Results 24,521-24,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget Measures (18 Oct 2016)

Michael Noonan: As the Deputy will be aware, the "Help to Buy" initiative announced in the Budget, will provide an income tax rebate to first time buyers to assist them in getting the deposit for their first home, as required under the Central Bank's macro-prudential mortgage rules. There is no cap on the potential cost to the Exchequer of this scheme. As the initiative is...

Written Answers — Department of Finance: Budget Measures (18 Oct 2016)

Michael Noonan: As the Deputy will be aware, every tax relief has conditions that must be met in order for eligibility to be established. Under the "Help to Buy" initiative, which is aimed at helping first-time buyers to purchase a newly built principal private residence, if an individual has been found to no longer meet certain conditions under the scheme, such as occupying the house, they may need to...

Written Answers — Department of Finance: Budget Measures (18 Oct 2016)

Michael Noonan: In Budget 2017, I announced a "Help to Buy" initiative which will provide an income tax rebate to first time buyers to assist them in getting the deposit for their first home, as required under the Central Bank's macro-prudential mortgage rules. The full definition of what constitutes a new build property, as well as the conditions around self-builds that will be eligible under...

Written Answers — Department of Finance: Budget Consultation Process (18 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 209 and 210 together. The Deputy will appreciate that preparation for Budget 2017 and the Finance Bill is a complex matter and it would be impractical to provide a definitive list of every single such meeting that may have taken place. However, I can advise him that in advance of Budget 2017, I met, along with the Minister for Public Expenditure and Reform,...

Written Answers — Department of Finance: Insurance Costs (19 Oct 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I, nor the Central Bank of Ireland, have the power to direct insurance companies on the pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval...

Written Answers — Department of Finance: Budget Submissions (19 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 43 and 44 together. My Department received in excess of 400 Pre-Budget Submissions relating to Budget 2017 from a wide variety of groups, representative organisations and individuals. Once a submission is received it is acknowledged by my officials and then passed to the relevant area of my Department for consideration in the context of the...

Written Answers — Department of Finance: House Purchase Schemes (19 Oct 2016)

Michael Noonan: The Help to Buy initiative that I announced in Budget 2017 aims to assist first time buyers in getting their deposit together for their new homes, as required under the Central Bank's macro-prudential rules. This initiative was announced on 19th July, as part of the Action Plan for Housing and Homelessness. The backdating of this incentive to that date was announced at that time with a view...

Written Answers — Department of Finance: Revenue Commissioners Resources (19 Oct 2016)

Michael Noonan: I am advised by Revenue that its published service standards provide that applications to register for tax are processed within 5 working days (10 days for VAT registrations) unless the registration is selected for further checking. Revenue provides an e-registration service, which enables tax agents and taxpayers who are registered with the Revenue On-line Service () or to manage...

Written Answers — Department of Finance: Budget Measures (19 Oct 2016)

Michael Noonan: The full year costs for the tax measures announced in Budget 2017 are set out in the following table. 1. REVENUE RAISING  MEASURES Yield Full Year €m EXCISE Tobacco Products Tax Excise duty on a pack of 20 cigarettes is increased by 50c, with a pro-rata increase on other tobacco products. It will raise the price of cigarettes in the most popular price category to...

Written Answers — Department of Finance: Budget Measures (19 Oct 2016)

Michael Noonan: A key priority for this Government is to develop a fully functioning housing market that responds adequately to the needs of our citizens. To this end, Rebuilding Ireland- Action Plan for Housing and Homelessness, under the direction of Minister Coveney and the Department of Housing, Planning Community and Local Government, with cross Departmental support including from the Department of...

Written Answers — Department of Finance: Budget 2017 (20 Oct 2016)

Michael Noonan: The Department of Finance produces the macroeconomic and fiscal forecasts underpinning Ireland's Stability Programme Update and the annual Budget process. Forecasts of fiscal variables including available fiscal space are routinely updated in these publications. I have outlined previously (Parliamentary Question Number 239 of the 16/09/2016) that the fiscal space in 2017 was largely fixed but...

Written Answers — Department of Finance: Fiscal Compact Treaty (20 Oct 2016)

Michael Noonan: The fiscal rules under the Stability and Growth Pact (SGP) have direct application through a number of EU regulations. Changes to these regulations would have to follow the normal EU approach starting with a proposal from the Commission before consideration by Member States and the European Parliament. Having said that, it is important to note that there are existing...

Written Answers — Department of Finance: Tax Code (20 Oct 2016)

Michael Noonan: I am advised by Revenue that as part of their ongoing monitoring of tax compliance Revenue officials met with the person concerned and his agent in early September 2016. In the particular instance and having regard to the case circumstances and the Code of Practice for Determining Employment or Self-Employment Status of Individuals (available on www.revenue.ie), Revenue is of the view that...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (20 Oct 2016)

Michael Noonan: I refer the Deputy to my replies to recent Parliamentary Questions on this matter, specifically PQ 29899 from Deputy Thomas Pringle and PQ 30222 from Deputy Clare Daly. As previously outlined in replying to those Parliamentary Questions, I am informed by the Ireland Strategic Investment Fund (ISIF) that its shareholdings with fossil fuel exposure include certain investments inherited from its...

Written Answers — Department of Finance: Living City Initiative (20 Oct 2016)

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

Written Answers — Department of Finance: Tax Reliefs Eligibility (20 Oct 2016)

Michael Noonan: I am informed by Revenue  that a single farm payment entitlement is a chargeable asset for capital gains tax (CGT) purposes. All entitlements held by farmers under the Single Payment Scheme (SPS) expired on the 31 December 2014 when it was replaced by the Basic Payment Scheme under the EU Common Agriculture Policy (CAP). Accordingly, any gains/losses arising on the disposal of...

Written Answers — Department of Finance: Fiscal Policy (20 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 81, 90 and 103 together. The updated macroeconomic and fiscal forecasts underlying Budget 2017 are contingent forecasts i.e. they are based on assumptions for key inputs such as growth in our main trading partners, the evolution of exchange rates and oil prices. The external assumptions underlying the Budget 2017 macroeconomic forecasts include an...

Written Answers — Department of Finance: Excise Duties Yield (20 Oct 2016)

Michael Noonan: I am informed by Revenue that the expected yield from Excise duty in 2017, by sub group, is provided in the following table. These values are based on the Excise forecast as contained in Budget 2017.   Sub group Expected Yield 2017 (€m) Percentage increase over the expected 2016 outcome (%) VRT 810 2% Tobacco 1,044 6% Alcohol 1,246 5% Mineral Oil Tax + Carbon 2,810 7%...

Written Answers — Department of Finance: Excise Duties Collection (20 Oct 2016)

Michael Noonan: I am informed by Revenue that the estimated losses of Excise duties and VAT for the scenarios supplied are shown in the following table. These estimates reflect reductions for alcohol and tobacco but do not include the vehicle element outlined by the Deputy. I am advised by Revenue that given the potential variation in reaction of consumers in response to a displacement of car purchases, it...

Written Answers — Department of Finance: Deposit Interest Rates (20 Oct 2016)

Michael Noonan: Deposit Interest Retention Tax (DIRT) is deducted by Irish financial institutions from deposit interest paid to the accounts of Irish residents. The basic rate at present is 41%. DIRT is a "final liability tax" that is, it satisfies the individual's full liability to Income Tax in respect of deposit interest.  The individual may still be liable to PRSI on the...