Results 20,281-20,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Economic Dialogue (25 Jun 2015)

Michael Noonan: Minister Howlin and I will host the National Economic Dialogue in Dublin Castle on 16 -17 July next.  This will be an important element of Ireland's new budgetary framework.  The objective of the dialogue is to facilitate an open and inclusive exchange on the competing economic and social priorities facing the Government as we prepare for budget 2016.  It will be informed...

Written Answers — Department of Finance: Pension Provisions (25 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that tax legislation specifies that the maximum pension an individual may receive from an occupational pension scheme at normal retirement age is restricted to two-thirds of final remuneration. Therefore final remuneration is a key concept in determining the benefits an individual becomes entitled to on retirement. The rules of the pension scheme...

Written Answers — Department of Finance: Tote Licences (25 Jun 2015)

Michael Noonan: I assume that the Deputy is referring to requests that a tote licence be issued to bodies providing trotting and harness racing in Ireland. The tote was established under the Totalisator Act 1929 and to date Bord Na gCon and Horse Racing Ireland (or their predecessors) are the only bodies licensed to operate a tote. The primary purpose of this arrangement is to fund the...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Capital gains tax applies to gains in respect of land which is acquired under a compulsory purchase order (CPO). The rate of capital gains tax is currently 33%. When agricultural land is acquired under a CPO, the acquiring authorities usually pay a premium over the agricultural value. The premium may cover the tax due on the disposal and the farmer may well have received the agricultural...

Written Answers — Department of Finance: Banking Sector (25 Jun 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Pension Provisions (25 Jun 2015)

Michael Noonan: In Finance Act 2013, I rescinded the Finance Act 2011 changes to the specified or guaranteed pension income requirement for Approved Retirement Fund access which had increased that income requirement from €12,700 to a variable limit based on 1.5 times the State Pension (Contributory) which amounted to €18,000 per annum. At the same time, I also rescinded the Finance Act 2011...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, 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),...

Written Answers — Department of Finance: Customs and Excise Staff (25 Jun 2015)

Michael Noonan: Decisions in relation Revenue uniforms, branding and logo, and discussions with staff in relation to those decisions, are matters for the Revenue Commissioners.  I am advised by the Revenue Commissioners that the decision taken in 2010 to adopt a new logo was reinforced on 30 April 2014 by a communication to all staff setting out how the new logo was to be used on all signage,...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Tax relief on pension contributions by or behalf of employees to occupational pension schemes and by employees or individuals to pension arrangements such as Personal Retirement Savings Accounts (PRSAs) or Retirement Annuity Accounts (RACs) is limited each year by reference to the annual earnings of the employee or individual (subject to an annual earnings cap of €115,000) which...

Written Answers — Department of Finance: Tax Collection (25 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the rates of Betting Duty, the Duty collected, and the number and type of Bookmaking Licences are as laid out in the table below. Year Rate of Duty Betting Duty Net Receipts (€) Bookmakers' Licences Bookmaking Premises Number Issued Number Issued 1984 20% 26,040,136 843 921 1985 10% from 4/2/85 20,471,235 898 1,044 1986 10%...

Written Answers — Department of Finance: Financial Services Sector (30 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 215 and 224 together. The Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account as a first step in promoting Financial Inclusion. A pilot project for a Standard Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the pilot, which the...

Written Answers — Department of Finance: Property Tax Data (30 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 216 and 217 together. I am advised by the Revenue Commissioners that statistics relating to Local Property Tax (LPT) can be found on the statistics webpage of the Revenue website at . Specifically, LPT data are available at . A breakdown showing compliance rates by local authority is available at the above cited webpage. This confirms that, for 2015, returns...

Written Answers — Department of Finance: Tax Reliefs Eligibility (30 Jun 2015)

Michael Noonan: Section 469 of the Taxes Consolidation Act 1997 provides for relief for health expenses defrayed in the provision of orthodontic health care by an individual on his or her own behalf or on behalf of others. Where certain orthodontic care is available in Ireland but the customer opts to have the treatment outside the State expenses may qualify for tax relief. However, Section 469(3)(c) TCA...

Written Answers — Department of Finance: Property Tax Application (30 Jun 2015)

Michael Noonan: The introduction of a local property tax is part of a broader approach to the taxation of property. The aim is to replace some of the revenue from transaction based taxes, which have proven to be an unstable source of Government revenue, with an annual recurring property tax, which international experience has shown to be a stable source of funding.  The Government decided that the...

Written Answers — Department of Finance: Property Tax (30 Jun 2015)

Michael Noonan: The review to which the Deputy refers has regard to a number of issues which have arisen in relation to the administration of the LPT including recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT payments and the matter of the operation of the pyrite exemption provisions.  I understand the Review...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I assume the Deputy is referring to the different deductions available against rental income for commercial and residential property. In that regard, I am informed by the Revenue Commissioners that rental income for tax purposes is the gross rental income less allowable expenses incurred in earning that rent, as specified in section 97(2) of the Taxes Consolidation Act 1997. The main...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: A REIT is a collective investment vehicle which provides the same after-tax returns to investors as direct investment in rental property, by eliminating the double layer of taxation at corporate and shareholder level which would otherwise apply. The double layer of taxation applies where an individual invests in property through a company. The company must pay corporation tax on rental...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

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. The restriction was introduced in the April 2009 Supplementary Budget in respect of all residential lettings as part of an urgent...

Written Answers — Department of Finance: Tax Reliefs Availability (30 Jun 2015)

Michael Noonan: I understand that this question relates to transactions to which capital gains tax (CGT) relief for farm restructuring under section 604B Taxes Consolidation Act 1997 may be sought. The details relating to this relief are set out hereunder. As regards a special tax relief for land previously owned by the Land Commission, I can say that no specific relief in relation to such land has ever...

Written Answers — Department of Finance: Tax Collection (30 Jun 2015)

Michael Noonan: I propose to takes Questions Nos. 226 and 227 together. I dealt comprehensively with questions relating to C2 Certificates in my responses to Parliamentary Question No. 9433/15 on 4 March 2015 and Parliamentary Question No. 13903/15 on 15April 2015, both of which were put down by the Deputy. I previously explained that the National C2 Monitoring Group no longer exists and that the C2...