Results 11,561-11,580 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am advised by the Revenue Commissioners that, according to their records, the amount of the deduction referred to by the taxpayer appears to be neither income tax nor Universal Social Charge. An amended tax credit certificate, on a week one basis, showing a reduced tax credit, issued to the taxpayer on 4 March 2014. Based on the level of pension in previous years this certificate should...

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

Michael Noonan: I am informed by the Revenue Commissioners that detailed data in respect of the tax year 2012 are currently being processed and will be available in due course, while data in respect of 2013 are still in the process of being collected or are not required to be returned until later this year. Information on tax expenditure associated with tax relief on pension contributions in respect of 2011...

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

Michael Noonan: I propose to take Questions Nos. 184 and 203 together. I am advised by the Revenue Commissioners that the estimated full year cost, estimated by reference to 2014 incomes, of retaining the exemption from the 7% rate of Universal Social Charge (USC) for those on medical cards with an aggregate annual income below €60,000 is tentatively estimated in the order of €102...

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

Michael Noonan: The Government's position is that a Financial Transactions Tax (FTT) would be best applied on a wide international basis to include the major financial centres to prevent the danger of activities gravitating to jurisdictions where taxes are not levied on financial transactions.  Notwithstanding this, the Government is not prepared to stand in the way of EU Member States that wish to work...

Written Answers — Department of Finance: VAT Exemptions (13 May 2014)

Michael Noonan: Where a person, such as that described by the Deputy, sells their payment entitlement without land then VAT at the standard rate of 23% applies if the sale proceeds exceed the relevant threshold for registration (currently €37,500 per 12 month period).  There is no exemption in Irish or EU VAT legislation for such sales.  However, where a flat-rate farmer exceeds the...

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

Michael Noonan: Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) provides that where the €100 Household Charge for 2012 had not been paid by 1 July 2013 the arrears amount is increased to €200 and is treated as Local Property Tax (LPT).  Section 156 also made Revenue responsible for collecting the arrears. The Deputy will be aware that by 1 July 2013 those who had...

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

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned submitted claims for refunds of tax for the year 2002 and the years 2004 to 2007 in June 2012.  Section 865 of the Taxes Consolidation Act 1997 (as amended) provides for a four-year time limit in relation to claims made for refunds of taxes, that is, a claim for a refund of tax for any year will not be allowed unless it...

Written Answers — Department of Finance: Credit Unions Regulation (13 May 2014)

Michael Noonan: Credit unions have an important role to play in providing credit in local communities around the country and I am supportive of safe and responsible lending by credit unions.   Section 35(2) of the Credit Union Act 1997 permits a credit union to have up to 30% of its loan book outstanding for more than 5 years and up to 10% of its loan book outstanding for more...

Written Answers — Department of Finance: Credit Unions Regulation (13 May 2014)

Michael Noonan: The Commission on Credit Unions in its final Report recommended a tiered regulatory approach for credit unions. The Central Bank issued a consultation paper on the  proposed tiered regulatory approach in order to provide an opportunity for stakeholders to set out their views across a range of issues. I have been informed by the Central Bank that the structure of...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (13 May 2014)

Michael Noonan: I am advised by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and the 1994 Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (S.I. 353 of 1994) (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and Vehicle Registration Tax (VRT) for persons registered under the scheme. The scheme is...

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

Michael Noonan: The situation is that established civil servants recruited prior to 6 April 1995 do not pay a personal pension contribution, though in most cases they are required to pay a contribution of towards dependant benefits amounting to 1.5% of pay. Established civil servants recruited on or after 6 April 1995 do pay a personal pension contribution, amounting to 1.5% of pay and 3.5% of net pay...

Written Answers — Department of Finance: NAMA Court Cases (13 May 2014)

Michael Noonan: I am advised by NAMA that it has obtained judgements totalling over €2.3 billion to date, details of which are set out below. Year Value of Judgement 2010 €82,434, 690 2011 €617,382,642 2012 €965,565,689 2013 €650,369,981 Total €2,315,948,710 NAMA advises that judgements, where obtained, do not themselves give rise to debt realisation but...

Written Answers — Department of Finance: NAMA Staff Numbers (13 May 2014)

Michael Noonan: I am advised that 374 NTMA staff are currently, in accordance with Section 41 of the NAMA Act, assigned to NAMA.  I am advised that NAMA is appropriately staffed to deal with its current workload.  As the Deputy states, the Special Liquidators of IBRC have confirmed that they now expect that the proceeds from the sale of IBRC assets will be sufficient to fully discharge the...

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

Michael Noonan: I have been advised by the Special Liquidators that they are not in a position to comment on individual cases. The information requested is confidential and it would not be appropriate for the Special Liquidators to release such information.

Written Answers — Department of Finance: NAMA Expenditure (13 May 2014)

Michael Noonan: I am advised that updated information on NAMA IBRC integration costs will be set out in the Agency's Annual Accounts for 2013 and in its Q4 2013 Section 55 Quarterly Accounts, both of which will be published at the end of this month. The costs take account of the necessary preparatory work which was required in the expectation that loans would be acquired from the Special Liquidators. It...

Written Answers — Department of Finance: Banks Recapitalisation (13 May 2014)

Michael Noonan: I would like to welcome the approval by the European Commission of the AIB Restructuring Plan last week. The approval by the Commission is an important external validation that the plan contains a credible strategy to return AIB to profitability and a position where it can support the Irish economy in the years ahead. This view has been further reinforced by the announcement yesterday by...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (13 May 2014)

Michael Noonan: In June 2013, the Central Bank set quarterly institution-specific performance targets for covered banks to move distressed SME borrowers onto longer-term forbearance solutions.  The targets set reflect the banks' capacity, processes and systems.  The Central Bank has informed the officials in my Department that the banks have reported that they have met their required targets to...

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

Michael Noonan: The Financial Institutions Levy was announced in  Budget 2014, and the legislation governing the levy is contained in Section 126AA of the Stamp Duties Consolidation Act 1999 (inserted by Section 72 of Finance (No 2) Act 2013. The levy is based on an institution s DIRT liability in 2011,  and will be in place for three years with an anticipated annual yield of €150...

Written Answers — Department of Finance: VAT Rate Application (13 May 2014)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. In Budget 2014 I announced that the 9% VAT rate would be retained at a cost of €290 million in 2014 and €350 million in a full year.  The Budget change means that...