Results 19,761-19,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that an estimated flat tax rate of 46%, on all income over €15,000, would be necessary to achieve a target yield equal to the total amount currently raised from universal social charge and income tax combined, and the abolition of all existing tax credits, allowances and reliefs, including the various income exemptions, marginal reliefs,...

Written Answers — Department of Finance: Property Tax (26 May 2015)

Michael Noonan: I can advise the Deputy that the person concerned has generously offered to undertake the work in connection with the LPT Review on a pro bonobasis and that this offer has been accepted. The question of a fee does not therefore arise.

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: In relation to the fiscal outlook post 2016 projections, the 2015 Stability Programme Update incorporates a technical assumption in respect of the income tax system.  The assumption allows for the indexation of the income tax system of around 2 per cent, which is line with the medium-term increase in non-agriculture wages and equates to a nominal value of approximately €300...

Written Answers — Department of Finance: Fiscal Policy (26 May 2015)

Michael Noonan: Firstly, I wish to clarify for the Deputy that projections of the structural balance set out in the 2015 Stability Programme Update (SPU) are not estimated using either the reference rate or convergence margin. Rather, the structural balance is calculated using a measure of the output gap (based on potential GDP growth) which is set out in Table 15 of the SPU. In...

Written Answers — Department of Finance: Economic Data (26 May 2015)

Michael Noonan: The non-accelerating wage rate of unemployment or NAWRU is the concept of structural unemployment used within the harmonised framework for estimating potential output used by the European Commission. The rate of structural unemployment is not observed and must be estimated empirically. The NAWRU estimates consistent with the 2015 Stability Programme Update indicate a rate of...

Written Answers — Department of Finance: Central Bank of Ireland (26 May 2015)

Michael Noonan: Section 19 of the Central Bank Act 1942, as amended, sets out the rules and procedure for the appointment of the Governor of the Central Bank. Section 19 provides that the Governor is to be appointed by the President on the advice of the Government. The term of appointment is seven years. While the Governor has announced his intention to retire, the details of the date...

Written Answers — Department of Finance: Tax Reliefs Cost (26 May 2015)

Michael Noonan: I propose to take Questions Nos. 308 to 310, inclusive, together. In relation to the first question, I am advised by the Revenue Commissioners that the estimated impact to the Exchequer on the reduction of the marginal rate of tax relief to 20% for employee and individual contributions to pension schemes or plans is a saving in the order of €410 million. In relation to the...

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: I propose to take Questions Nos. 311 and 312 together. Following commencement of the licensing provisions for remote operators, provided for in the Betting (Amendment) Act 2015, provisions for the extension of duty to remote bookmakers and remote betting intermediaries were commenced on 15 April. These operators are liable for duty at 1% on the amount of a bet from customers in the State...

Written Answers — Department of Finance: Departmental Staff Recruitment (26 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following were recruited in 2014. Grade Recruited Secretary General 1 Assistant Secretary 2 Principal Officer 2 Assistant Principal 4 Administrative Officer 14 Higher Executive Officer 1 Clerical Officer 2 TOTAL 26 In addition to the recruitment within my own Department the following information on staff who have been...

Written Answers — Department of Finance: Departmental Staff Redeployment (26 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following staff have been seconded abroad or to another Department in 2014. 2 Assistant Principals seconded to the European Commission 1 Administrative Officer seconded to the European Commission 1 Administrative Officer seconded to the German Finance Ministry In addition to the secondment of staff within my own...

Written Answers — Department of Finance: Departmental Staff Retirements (26 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following staff retired in 2014. Grade Retired Second Sec Gen 1 Director 1 PO 1 AP 7 HEO 1 EO 2 TOTAL 13 In addition to the retirements within my own Deparrtment I have been advised of the following retirements in respect of bodies under the aegis of my Department. Organisation Retirements 2014...

Topical Issue Debate: Property Tax Exemptions (27 May 2015)

Michael Noonan: The pyrite panel appointed by the Minister for the Environment, Community and Local Government recommended that consideration be given to providing an exemption from local property tax where damage from pyritic heave had been proven by testing. This was to be proven in accordance with a National Standards Authority of Ireland standard capable of determining if there was reactive pyrite in...

Topical Issue Debate: Property Tax Exemptions (27 May 2015)

Michael Noonan: I thank Deputy Ryan for raising this issue. First, I accept there is an anomaly and that it is along the lines pointed out by him. Second, I am waiting for Dr. Thornhill to advise me on how to remediate this anomaly. He may suggest an amendment to the Local Property Tax Act 2012 or he may consider, in line with the Deputy's proposal, that an amendment to the statutory instrument would be...

Aer Lingus Share Disposal: Motion (Resumed) (27 May 2015)

Michael Noonan: I am happy to have the opportunity to address the Dáil regarding what is a positive transaction for Aer Lingus and for Ireland. I commend the Minister, Deputy Donohoe, on his concerted efforts over the last number of months. Today’s motion to dispose of the State’s minority shareholding in Aer Lingus and the commitments contained within it delivers the best possible...

Written Answers — Department of Finance: Pension Provisions (27 May 2015)

Michael Noonan: Flexible options at retirement (the so-called "ARF option") are available in respect of all benefits from Defined Contribution (DC) retirement benefit schemes and other DC-based pension savings. Choices available to individuals (after taking the tax-free retirement lump sum) include the option to purchase an annuity with the remaining funds, to receive the balance of the pension funds in cash...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (27 May 2015)

Michael Noonan: Part IIIC of the Central Bank Act 1942, as amended, provides the Central Bank of Ireland with the power to impose sanctions in respect of the commission of a prescribed contravention by regulated financial service providers and by persons concerned in the management of a regulated financial service provider.  Since the commencement of the Central Bank (Supervision and...

Written Answers — Department of Finance: Financial Services Regulation (27 May 2015)

Michael Noonan: Part IIIC of the Central Bank Act 1942, as amended, provides the Central Bank of Ireland with the power to impose sanctions in respect of the commission of a prescribed contravention by regulated financial service providers and by persons concerned in the management of a regulated financial service provider.  In respect of persons concerned in the management of a...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (27 May 2015)

Michael Noonan: The legislation governing the Drivers & Passengers with Disabilities Scheme is contained in Section 92 of the Finance Act 1989 (as amended), Section 134(3) of the Finance Act 1992 (as amended) and the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 (S.I. 353 of 1994). Regulations 8, 10 and 12 of S.I 353 of 1994 require that a beneficiary of the Scheme...

Written Answers — Department of Finance: Property Tax Administration (27 May 2015)

Michael Noonan: I understand that the information returned to Revenue indicates what Local Property Tax band a property fell into in 2013 rather than its actual value or its value in the current market. Therefore, any yield estimate made on the basis of this information would involve wide margins of error. I do not consider that it would be helpful in the circumstances to hypothesise in advance of the...

Written Answers — Department of Finance: National Minimum Wage (27 May 2015)

Michael Noonan: In March, the Low Pay Commission issued a request for submissions, seeking the views of individuals and bodies with an interest in the minimum wage, as part of a public consultation process. In response to this request, and given my Department's responsibility for economic policy advice, the Department's Economics Division developed a submission internally which was subsequently...