Results 14,821-14,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Levy (25 Mar 2014)

Michael Noonan: The Insurance Compensation Fund (ICF) levy of 2% being applied to home, motor and commercial insurance operates under the Insurance Act 1964 and came into effect from 1 January 2012, following the appointment of administrators to Quinn Insurance Ltd (QIL) by the High Court. Under Section 6 of the Insurance Act 1964 the responsibility for deciding whether the ICF has sufficient funds...

Written Answers — Department of Finance: Regulatory Bodies (25 Mar 2014)

Michael Noonan: The Irish Tax Institute is primarily a representative and educational body. It has established and maintains appropriate professional standards of conduct for its members and the exercise of professional discipline over those who do not comply with those standards. Details of the standards are contained in the Institute s Code of Conduct, which I understand can be accessed on its website. In...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (25 Mar 2014)

Michael Noonan: The Special Liquidators have confirmed that a voluntary agreement has been reached with the bidders for the IBRC mortgage book in relation to the application of the Code of Conduct on Mortgage Arrears. This is an important and timely development and will ensure that mortgage holders in arrears will be serviced in line with the CCMA and that customers will continue to be protected by the...

Written Answers — Department of Finance: Tax Credits (25 Mar 2014)

Michael Noonan: The Irish tax system applies a unified system of taxation to personal income which makes no differentiation between earned income (such as pay), and unearned income (such as rents).   An individual is liable to income tax in respect of his or her income arising from all sources.  Under joint assessment the incomes of both spouses and civil partners are aggregated.  When...

Leaders' Questions (26 Mar 2014)

Michael Noonan: The Deputy should remember the questions he asked.

Written Answers — Department of Finance: Illicit Trade in Tobacco (26 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 38 to 41, inclusive, together. The numbers of seizures of illicit cigarettes and other illicit tobacco products, and the quantities of product seized, in each of the years from 2011 to 2013, are set out in the table.     Cigarettes     Tobacco     Seizures Quantity (Million)   Seizures Quantity (Kgs) 2011 10,581 109.1...

Written Answers — Department of Finance: Tax Yield (26 Mar 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the yield from Tobacco Products Tax and the estimated VAT on Tobacco products for the years 2011 to 2013 are as shown in the table below.  The Value Added Tax receipts are estimated, as the VAT returns do not require the yield from a particular sector or sub-sector of trade to be identified.   - Tobacco Products Tax VAT (Estimated)...

Written Answers — Department of Finance: European Stability Mechanism (26 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 43 and 45 together. 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 (SSM), which forms part of an overall Banking Union proposal involving the ECB, is in place and operational, the European Stability Mechanism...

Written Answers — Department of Finance: European Stability Mechanism (26 Mar 2014)

Michael Noonan: The Single Resolution Mechanism (SRM) is a centralised resolution mechanism for Member States who belong to the Single Supervisory Mechanism (SSM). Its purpose is to ensure that resolution can take place at the same level as supervision, rather than being conducted at national level.  It is considered as an important contributing factor to breaking the link between the sovereign and the...

Written Answers — Department of Finance: Insurance Costs (26 Mar 2014)

Michael Noonan: The issue of flood cover, its availability and its cost, is one with which I am familiar. I am also very conscious of the difficulties that the absence of such cover can cause to householders and businesses.  However, it should be noted that the decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the...

Written Answers — Department of Finance: Property Taxation Assessments (26 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 47 and 49 together. In my reply to Question number 92 on 26 June 2013, I informed the House that a High Court challenge to the Local Property Tax (LPT) had been lodged. The House was also informed that the Chief State Solicitor was the solicitor on record acting for all State defendants and that the case was being vigorously defended by the Chief State...

Written Answers — Department of Finance: VAT Rate Application (26 Mar 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. Article 135(1)(i) of VAT Directive 2006/112/EC provides a VAT exemption for "betting, lotteries and other forms of gambling, subject to the conditions and limitations laid down by each Member State". The European Court of...

Written Answers — Department of Finance: Economic Data (26 Mar 2014)

Michael Noonan: The methodology for calculating the output gap has been the subject of considerable technical discussions at EU level. Changes to the approach by which the output gap is estimated were endorsed by a high-level committee (the Economic Policy Committee) on March 19th 2014. This new methodology will form the revised harmonised approach which the European Commission will apply in their...

Written Answers — Department of Finance: Tax Collection (26 Mar 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the additional tax due is based on  information supplied to date by the person's tax agent.  Revenue have however contacted the tax agent, and it appears there may be some confusion to be resolved.  Revenue is now seeking to clarify the issues involved, and will directly notify the taxpayer of the outcome.

Written Answers — Department of Finance: Tax Reliefs Availability (26 Mar 2014)

Michael Noonan: Section 473A of the Taxes Consolidation Act 1997 provides for tax relief at the standard rate of income tax (20%) in respect of qualifying fees paid by an individual for a third level education course, including a postgraduate course.  No differentiation is made between a repeating student and a first time student.    Qualifying fees mean tuition fees in respect of an...

Written Answers — Department of Finance: Bank Stress Tests (27 Mar 2014)

Michael Noonan: As the deputy will be aware the ECB issued its first note on the Comprehensive Assessment on 23 October 2013 which confirmed that the following banks are included as Irish banks subject to the assessment: Allied Irish Banks plc  Merrill Lynch International Bank Limited  Permanent tsb plc.  The Governor and Company of the Bank of Ireland  Ulster Bank Ireland...

Written Answers — Department of Finance: Tax Credits (27 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the original Tax Credit Certificate for 2014, issued to the taxpayer, included a personal tax credit of €3,150. This is the amount due to a widowed person with a qualifying child whose spouse died in 2012. A qualifying child is a child under 18 years of age or over 18 years of age and attending full time instruction. Subsequent...

Written Answers — Department of Finance: NAMA Debtors (27 Mar 2014)

Michael Noonan: This matter was comprehensively addressed by my colleague Minister Bruton during a discussion in the Oireachtas last week and to PQ's answered by me on the 25th of March 2014.    As the Oireachtas is aware the company referred to is the subject of a court-appointed Examinership process under the supervision of the High Court and it is important that the independence of that...

Written Answers — Department of Finance: IBRC Legal Cases (27 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 43 to 46, inclusive, together.  I have been advised that the Special Liquidators are still in the process of putting in place a robust mechanism for managing any potential conflicts of interest that may arise in relation to these proceedings. The Special Liquidators are fully aware of the urgency of the matters and are working hard to put...

Written Answers — Department of Finance: Banking Sector Staff Issues (27 Mar 2014)

Michael Noonan: I can confirm for the Deputy that the pillar banks have provided me with the following details in relation to loans to employees and former employees:  Allied Irish Banks: "All relevant disclosures in relation to AIB's mortgage portfolio are contained on pages 70-152 of its Annual Financial Report 2013 which is available on its website www.aibgroup.com/investor relations. "With...