Results 7,541-7,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (6 May 2015)

Michael Noonan: There are no reliable statistics on the specific number of individuals working in the financial services sector in County Cork. However, there is an estimated 12,000 individuals working in financial services related activity outside the greater Dublin area which includes Cork. As the Deputy will be aware, the Government launched its strategy for the development of the financial services...

Written Answers — Department of Finance: State Banking Sector (6 May 2015)

Michael Noonan: The current valuation of the State's remaining investments in the banks are: Bank Investment type Valuation Source Allied Irish Banks Equity and preference shares Contingent capital (CoCo) €11.7bn €1.6bn ISIF end 2014 preliminary valuation Par redemption value Bank of Ireland Equity €1.6bn Irish Stock Exchange closing price 1st May 2015 ...

Written Answers — Department of Finance: Tax Yield (6 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a 1% income levy on all gross income would generate an estimated revenue of €925 million. These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2012, adjusted as necessary for income, self-employment and employment trends in the interim. They are estimated by reference to 2015 incomes and...

Written Answers — Department of Finance: Banking Sector Regulation (6 May 2015)

Michael Noonan: It is the responsibility of the Directors of banks operating in Ireland to ensure that they have governance and control arrangements in place that comply with,inter alia, the Central Bank of Ireland's Corporate Governance Code and the European Banking Authority's Governance Guidelines (GL44).  These governance and control arrangements are expected to include strong controls in their...

Written Answers — Department of Finance: Pension Provisions (6 May 2015)

Michael Noonan: I have been informed by AIB that, this transaction was made using arm's length valuations, based on discounted expected cash flows, by two independent external parties and was agreed by both the Pension fund Trustees and the Bank. As this was a contribution to the Scheme, there was no payment due to the Bank. Further details of the transaction can be found on page 240 of the bank's 2012...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (6 May 2015)

Michael Noonan: The legislation governing the Drivers and 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). Full details of the scheme, including the criteria which must be met, are set out in...

Written Answers — Department of Finance: Fiscal Policy (6 May 2015)

Michael Noonan: The recommendation of the Council of the European Union dated 7thof December 2010 provided a ceiling for the general government deficit for the years 2011 to 2015. This ceiling excluded any potential bank support measures that may be required in the context of the Government's financial sector strategy. As such, fiscal projections produced by my Department contained a forecast of the...

Written Answers — Department of Finance: Consumer Protection (6 May 2015)

Michael Noonan: I am advised by the Central Bank of Ireland that it considers the circumstances of each case on its own merits in deciding an appropriate course of action such as exercising its discretion to proceed under the Administrative Sanctions Procedure or issue a summary prosecution.  It also advises that all investigations are considered on their own specific facts as to whether or not...

Written Answers — Department of Finance: Carbon Tax Implementation (6 May 2015)

Michael Noonan: The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment. It should also be noted that solid fuels have the highest carbon content of all fossil fuels. As a result they are considered the dirtiest fuels and given the environmental impact it is important that they are taxed. Carbon...

Written Answers — Department of Finance: Public Sector Staff Recruitment (6 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following recruitment took place from 1st December 2014 to 30th April 2015. 1st Dec. - 31st Dec. 2014 - 2 staff were recruited, 1 at Higher Executive Officer level and 1 at Statistician level, from the Central Statistics Office.   1st Jan. 2015 - 30th April 2015 - 29 staff were recruited, 1 at Assistant Principal...

Written Answers — Department of Finance: Tax Code (30 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 60 to 63, inclusive, together. Regarding Question 17019-15,under Section 257 of the Taxes Consolidation Act 1997 all deposit takers are obliged to deduct Deposit Interest Retention Tax (DIRT) from payments of interest made to an account unless the account qualifies as an exempt account. Exemptions from DIRT on income grounds currently apply in the...

Written Answers — Department of Finance: Pension Provisions (30 Apr 2015)

Michael Noonan: By way of background, approved retirement funds (ARFs) were introduced by Finance Act 1999 to provide control, flexibility and choice to holders of personal pensions and to proprietary director members of occupational pension schemes in relation to the drawing down of benefits from their pension plans. Prior to that Act, any person taking a pension from a Defined Contribution (DC) scheme or a...

Written Answers — Department of Finance: Tax Code (30 Apr 2015)

Michael Noonan: Where a couple is cohabiting, rather than married or in a civil partnership, each partner is treated for the purposes of income tax as a separate and unconnected individual.  Because they are treated separately for tax purposes, credits, tax bands and reliefs cannot be transferred from one partner to the other.  In addition there is no provision in the tax code that allows a person...

Written Answers — Department of Finance: Tax Reliefs Availability (30 Apr 2015)

Michael Noonan: Section 469 of the Taxes Consolidation Act 1997 provides for relief in respect of qualifying expenses incurred in the provision of health care in a tax year against the tax paid by an individual for that year.  Health care is defined as the prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability, and includes care received by a woman in...

Written Answers — Department of Finance: Tax Code (30 Apr 2015)

Michael Noonan: I am informed by the Revenue Commissioners that there is no provision in tax law whereby any individual, including an EU national, who returns home having worked in Ireland for 10 years can get a refund of tax/USC paid during that period. In the year of departure however, as respects employment income only, an individual who is tax resident in Ireland is treated as tax resident up to and...

Written Answers — Department of Finance: Tax Rebates (30 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned was in receipt of the Rent Tax Credit for the years 2013 and 2014. This credit was reflected in the Tax Credit Certificates for the years in question issued to the person concerned. I am further advised that no tax refund arises for the years 2013 and 2014, as the correct amount of tax was deducted based on the...

Written Answers — Department of Finance: IBRC Loans (30 Apr 2015)

Michael Noonan: As the Deputy is aware, the Minister for Finance has issued directions to the Special Liquidators to perform a review and produce a report having considered all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency which either: 1. Resulted in a capital loss to IBRC of at least €10...

Written Answers — Department of Finance: Banking Operations (30 Apr 2015)

Michael Noonan: I can confirm for the Deputy that I did not express any concerns regarding the sale of the Bank of Ireland's UK Commercial portfolio to the company highlighted nor were any complaints made directly to me on the matter. I am not aware of officials in either the Department or the NTMA raising any such concerns. In late September 2011, an official in...

Written Answers — Department of Finance: Tax Rebates (30 Apr 2015)

Michael Noonan: Any couple in a marriage or civil partnership aged 65 or over, whose total income from all sources is slightly over the age exemption limit may qualify for marginal relief in accordance with Section 188 (5) of the Taxes Consolidation Act 1997. Marginal relief is determined by comparing a person's liability using two calculation methods. In method 1, the person's liability is calculated by...

Written Answers — Department of Finance: Disabled Drivers Grant Applications (30 Apr 2015)

Michael Noonan: The Deputy will be aware of the legal provisions governing the Drivers & Passengers with Disabilities Scheme which are contained in the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 (S.I. 353 of 1994). Regulation 10(1) of S.I. 353 of 1994 provides that where a vehicle is to be used for the transport of a passenger with a disability, it must be...