Results 24,541-24,560 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I increased the annual tax free benefit that an employer may give to an employee from €250 to €500 in last year's Finance Act. Section 112B of the Taxes Consolidation Act 1997 provides that the benefit must not exceed €500 in value, must not be in the form of cash and may not form part of any salary sacrifice arrangement between the employee and the employer. Only one...

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

Michael Noonan: Where a couple is cohabiting, rather than married or in a civil partnership, each partner is treated for the purposes of income tax as a separate and unconnected individual. Because they are treated separately for tax purposes, credits, tax bands and reliefs cannot be transferred from one partner to the other. Cohabitants do not have the same legal rights and obligations as a married couple...

Written Answers — Department of Finance: EU Directives (20 Oct 2016)

Michael Noonan: The EU VAT Directive, with which EU Member States' VAT law must comply, sets out the general rules and conditions of VAT based on the origin principle, where VAT is taxed in the Member State of the supplier. In order to minimise distortion of competition when goods or services are purchased from suppliers in different Member States, the VAT Directive restricts the flexibility of Member...

Written Answers — Department of Finance: VAT Registration (20 Oct 2016)

Michael Noonan: As stated previously, Irish VAT law must comply with the EU VAT Directive (Council Directive 2006/112/EC), including the provisions governing VAT registration thresholds and therefore there is no scope to increase the existing thresholds at present. However, I would point out again that Ireland's VAT registration threshold for small businesses supplying services is the seventh highest in the...

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

Michael Noonan: I propose to take Questions Nos. 89 and 104 together. Estimates of the gross and net fiscal space for the period 2018 to 2021 can be found in Table A7 Annex 2 of the Budget 2017 book. No fiscal or other estimates have been undertaken for 2022.  For the convenience of the Deputy, the gross and net fiscal space for the period 2018 to 2021 is set out in the following table. ...

Written Answers — Department of Finance: Brexit Issues (20 Oct 2016)

Michael Noonan: Financial services is an area that is frequently identified in any discussion of Brexit. Ireland has a successful track record of competing for, and winning, global foreign direct investment. One of the key pillars of that success is the growth of the International Financial Services (IFS) sector, in particular over the past 30 years. Ireland is now recognised internationally as a...

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

Michael Noonan: I propose to take Questions Nos. 92 and 93 together. 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. As the initiative is demand-led, it is not possible to...

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

Michael Noonan: As part of the preparation for Budget 2017, it was estimated that the Exchequer yield from non-indexation of the income tax system would be in region of c. €385 million in 2017 and €450 million on a full year basis.  Of this, non-indexation of income tax credits and bands accounts for c. €345 million in a first year and €400 million on a full year...

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

Michael Noonan: I propose to take Questions Nos. 95 and 96 together. The following table sets out the estimated nominal change in relation to the PAYE and personal tax credits in 2017.  This is based on a technical assumption of indexation in line with expected earnings growth of 2.7% and inflation (HICP) of 1.3%.  These were set out in my Department's Autumn forecasts in Budget 2017. Tax Credits...

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

Michael Noonan: The full year costs for the tax measures announced in Budget 2017 are set out in the following tables. 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: Tax Collection Forecasts (20 Oct 2016)

Michael Noonan: I am informed by Revenue that the expected yield from Life Assurance Exit Tax (LAET) in 2016 and 2017 is estimated to be in the order of €228 million and €238 million respectively. Collection to date in 2016 is €228 million and no further significant receipts are expected this year. The forecast for 2017 is based on the 2016 collection, increased in line with Department...

Written Answers — Department of Finance: Tax Code (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...

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

Michael Noonan: Additional revenue generated from a policy decision to not to proceed with indexation is included in the discretionary revenue measures set out in Table A7 Application of Expenditure Benchmark on a no policy change from 2018 onwards in Annex 2 of the Budget 2017 book. The amount arising from non-indexation of the estimated €1.2 billion net fiscal space is...

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

Michael Noonan: I propose to take Questions Nos. 101 and 102 together. I am advised by Revenue that the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the beneficiary determines the maximum tax-free threshold known as the 'Group threshold' below which gift or inheritance tax does not arise. There are, in all, three separate Group tax-free thresholds based on...

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

Michael Noonan: A formal request for Ireland to be removed from the Brazilian list was submitted by Ireland to the Brazilian Federal Revenue Service on 27 September.  We understand that this request is still being considered and we have not yet received a reply.  Our Ambassador in Brazil remains in contact with the Brazilian Federal Revenue Service and is seeking a response...

Written Answers — Department of Finance: Public Relations Contracts Data (20 Oct 2016)

Michael Noonan: I wish to advise the Deputy that my Department has engaged outside public relations companies for the purposes of disseminating Government policy in the period since January 2015. The details relating to these contracts are set out in the following table: - External Public Relations Companies Engaged since January 2015 Purpose Contractor Name Contract Duration Contract Cost (€)...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: I am grateful for the invitation to participate in the committee's pre-legislative scrutiny of the Bill, which has been proposed by Deputy McGrath. I look forward to working with the committee and contributing to its important work. There is a responsibility on all of us to critically, but also fairly, evaluate all proposed legislation coming before the Oireachtas, irrespective of whatever...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: I have full confidence in the Deputy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: The Central Bank has not updated the opinion. There is nothing more recent. As the Deputy said, he is taking legal advice on the other question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: The Second Stage debate in the Dáil was very useful and the inputs were coming form Deputies who were very well informed about the personal problems individual mortgage holders had and the general issue. The Deputy is right that there was a desire not to have a Government defeat so early in the life of the Government. There was also an agreement on the principle of the Bill. Everybody...