Results 22,021-22,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Consultancy Contracts Expenditure (8 Dec 2015)

Michael Noonan: The information requested by the Deputy is set out in the following table: Consultancy Services for bank stabilisation 2011 2012 2013 2014 2015 (to date) Arthur Cox €1,373,060 €2,879,427 €1,728,407 €824,247 €754,202 Deloitte €97,935 Hayes Solicitors €6,888 Mason Hayes & Curran €10,455 €18,282 Matheson...

Written Answers — Department of Finance: Tax Collection (8 Dec 2015)

Michael Noonan: I am informed by the CSO that a large factor behind the increase in investment in the second quarter national accounts this year related to a large acquisition of an intellectual property. However it is important to note that where transactions occur in intellectual property in a particular period, in general the impact on GDP is zero. This is because in the national accounts these...

Written Answers — Department of Finance: Tax Collection (8 Dec 2015)

Michael Noonan: The Revenue Commissioners have responsibility for the collection of mineral oil tax and for tackling illicit trade in mineral oil products. The use of marked mineral oil in the fuel tank of a private car is an offence under Section 102 of the Finance Act 1999. The penalty for this offence, prescribed in Section 102 of the Act, is a fine of €5,000, on summary conviction. Section 130...

Written Answers — Department of Finance: Excise Duties (8 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that based on the figures set out by the Deputy and on the number of publican licences issued during the period 1 October 2014 to 30 September 2015, the additional yield would be €65,540.

Written Answers — Department of Finance: Excise Duties (8 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that based on the figures set out by the Deputy and on the number of publican licences issued during the period 1 October 2014 to 30 September 2015, the additional yield would be €279,045.

Written Answers — Department of Finance: Customs and Excise Controls (8 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that Customs Officers use a range of technologies, indicators and other skillsets to identify drug smugglers, including persons suspected of ingesting controlled drugs. These include the use of detector dog teams, X-ray and other technology on one hand and intelligence development and profiling on the other. The Commissioners have advised me that...

Written Answers — Department of Finance: Customs and Excise Staff (8 Dec 2015)

Michael Noonan: I propose to take Questions Nos. 160 to 162, inclusive, together. Revenue is a fully integrated tax and customs administration and I am advised by Revenue that it is not possible to disaggregate the resources deployed exclusively at any given time to the detection and investigation of illegal drugs importations. Revenue currently has approximately 2,000 staff countrywide engaged on...

Written Answers — Department of Finance: Corporation Tax Regime (8 Dec 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the number of companies who paid over €5 million in Corporation Tax in certain payment bands is as set out in the following table. As the Revenue Commissioners have an obligation to observe confidentiality in respect of taxpayers' information, and arising from the small numbers of taxpayers involved in certain payment bands requested by...

Written Answers — Department of Finance: Mortgage Interest Relief Expenditure (8 Dec 2015)

Michael Noonan: I propose to take Questions Nos. 164 and 165 together. In relation to the cost of restoring 100% mortgage interest relief for all landlords, I am informed by the Revenue Commissioners that a breakdown between rent received from residential and other types of property is not sought or provided in tax returns. However, based on the information that is available and making certain...

Written Answers — Department of Finance: Universal Social Charge Application (8 Dec 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year costs of increasing the exemption threshold for the Universal Social charge (USC) from the amount set out in Budget 2016 of €13,000 to the various thresholds requested by the Deputy is outlined in the following table. USC Exemption Threshold (€) First Year Cost €m Full Year Cost €m...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: I assume that the equalisation the Deputy is referring to the removal of the 3% USC surcharge on non-PAYE incomes in excess of €100,000 and increasing in the Earned Income Credit (EIC) to €1,650, the same level the existing PAYE credit. On this basis I'm informed by the Revenue Commissioners that the estimated total first and full year costs of such proposals would be in the...

Written Answers — Department of Finance: Credit Unions (8 Dec 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 (2012 Act) was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in consultation with...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (8 Dec 2015)

Michael Noonan: The Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2016. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. Qualifying expenditure is that which is subject to the 13.5% VAT rate. The...

Written Answers — Department of Finance: State Debt (8 Dec 2015)

Michael Noonan: In Chapter 3 of his Annual Report for 2014, The C&AG included his estimate of the opportunity cost to date of servicing the debt to fund the bank investments. In addition, he also included his estimate of the future cost in this regard, under certain scenarios e.g. the amount the State receives from any future disposals of its remaining banking investments, and market interest rates in...

Written Answers — Department of Finance: Housing Provision (8 Dec 2015)

Michael Noonan: I welcome the announcement by NAMA that, subject to commercial viability, it expects to be in a position to fund the construction of up to 20,000 new residential units, predominantly located in Dublin and the neighbouring counties of Wicklow, Kildare and Meath, over the next five years. NAMA will in this way make an important contribution, on a strictly commercial basis, to increased supply...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that additional revenue of €4 million is estimated to be generated in a year from introducing the proposed rates of VRT for Categories E, F, and G, assuming a similar pattern of new and used car registrations in 2016 as in 2015. In the first eleven months of 2015 these categories accounted for 0.7% of the new car registrations and 6.5%...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: I assume that the Deputy's reference to a pension fund allowance is meant to refer to the Standard Fund Threshold or SFT. The 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...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: When calculating rental income for tax purposes, an individual may be allowed a deduction of 75% of the interest paid on borrowed money used to purchase, improve or repair rented premises when calculating rental income. There are also a number of other allowances and deductions available to reduce the tax on rental income paid. These include, for example, the cost to the landlord of...

Written Answers — Department of Finance: Departmental Legal Costs (8 Dec 2015)

Michael Noonan: The information requested by the Deputy in relation to the cost of procurement of legal services is set out in the following tables: Department of Finance: 2011  2012  2013  2014  2015 (to date) €1,434,119 €3,169,031 €2,529,183 €1,349,737 €1,680,311 Agencies: Agency 2011 2012  2013 2014  2015 (to date) Office of the...

Written Answers — Department of Finance: Insurance Coverage (9 Dec 2015)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation.  I have consulted with the Central Bank of Ireland and Insurance Ireland on this issue. The Central Bank has advised that there are no statutory requirements on insurance companies to provide information to customers on the calculation...