Results 20,381-20,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax Collection (7 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the property owner in question opted to pay his 2015 Local Property Tax (LPT) by 'deduction at source' from his occupational pension. The person concerned is also paying the Household Charge (HHC) through deduction at source. The cumulative deduction to cover both the LPT and HHC charges amounts to €7 per week. Revenue has been in...

Written Answers — Department of Finance: Banking Sector (7 Jul 2015)

Michael Noonan: It is the responsibility of the Central Bank of Ireland (CBI) to ensure that regulatory protections are in place to cover the risk identified in the Deputy's question.  I have been informed by the CBI that under the Consumer Protection Code 2012 (CPC 2012) a regulated entity must ensure that in all its dealings with customers and within the context of its authorisation...

Written Answers — Department of Finance: Tax Code (7 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that Section 266A of the Taxes Consolidation Act 1997 provides for a refund of Deposit Interest Retention Tax (DIRT) on certain savings held by qualifying first-time buyers who purchase or self-build a property between 14 October 2014 and 31 December 2017. A qualifying first-time buyer is a person who, at the time of the purchase, has not...

Written Answers — Department of Finance: Mortgage Interest Rates (7 Jul 2015)

Michael Noonan: As it is subject to an ongoing Central Bank enforcement investigation Permanent TSB ("PTSB") is not in a position at the present time to provide any further detail than that provided on 17 February 2015.PTSB has made clear to my officials that it will do everything in its power to expedite this matter and ensure that all affected customers are identified and receive appropriate redress.

Written Answers — Department of Finance: Transfer Pricing (7 Jul 2015)

Michael Noonan: The term 'transfer pricing' describes the process by which members of a group of companies set the prices at which they pass goods, services, finance and assets between each other. There has been a substantial worldwide increase in trade in recent decades, much of which now takes place within multinational groups. Transfer pricing is a normal and necessary feature of transactions within...

Written Answers — Department of Finance: Tax Treaties (7 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 118 and 119 together. Work relating to tax and revenue systems in developing countries falls to the Revenue Commissioners. Where the opportunity has arisen, for example in Rwanda a number of years ago, Revenue has shared its expertise in assisting tax administrations to modernise, particularly in relation to the automation of processes making use of...

Written Answers — Department of Finance: Tax Treaties (7 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 120 and 121 together. Revenue is fully and actively engaged in the exchange of information between Revenue and the tax authorities of jurisdictions with whom we have a legal basis for the exchange of information. In 2014, Revenue received 515 requests for exchange of information in respect of direct taxes and VAT from other jurisdictions and...

Written Answers — Department of Finance: Tax Collection (7 Jul 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the amount of Corporation Tax collected in each of the past ten years, the percentage it represents of the entire tax take and the estimated share of Corporation Tax liabilities from foreign owned multinational companies is set out in the following table. Year Corporation Tax Receipts (€ million) Corporation Tax  as % of Total Tax...

Written Answers — Department of Finance: Tax Code (7 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is currently no specific tax regime applicable to corporate patent royalty income. Patent royalty income received by a company in the course of carrying on a trade is chargeable to corporation tax at 12.5% (and at 25% if it is received in a non-trading context). However, in Budget 2015, I introduced a new Road Map for Ireland's Tax...

Written Answers — Department of Finance: Free Movement of Capital (7 Jul 2015)

Michael Noonan: The free movement of capital is one of the key principles of the European Union. Having said that, the European Commission has noted that capital controls may be introduced for overriding reasons of general public interest. It notes that 'such exceptions to the principle of the free movement of capital must be interpreted very strictly, and be non-discriminatory, as well as suitable...

Written Answers — Department of Finance: Tax Code (7 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the tax position of an individual depends on their residence, ordinary residence and domicile and on the source of income.  The rules regarding residence and ordinary residence are detailed in sections 819 and 820 of the Taxes Consolidation Act (TCA) 1997. The concept of domicile is based on case law and is not prescribed in legislation....

Written Answers — Department of Finance: Tax Code (7 Jul 2015)

Michael Noonan: I assume that the Deputy's question is in relation to tax relief for maintenance payments in respect of children. There is no provision in the tax code for tax relief in this regard. This is the case regardless of whether the payments are made voluntarily or under a legally binding maintenance arrangement. Maintenance payments in respect of children are not taxable in the hands of the...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (7 Jul 2015)

Michael Noonan: As the Deputy is aware, the Revenue Commissioners operate the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme. Section 101 of the Ministers and Secretaries (Amendment) Act 2011 provides that the Revenue Commissioners shall be independent in the performance of their functions under, or for the purposes of, inter alia, any statute relating to the duties of excise or the...

Written Answers — Department of Finance: Tax Code (7 Jul 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: Pensions Levy (7 Jul 2015)

Michael Noonan: It is not clear from the details supplied with the question what, in fact, the Deputy has in mind in her proposal for recovery of the pension levy to members of the pension scheme in question through the taxation system. It seems from the details provided that the Deputy is of the view that a reduction applied to a pension in payment from a pension scheme, on foot of a decision by the...

Written Answers — Department of Finance: Central Bank of Ireland Annual Reports (7 Jul 2015)

Michael Noonan: The Central Bank publishes the value of its gold and gold receivables in its annual report. The Central Bank Annual Report 2014 states the value of gold and gold receivables to be €190,979,000 as at 31 December 2014. The Annual Report also notes that gold and gold receivables consist of coin stocks held in the Central Bank of Ireland;...

Written Answers — Department of Finance: VAT Rate Application (7 Jul 2015)

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. It is not the practice to comment on what measures may or may not be introduced in advance of the Budget.

Written Answers — Department of Finance: Student Support Schemes (7 Jul 2015)

Michael Noonan: The graduate entry programme provides undergraduate medical education of four years duration and has been developed to produce medical graduates with the ability to successfully undertake an internship and thereafter to gain full registration with the Medical Council. The programme is supported by a combination of student fees, State funding and other income.   While in this...

Written Answers — Department of Finance: Banking Sector (7 Jul 2015)

Michael Noonan: AIB is  well on the road to recovery and officials in my department are working with AIB on reconfiguring its capital structure and setting out a path for the bank to begin to return capital to the State. Given the scale of the State's investment - some €20.8 billion - and the different financial instruments this money is invested in, there are a range of options available...

Written Answers — Department of Finance: Mortgage Lending (7 Jul 2015)

Michael Noonan: The Central Bank of Ireland (Bank) has recently introduced new macro prudential measures for residential mortgage lending which apply certain loan to value and loan to income limitations on such lending. The key objective of these regulations is to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank...