Results 26,181-26,200 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry Regulation (7 Mar 2017)

Michael Noonan: Insurance guarantee schemes provide last-resort protection to policyholders and beneficiaries when insurers are unable to fulfil their contractual commitments.  They protect against the risk that claims will not be met in the event of a failure of an insurance undertaking.  Such schemes can offer protection by paying compensation to policyholders or beneficiaries, or by securing the...

Written Answers — Department of Finance: Insurance Industry Regulation (7 Mar 2017)

Michael Noonan: The ability for financial services entities such as insurance companies or investment firms to passport financial services is based on a collection of measures in EU law that describes how the EU fundamental freedoms operate in the context of financial services.  Once a financial services entity is authorised in one European Economic Area (EEA) Member State the financial services...

Written Answers — Department of Finance: Tax Reliefs Application (7 Mar 2017)

Michael Noonan: It is not fully clear from the Deputy's question as to the specific aspect of the tax code that his enquiry relates to. However, I assume that the Deputy is referring to the Rent-a-Room scheme, which is provided for in Section 216A Taxes Consolidation Act 1997.  This scheme was introduced with the aim of increasing the availability of rented residential accommodation. The...

Written Answers — Department of Finance: Tax Yield (7 Mar 2017)

Michael Noonan: I am advised by the Revenue Commissioners that tax returns up to the 2015 year of assessment did not require rental income to be returned in a manner that would enable income from residential property lettings be separately identified from rental income in respect of other types of property, such as commercial rental property. It is not therefore possible to provide the amount of...

Written Answers — Department of Finance: Banking Sector (7 Mar 2017)

Michael Noonan: During the latter half of 2010, Irish banks were encountering difficulties in sourcing funding. In order to allay these difficulties, the Central Bank of Ireland entered into facility deed agreements with a number of banks, including Bank of Ireland. Under these agreements, the Central Bank of Ireland could make loans to a relevant bank, by way of emergency liquidity...

Written Answers — Department of Finance: Tax Reliefs Application (7 Mar 2017)

Michael Noonan: At present, Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, with relief being available until 31 December 2017.  Mortgage interest relief has been abolished for homes purchased since 1 January 2013. In the Programme for a...

Written Answers — Department of Finance: VAT Yield (7 Mar 2017)

Michael Noonan: I am informed by Revenue that it is not possible to furnish figures on the amount of VAT from a specific retail service such as barber shops. Information provided to Revenue on a VAT return does not require the yield from individual products or activities to be identified.

Written Answers — Department of Finance: Corporation Tax Regime (7 Mar 2017)

Michael Noonan: In 2016, Exchequer corporation tax receipts of €7,351 million represented an important revenue source, accounting for just under 15.5 per cent of all Exchequer tax receipts. However, by way of context, it is important to point out that income tax and VAT accounted for around two-thirds of the total tax yield last year.  Furthermore, it should be noted that corporation tax as...

Written Answers — Department of Finance: Banking Sector Regulation (7 Mar 2017)

Michael Noonan: I am advised by the Central Bank that neither the Central Bank's Consumer Protection Code 2012 nor the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 include a requirement that a citizen from another EU Member State purchasing a property in Ireland must hold an Irish bank account.  Nevertheless, it could also be noted that the Regulations provide that a lender...

Written Answers — Department of Finance: Tax Rebates (7 Mar 2017)

Michael Noonan: I am advised by the Revenue Commissioners that the applicable provision giving a right to repayment of tax is section 865 of the Taxes Consolidation Act (TCA) 1997, where a person has paid an amount of tax which is not due. However, as I advised in my response to PQ numbers 130 and 156 of 14 February 2017, section 865(4) provides that that right is subject to a statutory limit of four years...

Written Answers — Department of Finance: Revenue Commissioners Investigations (7 Mar 2017)

Michael Noonan: I am advised by Revenue that their investigations into the incidences of petrol stretching that occurred in Co. Mayo in 2014 revealed that there was no evidence of any excise offences in that county. Despite extensive testing, evidence of the presence of prohibited stretching agents was found in only two samples, both from one location outside Co Mayo. These two prosecution cases were heard...

Written Answers — Department of Finance: Help-To-Buy Scheme (7 Mar 2017)

Michael Noonan: The Deputy will be aware that I agreed during the Committee Stage debate on the relevant section of Finance Bill 2016, to commission an independent impact assessment on the effects of the Help to Buy incentive on the supply of new homes, house prices, and the residential property market generally, for completion prior to Budget 2018. My officials have drafted and issued a...

Written Answers — Department of Finance: Tax Rebates (7 Mar 2017)

Michael Noonan: I am advised by Revenue that processing of the refund claimed is pending until supporting documentation is submitted.  This documentation was requested on two occasions in June 2013 and again in March 2015 but has not been received. Following a recent visit by the person concerned to his local Revenue District, Revenue has arranged to confirm the position again in writing to the person...

Written Answers — Department of Finance: Tax Credits (8 Mar 2017)

Michael Noonan: I am advised by Revenue that section 462B of the Taxes Consolidation Act (TCA) 1997 provides for the Single Person Child Carer Credit which is available to a single person who is the parent of a child or has the custody of and maintains a child who is living with him or her. Subsection 462B (1)(c)(i) TCA provides that where an individual is married the credit will not apply unless the parties...

Written Answers — Department of Finance: Pension Provisions (8 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 131 and 132 together. In Budget 2013 I indicated that tax relief on pension contributions would in future only serve to subsidise pension schemes that deliver income of up to €60,000 per annum. Extensive work was subsequently undertaken to consider the technical aspects of delivering on this Budget undertaking.  This work was of necessity based...

Written Answers — Department of Finance: Pension Provisions (8 Mar 2017)

Michael Noonan: Section 790AA of the Taxes Consolidation Act 1997 provides for the taxation of retirement lump sums, paid under various pension arrangements, that are above the specified tax-free limit of €200,000. Revenue has advised me that its records are not maintained in a manner that facilitates the provision of the information in the tranches requested by the Deputy. However, the following...

Written Answers — Department of Finance: Tax Credits (8 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 134 and 135 together. I have assumed for the purposes of this reply that the Deputy's questions refer to the Incapacitated Child Tax Credit. I am advised by Revenue that the trend in the number of claims, and associated costs, for the Incapacitated Child Tax Credit is available in the Costs of Tax Expenditures Table on the Revenue Statistics webpage at ....

Written Answers — Department of Finance: Tax Credits (8 Mar 2017)

Michael Noonan: I am advised by Revenue that the person concerned is, based on the information available to Revenue, paying the correct tax for 2017. The person was incorrectly granted an additional PAYE tax credit in 2016. This credit was correctly removed for 2017 resulting in an additional tax liability. A tax credit certificate issued to the person concerned on 12 December 2016 showing the correct...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (9 Mar 2017)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: Primary Medical Certificates (9 Mar 2017)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit), an exemption from motor tax and a grant in respect of fuel, on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities. To qualify for the Scheme an applicant must be in...