Results 22,321-22,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Data (20 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 64 to 67, inclusive, together. I am informed by Revenue that the number of mortgage accounts in receipt of tax relief at source in respect of mortgage interest in each year from 2010 to 2015, is as set out in the following table. Year Number of Mortgage Accounts 2010 349,500 2011 352,800 2012 355,400 2013 351,200 2014 331,200 2015 310,400 The cost...

Written Answers — Department of Finance: Tax Collection (20 Jan 2016)

Michael Noonan: In relation to questions 202 to 205 of 1 December 2015, the collation of the relevant details has taken some time. However, I am now in a position to provide the information requested by the Deputy. I am advised by the Revenue Commissioners that the table below sets out, within each of the income ranges requested, the number of income earners, the average effective income tax rate and...

Written Answers — Department of Finance: Tax Credits (21 Jan 2016)

Michael Noonan: The One Parent Family Credit ceased with effect from 31 December 2013 and was replaced by the Single Person Child Carer Credit (SPCCC). The SPCCC is only granted to a primary claimant who has a qualifying child residing with him or her for the whole or greater part of a tax year (i.e. a period in excess of six months).  A secondary claimant is not granted the credit unless the primary...

Written Answers — Department of Finance: Fuel Prices (21 Jan 2016)

Michael Noonan: The price of petrol and diesel sold at the garage forecourt is determined by a number of factors including, taxation, the price of the raw material, the prevailing exchange rates as well as the fact the different wholesalers can enter into forward contracts at different rates for the purchase of oil.   There are two elements of tax in the final price of a litre...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (21 Jan 2016)

Michael Noonan: As the Deputy may be aware, I recently signed into law the Disabled Drivers and Disabled Passengers (Tax Concessions) (Amendment) Regulations 2015 (S.I. No. 634 of 2015) to provide for a number of improvements to the Disabled Drivers and Disabled Passengers Scheme. These Regulations amended the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 (S.I. No. 353 of 1994)...

Written Answers — Department of Finance: VAT Rate Application (21 Jan 2016)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative as a temporary measure until end December 2013. The measure was designed to boost tourism and create additional jobs in that sector. In Budget 2014 I announced that the 9% VAT rate would be retained at a cost of €290 million in 2014 and €350 million in...

Written Answers — Department of Finance: Credit Unions Restructuring (21 Jan 2016)

Michael Noonan: Section 57 of the Credit Union and Co-Operation with Overseas Regulators Act 2012 (2012 Act) provides for the establishment of the Credit Union Fund as a source of funding for restructuring and to meet the expenses of the Credit Union Restructuring Board (ReBo) in carrying out its functions under the 2012 Act. In December 2012, I contributed €250 million to the Credit...

Written Answers — Department of Finance: Motor Insurance Regulation (21 Jan 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policyholders and to the wider financial system are limited.  I am aware of reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law...

Written Answers — Department of Finance: Motor Insurance Regulation (21 Jan 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. I am aware of reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law to price in accordance with risk and neither I, nor the...

Written Answers — Department of Finance: Tax Code (21 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the costs of increasing the Capital Acquisitions Tax Group A tax free thresholds from the current €280,000 to the specified amounts are as shown in the table below. Group A Tax Free Threshold First Year Cost €m Full Year cost €m €308,000 15 18 €500,000 65 75

Written Answers — Department of Finance: Tax Code (21 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the small gift exemption is an annual small benefits relief that applies to a one off benefit not exceeding €500, the value of which can be disregarded for PAYE/USC/PRSI purposes. With a view to keeping the scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. ...

Written Answers — Department of Finance: Tax Code (21 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. I am informed by the Revenue Commissioners that there is no basis from returns filed or other information available to Revenue to estimate the level of chargeable business assets that may be acquired from 1 January 2017 and held for five years. Therefore, no estimate is available of the cost of introducing a rate of 10% on the first...

Written Answers — Department of Finance: Tax Yield (21 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated first & full year yield to the Exchequer from an additional 5% charge on the portion of gross incomes over €100,000 would be in the order of €207 million and €347 million respectively. These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2013,...

Topical Issue Debate: Property Tax Rate (26 Jan 2016)

Michael Noonan: I thank Deputy Ellis for raising this issue. The introduction of the LPT formed part of a broader approach to the taxation of property that aims to replace some of the revenues from transaction-based taxes, which proved to be an unstable source of Government revenue, with an annual recurring property tax, which international experience had shown to be a stable source of funding. Stability...

Topical Issue Debate: Property Tax Rate (26 Jan 2016)

Michael Noonan: I will give the Deputy further information. Revenue incorrectly replied to a small number of property owners in the Longboat Quay complex confirming that a reduction in valuation was possible. This was an error and the letter should not have been issued. Revenue only realised the error when further letters were received from a large number of residents of the complex seeking similar...

Written Answers — Department of Finance: VAT Exemptions (26 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the promotion of, and admission to, a live theatrical or musical event is exempt from VAT if facilities for the consumption of food and drink are not available during the performance.  Where facilities for the consumption of food and drink are available during the performance the second reduced rate of 9% applies.  Where a live...

Written Answers — Department of Finance: Pensions Levy (26 Jan 2016)

Michael Noonan: I announced in my Budget 2014 speech that the original 0.6% stamp duty levy on private pension funds introduced in 2011 to fund the Jobs Initiative would be abolished after 2014 and that levy no longer applies. I did, however introduce an additional levy on pension funds at 0.15% for 2014 and 2015. I did this to, among other things, continue to help fund the Jobs Initiative. I confirmed in my...

Written Answers — Department of Finance: Primary Medical Certificates Applications (26 Jan 2016)

Michael Noonan: I am advised by the Revenue Commissioners that no application has been received under the Drivers & Passengers with Disabilities Scheme from the person concerned. The person concerned should make contact with Revenue's Central Repayments Office, who will provide whatever information or assistance may be provided in respect of the query of the person concerned....

Written Answers — Department of Finance: Tax Reliefs Cost (26 Jan 2016)

Michael Noonan: The Travel Pass/Taxsaver scheme operates on the basis that an employer pays for the ticket on behalf of an employee, typically at the start of the year, and the payment is then deducted from the employee's emoluments over the course of the year. The incentive operates on the basis that, although such a payment out of an employee's income should be made out of after-tax income, section 118B...

Written Answers — Department of Finance: Tax Code (26 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 129 and 130 together. I am advised by the Revenue Commissioners that the legal basis for the imposition of Vehicle Registration Tax (VRT) is Part II, Chapter IV of the Finance Act, 1992. The legal basis sets out that a person may not have an unregistered vehicle in his possession (unless he is an authorised motor dealer). The emphasis in the...