Results 23,141-23,160 of 27,019 for speaker:Michael Noonan

Written Answers — Disabled Drivers: Disabled Drivers (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that 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. A claim under the above scheme...

Written Answers — Budget Statement: Budget Statement (24 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. As I said in my reply to parliamentary question number 36529/11 yesterday, I wish to make clear that I and my colleagues in Government are deeply concerned that this draft confidential information has become public before Government had finally made all of the necessary budgetary decisions. Furthermore, we are concerned at the manner in...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. While many tourist related services were made subject to a new temporary lower reduced VAT rate of 9% from 1 July, it is not possible to extend this treatment to the goods and services that remain subject to the 13.5% rate. While...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. The taxation of individuals in the State is broadly in line with that prevailing in most other OECD jurisdictions. In general, (a) individuals who are resident in the State for tax purposes are taxable here on their worldwide income and gains; and (b) individuals who are not resident here for tax purposes pay tax here only on income...

Written Answers — Tax Collection: Tax Collection (24 Nov 2011)

Michael Noonan: The Revenue Commissioners are charged with responsibility for the timely collection and recovery of a range of taxes and duties due to the Exchequer. I know that Revenue has a clear focus on making sure that every person and business complies with the requirement to file the relevant returns and to pay the appropriate tax or duty on a timely basis. That is an appropriate and correct focus...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: The Universal Social Charge (USC) is an individualised charge and as such the yields are calculated for individual incomes of more than €100,000, €125,000 and €150,000 rather than dual incomes of more than €200,000, €250,000 and €300,000. In addition, it is assumed that the Deputy proposes to create two new top rates of USC which would be 8% for PAYE income earners and 11% for...

Written Answers — Tax Collection: Tax Collection (24 Nov 2011)

Michael Noonan: I have been informed by the Revenue Commissioners that a form P21 will issue to the person in question over the next couple of days.

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I assume the measure to which the Deputy refers is the Domicile Levy announced in Budget 2010 and introduced in Finance Act 2010. The Deputy will be aware that a Domicile Levy of €200,000 is charged on an individual who is Irish-domiciled and an Irish citizen whose worldwide income exceeds €1m, whose Irish located property is greater than €5m, and whose liability to Irish income tax...

Written Answers — Interest Rates: Interest Rates (24 Nov 2011)

Michael Noonan: Neither the Central Bank nor I, as Minister for Finance, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. Based on the recent advice received from the Central Bank, I have no plans to recommend to Government that legislation be introduced to compel lenders to reduce their standard variable rates. The question of...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

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. The SFT was reduced in Budget and Finance Act 2011 by over 50% to a level of €2.3 million with effect from 7 December 2010 with transitional arrangements to protect...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue that would be raised from a 2% increase in the standard rate of VAT is estimated at €670 million in a full year. This estimate does not take into account any behavioural change on the part of taxpayers as a consequence of such a measure.

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2012 incomes, of increasing the existing exemption threshold of €4,004 per annum for the Universal Social Charge (USC) to €15,000 per annum would be €120 million. These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009...

Written Answers — Interest Rates: Interest Rates (24 Nov 2011)

Michael Noonan: I assume that the Deputy is referring to the 2010 "Study on Interest Rate Restrictions in the EU (Final Report) (Ref. No. ETD/2009/IM/H3/87)" which followed wide consultation with Member States and is available on the European Commission website. It should be noted that the views expressed in the study are the views of the consultants who drafted the study and not those of the European...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (24 Nov 2011)

Michael Noonan: For the Deputy's information, the Commission valued the NPRF at €14.9 billion at 30 September 2011. The directed portfolio (the part of the Fund which is managed by the Commission on foot of directions from the Minister for Finance) was valued at €9.6 billion, while the discretionary portfolio, the investment of which remains the Commission's responsibility, was valued at €5.3 billion...

Written Answers — Tax Reliefs: Tax Reliefs (24 Nov 2011)

Michael Noonan: It is assumed that the Deputy is referring to the cost, in terms of tax foregone, of the following two property based tax incentive schemes that remain in the tax code: Mid-Shannon Corridor Tourism Infrastructure Investment (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am informed by the Revenue...

Written Answers — Retail Trade: Retail Trade (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that a number of studies have been undertaken in the last few years to determine the level of cross-border shopping and how much this affects Exchequer revenue. The Report on the Implications of Cross Border Shopping, which was undertaken on behalf of the Minister for Finance by the Revenue Commissioners and the Central Statistics Office, was...

Written Answers — Retail Trade: Retail Trade (24 Nov 2011)

Michael Noonan: An estimate of the amount of products purchased over the internet by Irish residents from foreign based suppliers is not available. In general, the amount of VAT and other taxes collected from internet trading is not separately identifiable as businesses are obliged to calculate and return VAT and other taxes by reference to their entire taxable activities, which includes both traditional...

Written Answers — Motor Fuels: Motor Fuels (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioner, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in fuel products that they are aware of the threat to the Exchequer posed by laundered fuel. The predominant illicit activity in the mineral oil area in both Northern Ireland and the Republic is the laundering of marked diesel and its sale through illegal...

Written Answers — Motor Fuels: Motor Fuels (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of the reduced rate for Marked Gas Oil in 2010 was €441m. This oil is used by the commercial, agricultural and construction sectors.

Written Answers — Motor Fuels: Motor Fuels (24 Nov 2011)

Michael Noonan: Revenue continuously keeps under review the effectiveness of legislation and regulations in relation to combating the illicit trade in mineral oil. This includes reviewing powers, penalties, etc, and making recommendations to my Department where legislative amendments are required. The ongoing review of effectiveness includes consideration of alternative approaches, as referred to by the...