Results 7,461-7,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 118 and 119 together. I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 30% to 33% would be of the order of €60 million; and the yield from increasing the rate from 30% to 35% would be €100 million in a full year. This projection assumes no significant behavioural change by depositors or a change in...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2013 gains, from increasing the CGT tax rate from 30% to 35% could be in the region of €80 million. This figure includes corporate gains. However, this estimate assumes no behavioural changes on the part of taxpayers, and increases in rates may have a significant...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 5% to 35 %, based on the expected outturn in 2012, could be in the region of €45 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is based...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the National Lottery that the total winnings over €1,000 in 2011 was of the order of €190 million. On this basis a tax or levy of 5% on National Lottery winnings over €1,000 would yield €9.5 million. For reasons of equity, a levy such as is proposed in the question might have to be imposed on winnings over €1,000 from other lotteries,...

Written Answers — Department of Finance: Departmental Bodies (8 Nov 2012)

Michael Noonan: The information requested by the Deputy in relation to bodies under the aegis of my Department is contained in the following table. I am not aware of any plans to abolish these bodies in current year. Name of Body Date body set up Budget for 2012 and No of employees Names of outside Consultants Employed by the body since Mar 2011 Financial Services Ombudsman Council 01/10/2004...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.

Written Answers — Department of Finance: Universal Social Charge (8 Nov 2012)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: Domicile is a complex concept of general law. It may, broadly, be interpreted as meaning residence in a particular country with the intention of residing permanently in that country. An individual acquires a domicile of origin on his/her birth. Whilst each individual has a domicile, that domicile may or may not be the country in which he or she is tax resident. An individual is not...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the latest relevant available information relates to the income tax year 2010. In that year, an estimated 2,350 claimants availed of the artists’ exemption scheme at an estimated cost to the Exchequer of €9.6 million. It should be noted that this figure takes account of the high income individuals' restriction which took effect for...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (8 Nov 2012)

Michael Noonan: I assume the Deputy is referring to the Seed Enterprise Investment Scheme (SEIS), which the UK introduced to supplement its Enterprise Investment Scheme (EIS). The SEIS provides a higher rate of relief for qualifying investments in early stage enterprises, than is available under EIS and was introduced with effect from the 6th of April this year. We have a similar incentive to the EIS...

Written Answers — Department of Finance: Banking Sector Remuneration (8 Nov 2012)

Michael Noonan: I have been advised by the Banks that unfortunately this it has been impossible to collate this information within this short timeframe. I will forward this information to the Deputy as soon as it is made available to me.

Written Answers — Department of Finance: Alcohol Sales (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that inspections for under age alcohol selling and the sale of alcohol outside opening hours are a matter for the Garda Síochána. I understand the Minister for Justice will provide this information to the Deputy directly. The main thrust of Revenue’s compliance programmes in relation to licensing is to target persons for enquiry...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: I thank the Chairman and members for inviting me to address them in advance of the ECOFIN Council of Ministers which will take place next week. I will begin by providing an overview of the European and international dimensions to the work of the ECOFIN Council. As this will be the penultimate Council under the Cyprus Presidency, I take the opportunity to brief the committee on some of its...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: Yes. The Chairman will be aware that the Commission published a paper some time ago. It became clear during the early discussions on that paper that it would not be possible to get agreement across the 27 eurozone members. The treaty provides that a smaller number of member states can proceed by way of enhanced co-operation. To do this, nine states must write to the Commission indicating...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: Ireland's position is that at a level of principle we would support a financial transaction tax, provided it was applied universally and particularly to the main world financial sectors. That would be our ideal position. If it applied in Singapore, Hong Kong, New York and Tokyo as well as in London and the European centres, we would go along with it. Our next position, in order of descent,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: We will closely monitor any development because it is an issue of great relevance to Ireland. I do not believe there is a question of Ireland foregoing any tax. That is conceived so far on the basis of what has progressed. Our tax take for the 1% stamp duty will be in excess of any possible take that will accrue from a financial transaction tax. A number of other issues are running...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: The decisions of the Council on 29 June were much wider than any commitments made to Spain or Ireland. The primary decision at that Council was for banking union, and that consists of the three pillars of supervision across Europe, a mechanism whereby insolvent banks across the eurozone and the Union would be resolved centrally by a European mechanism, and a guarantee scheme through...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: I will comment briefly on the word "sustainability", which is used in two senses. It is used colloquially, such as when people say it will be very hard for Ireland to deal with servicing this bank debt with sustainability. When people use it in debate, they do not mean we will default but rather that life is being made difficult for everybody and taxpayers in particular. It is also used in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: There is no doubt that the arrangement into by the previous Government in respect of bank debt has put an enormous burden on the people. Every household is affected by it and the Government is not making light of that. It is a huge burden. The Deputy stated that it is 121% of GDP. Of that amount 40% is the transfer of bank debt onto the sovereign. If we did not have to carry the burden...