Results 4,941-4,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Living City Initiative (15 Dec 2015)

Michael Noonan: I refer to the individual's letter in relation to the Living City Initiative scheme. The Living City Initiative was first introduced in 2013 for the Limerick and Waterford areas. The scope of the Initiative was subsequently extended to Dublin, Cork, Galway and Kilkenny and broadened to incorporate houses constructed prior to 1915.  A tax relief must be designed within certain...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (15 Dec 2015)

Michael Noonan: The responsibility for grant funding for such projects would not be a matter for me as Minister for Finance. Such grant funding may fall under the remit of the Local Enterprise Office (e.g the Business Expansion Grant may be available subject to eligibility).  Standard capital allowances may also be available regarding a refurbishment subject to the relevant legislation, guidelines...

Written Answers — Department of Finance: IBRC Liquidation (15 Dec 2015)

Michael Noonan: On the appointment of the Special Liquidators, Irish Bank Resolution Corporation Limited was already in dialogue with the Revenue Commissioners in relation to an open tax audit. I am advised by the Special Liquidators that they continue to work with the Revenue Commissioners to close out the tax audit and some other additional tax issues that have come to their attention. As these...

Written Answers — Department of Finance: Tax Reliefs Cost (15 Dec 2015)

Michael Noonan: I propose to take Questions Nos. 157 and 158 together. I am informed by the Revenue Commissioners that, as tax returns do not separately identify "entrepreneurial" gains from other gains, there are no data available to accurately cost these proposed measures. However, on the basis of making various assumptions, it is very tentatively estimated that the cost of increasing the overall limit of...

Written Answers — Department of Finance: Tax Reliefs Application (15 Dec 2015)

Michael Noonan: I announced in my last Budget speech that I was extending the relief from stamp duty on transfers of agricultural land (including farm houses and buildings) to those farmers who meet certain criteria in relation to age and educational qualifications, known as 'young trained farmers'. The relief was due to finish on 31 December 2015 but the current Finance Bill provides for an extension for a...

Written Answers — Department of Finance: VAT Exemptions (15 Dec 2015)

Michael Noonan: Earlier this year, I agreed to the establishment of a Working Group comprising representatives from the Department of Finance, the Revenue Commissioners and the Irish Charities Taxation Reform (ICTR) group to examine options available to reduce the VAT burden of charities. A report from the group was provided to me in my deliberations ahead of Budget 2016 and is available on the Budget...

Written Answers — Department of Finance: Excise Duties (15 Dec 2015)

Michael Noonan: Alcohol is a controlled substance which can only be sold in a Club under licence.  The Registration of Clubs Acts 1904 to 2008 provide for the grant and renewal of certificates of registration for clubs by the District Courts. Club registration, including the annual renewal of registration, is subject to an excise duty of €505. This rate was provided for under the Finance Act 1992...

Written Answers — Department of Finance: Property Tax Yield (15 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that all Local Property Tax collected by Revenue, including arrears, interest and penalties is remitted by Revenue to the Central Fund. Section 157 of the Finance (Local Property Tax Act) 2012 provides that the Minister for Finance shall, commencing in the year 2014, pay into the Local Government Fund an amount equivalent to the Local Property...

Written Answers — Department of Finance: Property Tax Application (15 Dec 2015)

Michael Noonan: The introduction of a local property tax is part of a broader approach to the taxation of property. The aim is to replace some of the revenue from transaction based taxes, which have proven to be an unstable source of Government revenue, with an annual recurring property tax, which international experience has shown to be a stable source of funding.  The Government decided that the...

Seanad: Finance Bill 2015: Report and Final Stages (11 Dec 2015)

Michael Noonan: The rationale behind the changes referred to in the recommendation was explained on Committee Stage, and officials in the Department of Finance furnished further information to Senators Darragh O'Brien and Mark Daly as requested. I reiterate that the employment and investment incentive, EII, is targeted at job creation and retention and is available to the majority of small and medium-sized...

Seanad: Finance Bill 2015: Report and Final Stages (11 Dec 2015)

Michael Noonan: Senator O'Brien's amendment was one worth considering and, in the interest of debating the legislation properly, we welcomed it. At the end of the day, however, we had to design the scheme in accordance with the regulations which are now being applied by the European Commission and they narrow the intended scope of the scheme. We would wish it had been broader but in my experience, it is...

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: I thank the Senator for his comments. I advise him that there are no active cases in the European court that would result in any additional tax being paid to the Irish Exchequer. The issue at the heart of the recommendation is the application and use of non-cyclical tax receipts. Ireland is bound by EU fiscal rules and from 2016 our compliance will be assessed under the preventive arm of...

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: The debate the Senator has initiated is very important and I am not criticising him in any way for asking the questions. That is what we should do in the Dáil and Seanad. That is why I am giving him as much information as I can, well beyond my briefing notes. Approximately €7 billion will be collected in corporation tax this year. That is approximately €3 billion more...

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: Sinn Féin skipped one year. It got nervous and pulled back. There was no wealth tax proposal two years ago.

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: I thank the Senator for his contribution, but I do not propose to accept the recommendation. The Government has no plans to introduce a wealth tax, although all taxes and potential taxation options are, of course, constantly reviewed. Wealth can be taxed in a variety of ways, some of which are already in place in Ireland. Capital gains tax, CGT, and capital acquisitions tax, CAT, for...

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: Sinn Féin wants to abolish it. Even if the tax was on a house worth €10 million, Sinn Féin wants to have it abolished. Its position is illogical. The domicile levy introduced in budget 2010 also constitutes a wealth tax. It is aimed at high wealth individuals with a substantial connection to Ireland, regardless of whether they are tax resident, to ensure they make a tax...

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: The wealth is in the farmyard, it includes such things as the milking parlour, the machinery and tractors.

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: Will Senator Cullinane inform the House whether he is taxing it or not? His proposal as published would imply that he is not exempting it, so therefore he is taxing it. There is also a proposal to tax money on all deposits in excess of €1 million. I do not know many people who have €1 million on deposit, but even those who have it now will be gone at the press of an electronic...

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: It is an asset.

Seanad: Finance Bill 2015: Committee Stage (Resumed) (10 Dec 2015)

Michael Noonan: I did not say that.