mar 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia from 2005 to 2013 and the estimated cost for 2014 are set out in the table below. The figures in the second column do not include costs to the Exchequer of age-related tax relief at source, which was established by the...

Written Answers — Department of Finance: Insurance Industry Regulation (5 Mar 2014)

Michael Noonan: In my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank, which is statutorily independent in the exercise of its regulatory functions. The decision to provide any specific form of insurance cover and the...

Written Answers — Department of Finance: NAMA Bonds (5 Mar 2014)

Michael Noonan: I am advised by NAMA, that there is €1.593 billion of NAMA subordinated debt, currently outstanding in issuance. This year, for the first time, NAMA declared a coupon on its subordinated debt. A coupon of €83.9 million was paid to the noteholders on the 3rd March 2014.  The fixed coupon on the subordinated debt is 5.264%, which was set by reference to the Irish 10-year...

Written Answers — Department of Finance: Tax Code (5 Mar 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.  The revenues collected play a vital part in meeting...

Written Answers — Department of Finance: Mortgage Resolution Processes (5 Mar 2014)

Michael Noonan: There is an obligation on the Special Liquidators to ensure that maximum value is extracted from the loan sales process for the benefit of all the creditors of IBRC including the State. The sales process plan and timeline for the sale of the residential mortgage portfolio has been developed following professional advice and in light of requirements for a robust and credible sales process in...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (5 Mar 2014)

Michael Noonan: The position is that in Finance Act 2010, mortgage interest relief was extended up to end of 2017 for those whose entitlement to relief was due to end in 2010 or after.  Therefore, tax relief will continue to be available in respect of interest paid by an individual on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether they...

Written Answers — Department of Finance: Consultancy Contracts Expenditure (5 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the amounts of expenditure on external specialist advice in 2011, 2012, 2013 and year to date 2014 are set out in the table below. In accordance with "Guidelines on the Engagement of Consultants and other External Support" issued by the Department of Finance, external specialists are procured only where it is necessary and value for money is...

Written Answers — Department of Finance: Consultancy Contracts Expenditure (5 Mar 2014)

Michael Noonan: The following table sets out information regarding professional services paid for by the Department of Finance, including services which involved specialist advice:   External Specialist Advice   2011  2012  2013  2014 Aram Consultants  €121,000       Charles River Associates  €60,500       Mazars...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (5 Mar 2014)

Michael Noonan: It is important to highlight that the contractual terms and conditions of all customer mortgages and other borrowings of Irish Bank Resolution Corporation have not changed as a result of the appointment of the Special Liquidators nor will those terms and conditions change as a result of the ultimate sale of these obligations to a third party. Purchasers of mortgage loans will be obliged to...

Written Answers — Department of Finance: Money Laundering (5 Mar 2014)

Michael Noonan: The anti-money laundering (AML) requirements under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, are important in preventing use of the Irish financial system for money laundering or terrorist financing and reflect the requirements of EU Directive 2005/60/EC. That said, it is not the desire that the AML obligations which are applied in respect of...

Written Answers — Department of Finance: Tax Code (5 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that applications for refund of DIRT have been received from the taxpayers in question. Wicklow Revenue District has been in contact with the individuals concerned and the relevant deposit interest certificates have been requested from them. When the relevant deposit interest certificates are received, Wicklow Revenue District will examine the...

Government's Priorities for the Year Ahead: Statements (Resumed) (6 Mar 2014)

Michael Noonan: When the Government was formed in March 2011, Ireland was facing an unprecedented economic emergency. The parties received a mandate from the people and formed a Government that resolved to restore the country's finances, repair Ireland's broken financial system and rebuild Ireland's reputation on the international stage. The priorities for my Department are influenced by the progress that...

Written Answers — Department of Finance: General Government Debt (6 Mar 2014)

Michael Noonan: It is expected that the investment will be classified as an equity injection by Eurostat and therefore not impact the general government deficit. Should Eurostat rule the transaction as a capital transfer rather than an equity injection and the government proceed with the investment as previously proposed there would be a negative effect on the projected deficit equal to the size of the...

Written Answers — Department of Finance: State Bodies Issues (6 Mar 2014)

Michael Noonan: Under the Ministers and Secretaries (Amendment) Act 2011, ownership of State companies moved to the Minister of Public Expenditure and Reform. Policy on investment in State-owned companies is therefore a matter for the Minister for Public Expenditure and Reform and the relevant Minister. I would point out that the Budget arithmetic includes provision for a €240 million equity...

Written Answers — Department of Finance: NAMA Operations (6 Mar 2014)

Michael Noonan: I am advised that this information cannot be released because it is of a commercially sensitive nature and was provided to NAMA on the understanding that it would be treated as confidential as part of the tender process.  I am assured that a key criterion in the selection of service providers by NAMA is the extent to which they can provide value for money for the taxpayer.

Written Answers — Department of Finance: Property Taxation Application (6 Mar 2014)

Michael Noonan: In accordance with the Finance (Local Property Tax) Act 2012 (as amended), liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which was 1 May 2013 for 2013 and for subsequent years 1 November in the preceding year. A liable person includes an entity such as a Real Estate Investment Trust (REIT). As no specific exemption from...

Written Answers — Department of Finance: Tax Exemptions (6 Mar 2014)

Michael Noonan: I have been informed by the Revenue Commissioners that an individual may claim an exemption from DIRT if he or she 1. is permanently incapacitated by reason of physical or mental infirmity from maintaining himself or herself, and 2. is not liable to pay income tax by reason of the level of his or her income. The individual must apply to their local Revenue office, on form DE2,...