Results 18,041-18,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Administration (10 Dec 2014)

Michael Noonan: I am advised by Revenue that the issues to which the Deputy refers occurred because the property was registered for Local Property Tax (LPT) using the PPS number of the deceased spouse of the person in question. The registration, which was completed by a family member through the LPT online system resulted in all of the various notifications and payment reminders being issued in the name of...

Written Answers — Department of Finance: Insurance Compensation Fund (10 Dec 2014)

Michael Noonan: At the outset I would like to say that I am aware of the difficulties that the liquidation of Setanta Insurance Company Limited has caused for Setanta policyholders and those claiming compensation under Setanta insurance policies.   You will appreciate that a liquidation of an insurance company is a legally complex and time consuming process.  The situation...

Written Answers — Department of Finance: VAT Exemptions (11 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by them.  In this context, it is not possible under EU VAT law, with which Irish VAT law must comply, to introduce VAT exemption based on services received, nor to introduce an exemption based on the recipient of a service. Non-profit...

Written Answers — Department of Finance: Tax Data (11 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. At the outset I should point out that the Revenue Commissioners do not issue commencement of employment notices.  They do however issue a Tax Credit Certificate to an employer to facilitate the correct operation of PAYE and USC, where they have been notified of a new employment. I am advised by the Revenue Commissioners that the...

Written Answers — Department of Finance: VAT Exemptions (11 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Iontophoresis devices, are liable to VAT at the standard rate, currently 23%. There is no provision in VAT law that would make it possible to apply an exemption or a zero rate to the supply of such products.  Under...

Written Answers — Department of Finance: Pensions Levy (11 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the pension fund levy applies to the market value, on the valuation date (generally 30 June each year) of assets under management in pension funds and pension plans approved under Irish Tax legislation. The person responsible for payment of the levy is the "chargeable person" as defined in the legislation. The chargeable person, as respects...

Written Answers — Department of Finance: Insurance Costs (11 Dec 2014)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, as regulator, interfere in the pricing of insurance products.  The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (11 Dec 2014)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, repayment of excise duty on fuel, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe...

Written Answers — Department of Finance: Tax Yield (11 Dec 2014)

Michael Noonan: I am informed by the Revenue Commissioners that Deposit Interest Retention Tax (DIRT) on interest bearing deposits is returned on a four-times yearly basis by financial institutions: in April, July and October of the tax year in question and in the following January. Returns for each year are due by 15 January of the following year and the total value of DIRT due and paid is reported to...

Written Answers — Department of Finance: Tax Code (11 Dec 2014)

Michael Noonan: I assume that the Deputy wishes to establish at what level the standard and marginal Income Tax rates alone would need to be set to yield to the Exchequer the receipts currently delivered through the combination of both Income Tax and Universal Social Charge (USC). These combined receipts totalled just under €16 billion in 2013. I am informed by the Revenue Commissioners that, with...

Written Answers — Department of Finance: IBRC Liquidation (11 Dec 2014)

Michael Noonan: Kieran Wallace and Eamonn Richardson are independent in their duties as Special Liquidators of IBRC and have a statutory responsibility to act in the interests of all the creditors of IBRC including the State. I am advised by the Special Liquidators that there are 7 instances where KPMG have been appointed as receiver over assets connected to loans disposed by IBRC. All insolvency...

Written Answers — Department of Finance: Insurance Coverage (11 Dec 2014)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, as regulator, interfere in the pricing of insurance products.  The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: Universal Social Charge Exemptions (11 Dec 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced from 1 January 2011 and replaced the Income and Health Levies.  The USC is an annual tax payable on an individual's total income in a year, subject to a small number of exemptions and reliefs.  In particular, an individual is not liable to pay USC where his or her total income in the current tax year does not exceed...

Written Answers — Department of Finance: Bank Guarantee Scheme Bond Repayments (11 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 69 and 73 together. The Special Liquidators continue to implement the orderly and efficient wind down of Irish Bank Resolution Corporation Limited (in Special Liquidation) in accordance with the provisions of the IBRC Act and the instructions issued by me under the IBRC Act . In April 2014, the Special Liquidators announced that the loan sales process had...

Written Answers — Department of Finance: Banks Recapitalisation (11 Dec 2014)

Michael Noonan: In  the period since 2008, significant burden-sharing has been achieved through Liability Management Exercise (LME) transactions completed by the Covered Banks. The purpose of the LMEs was to create additional core tier 1 capital and to strength en the quality of the capital base of the Banks. Prior to the Central Bank's PCAR, burden sharing with subordinated bondholders raised c....

Written Answers — Department of Finance: Tax Code (11 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the general rule that applies to sole traders is that income tax is charged on the full amount of the profits of the person's trade or profession arising in the tax year in question.  The exact calculation of the income tax that a sole trader may be liable for in any tax year is based on the total amount of income received for the...

Written Answers — Department of Finance: IBRC Liquidation (11 Dec 2014)

Michael Noonan: As a result of The European System of National and Regional Accounts (ESA 2010), IBRC is classified in government. Any payment from the Special Liquidators of IBRC to the State would be considered an intra-government payment with no impact on the deficit. It would however improve the exchequer borrowing requirement as the cash received would increase the cash balances in the...

Written Answers — Department of Finance: Banks Recapitalisation (11 Dec 2014)

Michael Noonan: In 2009 and 2010 Anglo Irish Bank repurchased subordinated bonds with a nominal value of €4.4bn and recognised gains as a result of these liability management exercises totalling €3.3bn. Irish Nationwide Building Society in 2009 and 2011 exchanged or repurchased bonds totalling €1.1bn as part of liability management exercises and recognised gains of €0.4bn.

Written Answers — Department of Finance: European Central Bank (11 Dec 2014)

Michael Noonan: In general, a programme of quantitative easing (QE) would be expected to lower borrowing costs and increase the supply of credit to the real economy. In this way, real economic activity in the euro area would be expected to increase and inflation in the euro area as a whole would move back towards target. The Irish economy would therefore benefit from both the reduction in...

Written Answers — Department of Finance: Financial Services Regulation (11 Dec 2014)

Michael Noonan: My Department recently made a submission to the Central Bank of Ireland regarding its macro-prudential proposals for mortgage lending. This submission has now been published on the Department's website and is available at: The Deputy may wish to note that it is also the intention of the Central Bank of Ireland to publish all the submissions it has received in response to the public...