Results 20,521-20,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Licence Applications (15 Jul 2015)

Michael Noonan: I am informed by the Central Bank that the number of applications for a banking licence which it received in the past five years is as follows: 2015 (YTD) None 2014 None 2013 Dell Bank International Limitedlicence granted [US] 2012 None 2011 None 2010 None In addition to the above, EBS Limited was granted a banking licence in 2011 on the conversion of EBS from a building society to a bank....

Written Answers — Department of Finance: VAT Rate Application (15 Jul 2015)

Michael Noonan: The VAT treatment of goods and services is governed by EU law with which Irish VAT law must comply. The rate of VAT that applies to a particular good or service is determined by the nature of the good or service, and not by the status of the customer. There is no provision in European VAT law that would allow the application of a reduction or removal of VAT on telecom utility bills to...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I assume that the Deputy is referring to the restriction on the use of certain tax reliefs and exemptions by high income individuals. Data to provide a definitive estimate of the yield from the measures outlined by the Deputy is not readily available. However, based on personal income tax returns filed for the year 2013, the latest year for which data is available, it is tentatively estimated...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 84, 85 and 87 together. The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 86 and 104 to 107, inclusive, together. Regarding the first question, I am informed by Revenue that, based on the latest information available, a reduction of the €115,000 ceiling to €60,000 per annum on the annual earnings limit for determining maximum allowable pension contributions for pension purposes, is tentatively estimated to yield in...

Written Answers — Department of Finance: Tax Data (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 88 to 90, inclusive, together. In relation to share options, I am informed by the Revenue Commissioners that the gains arising from the exercise of share options were €260 million in 2014. Information on the total value of share options exercised is not readily available and could not be obtained without conducting a protracted examination of...

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 91 to 93, inclusive, together. I am informed by Revenue  that there are currently four Real Estate Investment Trusts ("REITs") established and operating in Ireland. The function of the REIT framework is not to provide an overall tax exemption, but rather to facilitate collective investment in rental property by removing a double layer of taxation...

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: The applicable VAT rate varies across different activities within the overall construction sector. I am informed by the Revenue Commissioners that, as the information furnished on VAT returns does not require the yield from particular activities or products to be identified, it is not possible to estimate the VAT yield for the sector mentioned by the Deputy. Accordingly, I am not in a...

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: Section 593 of the Taxes Consolidation Act 1997 provides for an exemption from Capital Gains Tax (CGT) in cases where the person disposing of a life assurance policy is the original beneficial owner of the policy. This CGT exemption does not extend to a disposal by a person who is not the beneficial owner of the policy and who acquired the rights or interest in the policy for a consideration...

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: Following discussion with the Deputy's Office, I understand that the Deputy's question is 'To ask the Minister for Finance that given Trust's file annual return Form 1 which disclosed their income and so on, the revenue that would be generated from increasing the tax rate on trust income from 20% to 30%.' I am informed by the Revenue Commissioners that on the basis of net income tax...

Written Answers — Department of Finance: Seed Capital Scheme (15 Jul 2015)

Michael Noonan: As the Deputy is aware, the Seed Capital Scheme was recently rebranded and relaunched as StartUp Refunds for Entrepreneurs (SURE). This scheme provides refunds of tax previously paid to entrepreneurs who start their own qualifying business. I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced, Statistics...

Written Answers — Department of Finance: Exchequer Savings (15 Jul 2015)

Michael Noonan: I would like to inform the Deputy that is has not been possible to provide the requested material in the required timeframe. I will arrange for the requested material to be directed to you as soon as is possible.

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced, Statistics webpage: . In relation to the Deputy's questions, detailed information on potential yields from increasing the rate of Capital Gains tax can be found in the post-Budget 2015 Ready Reckoner: . While the Ready Reckoner does not show all of the...

Written Answers — Department of Finance: Tax Yield (15 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 100 to 102, inclusive, together. In relation to the first question, I am advised by the Revenue Commissioners that data relating to the estimated yields for each 1% increase in the Capital Acquisitions Tax rate are available on the Revenue website at . Specifically, the information which the Deputy seeks can be found in the CAT Ready Reckoner...

Written Answers — Department of Finance: Tax Code (15 Jul 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated yield that could be raised in a full year through increasing the tax on cigarettes by 50 cents per packet of 20, with a pro rate increase on other tobacco products, is in the region of €60m, assuming no change in consumer behaviour.

Written Answers — Department of Finance: Gambling Sector (15 Jul 2015)

Michael Noonan: I am informed by Revenue that the number of gaming licences (premises) and gaming machine licences issued, for the years 2010 to 2014 and for 2015 up to 10 July are as set out in Table 1. The receipts for each licence type for these periods are as set out in Table 2. The number of annual Gaming licences (premises) currently held is 45, the number of 3 month Gaming Machine licences currently...

Written Answers — Department of Finance: VAT Rate Application (16 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is an EU-wide tax and Irish VAT law must comply with the EU VAT Directives.  Article 78 of EU Council Directive 2006/112/EC provides that the taxable amount shall include taxes, duties, levies and charges, excluding the VAT itself.  This is transposed in section 37(1) of the Value-Added Tax Consolidation Act 2010 which provides...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 123 and 124 together. Due to commercial sensitivities the Ireland Strategic Investment Fund (ISIF) does not report on economic impact at individual transaction level, but instead at the aggregate portfolio level. The €450 million BlueBay SME Credit Fund has completed 11 loan transactions totalling approximately €190 million as at 30 June 2015....

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (16 Jul 2015)

Michael Noonan: Following the commencement of the relevant section of the National Treasury Management Agency (Amendment) Act 2014 on 22 December 2014 the assets of the National Pensions Reserve Fund (NPRF) became the assets of the Ireland Strategic Investment Fund (ISIF). The ISIF has advised that the Turnaround Fund was focused on turnaround investing in troubled companies as the Irish...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (16 Jul 2015)

Michael Noonan: As the Deputy is aware, a number of amendments to the EII were announced in the recent Budget: - The scheme has been expanded to include, subject to certain conditions, medium-sized enterprises in non-assisted areas, the management and operation of nursing homes and to internationally traded financial services as certified by Enterprise Ireland. This will result in an increase in the...