Results 11,541-11,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Administration (13 May 2014)

Michael Noonan: I am advised by Revenue that the 'property tax letters' to which the Deputy refers in his Question relate to arrears of Household Charge (HHC) as distinct from Local Property Tax (LPT). For the Deputy's information, with effect from 1 July 2013, Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) converted HHC to LPT, increased all outstanding liabilities from €100 to...

Written Answers — Department of Finance: Statutory Instruments (13 May 2014)

Michael Noonan: It is Government policy, as stated in Public Financial Procedures, that State bodies should not purchase insurance. This is based on the principle that the claims costs to the Exchequer in a given year would be far less than the premiums charged for commercial insurance cover. The National Treasury Management Agency (Amendment) Act 2000, and subsequent Delegation Orders,...

Written Answers — Department of Finance: Illicit Trade in Tobacco (13 May 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the extent of the illicit cigarette market in Ireland is estimated through annual surveys of smokers. These surveys are undertaken for Revenue and the National Tobacco Control Office of the Health Services Executive by Ipsos MRBI. The analysis of the results of the  survey for 2013 are not yet fully finalised but  preliminary analysis...

Written Answers — Department of Finance: European Banking Sector (13 May 2014)

Michael Noonan: The euro settlement and payments systems (TARGET2 and STEP2) are closed on the following dates each year: New Year's Day (1 January); Good Friday; Easter Monday; Labour Day (1 May); St. Stephen's Day (26 December). All of these dates are also bank holidays in Ireland except for 1 May. The May bank holiday is the first Monday in May.  The Deputy may be aware from my...

Written Answers — Department of Finance: European Banking Sector (13 May 2014)

Michael Noonan: 1 May is the only date on which the Euro settlement and payments systems are closed and which is not necessarily a bank holiday in Ireland. The Deputy may be aware from my reply to a question from Deputy Michael McGrath on 8 May 2014 that the Central Bank of Ireland worked with the Irish Payments Services Organisation (IPSO) and the banks to minimise any inconvenience to customers arising...

Written Answers — Department of Finance: Property Taxation Administration (13 May 2014)

Michael Noonan: By way of background information, the Deputy will be aware that with effect from 1 July 2013, Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) converted 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...

Written Answers — Department of Finance: Insurance Levy (13 May 2014)

Michael Noonan: The Insurance Compensation Fund (ICF) levy of 2%, applied to home, motor and commercial insurance, operates under the Insurance Act 1964 and came into effect from 1 January 2012 following the appointment of administrators to Quinn Insurance Ltd (QIL) by the High Court. Under Section 6 of the Insurance Act 1964 the responsibility for deciding whether the ICF has...

Written Answers — Department of Finance: Departmental Bodies Data (13 May 2014)

Michael Noonan: In response to the Deputy's question there are no commercial semi State Companies under the aegis of my Department.

Written Answers — Department of Finance: Tax Collection (13 May 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 the liability from €100 to €200 per property and made Revenue responsible for its collection. As part of Revenue's recent HHC compliance programme, property owners...

Written Answers — Department of Finance: IBRC Loans (13 May 2014)

Michael Noonan: The Special Liquidators confirm that 64% of the residential mortgage portfolio was sold to Shoreline Residential Limited, an indirect affiliate of Lone Star Fund VIII and to Mars Capital Ireland Limited funded through funds managed by Oaktree Capital Management LP. I have been advised by the Special Liquidators that they are unable to comment on how the loans were selected for sale...

Written Answers — Department of Finance: Motor Insurance Regulation (13 May 2014)

Michael Noonan: I propose to take Questions Nos. 169 and 194 together. Under EU law which governs non-life insurance, an insurer is required to inform the regulator in its home Member State (its home regulator) that it intends to pursue business in another Member State. The home regulator must then provide the host regulator with a certificate attesting that the insurer covers the EU Solvency Capital...

Written Answers — Department of Finance: Motor Insurance Regulation (13 May 2014)

Michael Noonan: I propose to take Questions Nos. 170 to 172, inclusive, together. Setanta Insurance Company Limited (Setanta) is a Maltese incorporated company subject to prudential supervision in Malta by the Malta Financial Services Authority (MFSA). Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard. The Central Bank have informed me...

Written Answers — Department of Finance: Universal Social Charge Application (13 May 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced. It is applied at a low rate on a wide base. The revenues collected play a vital part in meeting the many...

Written Answers — Department of Finance: Property Taxation Administration (13 May 2014)

Michael Noonan: I propose to take Questions Nos. 174 and 175 together. I have previously dealt with these issues under Questions 19783-14 and 19784-14 Revenue has advised me that Section 10 of the Finance (Local Property Tax) Act 2012 (as amended) made provision for a number of exemptions from Local Property Tax (LPT). The exemptions include certain unfinished housing estates, which are prescribed (as...

Written Answers — Department of Finance: Tax Rebates (13 May 2014)

Michael Noonan: I am informed by Revenue that property owners who are due a refund of tax and who are currently paying their 2014 LPT liability by direct debit (over the course of 2014) are entitled to receive their tax refund, provided that the direct debits have been honoured, and that the rest of their tax affairs are in order. They are not required to pay their full 2014 LPT liability now in order to...

Written Answers — Department of Finance: National Treasury Management Agency Deposits (13 May 2014)

Michael Noonan: The National Treasury Management Agency (NTMA) is known as the State Claims Agency (SCA) when carrying out its role of managing claims on behalf of State Authorities who are liable in respect of claims and from whom the SCA recovers the amount of any awards and associated costs. Day-to-day claims costs are met from the Post Office Savings Bank Fund, as set out in...

Written Answers — Department of Finance: Motor Insurance Regulation (13 May 2014)

Michael Noonan: I propose to take Questions Nos. 178 and 189 together. The provision of motor insurance cover is a commercial matter for insurance companies, which is based on a proper assessment of the risks they are accepting and the making of adequate provisioning to meet these risks. In my role as the Minister for Finance I have responsibility for the development of national policy and the legal...

Written Answers — Department of Finance: Tax Collection (13 May 2014)

Michael Noonan: I am advised by Revenue that it is very conscious of the current economic environment and the difficulties it can pose for some individuals in dealing with their tax affairs. Revenue has responded to this environment by encouraging taxpayers experiencing particular payment difficulties to engage proactively when such difficulties arise in order to find a mutually acceptable solution, which...

Written Answers — Department of Finance: Property Taxation Administration (13 May 2014)

Michael Noonan: The Thornhill Group, the inter-departmental group chaired by Dr Don Thornhill established to consider the structures and modalities of a property tax, recommended that Local Property Tax (LPT) paid by the owner in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. The Government has agreed in...

Written Answers — Department of Finance: Tax Credits (13 May 2014)

Michael Noonan: Child Benefit is payable to the parents or guardians of children under 16 years of age, or under 18 years of age if the child is in full-time education, Youthreach training or has a disability. I understand that child benefit is paid by the Department of Social Protection to only one beneficiary in respect of a qualifying child. The person who receives the child benefit payment is being...