Results 24,381-24,400 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that taxable profits and allowable losses of a trade are computed in accordance with generally accepted accounting practice, subject to such adjustments as are required by tax legislation. Under generally accepted accounting practice, the value of land and property held by property developers as trading stock should be stated in the accounts at the...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 86 and 87 together. I am informed by Revenue that cases are selected for audit based on the risks in the case. Revenue carried out the following number of audits specifically in the 'Development and Selling of Real Estate' sector and the results are as follows: 2008 - 465 audits - €33.8 million yield 2009 - 377 audits - €27.6 million yield 2010 - 318...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I am informed by the Revenue Commissioners that information in relation to tax losses claimed by companies against profits earned in a previous year is derived from corporation tax returns filed for the years 2008 and 2009. Data for the year 2010 is not yet available. On the basis of information derived from corporation tax returns for...

Written Answers — Tax Reliefs: Tax Reliefs (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of mortgage interest relief for principal private residences by way of tax relief at source (TRS) in 2009 and 2010 was €486 million and €375 million respectively. The cost for the full year of 2011 is provisionally estimated at €400 million.

Written Answers — Economic Growth: Economic Growth (19 Jul 2011)

Michael Noonan: Long-run historical relationships suggest that fiscal consolidation amounting to 1% of GDP reduces Ireland's economic growth rate by around 0.5 percentage points, reflecting inter alia the fact that a large part of domestic expenditure is on imported goods and services. This relationship is static in nature and does not allow for a number of factors which have a bearing on the impact of...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 93 to 95, inclusive, together. I am informed by the Revenue Commissioners that the estimated full year yield in 2011 by reducing Agricultural Relief from Capital Acquisitions Tax (CAT) from 90% to 75%, would be in the region of €28 million; the estimated yield from reducing the relief from 90% to 60% would be in the region of €37million; and the estimated...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the Exchequer cost of the reliefs mentioned by the Deputy are available for the following years as outlined below. Tax Year 2008 2009 Estimated Cost - Agricultural Relief â'¬113m â'¬110m Estimated Cost - Business Relief â'¬30m â'¬63m Estimated Cost - Favourite Nephew/Niece Relief Not available â'¬8m Corresponding estimates are...

Written Answers — Personal Debt: Personal Debt (19 Jul 2011)

Michael Noonan: I would like to inform the Deputy that there are measures in place to assist mortgage holders who are in genuine difficulties with regard to the payment of their mortgages. However, there are no measures that discriminate in favour of single homeowners as opposed to other categories of mortgage holders. The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: Text messages are already subject to VAT at 21%. I am informed by the Commission for Communications Regulation (ComReg) that no projections are made for mobile telephone usage, whether calls or texts. The only basis for estimating the yield from a tax on text messages is the figures for mobile telephone usage per quarter supplied by the companies to ComReg. In the 12 months to end March...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: The position is that all taxation measures will be considered in the context of the forthcoming Budget and Finance Bill.

Written Answers — Semi-State Bodies: Semi-State Bodies (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 100 and 101 together. The legislation which established the NTMA in 1990 deliberately positioned it outside of the wider public service structures with operational freedom to negotiate market-competitive salaries so that it would have, for example, the flexibility to recruit specialists in mid-career from the private sector. Under the NTMA business model, its...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: The section in the Finance Act 2010 that provides for the application of the carbon tax to solid fuels (coal and commercial peat) is subject to a Ministerial Commencement Order. This approach was primarily adopted by the previous Government in order to allow time for a robust mechanism to be put in place to improve the control of high-sulfur coal being sourced from Northern Ireland suppliers....

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: The receipt by a person of any bona fide sum by way of winnings from betting or from any licensed lottery is exempt from Income Tax, Capital Gains Tax and Capital Acquisitions Tax. I have no plans to introduce a levy on lottery winnings at this time.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (19 Jul 2011)

Michael Noonan: The decision on whether or not to grant credit facilities, including overdraft facilities, is a commercial decision for individual lending institutions. Each lending institution assesses properly and independently the individual risks that it is considering accepting. At the same time, borrowers should avoid building up substantial additional arrears due to interest accruing for long periods...

Written Answers — International Agreements: International Agreements (19 Jul 2011)

Michael Noonan: The Taoiseach submitted Ireland's first set of Euro Plus Pact commitments to the President of the European Council, Mr. Herman Van Rompuy, and to the President of the European Commission, Mr José Manuel Barroso, in letters dated May 3 2011. The commitments made under each of the four headings as sent in the letters are set out below. Ireland's Euro Plus Pact commitments 1. Fostering...

Written Answers — International Financial Support Measures: International Financial Support Measures (19 Jul 2011)

Michael Noonan: On 23-24 June, euro area Heads of State or Government agreed that the private sector would be involved in the financing of a new programme of assistance for Greece. However, the modalities of such private sector involvement - such as the form that private sector involvement will take as well as its scale - have not yet been finalised. In these circumstances, it is not possible to accurately...

Written Answers — Currency Support: Currency Support (19 Jul 2011)

Michael Noonan: As the Deputy will be aware, the focus of Government is to work with our partners in the euro area and the broader EU to maintain and enhance the stability of the euro. This is also the aim and intention of the wider international community including the IMF. Our actions support this. Financial support measures were put in place for Greece, and the European Financial Stabilisation Mechanism...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: The EU Council Directive 92/83/EEC of 19 October 1992, on the harmonisation of the structures of excise duties on alcohol and alcoholic beverages, sets the parameters under which excise duty on alcohol products may be levied. It is not possible to differentiate the application of excise rates on where products are sold.

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: It is assumed that the threshold for the proposed new tax band mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2011 incomes, of the introduction of a new 48% rate...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

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 2006, the most recent year for which the necessary estimates are available. If relief for these deductions and reliefs was confined to...