Results 3,781-3,800 of 27,019 for speaker:Michael Noonan
- Written Answers — Growth Levels: Growth Levels (16 Nov 2011)
Michael Noonan: As regards the Deputy's request for projections for each quarter in 2012 and at end-2013, 2014 and 2015, quarterly Irish economic data can be very volatile and are subject to non-negligible revisions. This was evident once again in the latest Quarterly National Accounts release, which revealed that, on a seasonally adjusted basis, real GDP grew by 1.6 per cent quarter on quarter in Q2 2011...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (16 Nov 2011)
Michael Noonan: The decisions financial institutions operating in Ireland make on the interest rates they charge to customers are commercial decisions for the institutions concerned. Interest rates are determined by a broad range of factors including ECB base rates, deposit rates, market funding costs, the competitive environment, and an institution's overall funding. I have no statutory function in...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: Any changes to the VAT code will be determined in the context of the upcoming Budget. You will appreciate that it is not normal practice to comment on Budget matters in advance.
- Written Answers — Departmental Properties: Departmental Properties (17 Nov 2011)
Michael Noonan: The OPW which is part of the Department of Public Expenditure and Reform acts on behalf of the Department of Finance in relation to leasing of rental properties. The reply for my Department is included in the reply from the Department of Public Expenditure and Reform under PQ reference number 35255/11.
- Written Answers — Tax Reliefs: Tax Reliefs (17 Nov 2011)
Michael Noonan: Section 482 of the Taxes Consolidation Act, 1997 provides for tax relief for expenditure incurred on the repair, maintenance or restoration of approved buildings or gardens. For a building or garden to be approved it must: be a building or garden which is intrinsically of significant scientific, historical, architectural or aesthetic interest, as determined by the Minister for...
- Written Answers — EU-IMF Programme: EU-IMF Programme (17 Nov 2011)
Michael Noonan: The table below sets out the loans drawn down to date from each source under the EU-IMF programme of financial support for Ireland along with the interest rate for these loans. The interest rates reflect the interest rate margin reductions agreed recently in respect of loans from the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Table...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: I am advised by the Revenue Commissioners that the estimated number of income earners who are exempt from income tax is of the order of 820,000 which represents 38% of the total number of income earners based on projected 2011 incomes. The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009, adjusted as necessary to take account of the most recent...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: It is estimated that the yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 27% to 30% would be around â¬50 million in a full year. This projection assumes no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings.
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: The principle of the Universal Social Charge (USC) is that it applies on a wide base with no special exemptions. The USC already applies to income from dividends and rental income and excludes Social Welfare payments. Therefore, the largest type of income not included would be income from interest. I am advised by the Revenue Commissioners that the estimated full year yield to the...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: The exemption from employee PRSI of employee contributions to occupational pension schemes and other pension arrangements was removed in Budget 2011 with effect from 1 January 2011 and legislated for in the Social Welfare Act 2010. Relief from employer PRSI for employee contributions to occupational pension schemes and other pension arrangements was reduced by 50% in Budget 2011, also from 1...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: Section 473 of the Taxes Consolidation Act, 1997 provides tax relief at the standard rate to individuals who pay for private rented accommodation that is used as their sole or main residence. The level of rent qualifying for rent relief depends on an individual's marital status and age. In Budget 2011, it was announced that rent relief was being withdrawn on a phased basis. No new...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: It is assumed that the imposition of a cap of â¬35,000 as mentioned in the question would have the effect of withdrawing the tax exemption from all qualifying income in excess of â¬35,000. The full year yield to the Exchequer, estimated by reference to the tax year 2009, the latest year for which the necessary detailed information is available, is approximately â¬0.6 million. However,...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: The current annual earnings cap of â¬115,000 acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on employee or personal pension contributions. I am informed by the Revenue Commissioners that the full year yield to the Exchequer arising from reducing the earnings cap to â¬100,000...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: The high earner's restriction for individuals on high incomes, who make significant use of certain specified tax reliefs, was announced in Budget 2006 and came into effect from 1 January 2007. The restriction works by limiting the total amount of specified reliefs that a high income individual can use to reduce his or her tax liability in any one tax year. Prior to the introduction of this...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (17 Nov 2011)
Michael Noonan: The Central Bank have advised my Department that they cannot comment on their contacts, if any, with individual financial institutions on this issue. I can confirm that neither my Department, nor myself, have had any contact with AIB or Bank of Ireland in relation to this matter. I am advised that Irish Life and Permanent previously offered such a scheme and as a result the matter was...
- Written Answers — Ministerial Allowances: Ministerial Allowances (17 Nov 2011)
Michael Noonan: I propose to take Questions Nos. 61 and 77 together. Section 836 of the Taxes Consolidation Act provides for a tax deduction under section 114 of the Taxes Consolidation Act 1997 in respect of the cost of maintaining a second residence where, arising out of the performance of his or her duties, a Minister or a Minister of State is obliged to maintain that second residence in addition to his...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the estimated yield in a full year by raising the top rate of VAT by 1% and by 2% is â¬335m and â¬670m respectively.
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the revenue that would be raised in a full calendar year by increasing the carbon tax by â¬7 per tonne of CO2 on fossil fuels (excluding solid fuels) to â¬22 per tonne would yield approximately â¬146 million (VAT inclusive). The impact on the price of fuels is shown in the following table: Fuel Type Unit Price Carbon Tax per unit(VAT...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: I am informed by the Revenue Commissioners that a breakdown between rent received from residential property and other types of property is not sought or provided in tax returns. However 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, and making certain...
- Written Answers — Tax Code: Tax Code (17 Nov 2011)
Michael Noonan: The current group tax free threshold amounts for Capital Acquisitions Tax (CAT) are: â¬332,084 for group A (gifts/inheritances from parents to children), â¬33,208 for group B (gifts/inheritances from grandparents to grandchildren, from uncles/aunts to nieces/nephews, and between siblings) and â¬16,604 for group C (all other gifts/inheritances). I am advised by the Revenue Commissioners...