Results 18,941-18,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: With regard to the VAT treatment of below cost selling, VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: The Deputy will be aware that the Minister for Health established a Special Action Group on Obesity (SAGO) to examine and progress a number of issues to address the problem of overweight and obesity, particularly in children. I understand that SAGO are calling for consideration to be given to taxation measures being applied to all foods and drinks high in fat and sugar. A detailed...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: It is assumed that the Deputy’s question envisages a movement away from the current system of marking of oil to which a reduced rate of tax applies to one in which certain users, who currently use marked oil tax paid at a reduced rate for specific uses, would instead be given refunds of part of the mineral oil tax paid by them in respect of fuel used for non-auto purposes. No...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2013 gains, from increasing the CGT tax rate from 30% to 35% could be in the region of €80 million. This figure includes corporate gains. However, this estimate assumes no behavioural changes on the part of taxpayers, and increases in rates may have a significant...

Written Answers — Department of Finance: Tobacco Control Measures (4 Dec 2012)

Michael Noonan: I assume the Deputy to refer to the proposal to introduce a price cap of the pre-tax price of tobacco. Preliminary advice on this suggests that any proposal to interfere with the ability of manufacturers to set the maximum price level for tobacco is a breach of Council Directive 2011/64/EU on the structure and rates of excise duty applied to manufactured tobacco. In the circumstances,...

Written Answers — Department of Finance: Mortgage Interest Relief (4 Dec 2012)

Michael Noonan: It is assumed that the annual maximum of €2,000 mentioned in the question relates to a limit in terms of tax relief. On that basis, I am informed by the Revenue Commissioners that the full year cost to the Exchequer of extending mortgage interest relief for new first time buyers in 2013, subject to that annual maximum, would be of the order of €3.3 million.

Written Answers — Department of Finance: Credit Unions Regulation (4 Dec 2012)

Michael Noonan: Ms. Sharon Donnery was appointed as the Registrar of Credit Unions on 23 November 2012 and will take up her new position on 1 February 2013. Ms. Donnery joined the Central Bank in 1996 as an economist and has held a number of management positions in the Central Bank. She has been in her current role as Head of Division within the Central Bank’s Consumer Protection Directorate for...

Written Answers — Department of Finance: Mortgage Interest Relief (4 Dec 2012)

Michael Noonan: The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. This means that a loan will have to be drawn down on or before 31 December 2012 in order to...

Written Answers — Department of Finance: Liquor Licensing Laws (4 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that under the Licensing Acts 1833 to 2010, an Intoxicating Liquor licence is granted by the Courts, administered by Revenue and regulated by An Garda Siochana. While unlicensed activities are treated very seriously by all of these bodies, their functions in regard to this matter differ. The issue of “shutting down premises” where a...

Written Answers — Department of Finance: Tax Reliefs (4 Dec 2012)

Michael Noonan: The scheme which provides that qualifying sportspersons, whether in a professional or semi professional capacity, are entitled, on retirement, to income tax relief was introduced in Finance Act 2002. I am informed by the Revenue Commissioners that information on the estimated cost to the Exchequer of the tax relief on retirement for qualifying sportspersons is set out in the following table...

Written Answers — Department of Finance: State Airports (4 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 165 and 166 together. As the Deputy is aware, items that may or may not be included in the Budget are never commented on in advance. Therefore, I cannot respond on the issue of incentives relating to airports.

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: The Revenue Commissioners are charged with responsibility for the timely collection and recovery of a range of taxes and duties due to the Exchequer. Revenue has a clear focus on making sure that every person and business complies with the requirement to file the relevant returns and to pay the appropriate tax or duty on a timely basis. That is an appropriate and correct focus for Revenue and...

Written Answers — Department of Finance: Tax Code (4 Dec 2012)

Michael Noonan: The Government has no plans to abolish Stamp Duty on transfers of residential property. Stamp Duty on property transactions co-existed with domestic rates before their abolition in 1978; and in many jurisdictions (including those with similar legal systems, such as the UK and the USA, and those with similar sized property markets, such as Denmark and the Netherlands) an annual residence...

Written Answers — Department of Finance: Tax Compliance (4 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that they are very mindful of the unfair competitive advantage to be gained by those businesses that do not fulfil their tax obligations. It is the role of Revenue to ensure that all businesses, regardless of the type of activity they are engaged in, are registered for the appropriate taxes and duties, and that they fulfill their obligations with...

Written Answers — Department of Finance: Tax Code (29 Nov 2012)

Michael Noonan: I assume that the Deputy’s question relates to the double deduction for carbon tax on farm diesel which I provided for in Finance Act 2012. Under this provision, farmers are allowed a deduction in computing their farming profits or losses for the amount of additional carbon tax they incur on purchases of farm diesel following the proposed increase in the rate of carbon tax on certain...

Written Answers — Department of Finance: Tax Compliance (29 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that it has been engaged with the business in question on an ongoing basis over the past four years to help it meet its tax obligations. In March 2012 Revenue facilitated a four year phased payment arrangement, which is in excess of normal timelines for such agreements, to help the business pay arrears of tax that had accumulated over the previous...

Written Answers — Department of Finance: VAT Rates (29 Nov 2012)

Michael Noonan: VAT is a tax on the value added to a supply of goods and services, and the collection and recovery of VAT takes place at each stage of the distribution chain of supply. In the end, VAT is borne by the final consumer in the form of a percentage addition to the final price of the goods or services. VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. It is not...

Written Answers — Department of Finance: Bank Codes of Conduct (29 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that the ‘Code of Practice on the Transfer of Mortgages’ is a voluntary code. The Code was issued by the Central Bank in 1991 to financial institutions involved in the provision and transfer of mortgage credit. A copy of the Code and a list of regulated financial institutions are available at www.centralbank.ie. As the Code is...

Written Answers — Department of Finance: Bank Debt Restructuring (29 Nov 2012)

Michael Noonan: As at March 2011, when the Central Bank published the Financial Measures Programme (FMP) Report and following the Prudential Liquidity Assessment Review (PLAR), a surplus of some €70bn of loans relative to a sustainable Loan to Deposit Ratio of 122.5% at end-2013 for the aggregate domestic banking system, was identified for deleveraging. De-leveraging is achieved through the separation...

Written Answers — Department of Finance: Mortgage Arrears (29 Nov 2012)

Michael Noonan: The Deputy will appreciate that it would not be appropriate for me to advise or comment on individual cases. However the key general advice for any mortgage holder experiencing difficulties with their mortgage is to engage at an early stage with their bank. From an overall public policy perspective, a number of steps have been taken to protect all homeowners experiencing mortgage...