Results 14,681-14,700 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Redundancies (26 Sep 2013)

Michael Noonan: Permanent TSB has informed me that staff who were offered and accepted Voluntary Severance were advised that they would be offered the standard deferred pension benefits in accordance with the rules of their pension scheme. Permanent TSB advises me that details of the deferred pension benefits were issued to such staff members by the Trustees of the Pension scheme of which they were a member....

Written Answers — Department of Finance: Banking Sector Redundancies (26 Sep 2013)

Michael Noonan: Bank of Ireland has informed me that it offers an appropriate range of supports to all employees whose application for Voluntary Parting is accepted by the Group. Bank of Ireland supports include: - The opportunity to avail of a Financial one-to-one over the telephone with a Qualified Financial Adviser. - The opportunity to contact a Career Coach to have a telephone coaching session to...

Written Answers — Department of Finance: Pension Provisions (26 Sep 2013)

Michael Noonan: Finance Act 2013 was passed into law on 27th March and section 17 of the Act, which makes provision for pre-retirement access to AVCs, has effect from that date. Section 17 introduces a new section 782A into the Taxes Consolidation Act 1997 which provides members of occupational pension schemes with a three-year window of opportunity to draw down, on a once-off basis, up to 30% of the...

Written Answers — Department of Finance: NAMA Loans Sale (26 Sep 2013)

Michael Noonan: I am advised by NAMA that it is precluded by the provisions of various Statutes and by banking confidentiality case law from disclosing details relating its debtors and assets, including property assets, securing its loans. However per latest published information for 31 March 2013, which is available on the NAMA website, www.nama.ie, NAMA debtors in aggregate owe close to €70 billion...

Written Answers — Department of Finance: Tax Reliefs Cost (26 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual’s marginal rate of income tax and for which estimates of cost can be provided are set out below together with estimated costs for the year 2010, the most recent year for which the necessary estimates are available. If relief for these deductions and reliefs was...

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...

Written Answers — Department of Finance: Pension Provisions (26 Sep 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). Administrators of AVC funds (including PRSA administrators) are required to provide, within 15 working days of the end of each...

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the available information on the yield in the years 2005 to 2012 from Stamp Duty on transfers of shares, stocks and marketable securities is set out in the following table: Year € million 2005 324 2006 406 2007 608.7 2008 419.4 2009 207.6 2010 181.7 2011 194.8 2012 171.5 The figures shown are the yields from transfers of stocks...

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 87 to 90, inclusive, together. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of abolishing the main personal and employee tax credits for income earners earning over €150,000, would be of the order of €165 million. The estimated full year yield to the...

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. Information on the numbers and values of individual pension funds or on individual accrued benefits are not generally required to be supplied to the Revenue...

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael Noonan: The Deputy should be aware that EU Directive 92/93, which governs the structure of alcohol taxation, requires that such taxes are applied by reference to the nature and strength of the product rather than the means of packaging. It does not provide for different tax treatment of alcohol products depending on where the product is sold. Accordingly, the introduction of such a levy would not be...

Written Answers — Department of Finance: Departmental Staff Data (26 Sep 2013)

Michael Noonan: According to our records at end 1981, the Department employed the following: Title Number Special Adviser 1 Personal Assistant 1 Personal Secretary 1 Publicity Officer 1 At end 2011, my Department employed the following: Title Number Special Adviser 2 Press Officer (Civil Servant) 1 Personal Assistant 1 Civilian Driver 2 Currently, my Department employs the following: Title...

Topical Issue Debate: VAT Rate Reductions (25 Sep 2013)

Michael Noonan: There is a misunderstanding about what the position is. The reduction was introduced as a temporary measure to pump-prime the industry. If Deputies ask me to leave the rate as it is, that means 13.5% from 1 January next year. Leaving it as it is means it reverts automatically to the higher rate because it was reduced for a temporary period. That is the reason it is so difficult to do it....

Topical Issue Debate: VAT Rate Reductions (25 Sep 2013)

Michael Noonan: I thank Deputies Nolan, Ann Phelan and Griffin for giving me this opportunity to speak on the issue of the 9% VAT rate. The programme for Government included a proposal to reduce the 13.5% VAT rate by 1.5% until the end of 2013. However, as part of the Government jobs initiative, it subsequently was decided to introduce a more targeted VAT reduction measure by introducing the 9% VAT rate...

Written Answers — Department of Finance: Tax Reliefs Cost (25 Sep 2013)

Michael Noonan: In my 2013 Budget speech, I stated that (from next year) tax relief on pension contributions will serve to subsidise pension schemes that deliver income of up to €60,000 per annum. I went on to say, in this context, that the current arrangements governing the maximum allowable pension fund at retirement for tax purposes of €2.3 million allowed for very generous pensions for...

Written Answers — Department of Finance: Property Taxation Yield (25 Sep 2013)

Michael Noonan: For residential properties valued at over €1m, the Local Property Tax (LPT) payable is 0.18%onthe first €1m in value and 0.25% on the portion of the value above €1m. LPT was introduced with effect from 1 July 2013 and it is an annual charge rather than a quarterly charge. I am advised by the Revenue Commissioners that they have published preliminary global data on...

Written Answers — Department of Finance: Universal Social Charge Yield (25 Sep 2013)

Michael Noonan: The change I announced in the 2013 Budget to apply the standard rates of USC to those aged 70 years of age or over and medical card holders earning €60,000 and above was estimated to yield €25 million in 2013. However, I am informed by the Revenue Commissioners that figures of USC receipts are not captured in such a manner as would enable the impact of this change to be...

Written Answers — Department of Finance: Tax Reliefs Abolition (25 Sep 2013)

Michael Noonan: The budget change referred to in the question was estimated to yield €10 million in a full year but no yield was expected in 2013. I am informed by the Revenue Commissioners that figures of income tax receipts are not captured in such a manner as would enable the impact of this change to be separately identified going forward.

Written Answers — Department of Finance: Tax Reliefs Application (25 Sep 2013)

Michael Noonan: As the Deputy rightly points out, in Budget 2013 I announced a number of changes to the existing scheme for film relief which was contained in Section 481 of the Consolidated Taxes Act 1997. The legal provisions required to enact those changes were contained in Finance Act 2013. Those changes will take effect from 1 January 2016. The changes to Section 481, which were enacted in response to...