Results 2,601-2,620 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The receipt by a person of any bona fide sum by way of winnings from betting or from any licensed lottery is exempt from Income Tax, Capital Gains Tax and Capital Acquisitions Tax. I have no plans to introduce a levy on lottery winnings at this time.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (19 Jul 2011)

Michael Noonan: The decision on whether or not to grant credit facilities, including overdraft facilities, is a commercial decision for individual lending institutions. Each lending institution assesses properly and independently the individual risks that it is considering accepting. At the same time, borrowers should avoid building up substantial additional arrears due to interest accruing for long periods...

Written Answers — International Agreements: International Agreements (19 Jul 2011)

Michael Noonan: The Taoiseach submitted Ireland's first set of Euro Plus Pact commitments to the President of the European Council, Mr. Herman Van Rompuy, and to the President of the European Commission, Mr José Manuel Barroso, in letters dated May 3 2011. The commitments made under each of the four headings as sent in the letters are set out below. Ireland's Euro Plus Pact commitments 1. Fostering...

Written Answers — International Financial Support Measures: International Financial Support Measures (19 Jul 2011)

Michael Noonan: On 23-24 June, euro area Heads of State or Government agreed that the private sector would be involved in the financing of a new programme of assistance for Greece. However, the modalities of such private sector involvement - such as the form that private sector involvement will take as well as its scale - have not yet been finalised. In these circumstances, it is not possible to accurately...

Written Answers — Currency Support: Currency Support (19 Jul 2011)

Michael Noonan: As the Deputy will be aware, the focus of Government is to work with our partners in the euro area and the broader EU to maintain and enhance the stability of the euro. This is also the aim and intention of the wider international community including the IMF. Our actions support this. Financial support measures were put in place for Greece, and the European Financial Stabilisation Mechanism...

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

Michael Noonan: The EU Council Directive 92/83/EEC of 19 October 1992, on the harmonisation of the structures of excise duties on alcohol and alcoholic beverages, sets the parameters under which excise duty on alcohol products may be levied. It is not possible to differentiate the application of excise rates on where products are sold.

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

Michael Noonan: It is assumed that the threshold for the proposed new tax band mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2011 incomes, of the introduction of a new 48% rate...

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

Michael Noonan: I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual's marginal rate of income tax and for which estimates of cost can be provided are set out below together with estimated costs for the year 2006, the most recent year for which the necessary estimates are available. If relief for these deductions and reliefs was confined to...

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

Michael Noonan: It is assumed that the Deputy is referring to the abolition of the tax relief on future expenditure in relation to the following property based tax incentive schemes that remain in the tax code: certain tourism infrastructure under the Mid-Shannon Scheme (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am...

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

Michael Noonan: I am informed by the Revenue Commissioners that nothing in Irish tax law makes reference to the term "tax exile". I am assuming that in referring to "tax exile status" the Deputy is thinking of Irish citizens or Irish domiciled individuals claiming to be non-resident for tax purposes and who are living abroad primarily for tax reasons. For the 2009 tax year, the latest year for which...

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

Michael Noonan: It is estimated that the yield to the Exchequer from increasing the DIRT rate by 5% to 30% is €80m in a full year, assuming no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings.

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

Michael Noonan: I am advised by the Revenue Commissioners that sufficiently detailed figures are not captured on the statutory return of Deposit Interest Retention Tax (DIRT) filed by financial institutions in such a way as to provide a basis for compiling estimates of the impact on the Exchequer from the exemptions mentioned in the question. Accordingly, the specific information requested by the Deputy is...

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

Michael Noonan: I am advised by the Revenue Commissioners that sufficiently detailed figures are not captured on the statutory return of DIRT filed by the financial institutions in such a way as to provide a basis for compiling estimates of the impact on the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available. An individual aged...

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

Michael Noonan: While I do not propose at this time to introduce a wealth tax, all taxes and potential taxation measures are constantly reviewed in the context of the Budget and Finance Bill. Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company on the disposal of an asset (CGT) or the acquisition of an asset through...

Written Answers — Departmental Schemes: Departmental Schemes (19 Jul 2011)

Michael Noonan: It is difficult to forecast in advance the precise level of take-up of the new scheme. Due to the increase in the number of trades that can qualify for the scheme it is expected that there will be an increase in the take-up of the scheme in comparison with the existing Business Expansion Scheme. A number of take-up scenarios were put forward in an ex-ante economic impact assessment of the...

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

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available is a proportional breakdown by reference to asset types of the aggregate consideration underlying chargeable gains for tax years 2007 to 2009 - that is, the total selling price prior to allowing any offsets or deductions, rather than the tax take per asset category. On this basis the figures, which are based...

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

Michael Noonan: I understand the Deputy is looking for the volume and value of sales of principal private residences which are not subject to Capital Gains Tax (CGT). I am informed by the Revenue Commissioners that information on the value of capital gains arising from the disposal of principal private residences is not required in CGT returns (most disposals of principal private residences do not lead to a...

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

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 10%, could be in the region of €110 million in a full year. However, this estimate is based upon an assumption that there would be no behavioural impact of such an increase, which could lead to a less than expected result from a change to the...

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

Michael Noonan: I am advised by the Revenue Commissioners that the breakdown of yield from Capital Acquisitions Tax for the years in question is as follows: Year Inheritance tax €m Gift tax €m Discretionary Trust tax €m Probate tax€m 2007 314.5 70.5 4.4 1.2 2008 291.8 46.8 3.3 0.9 2009 201.6 50.5 2.9 0.6 2010 186.2 46.8 3.0 0.5 On the basis of the taxable values of gifts or inheritances...

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

Michael Noonan: I am informed by the Revenue Commissioners that the estimated full year gain from increasing the rate of Capital Gains Tax (CGT) from 25% to 30% is €65 million, and from 25% to 40% is €195 million. However, these estimates assume no behavioural changes on the part of taxpayers, and large increases in rates such as are contemplated in the question may have a significant behavioural...