Results 10,641-10,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that Revenue's Comprehensive Review of Expenditure 2011 noted that by increasing audit, investigation and compliance resources by c.125 staff an additional exchequer yield of €100m per annum could be achieved.  In addition it noted that there is a significant deterrent and voluntary compliance effect on behaviour of an...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that on the basis of claims for investment in film relief for the tax year 2013, the latest full year available, the theoretical maximum yield from standardising the rate of Income Tax relief for investment in film production could be in the region of €35 million. The Deputy should be aware, however, that the current scheme of Income Tax...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that, as Section 23 relief is included in aggregated loss claims after the first year of claim, tax returns do not provide a basis for compiling estimates for the yield from standardising relief for all claims under the Section. If the Deputy had in mind to standardise the relief for properties that are yet to claim Section 23 relief for the first...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

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 2012, 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: Exchequer Revenue (15 Jul 2014)

Michael Noonan: In the time available, having regard to the volume of questions, Revenue are not in a position to provide the information sought. However, I will arrange for the information to be supplied directly to the Deputy.

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated potential cost to the Exchequer of abolishing Local Property Tax would be in the region of €500m per annum. However, it should be borne in mind that under the terms of the Stability and Growth Pact, once Ireland is out of the corrective arm and until it has reached its objective of a balanced budget in structural terms, we...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: The windfall tax rate of 80% applies to the portion of the profit or gain on a disposal of land which is attributable to a "relevant planning decision" a rezoning, where both the rezoning and the disposal of land giving rise to the windfall happen after 30 October 2009; or a "material contravention" decision by a Local Authority, where both the decision and the disposal happen after 4...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: In the time available, having regard to the volume of questions seeking costings on individual measures, Revenue are not in a position to provide the information sought. However, I will arrange for the information to be supplied directly to the Deputy.

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to estimate the cost to the exchequer of removing the requirement that a vehicle must be purchased from an authorised person to benefit from a repayment of VRT and VAT. However, all applicants are advised of the requirement, which is not intended to exclude qualifying persons from benefiting from the schemes, and therefore...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: Section 45 of Finance (No 2) Act of 2013 provides for a capital gains tax relief for entrepreneurs who reinvest the proceeds from the disposal of assets made on or after 1 January 2010 in certain chargeable business assets. Commencement of the relief is subject to EU state-aid approval. Subject to EU approval, the relief will apply from 1 January 2014 to individual entrepreneurs: - Who have...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. In Budget 2014 I announced that the 9% VAT rate would be retained indefinitely at a cost of €290 million in 2014 and €350 million in a full year.  The Budget change...

Written Answers — Department of Finance: Exchequer Savings (15 Jul 2014)

Michael Noonan: It is estimated that there will be a small negative carryover into 2015 as a result of Budget 2014 measures in the region of €2 million. The exact impacts of carryover will be reviewed as part of the Budget 2015 process, as there are a lot of moving parts to be considered, such as economic growth, take up of various schemes and specific tax relevant factors, which could impact on the...

Written Answers — Department of Finance: Tax Reliefs Application (15 Jul 2014)

Michael Noonan: I introduced changes in Finance (No. 2) Act 2013 to deliver on the commitment I made in Budget 2013 in the supplementary pensions area. The changes involve a reduction from 1 January 2014 in the value of the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold - SFT) from €2.3 million to €2 million and an increase from the current single...

Written Answers — Department of Finance: Tax Exemptions (15 Jul 2014)

Michael Noonan: I understand that the Deputy is referring to the exemptions applicable in respect of Dividend Withholding Tax (DWT). The legislation relating to DWT is contained in Chapter 8A of Part 6 (sections 172A to 172M) and Schedule 2A of the Taxes Consolidation Act, 1997 (TCA 1997). The primary purpose of DWT is to collect tax at source from dividend payments and other distributions made by Irish...

Written Answers — Department of Finance: VAT Payments (15 Jul 2014)

Michael Noonan: The Revenue Commissioners have advised me that they are aware of such initiatives in some Member States.   I understand, however, that the Member States in question require businesses to provide the Revenue authorities with electronic access to details of all their customer transaction data.  The customer receipts submitted for the lottery can be cross-checked against the...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: While the most recent year for which complete tax figures are available is 2013 the last year for which comparisons are available at present on an EU wide basis is 2012. The total tax take to GDP for 2012 is 28.7% and the EU average is 36.3%. The primary reason for this difference is that the taxation structure in Ireland is primarily based on taxes rather than social security...

Written Answers — Department of Finance: National Debt (15 Jul 2014)

Michael Noonan: At end-June 2014 the Exchequer had €20.6 billion available in Exchequer cash and other short-term investments. The end-June position has benefitted from the fact that over 80 per cent of the €8 billion bond funding target for 2014 was completed in the first half of the year. Cash balances are expected to decrease significantly by year-end.  The National Treasury...

Written Answers — Department of Finance: NAMA Debtor Agreements (15 Jul 2014)

Michael Noonan: NAMA advises that it does not pay salaries to debtors as it is not their employer.  Rather, NAMA's role is, like a bank, that of a secured lender.  NAMA advises that, in the context of its role as a secured lender, in certain cases it permits debtors to retain part of the income from their income-producing assets to pay overheads where necessary for the preservation and enhancement...

Written Answers — Department of Finance: EU Budget Contribution (15 Jul 2014)

Michael Noonan: The overall amount of the EU Budget is determined, within the 7 year Multiannual Financial Framework, by  the annual budgetary negotiations between the Council of Ministers and the European Parliament. The EU budget itself is mainly financed through contributions from each member state. These comprise 'traditional own resources' principally customs duties collected on behalf...

Written Answers — Department of Finance: Mortgage Data (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 251 and 252 together. The Central Bank's latest 'Residential Mortgage Arrears and Repossessions Statistics' publication for the end of Q1 2014 (), shows that the number of mortgage accounts for principal dwelling houses (PDH) in arrears, fell for the third consecutive quarter.  A total of 132,217 PDH accounts were in arrears at end March 2014, a decline...