Results 14,701-14,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (25 Sep 2013)

Michael Noonan: The budget change referred to in the question was estimated to yield €50 million in 2013. However, I am informed by the Revenue Commissioners that figures of capital gains tax receipts are not captured in such a manner as would enable the impact of this change to be separately identified. It may be noted that as this change applied to disposals made after 5 December, 2012 the bulk of...

Written Answers — Department of Finance: Tax Yield (25 Sep 2013)

Michael Noonan: The budget change referred to in the question was estimated to yield €20 million in 2013. However, I am informed by the Revenue Commissioners that figures for capital acquisitions tax receipts are not captured in such a manner as would enable the impact of this change to be separately identified. It may be noted that as this change applies to gifts or inheritances taken after 05...

Written Answers — Department of Finance: Tax Yield (25 Sep 2013)

Michael Noonan: The budget change referred to in the question was estimated to yield €10 million in 2013. However, I am informed by the Revenue Commissioners that figures of capital acquisitions tax receipts are not captured in such a manner as would enable the impact of this change to be separately identified. It may be noted that as this change applies to gifts or inheritances taken after 05...

Written Answers — Department of Finance: Tax Yield (25 Sep 2013)

Michael Noonan: The Budget change referred to in the question was estimated to yield €50 million in 2013. The yield from Deposit Interest Retention Tax (DIRT) is influenced by a number of factors, such as changes in the level of deposits held in financial institutions and interest rates, as well as budgetary changes in the tax rate. I am informed by the Revenue Commissioners that figures for DIRT...

Written Answers — Department of Finance: Tax Code (25 Sep 2013)

Michael Noonan: Small and medium sized businesses make up over 99% of businesses in Ireland and account for almost 70% of people employed. Despite Ireland's reputation as one of the world's most globalised economies, 64% of private sector workers are employed by indigenous non-exporting firms, with 56% working for indigenous, non-exporting small businesses. These numbers highlight the importance of...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (25 Sep 2013)

Michael Noonan: The Employment and Investment Incentive (EII) is a tax incentive which provides income tax relief for investment in certain corporate trades. Relief is initially available to an individual at 30%, with a further 11% tax relief available where it has been proven that employment levels have increased at the company at the end of the holding period. The EII commenced on 25 November 2011. Prior...

Written Answers — Department of Finance: VAT Rates Reductions (25 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 71 and 72 together. 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. The measure was estimated to cost €120 million in 2011, €350 million in 2012, €350 million in 2013, and...

Written Answers — Department of Finance: Pensions Levy Yield (25 Sep 2013)

Michael Noonan: The yield to date from the 0.6% stamp duty levy on pension fund assets in respect of 2013 is €110 million. However, the deadline date by which payment of the levy is due for 2013 is today (25 September 2013). It will take some days before the data on the yield as at the deadline date feeds through the Revenue Commissioners’ systems. The information should be available at the...

Written Answers — Department of Finance: Tax Yield (25 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue from air travel tax for the years 2010, 2011, 2012 and the first eight months of 2013 is as follows: - €m 2010 104.7 2011 47.9 2012 33.6 2013 (Jan to Aug) 22.3 Please note that the receipts shown for 2013 are provisional and may be subject to revision.

Written Answers — Department of Finance: Fiscal Policy (25 Sep 2013)

Michael Noonan: For the purposes of answering the question several assumptions have to be made. These are that: Planned revenue consolidation measures outlined in April’s Stability Programme Update remain unchanged. This is because the composition of GDP growth is crucial in forecasting tax and non-tax revenues and use of headline GDP growth would be misleading. General government expenditure is...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (25 Sep 2013)

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. It also recognises that businesses with legacy debts may be viable. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and...

Written Answers — Department of Finance: Property Taxation Collection (25 Sep 2013)

Michael Noonan: Section 146 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a monetary penalty where a liable person fails to deliver a Return to the Revenue Commissioners. The penalty chargeable is equivalent to the Local Property Tax (LPT) that is payable, subject to a maximum of €3,000. Section 149 of the 2012 Act (as amended) provides for the charging of interest on late...

Written Answers — Department of Finance: Property Taxation Administration (24 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the introduction of the Local Property Tax (LPT) represented a significant administrative challenge which included the building of an entirely new property register and the provision of a wide variety of payment options to cater for as many individual circumstances as possible. One of the payment options was direct debit and some 179,000...

Written Answers — Department of Finance: VAT Rates Reductions (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 158, 184 and 205 together. 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 line with best international practice it was introduced as a temporary measure and is due to expire at end December 2013,...

Written Answers — Department of Finance: Property Taxation Application (24 Sep 2013)

Michael Noonan: As I have previously outlined to this House, in designing the Local Property Tax (LPT) the Inter-Departmental Expert Group chaired by Dr Don Thornhill (the “Thornhill Group”) had due regard to issues such as ability to pay and considered the provision of waivers or deferrals for households unable to pay the tax or where a payment requirement would cause hardship. In its...

Written Answers — Department of Finance: Credit Ratings (24 Sep 2013)

Michael Noonan: I have no role in relation to the operation of the Irish Credit Bureau (ICB) which is a private entity. However, the Deputy will be aware of the significant reform of the credit reporting system which is being provided for in primary legislation through the Credit Reporting Bill, 2012. The Bill is currently passing through the Houses of the Oireachtas and provides for the creation of an...

Written Answers — Department of Finance: Mortgage Debt (24 Sep 2013)

Michael Noonan: In early 2011, as part of the agreement with the External Partners, the Central Bank commissioned a detailed and data-driven evaluation of the possible loan losses that would be incurred by the banks in a severe, but not utterly implausible, stress scenario. All the loan books were examined, including the residential mortgage books in Ireland and the UK, taking into account projections in...

Written Answers — Department of Finance: Consumer Credit Act Review (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 162 to 164, inclusive, 166 and 167 together. The Programme Documents (the Memorandum of Understanding on Specific Economic Policy Conditionality and the Memorandum of Economic and Financial Policies) agreed following the 10th Review of the EU-IMF Programme of Financial Support include a commitment to carry out an assessment of banks' fee income by...

Written Answers — Department of Finance: Bank Charges (24 Sep 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to bank charges imposed by regulated financial institutions. This is a commercial matter for the lending institutions concerned. The Central Bank has advised me that under Section 149 of the Consumer Credit Act, 1995 (as amended), credit institutions, including prescribed credit institutions, and bureaux de change must notify...

Written Answers — Department of Finance: Motor Insurance Regulation (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 168 and 169 together. At the outset, I would point out that the calculation of annual premium rates is a commercial decision for the insurance company in question. Neither I, as Minister for Finance, nor the Central Bank of Ireland, can require a company to change its rates or prohibit a company from doing so. The Department of Finance or an agency under...