Results 2,581-2,600 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers for the year 2008, the latest year for which this information is available, the amount of tax foregone by allowing a deduction for interest on borrowings to be offset against rental income assessable under Case V, Schedule D is estimated to have been of the order of €1,150...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that as the rental income of companies is returned as net of interest on borrowings the figures for interest are not separately distinguished in corporate tax returns. There is, therefore, no basis on which an estimate of the cost of tax relief involved could be provided.

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the cost to the Exchequer of all property related tax schemes is based on personal income tax returns filed by non-PAYE taxpayers and corporation tax returns filed by companies for the year 2009, the latest year for which this information is available. These are set out in the table below. Scheme 2009...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 75 to 77, inclusive, and 90 together. I am informed by the Revenue Commissioners that on the basis of Form 11 tax returns for 2009 the amount of Schedule D Case V losses brought forward by individual taxpayers is €2.1 billion. Based on CT1 tax returns filed by companies for 2009 the corresponding amount of Schedule D Case V losses brought forward by...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the information available in respect of numbers of persons who paid Capital Acquisitions Tax is as follows: Year Number 2006 11,058 2007 12,320 2008 12,963 2009 11,910 A breakdown for 2009 by Group Threshold A, B and C of numbers who paid Capital Acquisitions Tax is as follows: Group Threshold – relationship to Disponor Number A -...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 79 to 81, inclusive, together. I am advised by the Revenue Commissioners that the relevant information on the cost of tax foregone in respect of group thresholds for Capital Acquisition Tax (CAT) is only available for the year 2009. The estimated tax foregone in that year for group threshold A is €134m, group threshold B €79m and group threshold C €17m....

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that estimates of the cost to the Exchequer of Capital Acquisitions Tax (CAT) forgone arising from reliefs for dwelling houses, heritage property, retirement benefits and charities are as shown in the following table to the extent that they are available: Exemption Year Cost €m Dwelling house 2008 43 2009 36 Heritage Property 2003 to 2008 1...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 83, 84, 127 and 128 together. These four questions all relate in one way or another to Approved Retirement Funds or ARFs. There is no requirement on qualifying fund managers who hold ARFs on behalf of the individuals entitled to the assets in those funds to provide data to my Department or to the Revenue Commissioners in relation to the value of assets in...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that taxable profits and allowable losses of a trade are computed in accordance with generally accepted accounting practice, subject to such adjustments as are required by tax legislation. Under generally accepted accounting practice, the value of land and property held by property developers as trading stock should be stated in the accounts at the...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 86 and 87 together. I am informed by Revenue that cases are selected for audit based on the risks in the case. Revenue carried out the following number of audits specifically in the 'Development and Selling of Real Estate' sector and the results are as follows: 2008 - 465 audits - €33.8 million yield 2009 - 377 audits - €27.6 million yield 2010 - 318...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I am informed by the Revenue Commissioners that information in relation to tax losses claimed by companies against profits earned in a previous year is derived from corporation tax returns filed for the years 2008 and 2009. Data for the year 2010 is not yet available. On the basis of information derived from corporation tax returns for...

Written Answers — Tax Reliefs: Tax Reliefs (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of mortgage interest relief for principal private residences by way of tax relief at source (TRS) in 2009 and 2010 was €486 million and €375 million respectively. The cost for the full year of 2011 is provisionally estimated at €400 million.

Written Answers — Economic Growth: Economic Growth (19 Jul 2011)

Michael Noonan: Long-run historical relationships suggest that fiscal consolidation amounting to 1% of GDP reduces Ireland's economic growth rate by around 0.5 percentage points, reflecting inter alia the fact that a large part of domestic expenditure is on imported goods and services. This relationship is static in nature and does not allow for a number of factors which have a bearing on the impact of...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 93 to 95, inclusive, together. I am informed by the Revenue Commissioners that the estimated full year yield in 2011 by reducing Agricultural Relief from Capital Acquisitions Tax (CAT) from 90% to 75%, would be in the region of €28 million; the estimated yield from reducing the relief from 90% to 60% would be in the region of €37million; and the estimated...

Written Answers — Tax Yield: Tax Yield (19 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the Exchequer cost of the reliefs mentioned by the Deputy are available for the following years as outlined below. Tax Year 2008 2009 Estimated Cost - Agricultural Relief â'¬113m â'¬110m Estimated Cost - Business Relief â'¬30m â'¬63m Estimated Cost - Favourite Nephew/Niece Relief Not available â'¬8m Corresponding estimates are...

Written Answers — Personal Debt: Personal Debt (19 Jul 2011)

Michael Noonan: I would like to inform the Deputy that there are measures in place to assist mortgage holders who are in genuine difficulties with regard to the payment of their mortgages. However, there are no measures that discriminate in favour of single homeowners as opposed to other categories of mortgage holders. The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: Text messages are already subject to VAT at 21%. I am informed by the Commission for Communications Regulation (ComReg) that no projections are made for mobile telephone usage, whether calls or texts. The only basis for estimating the yield from a tax on text messages is the figures for mobile telephone usage per quarter supplied by the companies to ComReg. In the 12 months to end March...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: The position is that all taxation measures will be considered in the context of the forthcoming Budget and Finance Bill.

Written Answers — Semi-State Bodies: Semi-State Bodies (19 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 100 and 101 together. The legislation which established the NTMA in 1990 deliberately positioned it outside of the wider public service structures with operational freedom to negotiate market-competitive salaries so that it would have, for example, the flexibility to recruit specialists in mid-career from the private sector. Under the NTMA business model, its...

Written Answers — Tax Code: Tax Code (19 Jul 2011)

Michael Noonan: The section in the Finance Act 2010 that provides for the application of the carbon tax to solid fuels (coal and commercial peat) is subject to a Ministerial Commencement Order. This approach was primarily adopted by the previous Government in order to allow time for a robust mechanism to be put in place to improve the control of high-sulfur coal being sourced from Northern Ireland suppliers....