Results 6,821-6,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (3 Oct 2012)

Michael Noonan: The estimated full year costs and/or yields of the tax revenue measures introduced in Budget 2012 are set out on pages B5 – B11 of the Summary of 2012 Budget and Estimates Measures Policy Changes section of the Budget 2012 book. In the context of producing the Budget 2013 tax revenue forecasts in the coming weeks, the Revenue Commissioners will advise my Department if the estimated...

Written Answers — Department of Finance: Tax Reliefs Availability (3 Oct 2012)

Michael Noonan: The following table provides a breakdown of the estimated cost of tax and PRSI reliefs relating to private pension contributions for 2007, 2008 and 2009, the latest year for which the most up-to-date data is available. Figures of the numbers availing of the tax reliefs are also provided, where available. Tax relief on employee or individual contributions is allowed at the taxpayer’s...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: The development of the knowledge economy is seen as essential for generating new jobs. In particular, research and development and innovation are of vital importance in increasing economic activity both in terms of domestic business sectors and in attracting foreign direct investment. Many countries are continuing to develop fiscal policy tools to promote investment in intellectual...

Written Answers — Department of Finance: Tax Collection (3 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners whilst the individual referred to by the Deputy has submitted a Court Certificate to Revenue, he has not subsequently submitted the necessary formal application for his licence. In addition, the individual must be in possession of a valid current Tax Clearance Certificate. In this case there are tax compliance issues, which must be addressed...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (3 Oct 2012)

Michael Noonan: The Employment and Investment Incentive, along with all tax reliefs and incentives are subject to regular review as part of the annual Budget and Finance Bill planning process. Any significant decisions taken by the Government in this regard are usually announced on Budget Day.

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: I want to reassure the Deputy that there are no plans to remove the Research and Development (R&D) tax credit scheme. R&D and innovation are of vital importance in increasing economic activity in Ireland both in terms of domestic business sectors and in attracting Foreign Direct Investment, and this scheme forms an important part of Ireland’s corporate tax offering.

Written Answers — Department of Finance: Financial Services Regulation (3 Oct 2012)

Michael Noonan: I am advised by the Central Bank that where it was aware of information relating to client investments and had substantiated its concerns, it ensured that Custom House Capital advised affected clients and reviewed the information that was provided. I am further advised that in July 2011 the Central Bank received new information, previously unknown, which increased concerns regarding the...

Written Answers — Department of Finance: Financial Services Regulation (3 Oct 2012)

Michael Noonan: The compensation of investors is provided for in the Investor Compensation Act, 1998 and the investor compensation scheme is operated by the Investor Compensation Company Limited. There is no provision in legislation for the Central Bank to pay compensation in such circumstances. I am advised by the Central Bank that where it was aware of information relating to client investments and had...

Written Answers — Department of Finance: Financial Services Regulation (3 Oct 2012)

Michael Noonan: The basic requirements for investor compensation schemes are laid down in the EU Investor Compensation Directive, which has been transposed into Irish law as the Investor Compensation Act 1998. The Directive, including the level of compensation across the EU, is currently being reviewed by all Member States at EU level. A formal Commission proposal, published in 2010, is still under...

Written Answers — Department of Finance: Tax Credits (3 Oct 2012)

Michael Noonan: Given the current budgetary constraints, I have no plans to introduce such a tax credit at this time.

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: The recently published report of the United States Senate Permanent Sub-Committee on Investigations of their hearing on Offshore Profit Shifting and the U.S. Tax Code gave prominence to the tax arrangements of two U.S. multinational corporations, both of which have operations in Ireland. The Report finds that U.S. multinational corporations are able to significantly reduce their tax...

Written Answers — Department of Finance: Fiscal Policy (3 Oct 2012)

Michael Noonan: Firstly, I want to assure the Deputy that all of the economic policies of the Government are designed with one main objective: that is to restore balanced economic growth so that employment can increase once again. A precondition for a resumption of balanced economic growth is sustainable public finances. As such the Government is committed to cutting the deficit and maintaining debt at...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

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 2010, the latest year for which this information is available, and making certain...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs...

Written Answers — Department of Finance: Tax Avoidance Issues (3 Oct 2012)

Michael Noonan: The provisions of Section 77 of the Finance Act 2011 (No 6 of 2011) were proposed by the Revenue Commissioners to my Department and, following consideration by my Department and the Government, were accepted for inclusion in the Finance Bill. The purpose of the provision is to provide a firm legislative basis to the long-standing practice relating to the confidentiality of taxpayer...

Written Answers — Department of Finance: Tax Reliefs Availability (3 Oct 2012)

Michael Noonan: Approved Retirement Funds (ARFs) are personal investment accounts established with retirement benefit funds as an alternative to the purchase of an annuity. Investment income and capital gains, if any, are exempt from tax in the case of Approved Retirement Funds established on or after 6 April 2000. This tax exemption applies regardless of the value of the fund or the income of the ARF...

Written Answers — Department of Finance: Tax Reliefs Availability (3 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the tax relief for patent income and related distributions was abolished in Budget 2011, with effect from 24 November 2010, providing an estimated saving to the Exchequer in a full year of €50 million. The exemption, provided under Section 234 of the Taxes Consolidation Act 1997 (TCA), applied to income received by an individual or...

Written Answers — Department of Finance: Tax Yield (3 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the relevant information that is readily available at this time in respect of the top 1%, 5%, 10%, 20% and the top 10,000 income earners is as estimated by reference to the income tax year 2012, and is set in the following table: Top 1% of income earners Top 5% of income earners Top 10% of income earners Top 20% of income earners Top...

Written Answers — Department of Finance: Tax Collection (3 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the most detailed relevant information that can be readily provided at this time in terms of the income distribution and tax liabilities of income earners is estimated by reference to the income tax year 2012, and is set in the following table. However, because of the Revenue Commissioners' obligation to observe confidentiality in relation to...

Written Answers — Department of Finance: Eurozone Crisis (3 Oct 2012)

Michael Noonan: I can voice broad agreement with a number of PM Monti's more commonly known views and proposals. Generally speaking, I share PM Monti's view that the problems besetting the euro area are solvable and that cohesive action can reduce the cost for all. The market reactions to the June 29 HoGS statement clearly show that markets believe this also. During their meeting in Rome, both the...