Results 14,741-14,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Expenditure (24 Sep 2013)

Michael Noonan: The Jobs Initiative announced in 2011 included a range of Revenue and Expenditure Measures to support the protection of existing jobs and the creation of new ones. Details of the revenue measures, as announced, are set out in the table below. Revenue Measure Description Yield/Cost € million 9% VAT rate To support the tourism industry, a second reduced rate of VAT of 9% was...

Written Answers — Department of Finance: Budget 2014 Issues (24 Sep 2013)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative as a temporary measure and is due to expire at end December 2013, at which point it will revert to 13.5%. Failure to revert the 9% rate to 13.5% gives rise to a Budget shortfall in 2014. Retaining the 9% rate, therefore, would be very costly to the Exchequer and would...

Written Answers — Department of Finance: Corporate Tax Regime Issues (24 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2014 profits, of increasing the 25% rate of corporation tax by 5% for all income that is currently taxable at this rate would be tentatively estimated at €50 million. While this estimate is technically correct it does not take into account any behavioural change on the...

Written Answers — Department of Finance: Tax Yield (24 Sep 2013)

Michael Noonan: I am advised by the National Treasury Management Agency (NTMA) that the latest figures available on interest payments on State Savings accounts are for 2012. As the Deputy may be aware, the NTMA announced reductions in the interest rates across the full range of State Savings products in December 2012. This was done at a time when rates in the deposit market generally were coming down, and...

Written Answers — Department of Finance: Tax Yield (24 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that on the basis of claims for health expenses relief (including nursing home expenses) for the income tax year 2011, the latest year for which the necessary detailed information is available, the full year yield to the Exchequer from disallowing the first €1,000 of each claim for tax relief is estimated to be of the order of €60 million.

Written Answers — Department of Finance: Tax Yield (24 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that sufficiently detailed figures are not captured on the statutory return of DIRT filed by the financial institutions in such a way as to provide a basis for compiling estimates of the impact on the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available.

Written Answers — Department of Finance: Budget Measures (24 Sep 2013)

Michael Noonan: As part of the €3.5 billion consolidation measures announced in Budget 2013, €100 million of those measures related to increased dividend payments to the State. The end August 2013 Exchequer returns show that the dividend payments of €132.3 million, have increased by 54% year-on -year. With the substantial increase in dividends received in the year to date, the amount...

Written Answers — Department of Finance: State Banking Sector Regulation (24 Sep 2013)

Michael Noonan: I can inform the Deputy that the Permanent TSB restructuring plan was submitted to the European Commission (“the Commission”) on 29 June 2012. As requested by the Commission an updated version of the plan was submitted on 15 August 2013. Discussions are ongoing at a technical level involving the Commission, the Department of Finance and Permanent TSB in relation to the updated...

Written Answers — Department of Finance: NAMA Debtors (24 Sep 2013)

Michael Noonan: I am advised by NAMA that it does not pay a salary to any debtor. NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. However as part of the debtor business plan, debtors retain an agreed portion of this income to cover business overheads. In certain circumstances, debtors are allowed a salary out of...

Written Answers — Department of Finance: Exchequer Borrowing Requirement (24 Sep 2013)

Michael Noonan: The proceeds of all borrowings by the Exchequer, including borrowing under the EU/IMF programme, as well as tax revenues, non-tax revenues and other receipts, are lodged to the Exchequer account at the Central Bank of Ireland to fund on-going Government expenditure. There are constant flows into and out of the Exchequer account and all moneys within it are...

Written Answers — Department of Finance: Property Taxation Yield (24 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that compliance data in relation to Local Property Tax (LPT) are only available broken down by city and county councils nationally, and the most up to date figures available for County Wicklow are published on the Commissioners website at: . As at 23 July 2013, the total LPT paid in respect of properties in County Wicklow was €5,824,791; the...

Written Answers — Department of Finance: National Debt (24 Sep 2013)

Michael Noonan: The following table gives the details requested for the years 1989 to 1993. The figures for the years in question have been converted from Irish pounds into Euro. A negative balance or deficit on the Exchequer current account indicates a borrowing requirement, with the nominal amount of borrowing required indicated by the size of the deficit. The Exchequer balance is the sum of the balances...

Written Answers — Department of Finance: National Debt (24 Sep 2013)

Michael Noonan: The following table gives the details requested for the years 1977 to 1980. Prior to 1987, the Finance Accounts do not break out Exchequer figures into current and capital balances. In Budget 2001, an exercise was carried out restating earlier years back to 1977 in the modern format. The figures for the years in question have been converted from Irish pounds into Euro. A negative balance...

Written Answers — Department of Finance: Betting Regulations (24 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: VAT Rates Application (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 207 to 214, inclusive, together. The VAT rating of goods and services is governed by the EU VAT Directive, with which Irish VAT law must comply. The VAT Directive generally provides that supplies of goods and services should be subject to VAT at the standard rate, which in Ireland is 23%. Regarding reduced rates of VAT, the VAT Directive is restrictive in...

Written Answers — Department of Finance: Promissory Note Issues (24 Sep 2013)

Michael Noonan: I have been advised by the Central Bank that the portfolio of Government bonds now held by the Bank following the liquidation of IBRC will be sold as soon as possible, provided conditions of financial stability permit. The Bank has, however, undertaken that a minimum amount of bonds will be sold in accordance with the following schedule: to end 2014 (€0.5bn), 2015-2018 (€0.5bn...

Written Answers — Department of Finance: Central Bank of Ireland Issues (24 Sep 2013)

Michael Noonan: I have approved a recommendation from the Central Bank to issue a small gold collector coin in 2014 to mark the millennium of the Battle of Clontarf. It is likely that the coin will be issued in May 2014 with an issue limit of approximately 10,000. The Central Bank will announce further details in due course.

Written Answers — Department of Finance: Property Taxation Collection (24 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that taxpayers have a wide choice of payment options for the Local Property Tax (LPT) from which they can choose the method which is most suited to their individual circumstances. There are currently eight separate options available, including the option to pay the tax through phased cash payments from 1 July 2013 to the end of the year. The cash...

Written Answers — Department of Finance: Financial Services Regulation (24 Sep 2013)

Michael Noonan: The issue of telephone recording by financial service providers, including its application to mobile telephony, is dealt with through EU legislation. Under the current MiFID ('MiFID I'), there is Member State discretion in relation to imposing a mandatory obligation on investment firms to record telephone conversations relating to client orders. Under the transposing MiFID Regulations...

Written Answers — Department of Finance: Tax Code (24 Sep 2013)

Michael Noonan: The position is that mortgage interest relief is available in respect of interest paid on qualifying loans taken out on or after 1 January 2004 and on or before 31 December 2012 and such relief applies up to and including the tax year 2017. As you may be aware, mortgage interest relief is available, at varying rates and subject to certain ceilings, in respect of interest paid by an individual...