Results 26,301-26,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 102 and 108 together. In regards to Question 14874/17, I am advised by Revenue that the Local Property Tax (LPT) is forecast to collect €460 million in 2017. These receipts would be lost if LPT was abolished. It should be borne in mind that under the fiscal rules of the preventive arm of the Stability and Growth Pact, this policy choice would use...

Written Answers — Department of Finance: Tax Reliefs Data (28 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 103 to 105, inclusive, together. In relation to Questions 14869/17 and 14871, I am advised by Revenue that a post-Budget 2017 Ready Reckoner is available on the Revenue Statistics webpage at the link: . Page 11 of this Ready Reckoner shows estimated cost or yield from changing either (i) the maximum tax relief available on private pension contributions...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am advised by Revenue that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c.100 staff an additional exchequer yield of €50m per annum could be achieved. On this basis it is estimated that by increasing audit staffing resources by c.125 staff an additional exchequer yield of €62.5m per annum could be achieved. It...

Written Answers — Department of Finance: Mortgage Interest Relief Data (28 Mar 2017)

Michael Noonan: I am informed by Revenue that it does not currently require rental income to be returned in a manner that would enable private residential rental accommodation income, reliefs and allowances to be separately identified from income, reliefs and allowances in respect of commercial rental property. I assume that the cases the Deputy is suggesting would be excluded from the proposed...

Written Answers — Department of Finance: Tax Data (28 Mar 2017)

Michael Noonan: The carryover cost in 2018 of tax measures introduced in Budget 2017 was estimated to be in the region of €170 million. It is important to point out that the exact impact of carryover will be reviewed as part of the normal Budgetary process, as there are a lot of moving parts to be considered, such as economic growth, take up of various schemes and specific tax...

Written Answers — Department of Finance: Tax Exemptions (28 Mar 2017)

Michael Noonan: I am advised by Revenue that, as tax returns do not provide a basis for compiling separate estimates of the amount of Capital Gains Tax liability associated with passive and active activity, there is no basis on which Revenue could provide the information requested by the Deputy. 

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am informed by Revenue that the yield from applying a 3% betting duty on remote and in shop bets is estimated at €150m in a full year. The additional yield from increasing the commission based tax on betting intermediaries to 20% and to 30% is estimated at €0.6m and €1.9m respectively in a full year. These estimated yields are based on the assumption of no change...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am informed by Revenue that estimates for the yield from changes in duties on tobacco are included in the Ready Reckoner (page 22) on the Revenue statistics webpage: . These estimates assume pro-rata increases in other tobacco products.

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: The 2016 Tax Strategy papers estimated potential yields from a tax on sugar sweetened drinks based on a total soft drink sales in Ireland of 685.4 million litres per annum.  The TSG papers estimated that the tax would apply to 60% of these sales.  My Department has been informed by the soft drinks industry that due to the continual reformulation of products by that industry the...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: It is assumed for the purposes of these estimates that the existing standard rate band structure and 20% and 40% income tax rates would remain for income up to €100,000, with the rates proposed by the Deputy to apply on income in excess of that amount. I am advised by Revenue that major issues would need to be resolved as to how, in practice, such new Income Tax rates could be...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at http://www.revenue.ie/en/about/statistics/index.html .  This Ready Reckoner shows a wide range of detailed information, including changes to the CAT rates (pages 15-16). While the Ready Reckoner does not show all of the specific costings requested by the Deputy, others can be...

Written Answers — Department of Finance: Water Charges (28 Mar 2017)

Michael Noonan: If the current suspension of water charges was maintained to 1 January 2018, there would be no revenue from the charges in 2017.  The Department for Housing, Planning, Community and Local Government recently informed my Department that €59m of charges were collected in 2016.  Therefore, the impact on fiscal space would be a decrease of €59m in 2017.

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am advised by the Revenue Commissioners that based on provisional 2016 data, the yield to the Exchequer arising from the abolition of tax relief for private health insurance premiums is tentatively estimated to be in the order of €330 million. The estimated yield to the Exchequer from reducing the current rate of tax relief from 20% to 5%, 10%, 12%, 15%, 18% and 19%, assuming...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 118 and 119 together. In relation to Question 14884/17, the estimated yield from increasing rate of commercial Stamp Duty from current 2% to 2.5%, 3%, 3.5% and 4% is estimated at approximately €54 million, €108 million, €162 million and €215 million respectively. In relation to the second question concerning proposed increases to...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: In order to estimate the potential revenue from a wealth tax, it is necessary to identify the wealth held by individuals. As there is currently no such wealth tax in operation in Ireland, the Department understands that the Revenue Commissioners have no basis or requirement to compile the data needed to produce estimates in relation to a potential wealth tax. Although an individual's assets...

Written Answers — Department of Finance: Universal Social Charge Abolition (28 Mar 2017)

Michael Noonan: The most recent economic and fiscal forecasts were prepared by my Department as part of Budget 2017.  On that basis, the Universal Social Charge (USC) is projected to raise approximately €3.7 billion this year in Exchequer receipts terms. These revenues are expected to increase over the forecast horizon as employment and wages are projected to continue to...

Written Answers — Department of Finance: Universal Social Charge Exemptions (28 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 122 and 123 together. I am advised by Revenue that the first and full year costs to the Exchequer of exempting all income earners who earn at or below €19,572 from the Universal Social Charge (USC) are estimated to be €53 million and €62 million respectively. For the purposes of this costing it has been assumed that the current USC...

Written Answers — Department of Finance: Exchequer Savings (28 Mar 2017)

Michael Noonan: As I outlined in my response to the Deputy's question on 21 February 2017, my Department and the Central Bank published a joint public consultation paper in 2015 on a proposed move from the current 50 per cent funding model for financial regulation to a full funding model. Following that consultation, I approved a phased move towards 100 per cent industry funding of the...

Written Answers — Department of Finance: Insurance Industry (28 Mar 2017)

Michael Noonan: I am unable at this time to provide the Deputy with an exact timeframe as to when payments will be made to persons as a result of the liquidation of Setanta. Setanta was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. Setanta is a Maltese incorporated company and therefore, the Setanta liquidation is being carried out under Maltese law....

Written Answers — Department of Finance: VAT Rate Application (28 Mar 2017)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the Directive that permits a lower rate to be applied. While Ireland applies reduced and zero rates of VAT to a select range of goods and services under Article...