Results 22,721-22,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Interest Relief Extension (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 181 and 209 together. Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, with relief being available until 31 December 2017.  The mechanism by which relief is given is set out in Section 244A of the Act,...

Written Answers — Department of Finance: Tax Data (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 182, 183, 184 and 185 together. As set out in the Stability Programme Update 2016, the tax revenue estimate for the period 2017 to 2021 incorporates a provision for the indexation of the income tax system at a cost of c. €400 million in a full year. It should be noted that in practice this is made up of a first year cost of c. €300 million...

Written Answers — Department of Finance: Budget Targets (17 May 2016)

Michael Noonan: With the correction of the excessive deficit last year, Ireland's public finances will be now be assessed under the preventive arm of the Stability and Growth Pact. The cornerstone of this fiscal framework is the achievement of the country-specific Medium Term Budgetary Objective (MTO). These budget balance targets are set in structural terms and calculated to ensure the long-term...

Written Answers — Department of Finance: Tax Exemptions (17 May 2016)

Michael Noonan: I am advised by Revenue that the spouse of the person concerned claimed and was granted exemption from vehicle registration tax (VRT) on a car in 2012 on the basis that he was taking up permanent residence in the State at that time. An application for VRT exemption in respect of a separate car was recently received by Revenue and refused as it is not possible for the person to satisfy the...

Written Answers — Department of Finance: Regional Development Initiatives (17 May 2016)

Michael Noonan: The Deputy will be aware that tax incentives, when designed to target certain geographical areas, could potentially raise State Aid issues. In terms of tax policy generally, Ireland's corporate tax rate of 12.5% on trading income is akin to a brand and is an important part of the Government's strategy of creating an enterprise friendly environment to attract jobs and investment to Ireland,...

Written Answers — Department of Finance: EU Budget Contribution (17 May 2016)

Michael Noonan: I propose to take Questions Nos. 190 and 191 together. EU Budget payments are published annually by the Department of Finance in the Budget Statistics bulletin. Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member...

Written Answers — Department of Finance: Gross National Income (17 May 2016)

Michael Noonan: Gross National Income (GNI) is calculated as Gross National Product (GNP) plus EU subsidies less EU taxes. The table following sets out the level and percentage point change in GNI over 2016 to 2021, in nominal terms, which is consistent with 2016 Stability Programme Update (SPU) projections. 2016 2017 2018 2019 2020 2021 GNI € billions 194.7 204.5 214.6 223.5 232.2...

Written Answers — Department of Finance: Commercial Property (17 May 2016)

Michael Noonan: The Deputy will be aware that tax incentives, when designed to target certain geographical areas, could potentially raise State Aid issues. However there are a number of incentives and allowances which may be applicable in this instance. For example, a person in receipt of rental income is assessed on the profit amount of the rents received i.e. the gross rents less allowable expenses...

Written Answers — Department of Finance: Living City Initiative (17 May 2016)

Michael Noonan: The Living City Initiative was enacted in the Finance Act 2013 and commenced on 5th May 2015. This Initiative has been extended beyond the original planned pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny as well. In line with my Department's commitment to evidence based policy-making, the inclusion of these additional four cities followed the...

Written Answers — Department of Finance: Tax Yield (17 May 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the Mineral Oil Tax, Carbon Tax and VAT collected on Petrol and Auto Diesel for the years 2011 to 2015 and the period January to April 2016 is shown in the table following. The receipts shown for 2016 are provisional at this time. Petrol Mineral Oil Tax Carbon VAT Total €m €m €m €m 2011 992.1 60.1 473.0 1,525.2...

Written Answers — Department of Finance: Tax and Social Welfare Codes (17 May 2016)

Michael Noonan: I am advised by Revenue that the employment status of persons working for any particular company or business depends on the nature of their engagement with the company or business concerned. For reasons of taxpayer confidentiality, Revenue is not in a position to provide information for the company concerned in the Deputy's question. Information on the tax treatment that applies in...

Written Answers — Department of Finance: Mortgage Interest Relief Application (17 May 2016)

Michael Noonan: Any mortgage account which is currently subject to mortgage interest relief will continue to be so entitled up until 31 December 2017.  The amount of relief payable will be calculated based on the amount of interest actually paid by the borrower on the loan within that period and subject to the ceilings and rates applicable to the loan borrower.  On foot of a change I...

Written Answers — Department of Finance: Tax Rebates (17 May 2016)

Michael Noonan: I am advised by Revenue that the tax affairs of the person concerned were reviewed in February for the years 2012 to 2015 inclusive and tax and Universal Social Charge that had been deducted was repaid in full. A claim for repayment must be made within four years of the end of the tax year concerned and so it is not possible at this stage to review the positon for years before 2012....

Written Answers — Department of Finance: Economic Data (17 May 2016)

Michael Noonan: As I have already said to this House last month on the presentation of the Stability Programme Update, I am greatly encouraged by recent data showing that the recovery is gaining momentum.  The Irish economy is growing at the fastest rate in Europe - with growth of 7.8 per cent recorded in 2015 and my Department's forecast is that the economy will grow by 4.9 per cent in 2016....

Written Answers — Department of Finance: UK Referendum on EU Membership (17 May 2016)

Michael Noonan: The Government's position on developments in relation to British membership of the EU has been clearly articulated, in particular by the Taoiseach and the Minister of Foreign Affairs and Trade: we very much want the UK to remain an integral member of the Union. This is important for both our economy and the ongoing development of the excellent bilateral relations Ireland and the UK now...

Written Answers — Department of Finance: Vehicle Registration (17 May 2016)

Michael Noonan: I am advised by Revenue that an increase in the volume of applications to the National Car Testing Service for vehicle registrations resulted recently in some increase in waiting times. The average waiting time in Donegal for an appointment was 12 days in April. Additional capacity has been added by the service since the beginning of May. Revenue continues to monitor the level of service...

Written Answers — Department of Finance: Capital Expenditure Programme (17 May 2016)

Michael Noonan: To avoid penalising spikes in government investment in Gross Fixed Capital Formation (GFCF) the European Commission allows this investment to be averaged over a four year period, meaning that an increase in GFCF will only use one quarter of the fiscal space that an equivalent increase in current expenditure would use in the first year. Basically, GFCF is smoothed over four years under the...

Written Answers — Department of Finance: Tax Rebates (17 May 2016)

Michael Noonan: I am advised by Revenue that a refund issued to the person in question on 12 May 2016 in accordance with the VAT (Refund of Tax) (Flat Rate Farmers) Order, 2012. The payment will be in the person's nominated bank account within 3 to 5 working days. Revenue has written to the person advising him of the amount refunded.

Written Answers — Department of Finance: Economic Risks (17 May 2016)

Michael Noonan: The Stability Programme Update (SPU), published last month and submitted to the European Commission and Council, sets out my Department's assessment of the economic outlook to 2021 together with a detailed assessment of risks. My Department expects the economy to grow by 4.9 per cent this year and by 3.9 per cent next year. Over the medium term, the economy can probably grow by around...

Written Answers — Department of Finance: Debt Restructuring (17 May 2016)

Michael Noonan: Dealing with the issue of excessive indebtedness amongst SMEs and consumers is key issue for the new Government.The Programme for A Partnership Government contains a range of commitments on this issue. These commitments will ensure that progress continues to be made and that this issue will be addressed in an effective and fair manner.   In relation to...