Results 24,981-25,000 of 27,019 for speaker:Michael Noonan
- Written Answers — Department of Finance: Knowledge Development Box (10 Nov 2016)
Michael Noonan: It is not possible to provide the total cost of the scheme for 2016 as this data is not yet available. Corporation Tax returns for 2016 returns will not be filed until November 2017. As set out it Budget 2016, it is estimated that the KDB will cost €31m in 2016 and €50m over a full year thereafter. The basis for this calculation was explained in the Tax Expenditures Report...
- Written Answers — Department of Finance: Corporation Tax (10 Nov 2016)
Michael Noonan: It is assumed that the Question is referring to the increase in Corporation Tax receipts in 2015 of €2.3 billion over 2014 receipts and the €820 million surplus in receipts this year to-date. Information in respect of the reasons underpinning variations in Corporation Tax receipts is generally only available from analysing the annual Corporation Tax returns....
- Written Answers — Department of Finance: Financial Services Sector (10 Nov 2016)
Michael Noonan: While I am not responsible for the IFSC funds working group or have any involvement in the setting of any of the agendas, officials from my Department attend its meetings. I understand that the group has met 10 times in 2016; the agendas for each of those meetings are set out below. Agenda IFSC Funds Working Group Thursday 21st January 2016 at 11:00am...
- Written Answers — Department of Finance: Tax Agreements (10 Nov 2016)
Michael Noonan: To date, Ireland has signed a total of 72 agreements for the avoidance of double taxation with respect to taxes on income.The countries are listed in the following table. In addition, the State has two agreements with the United States and with the United Kingdom dealing with the avoidance of double taxation on gifts and inheritances. DTAs signed by Ireland as at 7 November 2016...
- Written Answers — Department of Finance: Tax Avoidance (10 Nov 2016)
Michael Noonan: Ireland has been a keen supporter of the OECD BEPS process and has been actively engaged in the implementation of the BEPS recommendations since the reports were published in October 2015. I recently published an Update on Ireland's International Tax Strategy which sets out what we have done and what we plan to do regarding the implementation of the OECD BEPS recommendations. In...
- Written Answers — Department of Finance: EU Directives (10 Nov 2016)
Michael Noonan: The Anti-Tax Avoidance Directive was agreed by Member States following ECOFIN on 17 June 2016. The Directive includes five significant corporate tax anti-avoidance measures. Three of the measures derive from the non-binding elements of the OECD BEPS process, with the remaining two measures coming from the European Commission's previous Common Consolidated Corporate Tax Base (CCCTB)...
- Written Answers — Department of Finance: Tax Data (10 Nov 2016)
Michael Noonan: Each year at Budget time, for the last two years, my Department has published (on its website) it's Report on Tax Expenditures. The second such report was published on 13 October 2016, and can be found at. The information sought is contained in pages 103-123 of the Report.
- Written Answers — Department of Finance: Tax Settlements (10 Nov 2016)
Michael Noonan: In accordance with section 1086 Taxes Consolidation Act 1997, the Revenue Commissioners are obliged to publish a List of Tax Defaulters every quarter with details of those taxpayers with whom they have reached a settlement that has met certain specific criteria. The legislation provides for the publication of tax defaulters, whether they have paid the settlement amount or not. In addition,...
- Written Answers — Department of Finance: Motor Industry (10 Nov 2016)
Michael Noonan: I am advised by Revenue that a car hire company operating in the State is obliged to use cars that are registered in the State. A car rental that is registered in another jurisdiction and is brought into the State by a non-State resident can be either brought out of the State by that person or can be left in the State where it can (1) be re-hired once to another non-State resident with a...
- Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (10 Nov 2016)
Michael Noonan: I am advised by Revenue that an application for tax relief under the Drivers and Passengers with Disabilities Scheme was received by them, in respect of a car to be used for the transport of the person concerned. To qualify for relief as a passenger with a disability, the car must either be purchased by the passenger or by a family member of that person. The application in this instance was...
