Results 3,861-3,880 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Reliefs: Tax Reliefs (24 Nov 2011)

Michael Noonan: As the Deputy has stated the public consultation on "legacy" property-based tax reliefs undertaken by my Department concluded at the end of July. Over 700 submissions were made by individuals and organisations during the consultation period. The consultation formed a major part of the economic impact assessment on the potential effects of amending, curtailing and/or abolishing such reliefs...

Written Answers — Tax Reliefs: Tax Reliefs (24 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 48, 50 and 51 together. Income Tax relief in respect of trade union subscriptions was abolished in Finance Act 2011. This was in line with a recommendation of the Commission on Taxation. The removal of this relief which previously applied to a large number of employees, suggested that, in order to provide a degree of equity, a similar measure should be...

Written Answers — Tax Reliefs: Tax Reliefs (24 Nov 2011)

Michael Noonan: Income Tax relief in respect of trade union subscriptions was introduced in 2001. In 2008, the relief was increased to €350, which equated to a €70 tax credit per annum for union members. The most recent year for which the necessary detailed information is available regarding tax relief for trade union subscriptions is the income tax year 2009, in which the cost to the Exchequer is...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services and goods for the period 1 July 2011 to end 2013. This measure was estimated to cost €120 million in 2011, €350 million in 2012 and in 2013, and €60 million in 2014. Businesses must account for VAT at the 9% rate on these specified goods and...

Written Answers — House Repossessions: House Repossessions (24 Nov 2011)

Michael Noonan: I am informed by each of the covered institutions that the amount spent on legal fees in relation to house repossession cases in the period 2009 – 2011 is as follows: 2009 2010 2011 (to date) Total IBRC 1,378,440 1,643,542 1,161,068 4,183,050 AIB/EBS 822,985 677,567 593,175 2,093,727 BOI 67,000 262,000 206,000 535,000 ILP 21,000 24,000 90,000 137,000 2,289,425 2,607,109 2,050,243...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: It is a long-standing practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject of Budget decisions.

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: With regard to the decision to charge VAT on entrance fees to historic houses and open farms, I have been informed by the Revenue Commissioners that fees charged for entry to historic houses, stately homes and gardens (collectively referred to as historic houses) and open farms were until recently treated as VAT exempt "lettings of immovable goods". This VAT exempt treatment followed a 1970s...

Written Answers — Pension Provisions: Pension Provisions (24 Nov 2011)

Michael Noonan: Under Section 9 of the Ministers and Secretaries (Amendment) Act, 2011 responsibility for all functions relating to public sector superannuation matters was transferred to the Minister for Public Expenditure and Reform, who has responsibility for the Superannuation Vote (Civil Service pensions) and for pensions payable from the Central Fund. The Paymaster General's Office in my Department...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (24 Nov 2011)

Michael Noonan: EBS is a wholly owned subsidiary of AIB and as the Deputy will be aware, notwithstanding the fact that the State is a 99.8% shareholder in AIB, the bank is run on a commercial arms length basis. The Government does not interfere in the day to day commercial decisions taken by the board and management of the bank including its product offerings. The matter referred to in the Deputy's...

Written Answers — Disabled Drivers: Disabled Drivers (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. A claim under the above scheme...

Written Answers — Budget Statement: Budget Statement (24 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. As I said in my reply to parliamentary question number 36529/11 yesterday, I wish to make clear that I and my colleagues in Government are deeply concerned that this draft confidential information has become public before Government had finally made all of the necessary budgetary decisions. Furthermore, we are concerned at the manner in...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. While many tourist related services were made subject to a new temporary lower reduced VAT rate of 9% from 1 July, it is not possible to extend this treatment to the goods and services that remain subject to the 13.5% rate. While...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. The taxation of individuals in the State is broadly in line with that prevailing in most other OECD jurisdictions. In general, (a) individuals who are resident in the State for tax purposes are taxable here on their worldwide income and gains; and (b) individuals who are not resident here for tax purposes pay tax here only on income...

Written Answers — Tax Collection: Tax Collection (24 Nov 2011)

Michael Noonan: The Revenue Commissioners are charged with responsibility for the timely collection and recovery of a range of taxes and duties due to the Exchequer. I know that Revenue has a clear focus on making sure that every person and business complies with the requirement to file the relevant returns and to pay the appropriate tax or duty on a timely basis. That is an appropriate and correct focus...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: The Universal Social Charge (USC) is an individualised charge and as such the yields are calculated for individual incomes of more than €100,000, €125,000 and €150,000 rather than dual incomes of more than €200,000, €250,000 and €300,000. In addition, it is assumed that the Deputy proposes to create two new top rates of USC which would be 8% for PAYE income earners and 11% for...

Written Answers — Tax Collection: Tax Collection (24 Nov 2011)

Michael Noonan: I have been informed by the Revenue Commissioners that a form P21 will issue to the person in question over the next couple of days.

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I assume the measure to which the Deputy refers is the Domicile Levy announced in Budget 2010 and introduced in Finance Act 2010. The Deputy will be aware that a Domicile Levy of €200,000 is charged on an individual who is Irish-domiciled and an Irish citizen whose worldwide income exceeds €1m, whose Irish located property is greater than €5m, and whose liability to Irish income tax...

Written Answers — Interest Rates: Interest Rates (24 Nov 2011)

Michael Noonan: Neither the Central Bank nor I, as Minister for Finance, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. Based on the recent advice received from the Central Bank, I have no plans to recommend to Government that legislation be introduced to compel lenders to reduce their standard variable rates. The question of...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The SFT was reduced in Budget and Finance Act 2011 by over 50% to a level of €2.3 million with effect from 7 December 2010 with transitional arrangements to protect...

Written Answers — Tax Code: Tax Code (24 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue that would be raised from a 2% increase in the standard rate of VAT is estimated at €670 million in a full year. This estimate does not take into account any behavioural change on the part of taxpayers as a consequence of such a measure.