Results 13,421-13,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Collection (10 Dec 2013)

Michael Noonan: I am advised by Revenue that the deduction at source payment method in respect of Local Property Tax (LPT) from Department of Social Protection pensions commenced in July 2013. The system operates via an automated data exchange where Revenue electronically captures the information provided by the taxpayer and transfers it to the Department. The data exchange between the computer systems...

Written Answers — Department of Finance: Budget Targets (10 Dec 2013)

Michael Noonan: Details of voted expenditure, including its presentation, are primarily a matter for my colleague, Brendan Howlin T.D., Minister for Public Expenditure & Reform. However, you may be aware that the Department of Public Expenditure & Reform publishes detailed information on the annual amount of Exchequer Expenditure in a number of documents, including on Budget Day and in the...

Written Answers — Department of Finance: Property Taxation Collection (10 Dec 2013)

Michael Noonan: I am informed by the Revenue Commissioners 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 Government and non-Government data sources, and in certain...

Written Answers — Department of Finance: Banking Sector Issues (10 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 123 and 124 together. I can confirm to the Deputy that I have seen the results of the Balance Sheet Assessment as they were a commitment under our Funding Programme and, as with all other such commitments, my Department communicated them to the Troika by the appointed deadline. The results are very technical in nature and I am under a legal obligation to...

Written Answers — Department of Finance: Pension Provisions (10 Dec 2013)

Michael Noonan: Section 782A of the Taxes Consolidation Act 1997 provides members of occupational pension schemes with a once-off opportunity to access their Additional Voluntary Contributions (AVCs), pre-retirement. The option is available for a three year period from 27 March 2013, the date that the Finance Act 2013 was passed into law. There are a number of reasons why, under existing policies,...

Written Answers — Department of Finance: Currency Exchange (10 Dec 2013)

Michael Noonan: I have been informed by the Central Bank that it does not regulate Bitcoin. Crypto-currencies are not legal tender in the Euro area. The Revenue Commissioners have advised me that e-commerce, including the use of virtual currencies, present a challenge to tax administrations throughout the world. Specifically, regarding the possible use of crypto-currencies (including Bitcoin) to...

Written Answers — Department of Finance: Universal Social Charge Exemptions (10 Dec 2013)

Michael Noonan: As the Deputy will be aware, the Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. The USC is a charge on the gross income of individuals if their gross income exceeds the USC threshold of €10,036 per annum. It...

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (10 Dec 2013)

Michael Noonan: May I bring to the Deputy’s attention that the details of the auditors of individual banks are publicly available and published in the Annual Reports of the various institutions. For assistance you will find the details below. AIB 2008 – 2012 KPMG 2013 Deloitte & Touche - following an open tender process EBS 2008 – 2010 Ernst & Young 2011 KPMG...

Written Answers — Department of Finance: Universal Social Charge Application (10 Dec 2013)

Michael Noonan: The position is that the Universal Social Charge (USC) was introduced from 1 January 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. The USC is only charged on income and not on capital or savings, and it only applies where an individual has an aggregate income for a...

Written Answers — Department of Finance: VAT Exemptions (10 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that, in general, many of the activities carried out by charities are considered to be either outside the scope of, or exempt from, VAT. Charities engaged exclusively in such activities are neither obliged nor entitled to register and account for VAT on their income. In certain circumstances the activities of a charity, such as the operation of...

Written Answers — Department of Finance: Property Taxation Application (10 Dec 2013)

Michael Noonan: I am informed by Revenue that, as Local Property Tax (LPT) is a self-assessed tax, it is a matter for the property owner to calculate the amount of tax due based on his/her assessment of the market value of the property at 1 May 2013. I am further informed that if a liable person places an incorrect value on his/her property due to a genuine error or mistake, and as a consequence overpays...

Written Answers — Department of Finance: NAMA Portfolio (10 Dec 2013)

Michael Noonan: As the Deputy will be aware NAMA does not own properties. NAMA is subject to similar legal requirements as other lenders that preclude it from disclosing details relating to its debtors and their properties.

Written Answers — Department of Finance: Capital Programme Expenditure (10 Dec 2013)

Michael Noonan: The Capital spend from my Department over the past five years has primarily related to Centre for Management and Organisation Development (CMOD), now the Office of Government Chief Information Officer), Peace/Interreg projects and the Special EU Programmes Administrative body (SEUPB), all of which are now under the ambit of the new Department of Public Expenditure and Reform. A smaller amount...

Written Answers — Department of Finance: Tax Reliefs Eligibility (10 Dec 2013)

Michael Noonan: Tax relief for land leasing aims to incentivise the long-term leasing of farmland through encouraging more retired and part-time farmers to lease their land to younger farmers, especially those who are Young Trained Farmers. Widening the scope of this relief to include companies could lead to calls from other business sectors for a similar tax exemption, for instance, on rental profits. In...

Written Answers — Department of Finance: Economic Policy (10 Dec 2013)

Michael Noonan: An invitation to tender for assistance and analysis in the preparation of a Medium-Term Economic Strategy, including an analysis of recent medium-term economic strategies in countries/regions comparable to Ireland, and to provide related advice on the effective development and implementation of the Strategy was published on eTenders on 20th August 2013. The tender document was also...

Written Answers — Department of Finance: Economic Policy (10 Dec 2013)

Michael Noonan: The entity to which the Deputy refers is an ongoing local authority initiative to promote Irish design. The entity offered to provide assistance to the Department of Finance to develop a design scheme for the Medium-Term Economic Strategy document which will help ensure that its message and goals are communicated with maximum clarity to the widest possible readership in Ireland and abroad....

Written Answers — Department of Finance: Economic Policy (10 Dec 2013)

Michael Noonan: As part of the preparation of a Medium-Term Economic Strategy, requests for tenders for assistance in modelling medium-term supply-side changes to the Irish economy were issued to three parties on the 9th August. The goal of the modelling exercise was to quantify the impacts of potential supply-side economic reforms relative to a baseline scenario. Three responses were received within the...

Written Answers — Department of Finance: Tax Credits (10 Dec 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit (OPFTC) is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing OPFTC and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The proposed new...

Written Answers — Department of Finance: Consumer Protection (10 Dec 2013)

Michael Noonan: I have been advised by the Central Bank that the role of the Consumer Advisory Group (CAG) is to advise the Central Bank on the performance of its functions and the exercise of its powers in relation to protecting consumers of financial services. There are five members of the CAG. Appointments are for a three-year period and members serve on a voluntary basis. A list of the members is as...

Written Answers — Department of Finance: IBRC Loans (10 Dec 2013)

Michael Noonan: I have been advised by the Special Liquidators that the overall valuation of Irish Bank Resolution Corporation's loan book was completed as scheduled on 30 November. The information requested will not be published as it is commercially sensitive financial information which could potentially have a detrimental impact on asset recovery from the impending sale process. The Minister for...