Results 9,861-9,880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Eligibility (21 Oct 2014)

Michael Noonan: Having regard to the number of first time buyers in recent years, and the growing property market, my Department estimates that in the region of 9,500 first time buyers would be eligible to benefit from the measure in 2015. DIRT will be refunded in respect of savings up to a maximum of 20% of the purchase price of the property.  The relief will apply to DIRT paid in the four year...

Written Answers — Department of Finance: Tax Yield (21 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 225 to 229, inclusive, together. I am informed by the Revenue Commissioners that the first and full year cost of increasing the standard rate band by €1,000, is estimated at €134 million and €180 million respectively. The first and full year cost of reducing the higher rate of income tax from 41% to 40%, is estimated at...

Written Answers — Department of Finance: VAT Rate Application (21 Oct 2014)

Michael Noonan: As you will be aware, from 1 January 2015 cross-border EU telecommunications, broadcasting and electronically supplied services to private consumers will be charged to VAT in the Member State of the consumer, and not in the Member State of the supplier as is the case currently.  This VAT change means that Member States will lose VAT revenue in respect of existing outward sales to...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (21 Oct 2014)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, and exemption from motor tax in respect of that vehicle, and relief from excise duty on fuel (up to a certain limit). To qualify...

Written Answers — Department of Finance: Living City Initiative (21 Oct 2014)

Michael Noonan: The Deputy will be aware that the Living City Initiative includes the cities of Dublin, Cork, Galway and Kilkenny as well the original target cities of Limerick and Waterford. The inclusion of these four cities within the Initiative followed the results of a thorough independent ex ante cost benefit analysis. I do not intend to extend the Initiative further than these 6 cities. The...

Written Answers — Department of Finance: Tax Code (21 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that where an individual disposes of woodland, the consideration for the disposal of the trees growing on the land and saleable underwood are not taken into account for capital gains tax purposes. Thus, where land held by an individual is sold with standing timber on it, the consideration for the disposal is to be apportioned and the part of the...

Written Answers — Department of Finance: Property Taxation Collection (21 Oct 2014)

Michael Noonan: I am informed by Revenue that Deduction at Source (DaS) of Local Property Tax (LPT) liabilities from Department of Social Protection (DSP) payments cannot be facilitated where the arrangement reduces a person's take home amount to below the minimum weekly rate of supplementary welfare allowance. This 'de minimus' weekly amount, which is currently €186, is enshrined in social welfare...

Written Answers — Department of Finance: Tax Compliance (21 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the company in question remits its VAT liabilities using the Direct Debit payment system. I am further informed by Revenue that they facilitates the company in making payments during its busy summer trading months only rather than on a monthly basis, which is the norm for Direct Debit customers. Revenue acknowledges that the company fully...

Written Answers — Department of Finance: Tax Clearance Certificates (21 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 236 and 241 together. I am advised by the Revenue Commissioners that although the community group taxpayer referred to was initially refused a tax clearance certificate, the necessary certificate was issued on 18 August 2014.  I am further advised that the Commissioners have contacted the group in question to invite them to progress an application for...

Written Answers — Department of Finance: Tax Reliefs Availability (21 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 237 and 238 together. As the Deputy is aware, I announced in the Budget that tax relief for water charges will be introduced. Relief will be available at the standard rate of 20%, on water charges paid, up to a maximum of €500 per annum, which may result in tax relief up to €100. I can confirm that individuals who pay...

Written Answers — Department of Finance: Budget 2015 (21 Oct 2014)

Michael Noonan: On Budget Day I published  the report of the Agri-Taxation Review, which I announced in last year's Budget. Arising from the recommendations in the Review, I am introducing a number of tax measures to support farming. The following Stamp Duty measures announced on Budget Day relate to the transfer of either property or land: Consanguinity Relief Consanguinity relief, which applies to...

Written Answers — Department of Finance: IBRC Bond Issues (21 Oct 2014)

Michael Noonan: I am advised that the Department of the Environment, Community and Local Government are continuing to work with the relevant local authorities to ascertain the actual level of exposure that exists in relation to the development bonds previously entered into by IBRC in favour of the various County Councils or local authorities. Once that exposure is quantified the local authorities will...

Written Answers — Department of Finance: Tax Code (21 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the 10% tax referred to by the Deputy is part of the tax paid by the company and not a tax on the dividends themselves.  Accordingly, dividends paid by a UK company to an Irish resident taxpayer are not subject to any taxation in the United Kingdom. Where a pensioner has UK dividend income, it is taxable in the normal way in this country....

Written Answers — Department of Finance: IBRC Mortgage Loan Book (21 Oct 2014)

Michael Noonan: In relation to mortgage loans previously sold by IBRC, the Special Liquidators sought and received the agreement of bidders and the ultimate purchasers of IBRC mortgage loans to voluntarily comply with the terms of the Code of Conduct on Mortgage Arrears. I understand that these mortgages are currently being serviced in line with those terms. In relation to all remaining unsold...

Written Answers — Department of Finance: Tax Rebates (21 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that they have been unable to facilitate a refund of tax through the PAYE system for the individual as they were not provided with correct information and the individual subsequently ceased employment.. Revenue has contacted the named individual to facilitate her in making a claim for any refund due now that her employment has ceased.

Written Answers — Department of Finance: Government Deficit (21 Oct 2014)

Michael Noonan: From September 2014, the new framework for national accounts statistics 'ESA2010' (European System of Accounts) has entered into force. It replaces the old framework of ESA1995. The new framework essentially modernises the previous standards contained in ESA 1995. Such changes are needed periodically in order to adapt the national accounts to the changing dynamics of economic activity, such...

Written Answers — Department of Finance: Water Charges Introduction (21 Oct 2014)

Michael Noonan: In my reply to the Deputy's PQ No. 166 of 7 October last (37932/14), I pointed out that the CSO would have to take the absence of water charges into account in its classification of Irish Water. I also informed the Deputy that if Irish Water was classified inside general government then all revenue and expenditure would count towards the general government balance. My colleague the...

Written Answers — Department of Finance: Water Charges Yield (21 Oct 2014)

Michael Noonan: Revenues from the application of water charges will accrue to Irish Water and will not be transferred to the Exchequer. It is estimated that the tax relief on water charges announced in the Budget will cost €40 million approximately, the value of which will be provided to those who qualify for the tax relief. The expenditure measures announced to assist those on certain social...

Written Answers — Department of Finance: Budget Targets (21 Oct 2014)

Michael Noonan: The forecast for the general government deficit in 2015 contains an estimate for general government interest expenditure that is more than €800 million lower than the equivalent estimate in the Stability Programme Update. This reduction reflects the more favourable outlook for interest rates generally and also a prudent provision for projected savings arising from the early repayment...

Written Answers — Department of Finance: Budget Measures (21 Oct 2014)

Michael Noonan: The Tax Strategy Group is an interdepartmental committee chaired by the Department of Finance. Its membership comprises senior officials and advisors from a number of Departments, including Finance, Taoiseach, Jobs, Enterprise & Innovation and Social Protection and also from the Office of the Revenue Commissioners and the Office of the Attorney General. Papers on various options for...