Results 19,561-19,580 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: It is assumed that the imposition of a cap of €30,000 would have the effect of withdrawing the tax exemption from all qualifying income in excess of €30,000. The full year yield to the Exchequer, estimated by reference to the tax year 2010, the latest year for which the necessary detailed information is available, is approximately €1.3 million. However, this figure does...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer of income tax relief for medical expenses is €127 million in respect of the income tax year 2010, the latest year for which the relevant information is available. On this basis, the full year yield to the Exchequer of abolishing this relief would be of the same order.

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the age exemption limits by €1,000 and €2,000 for single and married respectively would be of the order of €24 million. This figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I assume the Deputy is referring to the bonus or interest payable under a savings arrangement in connection with a certified contractual savings scheme. Any such bonus or interest payable qualifies for exemption from income tax and is also exempt from PRSI and USC. These schemes in general have restrictive conditions and generate very small bonuses or interest payments and as such any...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer of income tax relief for expenditure on significant buildings and gardens is €3.9 million in respect of the income tax year 2010, the latest year for which all the relevant information is available. In Finance Act 2010 however, the relief available to passive investors under the scheme was...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the net receipts of tax revenue from income tax, the income levy, health contribution, universal social charge and corporation tax for each of the years from 2007 to 2011 inclusive is as set out in the following table. I would like to make the Deputy aware that Revenue net receipts can differ marginally from Exchequer receipts for reasons of...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of PAYE income earners exceeding €80,000 would be of the order of €34 million, €68 million and €102 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of PAYE income earners exceeding €90,000 would be of the order of €28 million, €56 million and €85 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of PAYE income earners exceeding €100,000 would be of the order of €24 million, €47 million and €71 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2 and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of all income earners exceeding €100,000 would be of the order of €67 million, €134 million and €201 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of all income earners exceeding €120,000 would be of the order of €56 million, €112 million and €168 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of all income earners exceeding €150,000 would be of the order of €45 million, €90 million and €135 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 118 and 119 together. I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 30% to 33% would be of the order of €60 million; and the yield from increasing the rate from 30% to 35% would be €100 million in a full year. This projection assumes no significant behavioural change by depositors or a change in...

Written Answers — Department of Finance: Tax Yield (8 Nov 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: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 5% to 35 %, based on the expected outturn in 2012, could be in the region of €45 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is based...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the National Lottery that the total winnings over €1,000 in 2011 was of the order of €190 million. On this basis a tax or levy of 5% on National Lottery winnings over €1,000 would yield €9.5 million. For reasons of equity, a levy such as is proposed in the question might have to be imposed on winnings over €1,000 from other lotteries,...

Written Answers — Department of Finance: Departmental Bodies (8 Nov 2012)

Michael Noonan: The information requested by the Deputy in relation to bodies under the aegis of my Department is contained in the following table. I am not aware of any plans to abolish these bodies in current year. Name of Body Date body set up Budget for 2012 and No of employees Names of outside Consultants Employed by the body since Mar 2011 Financial Services Ombudsman Council 01/10/2004...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.

Written Answers — Department of Finance: Universal Social Charge (8 Nov 2012)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.