Results 20,301-20,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Black Economy Issues (25 Sep 2012)

Michael Noonan: I am advised by the Revenue Commissioners that their tax compliance programmes are under constant review to ensure that they are focussed on the areas of greatest risk, including risks from the shadow economy. There is no doubt that shadow/hidden economy activity creates distortions in the economy and competitive disadvantages for compliant businesses. For these reasons, Revenue focuses on...

Written Answers — Department of Finance: Gambling Legislation (25 Sep 2012)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...

Written Answers — Department of Finance: Tax Code (25 Sep 2012)

Michael Noonan: As the Deputy is aware, the marginal tax rate is described as the tax rate that applies to the last euro of the tax base. The current marginal tax rate on income earned over €100,000 for full PRSI employees is 52% and for self assessed income is 55%. The components of the marginal tax rate are provided in table below: Marginal tax rate components PAYE employee full PRSI earning >...

Written Answers — Department of Finance: Budget 2013 (25 Sep 2012)

Michael Noonan: A table giving details of the consolidation required to achieve the General Government deficit targets as set out in the EU/IMF Programme was included in the Medium-Term Fiscal Statement (MTFS) last November. In line with the figures presented in the MTFS, the Government is planning a €3.5 billion adjustment in Budget 2013, consisting of €2.25 billion in expenditure...

Written Answers — Department of Finance: Tax Code (25 Sep 2012)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs...

Written Answers — Department of Finance: Film Industry Tax Reliefs (25 Sep 2012)

Michael Noonan: The Finance Act 2011 provided for an extension of the film relief scheme to the end of 2015. In that context I believe it is now appropriate to review the scheme in the context of making timely decisions regarding the future of the scheme after 2015. the 2009 Commission on Taxation recommended that film relief should be the subject of regular review. It was last reviewed in 2007. The terms...

Written Answers — Department of Finance: Commercial Rent Reviews (25 Sep 2012)

Michael Noonan: In response to the Deputy’s question the Office of Public Works which comes under the aegis of Minister for Public Expenditure and Reform is involved in most purchases and leasing of buildings by the State including buildings leased by my Department.

Written Answers — Department of Finance: Financial Services Ombudsman (25 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 124 to 126, inclusive, together. Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his statutory functions. It would not be appropriate for me to comment on how he performs those functions. The Financial Services Ombudsman's Bureau has informed me that his office has received the following number of...

Written Answers — Department of Finance: Banks Recapitalisation (25 Sep 2012)

Michael Noonan: I have been advised that on the 1st July 2011, under the INBS Transfer Order, all of the assets and liabilities of INBS, with certain exceptions, transferred to IBRC. On that date the Group’s net assets increased by €638m. No cash consideration changed hands. However the net assets of INBS included cash and cash equivalents of €128m.

Written Answers — Department of Finance: Banks Recapitalisation (25 Sep 2012)

Michael Noonan: A breakdown of IBRC’s balance sheet is available on page 34 of the IBRC Annual Report and Accounts 2011 which can be accessed at

Written Answers — Department of Finance: Promissory Note Negotiations (25 Sep 2012)

Michael Noonan: The Bank, including the former INBS, has been provided with promissory notes to the value of €30.6bn consisting of a number of tranches. Each tranche pays a market based fixed rate of interest which is set on the date of issue and is appropriate to the maturity date of the tranche. The promissory notes pay 10% of the initial principal amount of each tranche annually. Interest to be...

Written Answers — Department of Finance: Tax Code (25 Sep 2012)

Michael Noonan: Sections 472A and 88A of the Taxes Consolidation Act 1997 provide for the Revenue Job Assist scheme, which allows qualifying employees, in addition to their normal tax credits, to claim certain income deductions, including additional deductions for qualifying children, for a three year period after taking up employment. The scheme also permits employers to take a double deduction for the...

Written Answers — Department of Finance: Fuel Prices (25 Sep 2012)

Michael Noonan: Ireland, as with other countries, has experienced an increase in fuel prices. This increase is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as geopolitical uncertainty in Northern...

Written Answers — Department of Finance: NAMA Debtors (20 Sep 2012)

Michael Noonan: NAMA advises that performance status is determined on a loan by loan rather than a debtor by debtor basis. Details on the percentage of performing loans are set out on a quarterly basis in NAMA's Section 55 Report. The most recent report that is publicly available covers the three months to end-March 2012 and is available on NAMA's website, www.nama.ie. NAMA advises that it captures income...

Written Answers — Department of Finance: NAMA Debtor Agreements (20 Sep 2012)

Michael Noonan: I am advised by NAMA that 39 debtors and receivers rent one or more assets to State bodies. For a further breakdown relating to the rental by State bodies of properties under the control of NAMA debtors and receivers, the Deputy may wish to consider my response to a Parliamentary Question from Deputy Pat Deering (34483/12, 17th July 2012) on the same topic.

Written Answers — Department of Finance: NAMA Loan Book (20 Sep 2012)

Michael Noonan: The most recent segmental analysis of the carrying value of NAMA’s loans is set out on page 95 of the Agency’s Annual Report and Financial Statements for the year ended 31 December 2011. NAMA currently splits its loan portfolio by Ireland, the UK and the rest of the World. The analysis indicates total loans and receivables before impairment of €28.4 billion,...

Written Answers — Department of Finance: NAMA Debtor Agreements (20 Sep 2012)

Michael Noonan: I am advised by NAMA that it seeks to capture income generated by assets under the control of its debtors. Separately, it permits appropriate overheads where necessary for the preservation and enhancement of the value of property securing its loans. Overhead costs typically fall into two categories: (1) Cost associated with the repair and maintenance of properties, insurance premia, local...

Written Answers — Department of Finance: Tax Code (20 Sep 2012)

Michael Noonan: It is assumed that the threshold for the proposed new tax rates mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of the introduction of each of the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Sep 2012)

Michael Noonan: The Government is aware of the financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. Mortgage holders who are in difficulty with their mortgage obligations in respect of their primary residence have significant protections available to them under the Central Bank’s Code of Conduct on Mortgage Arrears. In addition, the...

Written Answers — Department of Finance: Tax Clearance Certificates (20 Sep 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that they are awaiting the person’s Income Tax return for 2011. Notice of assessment for 2011 will be issued on receipt of the tax return.