- Written Answers — Department of Finance: Tax Data (10 Nov 2016)
Michael Noonan: I propose to take Questions Nos. 111 to 113, inclusive, together. I am informed by Revenue that Vehicle Registration Tax (VRT) and Value Added Tax (VAT) are charged on new cars. The rate of VRT charged on passenger cars is based on the level of CO2emissions of the vehicle. The tax take on new cars as shown in the following table is based on the average open market selling price in each of...
- Written Answers — Department of Finance: Tax Code (10 Nov 2016)
Michael Noonan: Irish resident seafarers are subject to tax in this State under Schedule E and the PAYE system of tax deduction applies to their income. Section 472B of the Taxes Consolidation Act 1997 provides for an annual income tax allowance of €6,350 for seafarers who satisfy certain conditions. This is in addition to the standard tax credits that are generally available. The seafarers'...
- Written Answers — Department of Finance: EU Regulations (10 Nov 2016)
Michael Noonan: All euro area Member States are required to submit their draft budgetary plans for the coming year to the European Commission by mid-October (Member States in a programme are exempt from this process). This is required under Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and...
- Written Answers — Department of Finance: Brexit Issues (10 Nov 2016)
Michael Noonan: My Department been to the fore in terms of producing and funding relevant analysis on the Irish economic and budgetary impact of 'Brexit'. Outputs include a scoping study produced by the ESRI last year under our joint research programme, initial short-term (i.e. for next year) estimates published in the Summer Economic Statement, an analysis of the possible sectoral and regional...
- Written Answers — Department of Finance: Tax Exemptions (10 Nov 2016)
Michael Noonan: The Small Benefits Exemption provides that, in general, where an employer provides an employee/director with a small benefit (that is, a benefit with a value not exceeding €500, PAYE, USC and PRSI need not be applied to that benefit. This treatment does not apply to cash payments, which are taxable in full. No more than one such benefit given to an employee in a tax year will qualify...
- Written Answers — Department of Finance: Mortgage Arrears Proposals (10 Nov 2016)
Michael Noonan: I propose to take Questions Nos. 118 and 120 together. The Deputy will be aware from previous PQ responses that the Government attaches great importance to the resolution of mortgage arrears and wants to keep families in their homes and avoid repossessions in so far as possible and he will also be aware of the recent establishment of the Abhaile mortgage arrears resolution service to...
- Written Answers — Department of Finance: Economic Competitiveness (10 Nov 2016)
Michael Noonan: Significant progress has been made in recent years in improving Ireland's competitiveness. The latest figures from the Central Bank of Ireland, show that Ireland's real harmonised competitiveness indicator (a widely used measure of competitiveness in Europe) has improved by over 20 per cent between its peak in 2008 and September 2016. The gains in Irish competitiveness achieved since...
- Written Answers — Department of Finance: Residential Property Prices Register (10 Nov 2016)
Michael Noonan: According to the Central Statistics Office's Residential Property Price Index, national property prices increased by 1.6 per cent between July and August and by 7.2 per cent on an annual basis. This overall trend has been driven by price developments outside of Dublin, where residential property prices have increased by 1.8 per cent over the month and by 11.4 per cent on an annual basis. In...
- Written Answers — Department of Finance: Economic Policy (10 Nov 2016)
Michael Noonan: Budget 2017, which I presented last month, sets a general government deficit target of 0.4 per cent of GDP for 2017, following the projected deficit of 0.9 per cent of GDP this year. This will keep us on course to achieve our medium term target of a balanced budget in structural terms, defined as a structural deficit of 0.5 per cent of GDP, in 2018. It should be noted these calculations...
- Written Answers — Department of Finance: Credit Availability (10 Nov 2016)
Michael Noonan: Government policy is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. In this regard the Government has developed a number of initiatives to ensure that the supply of credit in the market is sufficient to meet the existing and future needs of SMEs. A key objective of the Strategic Banking...