Results 24,621-24,640 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Corporation Tax Regime (25 Oct 2016)

Michael Noonan: Companies located in the IFSC are subject to the normal tax regime, with any trading income of such companies subject to corporation tax at the rate of 12.5% and passive income such as investment or rental income subject to corporation tax at 25%. The Finance Act 1986 introduced a scheme of tax reliefs, both capital allowances and double rent relief, aimed at encouraging the redevelopment of...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (25 Oct 2016)

Michael Noonan: The provision of low cost, flexible finance to SMEs is a priority for this Government. The Strategic Banking Corporation of Ireland (SBCI) was established in 2014 to increase the availability of funding to SMEs at a lower cost and on more flexible terms than has been available in recent times on the Irish market. It is encouraging to note that to the end of June 2016, the SBCI has lent...

Written Answers — Department of Finance: Ministerial Functions (25 Oct 2016)

Michael Noonan: I am interpreting this question as referring to a Delegation of Ministerial Functions Order which is provided for under section 2 (1) of the Ministers and Secretaries (Amendment) (No. 2) Act 1977. This provides for the delegation to a Minister of State assigned to the Department of State of which the Minister of the Government has charge statutory powers and duties of such Minister of the...

Written Answers — Department of Finance: Credit Unions (25 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 181 and 186 together. The agreed Programme for a Partnership Government recognises the potential role that credit unions can play in housing finance and supports the efforts of the Registrar of Credit Unions at the Central Bank to gradually lift current lending restrictions as appropriate, including for housing. The Programme further provides that it...

Written Answers — Department of Finance: Budget Measures (25 Oct 2016)

Michael Noonan: The Deputy will be aware that the Help to Buy Scheme announced on Budget day is intended to assist first-time buyers with obtaining the minimum deposit required under the Central Bank's macro prudential rules. The buyers that the Deputy refers to would already have sufficient cash resources to meet those requirements, except in cases where the operation of the loan to income aspect of...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (25 Oct 2016)

Michael Noonan: The Home Renovation Incentive (HRI) provides for an income tax credit for homeowners or landlords who carry out repair, renovation or improvement work on their property. The aim of the Incentive is to support tax compliant building contractors by moving activity out of the shadow economy into the legitimate economy. The Incentive was introduced in October 2013. It provides for tax...

Written Answers — Department of Finance: Tax Reliefs Costs (25 Oct 2016)

Michael Noonan: I am informed by Revenue that the cost of claims for tax relief on health expenses for the years 2012 to 2014, the most recent tax year for which data are currently available, is located on the Revenue Commissioners' webpage at . Updates will be published in due course. I am also informed by Revenue that the breakdown sought by the Deputy is not available, as health expenses claims are not...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (25 Oct 2016)

Michael Noonan: Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out between 1 January 2004 and 31 December 2012 and used by an individual for the purchase, repair, development or improvement of a principal private residence. Single individuals and married couples/civil partners that are first-time buyers, qualify for mortgage...

Written Answers — Department of Finance: VAT Rate Application (25 Oct 2016)

Michael Noonan: I presume that the Deputy is referring to distance selling in the EU where goods are sold over the internet on behalf of a supplier in one Member State to a customer, not registered for VAT, in another Member State. VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. Irish legislation, in compliance with the Directive, provides...

Written Answers — Department of Finance: Tax Code (25 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 188 to 190, inclusive, together. Section 890 of the Taxes Consolidation Act 1997 requires any person, in receipt of income or other amounts belonging to another person from third parties, to submit a return of these details to the Revenue Commissioners in the prescribed form (Form 8-2). Details must be provided where the income or other amounts exceed...

Written Answers — Department of Finance: Tax Reliefs Eligibility (26 Oct 2016)

Michael Noonan: I announced the Help to Buy scheme on Budget day and the full details of the scheme were published last week in Finance Bill 2016.  The scheme will operate on the basis of a rebate of income tax paid and will not be grant based. In order for a first-time buyer to be eligible for the scheme, he or she must have signed a contract to purchase a new residence on or after 19 July...

Written Answers — Department of Finance: Property Ownership (26 Oct 2016)

Michael Noonan: I am advised by Revenue that an additional breakdown of the number of persons owning multiple properties, excluding Approved Housing Bodies, is not available as such entities are not separately identifiable on Revenue records.  To accurately identify all of Approved Housing Bodies would require a manual examination of Revenue LPT and other tax records. Revenue is not in position to...

Written Answers — Department of Finance: Help-To-Buy Scheme (26 Oct 2016)

Michael Noonan: The commencement date for the Help to Buy scheme of 19 July 2016 was chosen as it was the date of the launch of 'Rebuilding Ireland - Action Plan for Housing and Homelessness', in which the development of such a scheme for inclusion in the Budget was initially announced. The intention to backdate this tax incentive to this date was announced at that time with a view...

Written Answers — Department of Finance: Mortgage Interest Rates (26 Oct 2016)

Michael Noonan: In the case of the bank noted even though customers may accept full redress, they retain the right to appeal the matter to appeal panels established for that purpose.  The bank has informed me that there are two appeal panels, an Independent Appeals Panel for loss of ownership cases and cases which have ever been the subject of legal action and a Customers...

Written Answers — Department of Finance: VAT Rate Application (26 Oct 2016)

Michael Noonan: The VAT rating of goods and services is subject to EU VAT law, primarily Council Directive 2006/112/EC, with which Irish VAT law must comply.  In accordance with the Directive, Irish legislation applies the standard rate 23% of VAT to audio books. There are no VAT exemptions for audio books; however, there is a VAT Refund Order in place (Refund Order (No.15) 1981) which provides for...

Written Answers — Department of Finance: Property Tax Data (26 Oct 2016)

Michael Noonan: I am advised that the breakdown of properties availing of the deferral optional under Part 12 of the Finance (Local Property Tax) Act 2012 (as amended) is provided in the table below. The breakdown has been compiled on the basis of Local Authority, the manner in which properties are categorised in Revenue's LPT register. A breakdown by Dublin postal district is not available. These data...

Written Answers — Department of Finance: Economic Data (26 Oct 2016)

Michael Noonan: My Department's forecasts for growth in real GDP and GNP are included in table 3 of the Fiscal and Economic Outlook (page c.13). These measures of economic output are adjusted for price changes i.e. inflation or deflation, and as a result provide a more accurate measure of economic growth than nominal metrics. Nominal GDP forecasts have been reported in Budget 2017 as EU Member States...

Finance Bill 2016: Second Stage (Resumed) (27 Oct 2016)

Michael Noonan: My reply will attempt to address points raised by Deputies in the debate but they will appreciate that time will not permit me to respond to everything. Deputy Michael McGrath suggests that there is no evidence yet of a coherent response by Government to the threat of a hard Brexit. This point was made also by both Deputies Doherty and Burton, but I would advise them that our planning ahead...

Finance Bill 2016: Referral to Select Committee (27 Oct 2016)

Michael Noonan: I move:That the Bill be referred to the Select Committee on Finance, Public Expenditure, Reform, and Taoiseach pursuant to Standing Orders 84A(3)(a) and 149(1) of the Standing Orders relative to Public Business.

Written Answers — Department of Finance: Carbon Tax Exemptions (27 Oct 2016)

Michael Noonan: In Budget 2017, I announced the exemption from carbon tax for fuel used to create high efficiency electricity in combined heat an power plants.  The dual process of using energy to create usable heat and power is regarded as a highly efficient energy process and makes use of the heat produced in the electricity generation instead of releasing it into the atmosphere....