Results 7,281-7,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: In relation to Capital Gains Tax (CGT) the first €1,270 of gains made by an individual in any year are exempt from CGT. In addition, there are a number of specific exemptions and reliefs from CGT, including, for example, retirement relief and relief in respect of the disposal of a principal private residence. For the purposes of Capital Acquisitions Tax, the relationship between the...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (26 May 2015)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, assistance with fuel costs, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe physical...

Written Answers — Department of Finance: Tax Rebates (26 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that PAYE Balancing Statements issued to the person concerned on 12 May 2015 for 2013 and 2014. Those Statements set out the person's overall tax position for the years in question.

Written Answers — Department of Finance: Pension Provisions (26 May 2015)

Michael Noonan: The Deputy's correspondent raises an issue relating to the imputed distribution of the value of assets in an ARF. An imputed distribution of the value of assets in an ARF was introduced because an internal review of tax relief for pensions provision undertaken by my Department and the Revenue Commissioners in 2005 found that the ARF option was largely not being used as intended to fund an...

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: As I advised the Deputy in my reply to Parliamentary Question No. 282 of 12 May 2015, the extent to which expenses incurred in earning rental income are deductible in computing taxable rents is specified in section 97(2) of the Taxes Consolidation Act (TCA) 1997. This question relates, inter alia, to the restriction on the deductibility of interest and the non-deductibility of local property...

Written Answers — Department of Finance: Ministerial Travel (26 May 2015)

Michael Noonan: My programme of official foreign trips planned between now and the end of 2015 includes the following Eurogroup and ECOFIN meetings: 18/19 June: Eurogroup/ECOFIN, Luxembourg 13/14 July: Eurogroup/ECOFIN, Brussels 11/12 September: Eurogroup/ECOFIN (Informal), Luxembourg 5/6 October: Eurogroup/ECOFIN, Luxembourg 9/10 November: Eurogroup/ECOFIN, Brussels 7/8 December: Eurogroup/ECOFIN,...

Written Answers — Department of Finance: IBRC Operations (26 May 2015)

Michael Noonan: As the Deputy is aware, I have issued directions to the Special Liquidators to perform a review and produce a report having considered all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency which either: 1. Resulted in a capital loss to IBRC of at least €10 million; 2. Are...

Written Answers — Department of Finance: Official Engagements (26 May 2015)

Michael Noonan: The Chinese Premier, Mr Li Keqiang paid a visit to Ireland on 17-18 May last. This was his first visit to Ireland. Premier Li was accompanied by his wife, Professor Cheng Hong, as well as a 119-strong delegation. A delegation of Irish Government Ministers had a bilateral meeting with the Chinese Ministerial delegation at Ashford Castle. The Irish delegation was led by the Taoiseach and,...

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that an estimated flat tax rate of 46%, on all income over €15,000, would be necessary to achieve a target yield equal to the total amount currently raised from universal social charge and income tax combined, and the abolition of all existing tax credits, allowances and reliefs, including the various income exemptions, marginal reliefs,...

Written Answers — Department of Finance: Property Tax (26 May 2015)

Michael Noonan: I can advise the Deputy that the person concerned has generously offered to undertake the work in connection with the LPT Review on a pro bonobasis and that this offer has been accepted. The question of a fee does not therefore arise.

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: In relation to the fiscal outlook post 2016 projections, the 2015 Stability Programme Update incorporates a technical assumption in respect of the income tax system.  The assumption allows for the indexation of the income tax system of around 2 per cent, which is line with the medium-term increase in non-agriculture wages and equates to a nominal value of approximately €300...

Written Answers — Department of Finance: Fiscal Policy (26 May 2015)

Michael Noonan: Firstly, I wish to clarify for the Deputy that projections of the structural balance set out in the 2015 Stability Programme Update (SPU) are not estimated using either the reference rate or convergence margin. Rather, the structural balance is calculated using a measure of the output gap (based on potential GDP growth) which is set out in Table 15 of the SPU. In...

Written Answers — Department of Finance: Economic Data (26 May 2015)

Michael Noonan: The non-accelerating wage rate of unemployment or NAWRU is the concept of structural unemployment used within the harmonised framework for estimating potential output used by the European Commission. The rate of structural unemployment is not observed and must be estimated empirically. The NAWRU estimates consistent with the 2015 Stability Programme Update indicate a rate of...

Written Answers — Department of Finance: Central Bank of Ireland (26 May 2015)

Michael Noonan: Section 19 of the Central Bank Act 1942, as amended, sets out the rules and procedure for the appointment of the Governor of the Central Bank. Section 19 provides that the Governor is to be appointed by the President on the advice of the Government. The term of appointment is seven years. While the Governor has announced his intention to retire, the details of the date...

Written Answers — Department of Finance: Tax Reliefs Cost (26 May 2015)

Michael Noonan: I propose to take Questions Nos. 308 to 310, inclusive, together. In relation to the first question, I am advised by the Revenue Commissioners that the estimated impact to the Exchequer on the reduction of the marginal rate of tax relief to 20% for employee and individual contributions to pension schemes or plans is a saving in the order of €410 million. In relation to the...

Written Answers — Department of Finance: Tax Code (26 May 2015)

Michael Noonan: I propose to take Questions Nos. 311 and 312 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: Departmental Staff Recruitment (26 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following were recruited in 2014. Grade Recruited Secretary General 1 Assistant Secretary 2 Principal Officer 2 Assistant Principal 4 Administrative Officer 14 Higher Executive Officer 1 Clerical Officer 2 TOTAL 26 In addition to the recruitment within my own Department the following information on staff who have been...

Written Answers — Department of Finance: Departmental Staff Redeployment (26 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following staff have been seconded abroad or to another Department in 2014. 2 Assistant Principals seconded to the European Commission 1 Administrative Officer seconded to the European Commission 1 Administrative Officer seconded to the German Finance Ministry In addition to the secondment of staff within my own...

Written Answers — Department of Finance: Departmental Staff Retirements (26 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following staff retired in 2014. Grade Retired Second Sec Gen 1 Director 1 PO 1 AP 7 HEO 1 EO 2 TOTAL 13 In addition to the retirements within my own Deparrtment I have been advised of the following retirements in respect of bodies under the aegis of my Department. Organisation Retirements 2014...

Written Answers — Department of Finance: Tobacco Control Measures (19 May 2015)

Michael Noonan: As the Deputy will be aware, the tobacco industry has developed a number of novel tobacco products, which include heated tobacco products. At present the tax treatment of tobacco products is provided for in Directive 2011/64/EU (the 'Tobacco Products Tax Directive'), which harmonises the structures and definitions of tobacco products. Ireland has implemented this Directive through Chapter 3...