Results 4,681-4,700 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Data (26 Jan 2016)

Michael Noonan: It is not clear at what rate the Deputy is suggesting indexation, or to what extent this would apply across all taxes and duties. However, I am advised by the Revenue Commissioners that the Deputy may be interested to note the following in relation to indexation. A Post-Budget 2016 Ready Reckoner is available on the Revenue Statistics webpage at . This Ready Reckoner shows a wide range of...

Written Answers — Department of Finance: Pensions Levy (26 Jan 2016)

Michael Noonan: I announced in my Budget 2014 speech that the original 0.6% stamp duty levy on private pension funds introduced in 2011 to fund the Jobs Initiative would be abolished after 2014 and that levy no longer applies. I did, however introduce an additional levy on pension funds at 0.15% for 2014 and 2015. I did this to, among other things, continue to help fund the Jobs Initiative. I confirmed in...

Written Answers — Department of Finance: Public Service Reform Plan Measures (26 Jan 2016)

Michael Noonan: In response to the Deputy's query, I am informed by the bodies under the aegis of my Department that during this period their managerial staff did not put forward proposals resulting from the non-cooperation by trade union representatives to alter the roll-out of public services which were delayed, postponed or abandoned.

Written Answers — Department of Finance: Tax Code (26 Jan 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of increasing the Home Carers credit to €1,650 and at the same time increasing the Home Carer's income threshold to €10,500 is in the region of €33 million and €46 million respectively. These figures are estimates from the Revenue tax forecasting model using...

Written Answers — Department of Finance: Tax Code (26 Jan 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of abolishing the Universal Social Charge (USC) on all incomes under €80,000 and of applying a single USC rate of 5.5% on all gross income in excess €80,000 per annum is in the order of €2,176 million and €3,115 million respectively. These figures are...

Written Answers — Department of Finance: Financial Services Ombudsman Data (26 Jan 2016)

Michael Noonan: I have been informed by the Financial Services Ombudsman's Bureau that complaints in relation to whole-of-life policies in the years requested were as follows: Year No. 2011 152 2012 218 2013 193 2014 105 2015 64 The Bureau was unable to investigate these complaints because they all related to mis-selling which occurred more than six years before the complaint was made and section...

Written Answers — Department of Finance: Tax Credits (21 Jan 2016)

Michael Noonan: The One Parent Family Credit ceased with effect from 31 December 2013 and was replaced by the Single Person Child Carer Credit (SPCCC). The SPCCC is only granted to a primary claimant who has a qualifying child residing with him or her for the whole or greater part of a tax year (i.e. a period in excess of six months).  A secondary claimant is not granted the credit unless the primary...

Written Answers — Department of Finance: Fuel Prices (21 Jan 2016)

Michael Noonan: The price of petrol and diesel sold at the garage forecourt is determined by a number of factors including, taxation, the price of the raw material, the prevailing exchange rates as well as the fact the different wholesalers can enter into forward contracts at different rates for the purchase of oil.   There are two elements of tax in the final price of a litre...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (21 Jan 2016)

Michael Noonan: As the Deputy may be aware, I recently signed into law the Disabled Drivers and Disabled Passengers (Tax Concessions) (Amendment) Regulations 2015 (S.I. No. 634 of 2015) to provide for a number of improvements to the Disabled Drivers and Disabled Passengers Scheme. These Regulations amended the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 (S.I. No. 353 of 1994)...

Written Answers — Department of Finance: VAT Rate Application (21 Jan 2016)

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 until end December 2013. The measure was designed to boost tourism and create additional jobs in that sector. In Budget 2014 I announced that the 9% VAT rate would be retained at a cost of €290 million in 2014 and €350 million in...

Written Answers — Department of Finance: Credit Unions Restructuring (21 Jan 2016)

Michael Noonan: Section 57 of the Credit Union and Co-Operation with Overseas Regulators Act 2012 (2012 Act) provides for the establishment of the Credit Union Fund as a source of funding for restructuring and to meet the expenses of the Credit Union Restructuring Board (ReBo) in carrying out its functions under the 2012 Act. In December 2012, I contributed €250 million to the Credit...

Written Answers — Department of Finance: Motor Insurance Regulation (21 Jan 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policyholders and to the wider financial system are limited.  I am aware of reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law...

Written Answers — Department of Finance: Motor Insurance Regulation (21 Jan 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. I am aware of reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law to price in accordance with risk and neither I, nor the...

Written Answers — Department of Finance: Tax Code (21 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the costs of increasing the Capital Acquisitions Tax Group A tax free thresholds from the current €280,000 to the specified amounts are as shown in the table below. Group A Tax Free Threshold First Year Cost €m Full Year cost €m €308,000 15 18 €500,000 65 75

Written Answers — Department of Finance: Tax Code (21 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the small gift exemption is an annual small benefits relief that applies to a one off benefit not exceeding €500, the value of which can be disregarded for PAYE/USC/PRSI purposes. With a view to keeping the scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. ...

Written Answers — Department of Finance: Tax Code (21 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. I am informed by the Revenue Commissioners that there is no basis from returns filed or other information available to Revenue to estimate the level of chargeable business assets that may be acquired from 1 January 2017 and held for five years. Therefore, no estimate is available of the cost of introducing a rate of 10% on the first...

Written Answers — Department of Finance: Tax Yield (21 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated first & full year yield to the Exchequer from an additional 5% charge on the portion of gross incomes over €100,000 would be in the order of €207 million and €347 million respectively. These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2013,...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (20 Jan 2016)

Michael Noonan: I am advised by Revenue that applications under the Disabled Driver and Passenger Fuel Grant Scheme can be made using the facility on the Revenue website, . This is one of a range of self-service facilities available from Revenue to enable taxpayers make their claims and have them processed and paid in the most efficient, speedy and cost-effective manner. Paper claims under the scheme can be...

Written Answers — Department of Finance: Tax Code (20 Jan 2016)

Michael Noonan: Section 125 of the Stamp Duties Consolidation Act 1999 provides for a levy of 3% on the gross amount received by an insurer in the form of premiums paid in respect of non-life policies covering risks which are located in the State.  This levy applies to most non-life insurance premiums with the exception of re-insurance, voluntary health insurance, marine, aviation and transit insurance,...

Written Answers — Department of Finance: Property Tax Assessments (20 Jan 2016)

Michael Noonan: I am advised by Revenue that any property that is in use as, or that is suitable for use as, a dwelling house is subject to Local Property Tax (LPT). For LPT purposes, the state of dereliction of a property is not relevant where it (the property) is actually occupied as a dwelling house. However, a property that is derelict to such an extent that it is not suitable for occupation (and...