Results 10,981-11,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Fiscal Policy (24 Jun 2014)

Michael Noonan: The corrective arm of the Stability and Growth Pact (SGP) requires that we bring the headline deficit below 3 per cent of GDP by 2015.  This remains the immediate priority. Once the excessive deficit is corrected, Ireland will be subject to the requirements of the preventive arm of the SGP.  The rules specify the need to make progress towards the medium term...

Written Answers — Department of Finance: Fuel Rebate Scheme (24 Jun 2014)

Michael Noonan: Contractors using machinery in the course of farming work are entitled to use Marked Gas Oil (MGO). The current excise duty including the carbon charge on MGO is 10.23 cents per litre, this compares to 47.9 cents per litre in respect of auto-diesel. In terms of VAT, the reduced VAT rate of 13.5% applies to MGO and the standard VAT rate of 23% applies to auto-diesel. MGO is therefore taxed...

Written Answers — Department of Finance: Banking Sector Regulation (24 Jun 2014)

Michael Noonan: I have been informed by the Central Bank that ACC Bank continues to be regulated by the Central Bank while it still holds a banking licence. Since ACC Bank's original announcement of its commercial decision to withdraw existing day to day personal customer products, services and also to discontinue the provision of personal and business banking products to new customers, the...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (24 Jun 2014)

Michael Noonan: I am informed by the Central Bank that it is precluded from commenting on any ongoing investigations.

Written Answers — Department of Finance: Financial Services Sector (24 Jun 2014)

Michael Noonan: Following my request, the State owned banks have recently put this information on their websites. It can be found at the following addresses: AIB: ptsb: For your convenience the details are as follows: Total Remuneration at 31 December 2013 AIB ptsb €100,000 - €200,000 942 148 €200,001 - €300,000 73 14 €300,001 - €400,000 11 4...

Written Answers — Department of Finance: VAT Rate Application (24 Jun 2014)

Michael Noonan: As you are aware, under EU and Irish VAT law it is not possible to apply the 9% VAT rate to construction of property other than housing. However, historically the same VAT rate applies to all construction in Ireland. I have no plans to apply different VAT rates to different construction services as this would lead to administrative complications and could lead to tax abuse. In addition, any...

Written Answers — Department of Finance: Property Taxation Collection (24 Jun 2014)

Michael Noonan: I am advised by Revenue, that with effect from 1 July 2013, Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) converted arrears of Household Charge (HHC) to Local Property Tax (LPT), increased all outstanding liabilities from €100 to €200 and made Revenue responsible for the collection of those outstanding amounts. As part of the handover process, Revenue...

Written Answers — Department of Finance: Bonds Redemption (24 Jun 2014)

Michael Noonan: I have been advised that Permanent TSB has c €2.1bn of debt securities maturing over the remainder of 2014 and 2015, details of which are laid out in Note 25 in the annual report which is available on the bank's website.

Written Answers — Department of Finance: Banking Sector (24 Jun 2014)

Michael Noonan: The Deputy will recall that a way forward was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008.  In this regard Permanent TSB prepared a Restructuring Plan, which the...

Written Answers — Department of Finance: Public Sector Staff (24 Jun 2014)

Michael Noonan: I previously advised the House that this is a matter for the Revenue Commissioners.  I am advised that stage 1 of a recent internal competition for Executive Officers involved online testing of numerical and verbal reasoning.  This is a common approach availed in recruitment generally, for example by the Public Appointments Service, where there are very large numbers of...

Written Answers — Department of Finance: VAT Rate Application (24 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 155 and 157 together. I am advised by the Revenue Commissioners that the EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services are chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance...

Written Answers — Department of Finance: VAT Rate Application (24 Jun 2014)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The EU VAT Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate, but that a reduced rate of 5% or higher can apply to food and drink in certain circumstances. Ireland applies the 13.5% reduced VAT rate to bakery...

Written Answers — Department of Finance: Auctioneering Licences (24 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that their Galway Office has been in touch with the Deputy regarding this Parliamentary Question.  It is understood that the person in question (details supplied) held an auctioneer's licence approximately 10 - 15 years ago but is unable to provide further details in relation to his last licence.  In the circumstances, the Revenue...

Written Answers — Department of Finance: Living City Initiative (24 Jun 2014)

Michael Noonan: The Deputy will be aware that I announced in my most recent Budget Statement that the Living City Initiative, which was enacted in the Finance Act 2013, would be extended to now include the cities of Dublin, Cork, Galway and Kilkenny as well the original target cities of Limerick and Waterford. The inclusion of these four cities within the Initiative followed the results of a thorough...

Written Answers — Department of Finance: VAT Rate Reductions (24 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. ...

Written Answers — Department of Finance: Tax Yield (24 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 161 and 165 together. It is assumed that the threshold for the proposed new income tax rates mentioned by the Deputy in Question 27301/14 would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents, married couples and civil partnerships. I am advised by the Revenue Commissioners that, given the current...

Written Answers — Department of Finance: Tax Yield (24 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the figures for the domicile levy are per the following table. This is the amount of tax collected in each of the years specified. Although the domicile levy was introduced in 2010, the first returns and payment were not due to be filed and paid until 2011 hence there are no payments in 2010.  There are no payments to date in 2014 as the...

Written Answers — Department of Finance: Social Insurance (24 Jun 2014)

Michael Noonan: I assume the Deputy is referring to the recent TASC report regarding the step effect in the PRSI system which brings all income into charge once the relevant threshold is reached. While such an effect is never ideal, it is necessary to achieve the desired yield, which in itself contributes to keeping workers on incomes lower than the threshold to remain outside the charge to employee...

Written Answers — Department of Finance: Corporation Tax Regime (24 Jun 2014)

Michael Noonan: It is important to clarify at the outset that there are two separate scenarios that are often confused in discussions on the effective rate of corporation tax. The first is the global rate of tax which is paid by multinational companies who operate across a number of jurisdictions.  This is a 'blended' rate which takes into account the amount of tax charged across all of the countries...

Written Answers — Department of Finance: Tax Credits (24 Jun 2014)

Michael Noonan: The Deputy is advised that the Advisory Group on Tax and Social Welfare (AGTSW) are considering a range of tax and social welfare issues, with a view to increasing the incentives for individuals to return to work. I understand that one of the issues the Group have examined relates to refundable tax credits. It is expected that the Group will publish its report later this summer and I...