Results 14,501-14,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget Submissions (8 Oct 2013)

Michael Noonan: To date I have received one request for costings from a political party and these have been completed and forwarded, I have also recently received one request from an individual Deputy and this is being examined by my officials. My Department provides this facility for political parties and I am prepared to extend it also to individual TDs also, however, we do not provide costings for...

Written Answers — Department of Finance: Tax Collection Forecasts (8 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate from 33% to 35 %, based on the expected outturn in 2014, could be in the region of €22 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated additional yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 33% by 2% to 35% would be of the order of €31 million in a full year. This projection assumes no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings. It...

Written Answers — Department of Finance: VAT Rate Application (8 Oct 2013)

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. The measure was estimated to cost €120 million in 2011, €350 million in 2012, €350 million in 2013, and €60 million in 2014. Any proposal to maintain the 9%...

Written Answers — Department of Finance: Carbon Tax Implementation (8 Oct 2013)

Michael Noonan: I assume that the Deputy’s question relates to the double deduction for carbon tax on farm diesel which I provided for in Finance Act 2012. Under this provision, farmers are allowed a deduction in computing their farming profits or losses for the amount of additional carbon tax they incur on purchases of marked gas oil following the €5 per tonne increase in the rate of carbon...

Written Answers — Department of Finance: Tax Forms (8 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that Forms P60 are only issued by employers to their employees, as evidence of pay and tax deducted in their employment. Revenue has no function in this regard. However, Revenue will write to this person and provide him with details of the pay and tax for the years 2005 - 2011 as returned by his employer which Revenue has on file. If any further...

Written Answers — Department of Finance: Budget 2014 (8 Oct 2013)

Michael Noonan: This question relates to potential Budgetary measures. It is the usual practice for the Minister for Finance not to speculate or comment in advance of the Budget on what it may contain and I do not propose to deviate from that practice.

Written Answers — Department of Finance: NAMA Property Construction (8 Oct 2013)

Michael Noonan: NAMA advises me that NAMA is subject to similar legal requirements as other lenders that preclude it from disclosing details relating to its debtors and their properties to any third party. NAMA’s role in relation to properties is, like a bank, that of a secured lender. NAMA, as with other lenders, does not procure or manage construction contracts in respect of properties securing...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I am interpreting the Deputy’s question to mean monies accruing to the State from Sporting Clubs and Bodies in respect of taxes, social insurance contributions and universal social charges, etc. I am informed by Revenue that it is not possible to extract the information required, given the broad nature of the Deputy’s request. Details of such payments by Sporting Clubs and...

Written Answers — Department of Finance: NAMA Operations (8 Oct 2013)

Michael Noonan: NAMA advises me that site security, where required, is one of a number of business overheads associated with the essential repair and maintenance of properties and the preservation of value. NAMA permits debtors to retain a portion of rental and other income produced by a debtor’s assets to meet these essential costs. Such costs are itemised within each debtor’s general...

Written Answers — Department of Finance: Pension Provisions (8 Oct 2013)

Michael Noonan: As I have outlined to the Deputy previously the pension arrangements of Permanent TSB employees are a matter for the management of that company and the Trustees of the relevant pension schemes. As the Deputy would appreciate my department is engaged in regular contact with Permanent TSB and the defined benefit pension schemes at that institution are one of many topics which have arisen in...

Written Answers — Department of Finance: Budget 2013 (8 Oct 2013)

Michael Noonan: The Deputy will be aware that measures announced in the Budget 2013 concerned many Departments, not just my own. As regards Finance Act 2013, this is the means by which measures announced in the Budget and relating to taxation are implemented. The Act also implements associated Revenue-related measures The scope of Finance Act 2013 was set out in the Finance Bill 2013 Explanatory Memo and...

Other Questions: Insurance Compensation Fund (3 Oct 2013)

Michael Noonan: The Deputy should note that the insurance compensation fund, ICF, levy being applied to home, motor and commercial insurance operates under the Insurance Act 1964 and came into effect from 1 January 2012. The ICF levy should not be confused with the 3% stamp duty on non-life-insurance premiums introduced in 1982, which is often referred to as an insurance levy. This stamp duty forms a part...

Other Questions: Insurance Compensation Fund (3 Oct 2013)

Michael Noonan: The moneys involved are quite large. To date, a total of €1.118 billion has been drawn down from the ICF by Quinn Insurance administrators. In 2012 €45.5 million was raised by the levy, and a total of €49 million has been raised in the first nine months of 2013. This gives a total shortfall of €1.0235 billion, which is an enormous amount of money. This was...

Other Questions: NAMA Staff Qualifications (3 Oct 2013)

Michael Noonan: This is not cost free because we are effectively paying somebody after he or she has gone and also paying his or her replacement. Therefore, there is a cost issue - we are paying twice for the same set of functions to be carried out. We try to measure it by what is adequate and what provides protection, but I do not want to go beyond this. We have arrangements in place in the Department,...

Other Questions: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: A way forward for Permanent TSB was agreed with the troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard, Permanent TSB prepared a restructuring plan which the Department of Finance submitted...

Other Questions: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: Some work has been done on tracker mortgages across the banking system. However, as interest rates have reduced and are now at a very low level, the margin of advantage in doing something about tracker mortgages is quite small. With a high interest rate, the kind of initiative about which the Deputy is talking would be of big benefit, but when interest rates are so low, the margin is so...

Other Questions: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: Ulster Bank is regulated by the Bank of England. In Ireland there is a regulatory function to cover it, but its primary regulator is the Bank of England and we must see what regulatory proposals come through from Mr. Carney and the Chancellor of the Exchequer. We hope it will continue trading and providing credit North and South of the Border because it fulfils a very important function. It...

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: I have answered that question already.

Other Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: There are many targets in the programme. There are three relevant targets here: the 5.1% deficit, the consolidation target of 3.1%, and the issue of achieving a primary surplus in 2014. We must be conscious of these three targets. I have told the Members what I am prepared to do. We will try to bring in an equitable budget despite the constraints on us. We have done that, by and large,...