Results 19,841-19,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (9 Jun 2015)

Michael Noonan: The details supplied refer to the tax situation for unmarried cohabiting couples when one partner inherits from the other. I am informed by the Revenue Commissioners that spouses or civil partners who inherit property from each other are exempted from the payment of inheritance tax on that inheritance. Other cohabiting couples are, however, liable to inheritance tax where the surviving...

Written Answers — Department of Finance: Tobacco Seizures (9 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 281 and 314 to 317, inclusive, together. I am advised by the Revenue Commissioners that the quantities of cigarettes seized in Ireland in each of the past five years that were branded as Phillip Morris products, and the numbers of seizures in each of those years involving such products, are as set out in the following table. Year No. of Seizures Quantity of...

Written Answers — Department of Finance: Pensions Levy (9 Jun 2015)

Michael Noonan: The details supplied refer briefly to public sector pensions. I understand from my colleague the Minister for Public Expenditure and Reform who has responsibility for that matter that he intends to bring proposals to Government shortly regarding the public sector pension reductions made in recent years. The details supplied primarily refer to the Pension Fund Levies which I introduced in...

Written Answers — Department of Finance: Illicit Trade in Tobacco (9 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that combating the illegal tobacco trade is, and will continue to be, a high priority for Revenue. Their work against this illegal activity includes a range of measures designed to identify and target those who are engaged in the supply or sale of illicit products, with a view to seizing the illicit products and prosecuting those responsible. This...

Written Answers — Department of Finance: IBRC Operations (9 Jun 2015)

Michael Noonan: I can confirm that the minutes of a meeting between IBRC and officials from my Department which took place on 13 August 2012 record that the issue of restructuring of the loans associated with the company referred to in the question was "particularly difficult as IBRC would like to do restructuring but are unable to at present as the shareholders are not communicating". The...

Written Answers — Department of Finance: EU Regulations (9 Jun 2015)

Michael Noonan: The EU-wide market abuse regime was recently revised by Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse ('Market Abuse Regulation') and Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse ('Market Abuse Directive'). The Market Abuse Regulation and Directive will...

Written Answers — Department of Finance: Special Liquidator Fees (9 Jun 2015)

Michael Noonan: As announced last week, the transaction review which the Special Liquidators were directed to conduct has been replaced with a Commission of Investigation, therefore the question posed by the Deputy is no longer applicable. However, I can confirm that the hourly rates agreed with the Special Liquidators for the liquidation of IBRC are: Grade Rate Per Hour (excluding VAT) Partner...

Written Answers — Department of Finance: IBRC Review (9 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 287, 290 and 291 together. The announcement of the transaction review took place on 23rd April 2015.  Prior to this date, and after I and my officials decided that the Special Liquidators were in the best position to undertake the review, discussions took place between my officials and the Special Liquidators around the scope of the...

Written Answers — Department of Finance: IBRC Liquidation (9 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 288 and 289 together. As the Special Liquidators maximise the proceeds of the liquidation, it is important that they have a comprehensive view of the creditors who ultimately may be entitled to these proceeds. To this end, the Special Liquidators have published advertisements and have written to known creditors in order to finalise their claims in...

Written Answers — Department of Finance: Tax Rebates (9 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned is registered for income tax and Relevant Contracts Tax (RCT). When the person concerned first registered for RCT he was subject to a deduction rate of 20% and this continued until April of this year when the deduction rate was revised to 0% because of his then established compliance record. RCT deductions are treated as a...

Written Answers — Department of Finance: Corporation Tax (9 Jun 2015)

Michael Noonan: All companies operating in Ireland are chargeable to corporation tax at the 12.5% rate on the profits that are generated from their trading activities here. A higher 25% rate applies in respect of investment, rental and other non-trading profits, as well as certain petroleum, mining and land-dealing activities, and chargeable capital gains are taxable at the capital gains tax rate of 33%. I...

Written Answers — Department of Finance: Tax Credits (9 Jun 2015)

Michael Noonan: I understand from the Revenue Commissioners that the Appeal Commissioner determined on 11 June 2012, that the company concerned is entitled to a credit of the RCT for the year 2007.  While the Revenue Commissioners had initially requested that a Case Stated be prepared for the Opinion of the High Court, following further consideration of this matter Revenue decided not to proceed...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (9 Jun 2015)

Michael Noonan: The €1.9 billion capital proceeds of disposals (i.e. excluding accrued interest) from the NPRF's Directed Portfolio holdings in Bank of Ireland in December 2013 were retained in case it was found necessary to use them in the light of the results of the Banking stress tests in October 2014.  In January 2014 these proceeds were invested by the NTMA in...

Written Answers — Department of Finance: Tax Compliance (9 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that they are in active communication with the person concerned regarding her tax affairs. Information is awaited by Revenue from the person concerned in relation to certain aspects of those tax affairs. While at this stage it is likely that the person concerned will owe some tax, the current matter cannot be finalised until the information requested...

Written Answers — Department of Finance: IBRC Operations (9 Jun 2015)

Michael Noonan: I am advised by the Special Liquidators that due to commercial confidentiality and ongoing litigation, they are not in a position to provide the information requested.

Written Answers — Department of Finance: Banking Sector Investigations (9 Jun 2015)

Michael Noonan: I have been informed by the Central Bank that the Financial Regulator engaged PwC in September 2008 to conduct work on certain banking issues, known as Project Atlas. The total cost of Project Atlas was €3,794,967, of which €3,601,367 was recouped from the banks.

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (9 Jun 2015)

Michael Noonan: I am informed by the Central Bank that the company referred to by the Deputy is a wholly owned subsidiary of a company that, while not regulated by the Central Bank, has voluntarily agreed to adhere to the Central Bank of Ireland's Code of Conduct on Mortgage Arrears and the parent company confirms this on its website at . The CCMA provides a strong consumer protection...

Written Answers — Department of Finance: Legislative Measures (9 Jun 2015)

Michael Noonan: The legislation will apply to all loans as defined, regardless of when they were acquired, thus capturing loan books that have already been sold. A similar approach was used in 2013 in relation to debt management firms. Also, when the requirement for a retail credit firm authorisation was itself introduced in 2007, existing non-deposit taking lenders (which up to then did not require...

Written Answers — Department of Finance: Pensions Levy Yield (9 Jun 2015)

Michael Noonan: I assume the Deputy is referring to the stamp duty levy on pension fund assets, which was introduced in the Finance (No. 2) Act 2011.  The 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 and is required to be paid by 25 September each year.  It...

Written Answers — Department of Finance: Central Credit Register (9 Jun 2015)

Michael Noonan: I have been informed by the Central Bank (Bank) that it is taking a phased approach to the implementation of the Central Credit Register (CCR). The initial phase of the CCR will focus on lending to individuals and is expected to become operational by mid-2016. A later phase will address lending to incorporated entities and is tentatively scheduled to be operational by...