Results 7,061-7,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Collection (16 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the latest relevant information available is in respect of all companies that were on corporation tax records in each of the four tax years 2007 to 2010. Figures for sales are not separately recorded but are included in corporation tax returns as part of a combined entry for sales/turnover/receipts. The figures for total taxable profits and of...

Written Answers — Department of Finance: Tax Yield (16 Oct 2012)

Michael Noonan: Finance Act 2010 introduced transfer pricing legislation in order to clarify the law in this area in Ireland and to confirm the role of the arm’s-length standard in setting transfer prices. The arms-length standard has beenpromulgated by the OECD and is already incorporated in Ireland’s double taxation treaties. The transfer pricing provisions are set out in Part 35A of the...

Written Answers — Department of Finance: Tax Collection (16 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to separately identify from their records either the foreign subsidiaries of companies registered here or the profits of such subsidiaries. Accordingly, it is not possible to provide the information requested by the Deputy.

Written Answers — Department of Finance: Tax Yield (16 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2012 incomes, that would result from increasing the average effective tax rate of the top 5 % of income earners from the existing average rate of 36% to 50%, would be of the order of € 2.9 billion. The corresponding full year yield from increasing the average effective tax rate of the top...

Written Answers — Department of Finance: Tax Collection (16 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 189 and 190 together. I am informed by the Revenue Commissioners that the relevant information is contained in Table CTS 1 of the Statistical Reports published annually by the Commissioners and which can be found on the Revenue website at www.revenue.ie. The latest year for which information is published from that source is for 2009 which is contained in the...

Written Answers — Department of Finance: National Treasury Management Agency Staff (16 Oct 2012)

Michael Noonan: The following table details the staff members of the National Treasury Management Agency who are on secondment from the private sector: Organisation / Business Unit Number of Staff on Secondment Institution on Secondment from: Current duties within NTMA Previous Duties before Secondment NAMA 1 KPMG Provision of specialist tax services to NAMA. Prior to secondment, the duties of the...

Written Answers — Department of Finance: NAMA Staff Qualifications (16 Oct 2012)

Michael Noonan: As the Deputy may be aware my Department has advertised seeking expressions of interest from suitably qualified people for appointment to the NAMA board. It has established a pool of candidates which is made up from submissions received on foot of an advertisement for expressions of interest and nominees put forward by my office. In line with the criteria set out in s19 of the NAMA Act, my...

Written Answers — Department of Finance: Tax Code (16 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the VAT they incur on their business inputs used in the purchase or production of goods or delivery of services. The entitlement to recovery is based on the trader having a valid...

Written Answers — Department of Finance: Public Sector Staff Career Breaks (16 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 194 and 228 together. The following table sets out the number of persons (ten) in my Department who are currently on career break. There are no staff curently hired temporarily to cover those on career break. Grades Number AP 2 HEO 1 AO 1 EO 1 CO 4 Services Officer 1 The Revenue Commissioners have advised me that they have a total of...

Written Answers — Department of Finance: Tax Code (16 Oct 2012)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. Parts or accessories are also liable to VAT at the standard rate. There is no provision in VAT law that would make it possible to exempt from VAT the supply...

Written Answers — Department of Finance: Tax Code (16 Oct 2012)

Michael Noonan: The Deputy will be aware that it is a matter for the Revenue Commissioners to determine which sectors and which cases are to be selected for compliance interventions. I am advised by the Revenue Commissioners that they are very mindful of the unfair competitive advantage to be gained by those businesses that do not fulfil their tax obligations. Revenue’s tax and duty compliance...

Written Answers — Department of Finance: Tax Yield (16 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, from extending the additional universal social charge of 3%, which is currently applicable to self-employed income in excess of €100,000, to all income earners at this level of income would be of the order of €71 million. The Universal Social Charge is an individualised...

Written Answers — Department of Finance: National Treasury Management Agency Staff (16 Oct 2012)

Michael Noonan: An Post is responsible for marketing the State Savings products (savings bonds, savings certificates, prize bonds, national instalment savings and national solidarity bond) on behalf of the National Treasury Management Agency (NTMA). The following table sets out the amounts paid out on advertising in the media in respect of the State Savings schemes in 2010, 2011 and to date in 2012: ...

Written Answers — Department of Finance: Departmental Expenditure (16 Oct 2012)

Michael Noonan: The following table details the information requested by the Deputy in relation to my Department and the Office and Agencies under the remit of my Department. Costs of Implementing 2003 Official Language Act by Department/Office 2011 Department of Finance 7,781 Comptroller and Auditor General 67,149 Appeal Commissioners Nil Revenue Commissioners 56,935 Central Bank 67,000 NTMA...

Written Answers — Department of Finance: Company Closures (16 Oct 2012)

Michael Noonan: In 2011 Revenue presented 62 petitions to the High Court to wind up companies that failed to meet their tax obligations and has presented 32 petitions to the High Court up to the 8th of October this year. Revenue has a strong focus on making sure that businesses comply with their tax and duty responsibilities by paying the right amount of tax on time. While Revenue is conscious of...

Written Answers — Department of Finance: Tax Reliefs Cost (16 Oct 2012)

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...

Written Answers — Department of Finance: Tax Reliefs Cost (16 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 Yield (16 Oct 2012)

Michael Noonan: An annual imputed distribution rate of 5% applies to approved retirement funds (ARFs) with asset values of €2 million or less and, from this tax year, to ‘vested’ Personal Retirement Savings Accounts (PRSAs where benefits have commenced) on the same basis. A higher imputed distribution rate of 6% applies from this tax year to ARFs and/or ‘vested’ PRSAs with...

Written Answers — Department of Finance: Economic Statistics (16 Oct 2012)

Michael Noonan: The data requested by the Deputy for the period 2012-2015 are set out in the table below. My Department’s current forecast horizon is to 2015 and so forecasts post 2015 are not published at present. The 2012 to 2015 forecasts are taken from the Stability Programme Update (SPU) published in April this year. The Deputy should note that my Department is currently updating its...

Written Answers — Department of Finance: Vehicle Registration Numbers (16 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the statistical breakdown as requested in respect of cars sold is not available. However, statistics in respect of the Open Market Selling Price (OMSP) of new and used cars registered for Vehicle Registration Tax purposes, which are VAT inclusive, are as follows: New Cars Less than €50,000 OMSP Greater than €50,000 OMSP Total...