Results 22,081-22,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (15 Dec 2015)

Michael Noonan: On the appointment of the Special Liquidators, Irish Bank Resolution Corporation Limited was already in dialogue with the Revenue Commissioners in relation to an open tax audit. I am advised by the Special Liquidators that they continue to work with the Revenue Commissioners to close out the tax audit and some other additional tax issues that have come to their attention. As these...

Written Answers — Department of Finance: Tax Reliefs Cost (15 Dec 2015)

Michael Noonan: I propose to take Questions Nos. 157 and 158 together. I am informed by the Revenue Commissioners that, as tax returns do not separately identify "entrepreneurial" gains from other gains, there are no data available to accurately cost these proposed measures. However, on the basis of making various assumptions, it is very tentatively estimated that the cost of increasing the overall limit of...

Written Answers — Department of Finance: Tax Reliefs Application (15 Dec 2015)

Michael Noonan: I announced in my last Budget speech that I was extending the relief from stamp duty on transfers of agricultural land (including farm houses and buildings) to those farmers who meet certain criteria in relation to age and educational qualifications, known as 'young trained farmers'. The relief was due to finish on 31 December 2015 but the current Finance Bill provides for an extension for a...

Written Answers — Department of Finance: VAT Exemptions (15 Dec 2015)

Michael Noonan: Earlier this year, I agreed to the establishment of a Working Group comprising representatives from the Department of Finance, the Revenue Commissioners and the Irish Charities Taxation Reform (ICTR) group to examine options available to reduce the VAT burden of charities. A report from the group was provided to me in my deliberations ahead of Budget 2016 and is available on the Budget...

Written Answers — Department of Finance: Excise Duties (15 Dec 2015)

Michael Noonan: Alcohol is a controlled substance which can only be sold in a Club under licence.  The Registration of Clubs Acts 1904 to 2008 provide for the grant and renewal of certificates of registration for clubs by the District Courts. Club registration, including the annual renewal of registration, is subject to an excise duty of €505. This rate was provided for under the Finance Act 1992...

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

Michael Noonan: I am advised by the Revenue Commissioners that all Local Property Tax collected by Revenue, including arrears, interest and penalties is remitted by Revenue to the Central Fund. Section 157 of the Finance (Local Property Tax Act) 2012 provides that the Minister for Finance shall, commencing in the year 2014, pay into the Local Government Fund an amount equivalent to the Local Property...

Written Answers — Department of Finance: Property Tax Application (15 Dec 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: Tax Credits (16 Dec 2015)

Michael Noonan: I propose to take Questions Nos. 61 and 64 together. I am assuming that the Deputy is referring to the tax liability that arises on an individual who receives maintenance payments and is taxable on that income compared to the tax liability that arises on an individual whose income, under the Tax Acts, includes earned income. In determining the amount of income tax payable on an individual's...

Written Answers — Department of Finance: Tax Collection (16 Dec 2015)

Michael Noonan: It would seem that the Deputy has a specific case in mind as regards the circumstances outlined in his Question. I am advised by Revenue that without more detailed information on the particular case, it is not possible to fully consider the assertions made by the Deputy and therefore to enable me to provide a more comprehensive reply. If the Deputy wishes to provide more specific...

Written Answers — Department of Finance: Credit Availability (16 Dec 2015)

Michael Noonan: As the Deputy is aware, the Government recognises that small businesses, including those in the hotel and catering sector, play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and...

Written Answers — Department of Finance: Customs and Excise Controls (16 Dec 2015)

Michael Noonan: The responsibilities of customs officials at ports and airports are concerned with goods and persons entering or leaving the State.  Aircraft which land solely for the purpose of refuelling are not involved in importing or exporting goods to or from Ireland, and so are not subject to customs controls.  Thus there is no customs requirement for a declaration regarding passengers,...

Written Answers — Department of Finance: Insurance Industry Regulation (16 Dec 2015)

Michael Noonan: I am aware of the difficulties that the absence of flood insurance cover can cause to householders and businesses. However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those...

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

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) has provided the following table which provides preliminary and unaudited data as at 30 September 2015.  The summary data are published on a quarterly basis on ISIF's website and a detailed listing of investments is published annually in the NTMA's Annual Report. 30/09/2015 Total ISIF Commitment (€m) 3 Party...

Written Answers — Department of Finance: Tax Data (16 Dec 2015)

Michael Noonan: The Relevant Contracts Tax (RCT) system is a tax deduction at source system that is applied by a principal contractor on payments due to a subcontractor under a relevant contract. All payments are reported to Revenue, and in a minority of cases (based on risk criteria), a percentage of the payment due is withheld and paid over to Revenue, to be offset against the subcontractor's liability for...

Written Answers — Department of Finance: Tax Code (16 Dec 2015)

Michael Noonan: Persons to whom the RCT system applies are either principal contractors or subcontractorsthe RCT system does not apply in respect of employees. The concept of 'RCT1 taxpayer' as referenced by the Deputy does not exist. The figure of 34,000 referred to in the Question relates to the approximately 34,000 subcontractors active in the RCT system. The figure of 75,386 referred to in the Question...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (17 Dec 2015)

Michael Noonan: The Fiscal Responsibility Act 2012 established the Irish Fiscal Advisory Council on a statutory basis in December 2012. The Council consists of five members, including the Chair. Further details about the operating costs and the number of staff employed by the Council set out for 2013 and 2014 in the following table can be accessed in the Annual Accounts of the Council which are...

Written Answers — Department of Finance: IBRC Liquidation (17 Dec 2015)

Michael Noonan: I am advised by the Special Liquidators that they intend to issue their third progress update report on the Special Liquidation of IBRC in the first quarter of 2016. Included in this update report will be the work the Special Liquidators have undertaken in relation to the IBRC Commission of Investigation including details of the costs incurred to date by...

Written Answers — Department of Finance: Property Tax Yield (17 Dec 2015)

Michael Noonan: 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, the most recently available LPT information, including LPT collected by each Local Authority area, is available at . I am further advised that while gross receipts figures are not available, given the nature of LPT it...

Written Answers — Department of Finance: Insurance Compensation Fund (17 Dec 2015)

Michael Noonan: The liquidation of an insurance company is a legally complex process.  Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law.  Progress in the liquidation of Setanta Insurance has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland...

Written Answers — Department of Finance: Freedom of Information Fees (17 Dec 2015)

Michael Noonan: The fees received by my Department in respect of the operation of the Freedom of Information Act 2014 in 2014 and to 14 December 2015 are set out in the following table. Since the commencement of the Freedom of Information Act, 2014 no fees are charged in respect of receipt of freedom of information requests.  Year Application Fees Search & Retrieval Internal Review...