Results 24,401-24,420 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: It is assumed that the Deputy is referring to the abolition of the tax relief on future expenditure in relation to the following property based tax incentive schemes that remain in the tax code: certain tourism infrastructure under the Mid-Shannon Scheme (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am...

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

Michael Noonan: I am informed by the Revenue Commissioners that nothing in Irish tax law makes reference to the term "tax exile". I am assuming that in referring to "tax exile status" the Deputy is thinking of Irish citizens or Irish domiciled individuals claiming to be non-resident for tax purposes and who are living abroad primarily for tax reasons. For the 2009 tax year, the latest year for which...

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

Michael Noonan: It is estimated that the yield to the Exchequer from increasing the DIRT rate by 5% to 30% is €80m in a full year, assuming no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings.

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

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

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

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. An individual aged...

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

Michael Noonan: While I do not propose at this time to introduce a wealth tax, all taxes and potential taxation measures are constantly reviewed in the context of the Budget and Finance Bill. Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company on the disposal of an asset (CGT) or the acquisition of an asset through...

Written Answers — Departmental Schemes: Departmental Schemes (19 Jul 2011)

Michael Noonan: It is difficult to forecast in advance the precise level of take-up of the new scheme. Due to the increase in the number of trades that can qualify for the scheme it is expected that there will be an increase in the take-up of the scheme in comparison with the existing Business Expansion Scheme. A number of take-up scenarios were put forward in an ex-ante economic impact assessment of the...

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

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available is a proportional breakdown by reference to asset types of the aggregate consideration underlying chargeable gains for tax years 2007 to 2009 - that is, the total selling price prior to allowing any offsets or deductions, rather than the tax take per asset category. On this basis the figures, which are based...

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

Michael Noonan: I understand the Deputy is looking for the volume and value of sales of principal private residences which are not subject to Capital Gains Tax (CGT). I am informed by the Revenue Commissioners that information on the value of capital gains arising from the disposal of principal private residences is not required in CGT returns (most disposals of principal private residences do not lead to a...

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

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 10%, could be in the region of €110 million in a full year. However, this estimate is based upon an assumption that there would be no behavioural impact of such an increase, which could lead to a less than expected result from a change to the...

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

Michael Noonan: I am advised by the Revenue Commissioners that the breakdown of yield from Capital Acquisitions Tax for the years in question is as follows: Year Inheritance tax €m Gift tax €m Discretionary Trust tax €m Probate tax€m 2007 314.5 70.5 4.4 1.2 2008 291.8 46.8 3.3 0.9 2009 201.6 50.5 2.9 0.6 2010 186.2 46.8 3.0 0.5 On the basis of the taxable values of gifts or inheritances...

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

Michael Noonan: I am informed by the Revenue Commissioners that the estimated full year gain from increasing the rate of Capital Gains Tax (CGT) from 25% to 30% is €65 million, and from 25% to 40% is €195 million. However, these estimates assume no behavioural changes on the part of taxpayers, and large increases in rates such as are contemplated in the question may have a significant behavioural...

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

Michael Noonan: I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling estimates of the impact on the Exchequer from the measure proposed in this question. Accordingly, the specific information requested by the Deputy is not available.

Written Answers — Pension Provisions: Pension Provisions (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 124 to 126, inclusive, together. There is no general requirement for data on the value of Irish pension funds to be returned to my Department or to the Revenue Commissioners. Neither is there a requirement for data on the value of the investments of such funds held outside the State to be returned to either of those bodies. I am not, therefore, in a position...

Written Answers — Pension Provisions: Pension Provisions (19 Jul 2011)

Michael Noonan: There is no general requirement for data on the value of Irish pension funds to be returned to my Department or to the Revenue Commissioners. I am not, therefore, in a position to provide the Deputy with the data in the manner requested.

Written Answers — Pension Provisions: Pension Provisions (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax years 2002 to 2008. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is...

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

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information for 2007, 2008 and 2009 is available from the Revenue Statistical Reports which are accessible on the Revenue website at www.Revenue.ie. The information is located in Table TR6, under the main chapter heading of Total Revenue. That table provides a percentage breakdown of the net receipt of PAYE, VAT, Income Tax,...

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

Michael Noonan: I am informed by the Revenue Commissioners that the figures requested by the Deputy in respect of participating institutions under the Credit Institutions (Eligible Liabilities Scheme) 2009 (Bank Guarantee Scheme) are as set out in the following table: Corporation Tax payments and refunds Year Payments Refunds â'¬ million â'¬ million 2008 338 23...

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

Michael Noonan: I am informed by the Revenue Commissioners that the information available on corporation tax receipts by county is by reference to the geographical indicator of "bailiwick". Revenue Sheriffs, County Registrars or their officers operate for the purposes of enforcement of tax debt within certain geographical boundaries known as a "bailiwick" which equates geographically with "county". Data on...

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

Michael Noonan: I am informed by the Revenue Commissioners that the numbers of companies claiming the research and development tax credit for the years 2007 to 2009 is derived from the corporation tax returns for those years. The breakdown by economic sector and on a county basis is set out separately in the following tables: Research & Development Tax Credit by Economic Sector Trade Sector 2007 2008...