Results 13,261-13,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (19 Dec 2013)

Michael Noonan: I can advise the Deputy that there has been an ongoing and significant emphasis on base broadening through the abolition or curtailment of tax reliefs such as those relating to property investment and interest relief as well as increases in minimum tax rates for high earners. Indeed the Letter of Intent dated 29th November which was jointly sent by me and by Governor Honohan to Christine...

Written Answers — Department of Finance: Tax Collection Forecasts (19 Dec 2013)

Michael Noonan: I assume the Deputy’s question is confined to the reductions in the standard rate bands announced in Budget 2011. On this basis, I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014 incomes, of returning the standard rate tax bands to 2010 levels, for single and widowed persons, as well as for lone parents and for married...

Written Answers — Department of Finance: Tax Collection Forecasts (19 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2014 incomes, of returning the personal and PAYE tax credits to their 2010 levels for single and widowed persons, as well as for lone parents and for married couples/civil partners, would be of the order of €560 million. There would also be an additional full...

Written Answers — Department of Finance: Special Assignee Relief Programme (19 Dec 2013)

Michael Noonan: Section 14 of Finance Act 2012 introduced the Special Assignee Relief Programme (SARP) which is designed to reduce the cost to employers of assigning key individuals in their companies from abroad to take up positions in the Irish based operations of their employer. Paragraph 10 of Section 14 provides that relevant employers must submit an annual return to the Revenue Commissioners detailing,...

Written Answers — Department of Finance: Pension Provisions (19 Dec 2013)

Michael Noonan: Finance Act 2013 provides members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they can opt to draw down, on a once off basis, up to 30% of the accumulated value of additional voluntary contributions (AVCs). This provision includes additional voluntary PRSA contributions made to AVC PRSAs. Administrators of AVC funds (including PRSA...

Written Answers — Department of Finance: Credit Unions (19 Dec 2013)

Michael Noonan: Following an application by the Central Bank, Mr Jim Luby of McStay Luby Chartered Accountants, was appointed as liquidator of Newbridge Credit Union Limited by the High Court on 16 December 2013. It is expected that the freehold title of Newbridge Credit Union Limited’s premises will be sold to a third party in due course. The Central Bank has informed me that the liquidator is...

Written Answers — Department of Finance: Special Assignee Relief Programme (19 Dec 2013)

Michael Noonan: Section 14 of Finance Act 2012 introduced the Special Assignee Relief Programme (SARP) which is designed to reduce the cost to employers of assigning key individuals in their companies from abroad to take up positions in the Irish based operations of their employer. Paragraph 10 of Section 14 provides that relevant employers must submit an annual return to the Revenue Commissioners detailing,...

Written Answers — Department of Finance: Tax Reliefs Cost (19 Dec 2013)

Michael Noonan: Section 12 of Finance Act 2012 provided for a limited tax deduction for individuals who temporarily carry out the duties of their office or employment in Brazil, Russia, India, China or South Africa. The provision applies as respects the years 2012, 2013 and 2014. The first year of the programme was 2012 and the relevant details of tax claims received to date from PAYE employees for that...

Written Answers — Department of Finance: Tax Collection Forecasts (19 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 113 and 114 together. I assume that the Deputy refers to increases in the standard rate tax bands, which would apply similarly to single and widowed persons, as well as to lone parents. In addition, the proposed increases are assumed to also apply to married/civil partnership couples. On this basis, I am informed by the Revenue Commissioners that the full...

Written Answers — Department of Finance: Tax Collection Forecasts (19 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2014 incomes, of increasing the PAYE and personal tax credits by €100 respectively, would be of the order of €315 million. The increase in the personal tax credits mentioned in the Deputy’s question is assumed to apply in similar measure to widowed...

Written Answers — Department of Finance: Tax Collection Forecasts (19 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2014 incomes, of introducing an income tax credit of €100 for every child would be of the order of €68 million. This estimate is derived from the Revenue tax-forecasting model using actual data for the year 2011 adjusted as necessary for income and...

Written Answers — Department of Finance: Fiscal Policy (19 Dec 2013)

Michael Noonan: After nearly ten years of consultation, drafting, and discussion, on 16th March 2011 the European Commission published its proposal for a Common Consolidated Corporate Tax Base (CCCTB). This represented the beginning of a process that involves a detailed examination of the proposal, line by line, by all Member States at the Council working group. Since the Commission's proposal was...

Written Answers — Department of Finance: Mortgage Interest Relief Expenditure (19 Dec 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of mortgage interest relief for principal private residences by way of tax relief at source (TRS) in the years 2010 to 2013 inclusive is as follows: Tax Year Cost €m 2010 €375 2011 €357 2012 €411 *2013 (11 months) €324 *This figure is provisional and subject to revision. The...

Written Answers — Department of Finance: Banking Sector Issues (19 Dec 2013)

Michael Noonan: I have been informed by AIB that all relevant disclosures in relation to its senior and subordinated bonds in issue at 30 June 2013 are shown on pages 88 and 90 of AIB’s 2013 Half Yearly Financial Report which was published on 1 August 2013. I am informed by Permanent TSB (“PTSB”) that as of 30 June 2013 it had €3.7 billion of senior debt outstanding and...

Written Answers — Department of Finance: Tax Credits (19 Dec 2013)

Michael Noonan: I would like to remind the Deputy that my Department carried out an extensive review of the R&D tax credit in 2013, which culminated in a detailed report being published on Budget Day. This report is available on my Department’s website at and contains some of the detailed analysis carried out in respect of the claims for the R&D Tax Credit in 2011, the latest year...

Written Answers — Department of Finance: Tax Collection (19 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there would be a significant amount of work involved in determining the precise amount of extra tax generated in 2012 from the initiative undertaken by the Commissioners in January 2012 to regularise the affairs of PAYE taxpayers who had not previously declared their Department of Social Protection (DSP) payments. However, on the basis of an...

Written Answers — Department of Finance: Legislative Process RIA (19 Dec 2013)

Michael Noonan: In response to the Deputy’s question, the Department of Finance undertakes Regulatory Impact Analyses (RIA) in accordance with the latest guidelines as published by the Department of the Taoiseach. A RIA is carried out where it is deemed necessary to do so in respect of a policy or programme that is being developed. There are cases where a RIA is not required. For example, a RIA is not...

Written Answers — Department of Finance: Departmental Bodies (19 Dec 2013)

Michael Noonan: In response to the Deputy’s question the following table contains a list quasi autonomous NGOs which fall under the aegis of my Department. Name of Body Set up National Treasury Management Agency 3 December 1990 State Claims Agency ( SCA) 3 December 2001 National Pensions Reserve Fund Commission (NPRF) 2 April 2011 National Development Finance Agency (NDFA) 1 January 2003...

Written Answers — Department of Finance: State Assets (19 Dec 2013)

Michael Noonan: The latest published estimates of the value of financial and non-financial assets, the pension liability and contingent liabilities of general government, produced by the CSO are given in table 6 of Government Finance Statistics - Annual on the CSO website. These data are presented in the following table. Table of selected assets, liabilities, contingent liabilities and other commitments...

Written Answers — Department of Finance: Departmental Bodies (19 Dec 2013)

Michael Noonan: In response to the Deputy’s question there are currently 5 chairpersons of bodies under the aegis of my Department that were chairpersons when I became Minister of Finance in March 2011. The bodies concerned are as follows: The Irish Financial Services Appeals Tribunal (IFSAT) The Central Bank Commission (an ex-officio position) Financial Services Ombudsman Council Nation Pensions...