Results 16,041-16,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rate Reductions (24 Jun 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.  The EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. ...

Written Answers — Department of Finance: Tax Yield (24 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 161 and 165 together. It is assumed that the threshold for the proposed new income tax rates mentioned by the Deputy in Question 27301/14 would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents, married couples and civil partnerships. I am advised by the Revenue Commissioners that, given the current...

Written Answers — Department of Finance: Tax Yield (24 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the figures for the domicile levy are per the following table. This is the amount of tax collected in each of the years specified. Although the domicile levy was introduced in 2010, the first returns and payment were not due to be filed and paid until 2011 hence there are no payments in 2010.  There are no payments to date in 2014 as the...

Written Answers — Department of Finance: Social Insurance (24 Jun 2014)

Michael Noonan: I assume the Deputy is referring to the recent TASC report regarding the step effect in the PRSI system which brings all income into charge once the relevant threshold is reached. While such an effect is never ideal, it is necessary to achieve the desired yield, which in itself contributes to keeping workers on incomes lower than the threshold to remain outside the charge to employee...

Written Answers — Department of Finance: Corporation Tax Regime (24 Jun 2014)

Michael Noonan: It is important to clarify at the outset that there are two separate scenarios that are often confused in discussions on the effective rate of corporation tax. The first is the global rate of tax which is paid by multinational companies who operate across a number of jurisdictions.  This is a 'blended' rate which takes into account the amount of tax charged across all of the countries...

Written Answers — Department of Finance: Tax Credits (24 Jun 2014)

Michael Noonan: The Deputy is advised that the Advisory Group on Tax and Social Welfare (AGTSW) are considering a range of tax and social welfare issues, with a view to increasing the incentives for individuals to return to work. I understand that one of the issues the Group have examined relates to refundable tax credits. It is expected that the Group will publish its report later this summer and I...

Written Answers — Department of Finance: Mortgage Data (24 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 167 to 171, inclusive, together. I have been advised by the Central Bank that it does not publish data on the particular basis requested.  The mortgage arrears statistics, including aggregated data by duration of arrears, as published by the Central Bank are available at the following: .

Written Answers — Department of Finance: Corporation Tax Regime (24 Jun 2014)

Michael Noonan: My Department is very conscious of the need to maintain a competitive corporate tax regime and to that end, closely monitors developments in other countries. The changes that I have introduced in recent budgets and Finance Acts highlight the on-going work by my Department to make sure that the Irish corporate tax offering stays competitive as we work to attract investment and jobs to...

Written Answers — Department of Finance: Universal Social Charge Application (24 Jun 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: NAMA Staff Recruitment (24 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 174 and 175 together. I appointed Ms Hurley to the Board of NAMA on the 8th of April as I felt she has significant experience in finance at both a senior management and board level which will make her an asset to the Board of NAMA. This appointment was not drawn from the public appointment process. Not all appointments are announced by a...

Written Answers — Department of Finance: NAMA Court Cases (24 Jun 2014)

Michael Noonan: I am advised by NAMA that all litigation initiated by it is a matter of public record as set out in its quarterly Section 55 reports.

Written Answers — Department of Finance: NAMA Court Cases (24 Jun 2014)

Michael Noonan: I am advised by NAMA that the information provided in the Section 55 report for the fourth quarter of 2013 is as set out in the NAMA Act, namely the title of the proceedings, the parties to it and the reliefs sought by NAMA. There is no requirement under the Act that the information provided should include a quantification of judgement sums sought in the proceedings.  To assist the...

Written Answers — Department of Finance: IBRC Liquidation (24 Jun 2014)

Michael Noonan: I have been advised by the Special Liquidators that Irish Bank Resolution Corporation Limited ("IBRC") engaged with foreign companies to assist with the recovery of assets beneficially held by the Quinn Group. This was disclosed in the Affidavit of Richard Woodhouse (Group Head of Specialised Asset Management of IBRC at that time) dated 31 October 2012 for the purposes of apprising the High...

Written Answers — Department of Finance: NAMA Operations (24 Jun 2014)

Michael Noonan: I am advised by NAMA that while such an approach has not been ruled out, it is not currently under consideration.  There are no such arrangements in place with any third parties.

Written Answers — Department of Finance: NAMA Expenditure (24 Jun 2014)

Michael Noonan: I am advised by NAMA that the total cost of asset searches to date is €1.55m.  The breakdown by year is as follows: Year Amount 2014 YTD   €116,000 2013    €760,000 2012     €496,000 2011       €176,000

Written Answers — Department of Finance: NAMA Property Construction (24 Jun 2014)

Michael Noonan: NAMA has said that it expects to fund the delivery of 4,500 houses and apartments to serve the Greater Dublin Area in the period from 2014 to end-2016.  Of this total, 334 properties have been completed to date in 2014, 1,523 are currently under construction with the balance at the pre-construction or planning stage and are expected to be constructed in 2015 and 2016. ...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (25 Jun 2014)

Michael Noonan: As the Deputy is aware, I introduced the Home Renovation Incentive in Finance (No. 2) Act 2013. The aim of the incentive is to support tax compliant building contractors by moving activity out of the shadow economy into the legitimate economy. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or...

Written Answers — Department of Finance: Property Taxation Application (25 Jun 2014)

Michael Noonan: I am advised by Revenue that Part 2 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a number of exemptions from Local Property Tax (LPT) under certain conditions. In this regard, Section 8 of the Act specifically relates to property owners who purchased a residential property in 2013 as a main or sole residence. Any exemption granted in accordance with Section 8 will...

Written Answers — Department of Finance: House Prices (26 Jun 2014)

Michael Noonan: The Deputy will be aware that the property bubble up to 2007 was concurrent with a dramatic and unsustainable increase in mortgage lending. The recently published Construction 2020 Strategy: A Strategy for A Renewed Construction Sector sets out that mortgage lending decisions must be undertaken on a sustainable and prudential basis by financial institutions and conform fully to regulatory...

Written Answers — Department of Finance: Tax Reliefs Application (26 Jun 2014)

Michael Noonan: I am advised by Revenue that according to its calculations, approximately 577,000 policy holders, covering 1.1 million insured individuals, are likely to be affected by the restriction of tax relief on medical insurance, which was announced as part of Budget 2014. This figure equates to almost 53% of all policies. Revenue's calculations in this regard are based on its analysis of the...