Results 6,741-6,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Data (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 83, 93, 94, 111 and 112 together. I am advised by the Revenue Commissioners that a wide range of statistical information is available on their statistical webpage at . In relation to the Deputy's questions, detailed information on potential costs can be found in the post-Budget 2015 Ready Reckoner: . The potential estimated yield from increasing the Capital...

Written Answers — Department of Finance: Tax Data (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that a breakdown of receipts between fuel for private and commercial use is not readily available. The receipts from Carbon Tax are as outlined below. Marked Gas Oil can be home heating or agricultural use and a breakdown is not available. Similarly, it is not possible to differentiate between private and business use for Auto Diesel, and the...

Written Answers — Department of Finance: Currency Circulation (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 85 to 87, inclusive, together. One of the recommendations of the National Payments Plan was to conduct a rounding trial in a mid-sized Irish town to test consumer and retailer reaction to the concept of rounding. The motivation for rounding is to reduce the need for 1 and 2 cent coins, making transactions more convenient for customers and retailers alike....

Written Answers — Department of Finance: Living City Initiative (24 Jun 2015)

Michael Noonan: The Living City Initiative, which was enacted in the Finance Act 2013 and commenced on 5th May 2015, has been extended beyond the original pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny as well. In line with my Department's commitment to evidence based policy-making, the inclusion of these additional four cities was...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: As the Deputy will be aware, electronic cigarettes ('e-cigarettes') are products that deliver a non-medicinal nicotine-containing aerosol by heating a solution (or 'e-liquid') typically made up of propylene glycol, nicotine and flavouring agents. Despite their design, electronic cigarettes do not contain tobacco, and there is no combustion involved. Accordingly, neither...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 90 and 116 together. Following commencement of the licensing provisions for remote operators, provided for in the Betting (Amendment) Act 2015, provisions for the extension of duty to remote bookmakers and remote betting intermediaries were commenced on 15 April. These operators are liable for duty at 1% on the amount of a bet from customers in the State...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: In their pre-Budget 2015 submission, the Irish Heart Foundation proposed introducing a tax on sugar-sweetened drinks which increases the prices of such products by at least 20%. This proposal left open the possibility of imposing such a tax as either an ad valorem tax, which would be imposed as a percentage of the final retail price (i.e 10%), or a specific duty, which would be...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 92, 110 and 124 together. Regarding the first question, I am advised by the Revenue Commissioners that full year yield to the Exchequer, estimated by reference to 2015 incomes, of the introduction of the suggested new third rate of Income Tax of 48%, is in the order of €512 million. Regarding the second question, I am informed by the Revenue...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 95 to 97, inclusive, together. I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced Statistics webpage: . In relation to the Deputy`s questions, detailed information on potential costs can be found in the post-Budget 2015 Ready Reckoner: . The potential yield from increasing the...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated full year yield to the Exchequer from the suggested increase in the once-off charge could be in the region of €0.3 million and from the annual charge rate of 1% to 1.5% could be in the region of €0.4 million.

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: As I have stated on a number of occasions, 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) 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 gift or inheritance (CAT). Deposit...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that, based on data from 2013 returns, the latest available year, reducing the current €115,000 ceiling on annual earnings for determining maximum allowable pension contributions for pension purposes to €70,000 per annum would tentatively yield an estimated €100 million.

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 101, 102 and 128 together. As regards the first question, I am informed by the Revenue Commissioners, that as there is no requirement to  include data in tax returns in relation to tax free lumps of less than €200,000 (the current life-time limit on tax-free retirement lump sums), that they are not in a position to quantify estimated...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer from increasing Stamp Duty on share transactions from 1% to 1.5%, by reference to the expected 2015 out-turn, is estimated to be in the region of an additional €190 million.  

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c.100 staff an additional exchequer yield of €50m per annum could be achieved. It estimated that by increasing staff on compliance projects such as oils, tobacco and alcohol by 100 could raise €20m per annum. It...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: It is assumed that the Deputy is referring to standardising all remaining relief that is available in respect of Section 23 properties. As claims in respect of section 23 relief are included in loss claims for all years except for the initial year of claim, and are not separately identifiable from other loss claims, it is not possible to estimate the revenue that could be raised...

Written Answers — Department of Finance: Mortgage Interest Rates (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that a breakdown between rent received from residential and other types of property is not sought or provided in tax returns. However, based on personal Income Tax returns filed by non-PAYE taxpayers for the year 2013, the latest year for which this information is available, and making certain assumptions about the data, it is estimated that the...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: It is assumed that the Deputy is referring to the withholding tax applied on Irish patent royalty income. I am advised by the Revenue Commissioners that payments of patent royalties are subject to withholding tax at the standard rate of income tax under Section 238 of the Taxes Consolidation Act 1997 (TCA). While this is subject to certain exceptions, the requirement to deduct withholding tax...

Written Answers — Department of Finance: Property Tax (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 108 and 127 together. I am advised that the Local Property Tax (LPT) is forecast to collect €440 million in 2015. These receipts would be lost if LPT was abolished. In relation to Question 25304-15, I am advised by the Revenue Commissioners that the cost of all LPT exemptions to the Exchequer for 2014, the most recent full year available for which...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the current VAT Registration Threshold for Goods is €75,000. The estimated cost to the Exchequer of raising the VAT Registration thresholds as outlined in your question can be found in the Ready Reckoner document at .