Results 6,001-6,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Cost (29 Sep 2015)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to provide the information sought by the Deputy. The Revenue Commissioners do not require rental income data to be returned in a manner which would enable commercial and private rental accommodation income, reliefs and allowances to be separately identified. However the Deputy may wish to note that the 2013 Report of the...

Written Answers — Department of Finance: Tax Compliance (29 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that due to the passage of time, data for the year in question is not available.

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that where a self-employed individual ceases his or her trade or profession then for the purposes of the Tax Acts that individual is chargeable to tax on any profits or gains up to that date of cessation. In the year in which the cessation occurs the individual, in general, will be a chargeable person for the purpose of the Taxes Acts and will be...

Written Answers — Department of Finance: Tax Data (29 Sep 2015)

Michael Noonan: I am informed by the Revenue Commissioners that they do not require taxpayers to advise them if they are retirees. However if certain assumptions are made regarding the definition of a retiree, it is possible to use the 2013 income tax returns, the latest year for which data are available, to provide the information sought by the Deputy. On the basis that a retiree is assumed to be a taxpayer...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: The Government is considering the recommendations of the Low Pay Commission with regard to the National Minimum Wage, and in this context I will bear in mind the Deputy's proposals for amendments to employer's PRSI in my deliberations for Budget 2016. In this regard, the Deputy may be aware that the 2013 Forfás report on Costs of Doing Business in Ireland 2012 noted that...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: Preparations for Budget 2016 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment on what changes, if any, are being considered to Inheritance Tax or any other tax measure. I have, however, already indicated in response to previous questions that I will be reviewing the Inheritance Tax and Gift Tax (Capital Acquisitions Tax) tax-free thresholds.

Written Answers — Department of Finance: VAT Exemptions (29 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT law in Ireland must comply with the EU VAT Directive and that the majority of food products are already liable at the zero rate of VAT.  However, food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the retention of the zero rate for "clearly defined social reasons" where...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (29 Sep 2015)

Michael Noonan: The tax credit under the Home Renovation Incentive scheme can be only be claimed in the year after the qualifying work is carried out and paid for. Qualifying work that was carried out and paid for in the period 25 October 2013 (when the scheme began) to 31 December 2014 is all treated as if it arose in 2014. In that context, the tax credit under the Home Renovation Incentive (HRI) Scheme...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is no specific relief from liability to Capital Acquisitions Tax (CAT) in relation to properties acquired by way of gift or inheritance by persons of diminished capacity. However, there are general reliefs and exemptions that might be available in the type of situation envisaged. For the purposes of CAT, the position is that the...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: Under Sections 32D and 32E of the Central Bank Act 1942, the Central Bank is required to seek my approval for the Regulations prescribing levies and fees to be paid by entities subject to regulation by the Central Bank. However, I have not yet made any decision under Sections 32D and 32E on the 2015 levies that will be applied by the Central Bank. I am aware that the Central Bank...

Written Answers — Department of Finance: Life Insurance Policies (29 Sep 2015)

Michael Noonan: I have been advised by the Central Bank that it expects that life assurers would adhere to the terms and conditions of a life assurance policy and would pay out to the next of kin/estate of the deceased as appropriate. The Central Bank also advises me that the Consumer Protection Code came into full effect on 1 July 2007 and was revised in January 2012. The Code requires that a...

Written Answers — Department of Finance: Tax Data (29 Sep 2015)

Michael Noonan: Revenue raising options, including PRSI, are considered in the context of Budget preparations. However, I would point out that taxes on employment are generally considered more damaging economically than other taxes such as capital taxes, as they increase the costs to employers of creating additional jobs. Costings in relation to PRSI increases are prepared by the Department of Social...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 273 and 274 together. The Deputy is correct that Ireland's general government expenditure at 39% of GDP in 2014 is lower than the EU-28 average of 46.2%. While fiscal capacity determines expenditure capacity and GDP is generally taken as the appropriate indicator of fiscal capacity, in view of the exceptional gap between GDP and Gross National Product...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: NAMA's statutory objectives are clearly defined in the NAMA Act 2009 (NAMA Act). Section 10 of the NAMA Act requires NAMA to obtain the best achievable financial return for the State, deal expeditiously with the assets acquired by it and to protect or otherwise enhance the value of those assets. The Agency seeks to achieve this in every instance and, therefore, when a debtor "exits", NAMA...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (29 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 277 and 278 together. The Home Renovation Incentive has continued to be very successful, with works on 36,543 properties notified on Revenue s HRI online system, as of 15 September 2015. This represents more than €566 million worth of works involving some 5,975 contractors. The potential total cost to the Exchequer in respect of these...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage: . In particular, in relation to the Deputy's Question, estimates for changing rate of CGT are included in the Pre-Budget 2016 Ready Reckoner: . While the Ready Reckoner does not show the specific costings requested by the Deputy, the changes can be...

Written Answers — Department of Finance: Tax Code (29 Sep 2015)

Michael Noonan: I understand that the Deputy is referring to a proposal under which relevant business owners would be entitled to pay the lower CGT rate of 15% on the first €5 million of chargeable gains. There are gaps in the data available to the Revenue Commissioners which prevent a definitive costing of this proposal to be provided. Tax returns data available to the Commissioners do not in all...

Written Answers — Department of Finance: Credit Unions Services (29 Sep 2015)

Michael Noonan: While the Government is absolutely determined to support a strengthened and growing credit union movement and has highlighted its support for the return of credit union services to Newbridge, my role as Minister for Finance is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. In line with the Credit Union...

Written Answers — Department of Finance: Economic Growth (29 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 284, 285, 288 and 290 together. In general, recent indicators have been very positive, indicating that the recovery is strengthening in a more sustainable manner.   The latest data shows that GDP increased by 6.7 per cent year-on-year in the second quarter of this year. This comes on the back of an increase of 7.2 per cent in the first...

Written Answers — Department of Finance: Inflation Rate (29 Sep 2015)

Michael Noonan: The annual rate of inflation, as measured by Harmonised Index of Consumer Prices (HICP), was 0.2 per cent in August, representing the fourth successive month of modest positive inflation.  The main factor depressing inflation over the past year or so has been energy prices.  Core inflation - which strips out energy and unprocessed food - is a better indication of...