Results 16,101-16,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Exemptions (14 May 2013)

Michael Noonan: Section 10(2) of the Finance (Local Property Tax) Act 2012, as amended, provides that a residential property shall not liable to Local Property Tax (LPT) where it is situated in an unfinished housing estate, where such estate is contained in a list prescribed by the Minister for the Environment, Community and Local Government. The Minister has prescribed and published this list, which is set...

Written Answers — Department of Finance: Tax Exemptions (14 May 2013)

Michael Noonan: Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994) (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. The disability criteria for eligibility for the tax concessions under this...

Written Answers — Department of Finance: Property Taxation Exemptions (14 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that, in accordance with section 851A of the Taxes Consolidation Act 1997, all taxpayer information held by the Commissioners is confidential and they are therefore precluded from providing a list of the persons liable for the Local Property Tax (LPT) who are not required to pay their 2013 LPT liability until 2014. However, the following may be...

Written Answers — Department of Finance: Property Tax Assessments (14 May 2013)

Michael Noonan: The expert group which advised on the design of a property tax, the Thornhill Group, considered whether local authorities should be liable as property owners for the Local Property Tax (LPT). Notwithstanding the economic arguments in favour of liability, the group on balance did not favour creating a circular flow of payments. However, the Government felt there could be issues of equity and...

Written Answers — Department of Finance: Tax Code (14 May 2013)

Michael Noonan: The transfer of a site for no consideration is a disposal for capital gains tax purposes by the transferor. The legislation relating to transfers for no consideration specifies that such a transfer is treated as if it were for a consideration equal to the market value of the site at the date of the transfer. The transferor is liable to capital gains tax in respect of the transfer of the site...

Written Answers — Department of Finance: Property Tax Assessments (14 May 2013)

Michael Noonan: The 1982 and 2009 Commissions on Taxation, and the Thornhill Group, which advised on the design of the Local Property Tax, recommended the grouping of property values into broad bands. Grouping properties into valuation bands, with the rate applying at the mid-point of the bands – in effect creating fixed sum and certain charges for each band – can ease the valuation...

Written Answers — Department of Finance: Property Taxation Administration (14 May 2013)

Michael Noonan: I propose to take Questions Nos. 176 and 219 together. The Revenue Commissioners have responsibility for all administration, collection, enforcement and audit aspects of the Local Property Tax (LPT). The Ministers and Secretaries (Amendment) Act 2011 puts the independence of the Revenue Commissioners in the performance of their functions on a fully statutory basis. As I have indicated...

Written Answers — Department of Finance: Income Statistics (14 May 2013)

Michael Noonan: As requested by the deputy I have been provided by the Revenue Commissioners with reformatted tables of projected income levels and numbers of income earners for the income tax years 2011 and 2012 and these are as follows. The design of these tables is consistent with the format of the “Totals” section of Table IDS 1 in the “Income Distribution Statistics”...

Written Answers — Department of Finance: Pension Provisions (14 May 2013)

Michael Noonan: I propose to take Questions Nos. 178, 187 and 211 together. I can confirm that the three covered institutions responded with their individual strategies by the due date of 30 April as requested by the Government. All three institutions have put forward pension changes to varying degrees as part of their respective overall responses. I am constrained as to what I can say due to...

Written Answers — Department of Finance: Banking Sector Issues (14 May 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some households are facing in the current environment, ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial matter for the management and the Board of the Institution. As the Deputy will be aware the Relationship Framework with AIB provides that the State...

Written Answers — Department of Finance: Tax Clearance Certificates (14 May 2013)

Michael Noonan: A Tax Clearance Certificate is a written confirmation from Revenue that a person's tax affairs are in order at the date of issue of the Certificate. As the Deputy has noted, the requirement to produce a Tax Clearance Certificate usually arises in the context of a person seeking State money, e.g. Government contracts or grants. They can also be required when obtaining licences, e.g. an excise...

Written Answers — Department of Finance: Property Taxation Exemptions (14 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that Section 10B of the Finance (Local Property Tax) Act 2012, as amended, provides that a permanently and totally incapacitated person is exempt from payment of LPT where the property is occupied as his/her sole or main residence and where he/she has received a personal injury compensation or is a beneficiary under a qualifying trust. If the...

Written Answers — Department of Finance: International Financial Services Centre (14 May 2013)

Michael Noonan: It is difficult to clearly demarcate which banks participate in international financial services activity based solely on location in the International Financial Services Centre. Fifteen banking licences were revoked by the Central Bank since 2010. These are set out below. All of the revocations were at the request of the banks. The rationale for the revocation is a commercial decision for...

Written Answers — Department of Finance: Tax Yield (14 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the number of income earners earning gross income in excess of €100,000, estimated by reference to projected incomes for 2013, is 108,700. In addition, the income tax liability for this cohort it is estimated at €5,077 million which represents 44% of the expected income tax yield in 2013. Numbers are rounded to the nearest...

Written Answers — Department of Finance: Marked Gas Oil (14 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that marked gas oil may be used in agricultural tractor and trailer combinations regardless of the purpose for which these vehicles are being used. The question of the use of such vehicles for the general carriage of goods by road for hire or reward is a matter for the Minister for Transport, Tourism and Sport.

Written Answers — Department of Finance: Pension Schemes (14 May 2013)

Michael Noonan: As the Deputy will be aware the pension arrangements for the staff of Permanent TSB are a matter for the management of that company and for the trustees of the relevant pension schemes. I understand that the proposal by the company to the trustees concerning the defined benefit pension schemes may be referred to the Labour Court although that would be an issue for the various interested...

Written Answers — Department of Finance: Property Taxation Collection (14 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that, from the information provided by the Deputy, the payment option in question is most likely the ‘once off’ debit instruction that allows customers pay the liability in full on 21 July 2013. This option also includes the flexibility for customers to make the payment earlier than 21 July if they so wish by inputting a specific date....

Written Answers — Department of Finance: Budget 2014 Issues (14 May 2013)

Michael Noonan: Under the Excessive Deficit Procedure a maximum General Government deficit of 5.1% of GDP is allowed for 2014. The consolidation path as set out in the Medium Term Fiscal Statement, published in November 2012, contained an adjustment of €3.1 billion to be implemented in 2014 which is consistent with achieving the target. However, as the Deputy is aware, there have been a number of...

Written Answers — Department of Finance: Bank Debt Restructuring (14 May 2013)

Michael Noonan: I propose to take Questions Nos. 189 to 192, inclusive, together. The Special Liquidators have informed me that they are not in a position to comment on individual cases. I have been advised that the information requested is confidential and that it would not be appropriate for the Special Liquidators to release such information.

Written Answers — Department of Finance: IBRC Liquidation (14 May 2013)

Michael Noonan: As previously advised, independent third parties are being engaged to independently value the loan assets of IBRC (in Special Liquidation). There is an obligation on the Special Liquidators to ensure that assets of IBRC are sold at a price that is equal to or in excess of the independent valuations that are being obtained. A process is currently being finalised that ensures that maximum...