Results 10,401-10,420 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (17 Sep 2014)

Michael Noonan: The Special Liquidators are in the process of compiling a response to this question which I will forward to the Deputy at the earliest opportunity.

Written Answers — Department of Finance: EU Directives (17 Sep 2014)

Michael Noonan: The EU Directive on credit agreements for consumers relating to residential immovable property , commonly known as the Mortgage Credit Directive, was formally adopted on 4 February 2014. This Directive aims to create a European Union-wide mortgage credit market with a high level of consumer protection. It applies to both secured credit and home loans.  Ireland is...

Written Answers — Department of Finance: Pensions Levy (17 Sep 2014)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I have, however, introduced an additional levy on pension funds at 0.15% for 2014 and 2015. I am doing this to, among other things, continue to help fund the Jobs Initiative. The reduced VAT rate of 9% on tourism and certain...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (17 Sep 2014)

Michael Noonan: As I said in my response of 5 June last, I have asked my officials to examine the Regulations surrounding the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme. This process is ongoing. When this exercise is completed, I will consider what may be required to streamline and modernise the scheme.

Written Answers — Department of Finance: Tax Code (17 Sep 2014)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall name for both gift and inheritance tax. For the purposes of CAT, the position is that the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary) determines the maximum tax-free threshold known as the "Group threshold" below which gift or...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (17 Sep 2014)

Michael Noonan: The Deputy will be aware that mortgage interest relief has been abolished for homes purchased since 1 January 2013. Up until 2018, tax relief continues to be available for interest paid on all qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether the individuals concerned are first-time buyers or non-first-time buyers. This...

Written Answers — Department of Finance: Insurance Industry (17 Sep 2014)

Michael Noonan: The provision of new insurance cover or the renewal of existing cover is a commercial matter for insurance companies, which is based on a proper assessment of the risks they are accepting and the need to make adequate provisioning to meet these risks.  Neither I, as Minister for Finance, nor the Central Bank of Ireland have the power to direct insurers to provide cover to...

Written Answers — Department of Finance: Tax Data (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 293 to 302, inclusive, and 305 together. I am advised by the Revenue Commissioners that following changes introduced in the Finance Act 2010, a new computer system for dealing with CAT returns was put in place.  With regard to information requested for years prior to 2010 which was stored on a legacy IT system, it has not been possible to provide all...

Written Answers — Department of Finance: Tax Yield (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 303 and 304 together. As the Deputy will appreciate, the forecasting of capital taxes such as Capital Acquisition Tax (CAT) is quite complex. This is due to fact that capital taxes do not have as consistent a relationship with economic growth as other taxes such as income tax and VAT.  Receipts from CAT are dependent on events of a once off nature...

Written Answers — Department of Finance: Tax Reliefs Cost (17 Sep 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated cost of the reliefs outlined above are as shown in the following table in so far as they are available. Year 2010 2011 2012 2013 Agricultural Relief Claims allowed 1,654 1,499 1,747 1,594 Estimated Cost of  Agricultural Relief €59m €60m €77m €73m Business Relief Claims allowed...

Written Answers — Department of Finance: Tax Yield (17 Sep 2014)

Michael Noonan: The Revenue Commissioners prepare an annual report on the application of the high income individual's restriction[1].  The following figures on the numbers of individuals who fall within specific bands and the amount of additional tax raised are extracted from those reports: € € 2009 2010 2011 Up to €250,000 31 767 580 €250,001 €500,000 238 509 362...

Written Answers — Department of Finance: Third Level Fees (17 Sep 2014)

Michael Noonan: The graduate entry programme provides undergraduate medical education of four years duration and has been developed to produce medical graduates with the ability to successfully undertake an internship and thereafter to gain full registration with the Medical Council. The programme is supported by a combination of student fees, State funding and other income.   While in this...

Written Answers — Department of Finance: Agri-taxation Issues (17 Sep 2014)

Michael Noonan: In October 2013 I announced the setting up of a review of the various agri-taxation measures. A public consultation process was undertaken and a number of stakeholder meetings were held. The review is on-going and it is hoped that a report will be made available in mid October. I am informed by the Revenue Commissioners that the following tables show farmer specific tax reliefs, the numbers...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Data (17 Sep 2014)

Michael Noonan: The Home Renovation Incentive (HRI) was introduced in Finance Act (No 2) 2013.  The Incentive came into operation on 25 October 2013 and will run until 31 December 2015.  It provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work, carried out by tax compliant contractors, on a homeowner's...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (17 Sep 2014)

Michael Noonan: This question relates to the interest restriction applying to residential lettings, whereby the deductibility of interest in computing taxable rental income from residential property (insofar as it would otherwise be allowable) is limited to 75% of such interest. Rental income for tax purposes from such property is the gross rental income less allowable expenses incurred in earning that...

Written Answers — Department of Finance: Flood Insurance Cover Issues (17 Sep 2014)

Michael Noonan: I am very much aware of the difficulties that the absence of flood insurance cover can cause to householders and businesses. However, neither I, as Minister for Finance, nor the Central Bank of Ireland, have the power to direct insurance companies to provide flood cover to specific individuals. The provision of new flood cover or the renewal of existing...

Written Answers — Department of Finance: Revenue Commissioners Audits (17 Sep 2014)

Michael Noonan: I am advised by the Revenue Commissioners that a comprehensive reply on the National Contractors' Project was provided to the Deputy in response to Question No. 38 of 11 June 2014.  The project is continuing and the Revenue Commissioners have provided the following updated figures:  Since 1 July 2013 to date, audits have been closed in 502 companies, with additional liability in...

Written Answers — Department of Finance: Banks Recapitalisation (17 Sep 2014)

Michael Noonan: The Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns." and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism, the ESM, could recapitalize banks directly. On 10 June 2014 the euro area Member States reached a preliminary...

Written Answers — Department of Finance: Tax Yield (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 315 and 316 together. The information requested by the Deputy in relation to the yield from Stamp Duty on residential and non-residential property, together with the numbers of transactions, is as set out in the following tables. It is not possible to separately identify commercial property from within the broader non-residential category. Residential...

Written Answers — Department of Finance: Bank Supervision Arrangements (17 Sep 2014)

Michael Noonan: In replying to the Deputy's question I am assuming that "investment funds" refers to collective investment schemes including undertakings in collective investment in transferable securities (UCITS) and alternative investment funds (AIFs). The Central Bank of Ireland ("the Central Bank") supervises regulated investment funds and the legislative framework for the supervision of...