Results 8,761-8,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Consultancy Contracts Expenditure (15 Jan 2015)

Michael Noonan: I have received the following information in relation to amounts paid to the company in question. Department of Finance There is no record of any payments to the company in question during the period. Central Bank The Central Bank has not paid for professional services from the firm mentioned, in the period 2008 to present. National Treasury Management Agency and National Pensions...

Written Answers — Department of Finance: Knowledge Development Box (15 Jan 2015)

Michael Noonan: There is currently one public consultation open by my Department - the Knowledge Development Box Consultation Paper. In line with the commitment contained in the Road Map for Ireland's Tax Competitiveness, which was published as part of Budget 2015, my Department launched a public consultation on the introduction of a new corporation tax incentivethe Knowledge Development Box...

Written Answers — Department of Finance: Mortgage Interest Relief Application (15 Jan 2015)

Michael Noonan: I am advised by Revenue that mortgage interest relief is available through the Tax Relief at Source (TRS) system as provided for by Section 244 of the Taxes Consolidation Act 1997. The relief is available at varying rates and ceilings in respect of interest paid on a loan used for the purchase, repair, development or improvement of a sole or main residence. The relief is available on...

Written Answers — Department of Finance: VAT Exemptions (14 Jan 2015)

Michael Noonan: The supply of water by local authorities and Irish Water is exempt from VAT. This VAT exemptions applies to all supplies of water, including supplies to domestic households, businesses and others. Ireland's long standing VAT exemption for the supply of water is currently contained in paragraph 14(2) of Schedule 1 to the VAT Consolidation Act 2010. The exemption is based on a derogation from...

Written Answers — Department of Finance: Corporation Tax Regime (14 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that Corporation Tax returns for the years 2011 and 2012, the latest full year available, indicate that the number of companies that returned profits under the tonnage tax regime was 38 and 39 respectively. As regards the names of the companies , the Revenue Commissioners' obligation to observe confidentiality for taxpayers precludes them from giving...

Written Answers — Department of Finance: Property Tax Data (14 Jan 2015)

Michael Noonan: I am advised by Revenue that the person to whom the Deputy refers is paid up to date in respect of her Local Property Tax (LPT) and Household Charge (HHC) liabilities. However, due to a technical error, a refund of LPT amounting to €38.08 in respect of the 2014 liability was incorrectly generated and sent to her on 6 December 2014, which has unfortunately created an 'underpayment' of...

Written Answers — Department of Finance: Property Tax Rate (14 Jan 2015)

Michael Noonan: As the Local Property Tax is a new tax, the Government wished to provide certainty to homeowners and for this reason valuation periods of three years were introduced (with the exception of the first valuation period which covers three and a half years). In addition to providing certainty, it also eases the administration burden on the homeowner by not having to revalue their houses each year....

Written Answers — Department of Finance: Tax Collection Forecasts (14 Jan 2015)

Michael Noonan: I am advised by the National Lottery that the total value of prizes over €750,000 won by players in 2014 amounted to €184.8m. This includes euromillions prizes of €101.7m. Based on 2014 figures, assuming the tax only applies to the excess winnings over €750,000, a tax of 5% on National Lottery winnings over €750,000 would yield...

Written Answers — Department of Finance: Energy Prices (14 Jan 2015)

Michael Noonan: The price of brent crude oil has fallen by about 45 per cent in euro terms (nearly 50 per cent in US dollar terms) since the end of September, when the macroeconomic projections that underpin Budget 2015 were finalised. For the most part this is a positive development, and will likely have a favourable impact on real economic activity in Ireland. Ireland is a net energy...

Written Answers — Department of Finance: Revenue Commissioners Powers (14 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that, since 2005, Revenue officers are ordinarily limited to carrying out enquiries and making or amending assessments within a period of 4 years from the end of the year in which a taxpayer filed a correct tax return or a correct amended return. However, that 4 year time limit does not apply, and Revenue can accordingly carry out an audit or...

Written Answers — Department of Finance: Tax Collection Forecasts (14 Jan 2015)

Michael Noonan: The distributional analysis requested by the Deputy is set out in the following table. Single Person, private sector employee taxed under PAYE. Full rate PRSI contributor Income Tax USC PRSI Net Income Difference Gross Income Current (2015) Proposed Current Proposed Current Proposed Current Proposed € € € € € € € € €...

Written Answers — Department of Finance: Inflation Rate (14 Jan 2015)

Michael Noonan: Inflation, as measured by annual changes in the Harmonised Index of Consumer Prices (HICP), has averaged 0.4 per cent in the first eleven months of 2014. As such, we continue to operate in a low inflation environment. Headline inflation is being pushed down, among other things, by the significant declines in oil prices in recent months. Brent crude oil has fallen...

Written Answers — Department of Finance: Bank Charges (14 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 130 to 132, inclusive, together. The Central Bank has informed me that both the European Communities (Payment Services) Regulations 2009 and the Central Bank's Consumer Protection Code 2012 contain certain requirements in relation to the information to be provided about charges to ensure that the customer is aware in advance of the amount of a charge for...

Written Answers — Department of Finance: Income Data (14 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 133 and 134 together. I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced, Statistics webpage: . There is a section of the Statistics webpage dedicated to Income Tax and Corporation Tax data and in this section detailed information on the breakdowns of gross income, Income...

Written Answers — Department of Finance: Fiscal Policy (14 Jan 2015)

Michael Noonan: The financial crisis and subsequent euro area debt crisis exposed flaws in the design of economic and monetary union.  Broadly speaking, the policy response has centred around retro-fitting the monetary union with the tools to make it operate more efficiently and ensure that the benefits of the single currency are fully realised. In particular, the economic governance framework of the...

Written Answers — Department of Finance: Fuel Prices (14 Jan 2015)

Michael Noonan: Brent crude oil has fallen by about 45 per cent in euro terms (nearly 50 per cent in US dollar terms) since the  macroeconomic projections to underpin Budget 2015 were finalised. This will have implications for economic activity in Ireland in real and nominal terms. On the real side, it should be recalled that Ireland is a net energy importer and as such...

Written Answers — Department of Finance: European Investment Bank (14 Jan 2015)

Michael Noonan: The Shannon LNG terminal project mentioned in the Deputy's question was included in the project list submitted by Ireland in response to the request from the EIB/Commission/Member State Task Force and is included in the Task Force's final report. The report can be found at the following website address - For background Ireland's EIB Task Force's project list was the result of...

Written Answers — Department of Finance: Personal Insolvency Act (14 Jan 2015)

Michael Noonan: The Personal Insolvency Act was introduced in 2012 by the Minister for Justice and Equality and provides for a fairer balance between the legitimate interests of creditors, which in respect of Credit Unions are their members, and debtors experiencing debt difficulty.  In particular it has reduced the bankruptcy period to three years and has introduced three new debt resolution...

Written Answers — Department of Finance: European Central Bank (14 Jan 2015)

Michael Noonan: The ECB sets policy interest rates having regard to inflation developments and prospects in the euro area as a whole, and not in respect of conditions in individual Member States. It was clear at the outset that participation in monetary union would involve the loss of this policy instrument and that other stabilisation tools such as fiscal and incomes policies would assume greater...

Written Answers — Department of Finance: Departmental Investigations (14 Jan 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is currently no official EU VAT register and that only national tax administrations have the right to issue a VAT number. I have been informed of reports whereby companies in different EU Member States have received letters encouraging the recipient to disclose his VAT registration number and indeed the EU Commission has...