Results 25,341-25,360 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Central Bank of Ireland Staff (13 Dec 2016)

Michael Noonan: I am informed by the Central Bank that staff numbers are expected to grow to 1,631 at end 2016, with planned expansion to 1,801 by end 2017. The 2017 expansion includes dedicated resources to address specific Brexit-related new business needs. The Bank also plans to assess on a regular basis the need for contingency-based extra Brexit-related hiring in response to additional business...

Written Answers — Department of Finance: Legislative Programme (13 Dec 2016)

Michael Noonan: One Bill has been published by my Department since May 2016. The details of that Bill are set out as follows: No. of Bill Title of Bill Stage of Bill 83 of 2016 Finance Bill 2016 Seanad Committee Stage was completed on 7 December 2016, Seanad Report Stage is scheduled for 14 December 2016. Since May 2016 one Act brought forward by my Department has been signed into law - the Finance...

Written Answers — Department of Finance: VAT Registration (13 Dec 2016)

Michael Noonan: I am advised by Revenue that VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. The thresholds for Ireland and the UK date from accession into the EU and the Directive only provides for the raising of those thresholds by Member States to maintain their value in real terms, that is, they may only be increased in line with inflation....

Written Answers — Department of Finance: Departmental Staff Redeployment (13 Dec 2016)

Michael Noonan: I wish to inform the Deputy that my Department has not re-centralised any of the units, for which it is now responsible, following their decentralisation to Tullamore in 2006. However, in addition to units that transferred to the Department of Public Expenditure and Reform on the establishment of that Department in 2011, certain units of my Department have transferred more recently...

Written Answers — Department of Finance: Tax Credits (14 Dec 2016)

Michael Noonan: As the Deputy will be aware the Home Carer Tax Credit is currently available to families where one parent works primarily in the home to care for children or the elderly.  The Home Carer Allowance (as it was then) was first introduced in Finance Act 2000 in the context of the commencement of a planned move to the full individualisation of the income tax system.  Such a...

Written Answers — Department of Finance: Tax Code (14 Dec 2016)

Michael Noonan: I would first note, as I have previously, that since the establishment of the Revenue Commissioners in 1923, successive Governments and the Oireachtas have reaffirmed the principle of the independence of the Revenue Commissioners in their dealings with the tax affairs of any individual under tax and customs legislation. This independence is seen as critical to maintaining the integrity of...

Written Answers — Department of Finance: Departmental Expenditure (14 Dec 2016)

Michael Noonan: I am advised by Revenue that attendance at events such as the Banagher Horse Fair forms part of the broad range of normal compliance activities undertaken by them.  It is not possible to separately segregate the annual cost for attendance at this event as this varies from year to year according to the assessed risk, the number of officers deployed and other compliance activities that...

Written Answers — Department of Finance: VAT Rate Reductions (14 Dec 2016)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  Ireland's application of the zero rate of VAT to children's safety helmets derives from the derogation under Article 110 of the EU VAT Directive.  Under that provision Ireland may retain the zero rate on goods and services which were in place on 1 January...

Written Answers — Department of Finance: Tax Reliefs Costs (14 Dec 2016)

Michael Noonan: I am informed by Revenue that the following tables show the latest relevant information in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the years 2012, 2013 and 2014. The information in the tables sets out the number of cases, the amount of deduction and the reduction in tax for tax relief...

Written Answers — Department of Finance: Property Tax Assessments (14 Dec 2016)

Michael Noonan: I am advised by Revenue that the majority of over-valuations of Local Property Tax (LPT) to date arose on foot of property owners paying the estimated amount rather than calculating the correct liability in accordance with the market value of the property on 1 May 2013. Where over-valuations resulted in over-payments being made, Revenue either refunded the excess amounts or offset it to...

Written Answers — Department of Finance: Tax Code (16 Dec 2016)

Michael Noonan: The structure and application of all taxes are considered each year by my Department as part of the annual Budget and Finance Bill process, with policy options presented to the Tax Strategy Group. In relation to carbon tax specifically, options around this tax were contained in the 2016 TSG Paper 16/03 Energy and Environmental Taxes, which is published on my Department's website....

Written Answers — Department of Finance: Tax Code (16 Dec 2016)

Michael Noonan: A capital gains tax (CGT) relief was introduced in the Finance Act 2015 for entrepreneurs disposing of certain business assets. That relief superseded a CGT relief for entrepreneurs introduced in the Finance Act 2014. The relief introduced in the Finance Act 2015 is much more broadly based than the previous relief and provided that a 20% rate of CGT applies in respect of a...

Written Answers — Department of Finance: Programme for Government Implementation (16 Dec 2016)

Michael Noonan: I am aware of this commitment in "A Programme for a Partnership Government" to increase the Small Benefit Exemption. I will not commit at this stage to a specific date but I can confirm that I will consider its implementation in the context of the Budget and Finance Bill cycle in 2017.

Written Answers — Department of Finance: Programme for Government Implementation (16 Dec 2016)

Michael Noonan: A number of measures have already been introduced by the Government in respect of the Programme for Government commitment referred to by the Deputy. The Budget 2017 income tax package included an increase in the Earned Income Credit from €550 to €950 per annum.  This is a significant step towards the Programme for Government commitment to increase the credit to...

Written Answers — Department of Finance: Tax Code (16 Dec 2016)

Michael Noonan: This is a matter for the Revenue Commissioners and, as the Deputy will be aware, Revenue is statutorily independent in the exercise of their functions. This independence, which dates back to the establishment of the Revenue Commissioners in 1923, is seen as critical to maintaining the integrity of the taxation system and forms a key pillar of Revenue's Governance framework. I am advised...

Written Answers — Department of Finance: Brexit Issues (16 Dec 2016)

Michael Noonan: Since the referendum outcome, I have met with my EU counterparts at the monthly Ecofin and Eurogroup meetings, most recently at the December meetings which took place on the 5-6 December.  In line with the agreement at EU level, there have been and will be no negotiations with the UK until Article 50 has been triggered. I have taken the opportunity, in exchanges with EU partners, to...

Written Answers — Department of Finance: Brexit Issues (16 Dec 2016)

Michael Noonan: The UK referendum on EU membership presents an important challenge for the Irish economy, both nationally and at a regional level. I have already introduced a number of actions and measures in response to this challenge. As the Deputy will be aware, my Department incorporated the potential impact of Brexit into the macroeconomic forecasts that underpinned Budget 2017. My Department...

Written Answers — Department of Finance: Banking Sector Regulation (16 Dec 2016)

Michael Noonan: As Minister for Finance, I have no direct function in the relationship between banks and their customers. Notwithstanding the fact that the State is a shareholder in a number of institutions, I must ensure that the banks are run on an independent basis to ensure the value of the banks as assets to the State. I have no role in the day-to-day running of the banks, which is solely...

Written Answers — Department of Finance: Brexit Issues (16 Dec 2016)

Michael Noonan: Contingency planning for Brexit has been ongoing at all levels of Government well in advance of the UK EU referendum in June 2016. 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...

Written Answers — Department of Finance: EU Budget Contribution (16 Dec 2016)

Michael Noonan: 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 State's share of EU Gross National Income (GNI). Details on EU Budget payments and public sector receipts are published annually by the Department of Finance in the Budget...