Results 12,781-12,800 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Availability (12 Feb 2014)

Michael Noonan: While there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on flood prevention works, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of such expenditure. The Home Renovation...

Written Answers — Department of Finance: Pensions Levy Issues (12 Feb 2014)

Michael Noonan: The pension fund levy is a matter under my responsibility. I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I have, however, introduced an additional levy on pension funds at 0.15% for 2014 and 2015. I am doing this to, among other things, continue to help fund the Jobs...

Written Answers — Department of Finance: Property Taxation Data (11 Feb 2014)

Michael Noonan: The Local Property Tax Act 2012, as amended, is based on local authorities within the meaning of the Local Government Act 2001.  Accordingly, I am informed by the Revenue Commissioners that compliance data in relation to the Local Property Tax (LPT) are available broken down by city and county councils nationally and that preliminary figures for 2014 will be published shortly.  Any...

Written Answers — Department of Finance: Tax Exemptions (11 Feb 2014)

Michael Noonan: The Cycle To Work scheme  was introduced by  Finance (No. 2) Act 2008 and specifies that bicycles and associated safety equipment provided by employers to employees will be treated as a tax exempt benefit-in-kind subject to certain conditions being met. One of the benefits envisaged from the scheme was indeed that more people cycling to and from work would improve health and...

Written Answers — Department of Finance: Credit Review Office Appeals (11 Feb 2014)

Michael Noonan: I am informed by the Credit Review Office (CRO) that they have received 447 formal applications to date. Of these, 305 have reached final conclusion and the CRO has upheld 55% of the appeals in favour of borrowers. Some of the other appeals are work in progress, others are resolved between the borrower and the bank before opinions need to issue, and some were abandoned by the...

Written Answers — Department of Finance: Government Bonds (11 Feb 2014)

Michael Noonan: I am informed that the National Treasury Management Agency (NTMA) currently has no plans to issue a sharia-compliant sovereign Sukuk also known as Islamic bonds. The NTMA recently raised €3.75bn out of a probable total of €8 billion for 2014 all of which is pre-funding for 2015. Given this relatively modest issuance plan and the desire to return to regular bond auctions,...

Written Answers — Department of Finance: Stock Exchange Issues (11 Feb 2014)

Michael Noonan: Measures to encourage the development of Islamic finance in Ireland include: the continuing development of the UCITS and alternative investment fund platforms; the Finance Act 2010 which introduced a number of provisions to ensure that financial products structured along Islamic finance principles are taxed in the same way as conventional financial products; double taxation agreements which...

Written Answers — Department of Finance: Mortagage Arrears Resolution Process (11 Feb 2014)

Michael Noonan: The Deputy will be aware that the Central Bank's Code of Conduct on Mortgage Arrears (CCMA) places an onus on the banks in respect of a co-operating borrower, to explore all the options for offering an alternative repayment arrangement to address a mortgage difficulty, before any legal action is considered.  The CCMA is a statutory Code issued under Section 117 of the Central Bank Act...

Written Answers — Department of Finance: Fuel Rebate Scheme (11 Feb 2014)

Michael Noonan: I introduced this scheme under the Finance Act 2013 to provide for a repayment of part of the mineral oil tax paid on the purchase of auto-diesel by qualifying road haulage and bus operators for use in the course of their business. To address the risk of widespread abuse of the scheme, provision was made for certain restrictions on the means by which the auto-diesel concerned may be...

Written Answers — Department of Finance: Tax Reliefs Cost (11 Feb 2014)

Michael Noonan: Section 848A of the Taxes Consolidation Act 1997 (TCA) provides for a scheme of tax relief on donations to approved bodies. The list of approved bodies for the purposes of Section 848A, which includes eligible charities, bodies approved for education in the arts and eligible primary, secondary and third level institutions, is available on the Revenue website at . For donations made...

Written Answers — Department of Finance: Mortgage Data (11 Feb 2014)

Michael Noonan: The Deputy will be aware that the Central Bank publishes mortgage arrears, restructures and repossession statistics on a quarterly basis.  The latest publication was published in November 2013 and showed data to the end of September 2013. The Central Bank has informed me that statistical information received by the Central Bank as part of its ESCB (European System of Central Banks)...

Written Answers — Department of Finance: Mortgage Arrears Resolution Process (11 Feb 2014)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) is a statutory Code issued under Section 117 of the Central Bank Act 1989 and lenders are required to comply with the CCMA as a matter of law.  The Central Bank's CCMA was revised last year and the revised Code came into effect from 1 July 2013. This followed an extensive consultation process where over 200 submissions were...

Written Answers — Department of Finance: Pension Provisions (11 Feb 2014)

Michael Noonan: I assume that the guaranteed income requirement referred to in the question relates to one of the conditions to be satisfied in order for an individual to invest the proceeds of certain pension savings into an Approved Retirement Fund (ARF). ARFs were introduced by Finance Act 1999 to provide control, flexibility and choice to certain individuals in relation to the drawing down of benefits...

Written Answers — Department of Finance: Tax Credits (11 Feb 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that the tax credit and the tax cut off point of the person concerned have changed as a result of the person s  Department of Social Protection State Pension Contributory as advised to Revenue having increased from an amount €21,066 in 2013 to €22,703 in 2014. A tax credit certificate issued to the person concerned on 16...

Written Answers — Department of Finance: Tax Code (11 Feb 2014)

Michael Noonan: Capital gains tax legislation sets out the rules relating to the expenditure that is allowed in computing a chargeable gain and the amount of capital gains tax due. Expenditure that is allowed includes the cost of acquisition of an asset, enhancement expenditure incurred during the period of ownership of the asset and costs incurred in disposing of the asset. Enhancement expenditure means...

Written Answers — Department of Finance: Property Taxation Assessments (11 Feb 2014)

Michael Noonan: I am advised by Revenue that a key aspect of the work undertaken in regard to Local Property Tax (LPT) was the development of a comprehensive register of residential properties in the State. During the compilation of the Property Register some matching difficulties were encountered when consolidating the various data sources, and in certain instances the linkage of properties to relevant...

Written Answers — Department of Finance: Tax Code (11 Feb 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that the income tax being deducted by the employer in this case would appear to be correct. A copy of the person's tax credit certificate will be issued to him shortly.  The details shown on the certificate are based on the most recent information Revenue has in relation to the person's tax credit entitlements. If these details are not...

Written Answers — Department of Finance: Tax Credits (11 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 148 and 167 together. The legislation governing entitlement to the incapacitated child tax credit is contained in section 465 of the Taxes Consolidation Act 1997, as amended. The legislation provides that an individual is entitled to the tax credit for a year if he or she proves that at any time during that year he or she had a child who: - is under...

Written Answers — Department of Finance: Pensions Levy Issues (11 Feb 2014)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I have, however, introduced an additional levy on pension funds at 0.15% for 2014 and 2015. I am doing this to, among other things, continue to help fund the Jobs Initiative. I have no plans to change this position.

Written Answers — Department of Finance: Revenue Commissioners Investigations (11 Feb 2014)

Michael Noonan: I am advised by the Revenue Commissioners that two payments of the kind referred to by the Deputy were made, one of €500 in 2011 and one of €500 in 2012. Such payments I understand are made only in certain defined and limited circumstances. The approval of such a payment by Revenue is conditional on the provision of new and/or significant information which results in a...