Results 10,861-10,880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Exemptions (9 May 2013)

Michael Noonan: The Inter-departmental group set up to consider the design of a property tax chaired by Dr Don Thornhill, (the “Thornhill Group”), recommended that the Local Property Tax (LPT) paid in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. However, the Group recognised the considerable pressures on...

Written Answers — Department of Finance: VAT Rates Exemptions (9 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that under the provisions of section 851A of the Taxes Consolidation Act 1997, which was inserted into the tax code by the Finance Act 2011, they have a statutory obligation to treat all taxpayer information confidentially. Consequently, they are precluded from commenting on the tax affairs of the business in question.

Written Answers — Department of Finance: Tax Exemptions (9 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that their website contains a list of sporting bodies, available at http://www.revenue.ie/en/tax/it/leaflets/sport-bodies-alpha. pdf, that are exempt from income tax and corporation tax under section 235 of the Taxes Consolidation Act 1997. Such bodies are also exempt from CGT by virtue of section 610A of the Taxes Consolidation Act 1997 provided the...

Written Answers — Department of Finance: Capital Allowances (9 May 2013)

Michael Noonan: Under TCA, section 285A, accelerated capital allowances at a rate of 100% are available for certain energy-efficient equipment for use in a company’s trade. Accelerated capital allowances under Section 285A are only available to companies, not individuals. The equipment must be approved and listed by the Minister for Communications, Energy and Natural Resources. The following...

Written Answers — Department of Finance: Tax Credits (9 May 2013)

Michael Noonan: As announced in Budget 2013, my Department is undertaking a review of the R&D Tax Credit in 2013. The purpose of this review is to ensure that the scheme remains best in class internationally, and represents value for money for the taxpayer. In February 2013 a request for submissions was published on the Department’s website inviting interested parties to make submissions on the...

Written Answers — Department of Finance: Tax Collection (9 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the following Tables contain the details of the compliance interventions carried out by them from 2009-2012 inclusive. Compliance interventions include audits, conducted under the Code of Practice for Revenue Audit, as well as assurance checks and risk management interventions. Risk management interventions are used where, based on the risk...

Written Answers — Department of Finance: Tax Reliefs Cost (9 May 2013)

Michael Noonan: The position is that tax law provides that employees and office holders may claim a tax deduction in respect of: (a) the cost of travelling expenses necessarily incurred in the performance of the duties of their employment or office; and (b) the cost of other expenses incurred wholly, exclusively and necessarily in the performance of the duties of their employment or office. As regards an...

Written Answers — Department of Finance: Census of Population Statistics (9 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they are precluded from using data obtained by the Central Statistics Office (CSO) in the Census of Population 2011 to identify individual residential properties and owners for inclusion in the Register of residential properties in the State, because the confidentiality of all information collected by the CSO from individuals, households or...

Written Answers — Department of Finance: Ministerial Expenditure (9 May 2013)

Michael Noonan: In response to the Deputy’s question the following table outlines details in respect of the amount paid in travel and subsistence payments made by my Department to the Junior Ministers in the Department for the period 2007 to date in 2013. Travel and Subsistence payments made to Ministers of State Period Name Domestic T&S Foreign T&S Total Amount 01/01/2007-...

Written Answers — Department of Finance: Duty Free Sales (9 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that all goods sold and supplied in duty free areas in Airports to passengers travelling to destinations outside the EU are zero rated for VAT purposes in accordance with paragraph 3 of Schedule 2 of the Value-Added Tax Consolidation Act 2010 and are exempt from excise duty in accordance with section 77 of the Finance Act 2005. There are...

Written Answers — Department of Finance: Mortgage Resolution Processes (9 May 2013)

Michael Noonan: The Central Bank of Ireland (CBI) has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. However, the Central Bank hasno statutory role in the setting of interest rates by regulated entities, apart from the interest rate cap imposed on...

Written Answers — Department of Finance: Mortgage Resolution Processes (9 May 2013)

Michael Noonan: The Deputy will be familiar with the Central Bank’s announcement of the new measures being introduced to address mortgage arrears, which includes the publication of performance targets for proposing and concluding sustainable solutions for borrowers in arrears over 90 days for the main mortgage banks. The Central Bank has advised that while it is not mandating any particular model...

Written Answers — Department of Finance: Tax Exemptions (14 May 2013)

Michael Noonan: The ECJ Judgement, which was made on 25 April 2013, declares that Ireland has failed to meet its obligations under the Energy Tax Directive by continuing to grant an exemption from excise duty on fuel used by disabled persons for motor vehicles. The implications of the Judgement and the options available to meet the requirements of the Directive are being examined by my Department.

Written Answers — Department of Finance: Tax Code (14 May 2013)

Michael Noonan: I assume that the Deputy is referring to the existence of inheritance tax which is part of Capital Acquisitions Tax (CAT). Tax is charged, subject to certain exemptions and reliefs, on the amount inherited by the donee, the person receiving the inheritance. CAT is long established and forms part of the tax system. Capital taxation is designed to apply a tax to the capital as distinct from...

Written Answers — Department of Finance: Property Taxation Exemptions (14 May 2013)

Michael Noonan: Section 10(2) of the Finance (Local Property Tax) Act 2012, as amended, provides that a residential property shall not liable to Local Property Tax (LPT) where it is situated in an unfinished housing estate, where such estate is contained in a list prescribed by the Minister for the Environment, Community and Local Government. The Minister has prescribed and published this list, which is set...

Written Answers — Department of Finance: Tax Exemptions (14 May 2013)

Michael Noonan: 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. The disability criteria for eligibility for the tax concessions under this...

Written Answers — Department of Finance: Property Taxation Exemptions (14 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that, in accordance with section 851A of the Taxes Consolidation Act 1997, all taxpayer information held by the Commissioners is confidential and they are therefore precluded from providing a list of the persons liable for the Local Property Tax (LPT) who are not required to pay their 2013 LPT liability until 2014. However, the following may be...

Written Answers — Department of Finance: Property Tax Assessments (14 May 2013)

Michael Noonan: The expert group which advised on the design of a property tax, the Thornhill Group, considered whether local authorities should be liable as property owners for the Local Property Tax (LPT). Notwithstanding the economic arguments in favour of liability, the group on balance did not favour creating a circular flow of payments. However, the Government felt there could be issues of equity and...

Written Answers — Department of Finance: Tax Code (14 May 2013)

Michael Noonan: The transfer of a site for no consideration is a disposal for capital gains tax purposes by the transferor. The legislation relating to transfers for no consideration specifies that such a transfer is treated as if it were for a consideration equal to the market value of the site at the date of the transfer. The transferor is liable to capital gains tax in respect of the transfer of the site...

Written Answers — Department of Finance: Property Tax Assessments (14 May 2013)

Michael Noonan: The 1982 and 2009 Commissions on Taxation, and the Thornhill Group, which advised on the design of the Local Property Tax, recommended the grouping of property values into broad bands. Grouping properties into valuation bands, with the rate applying at the mid-point of the bands – in effect creating fixed sum and certain charges for each band – can ease the valuation...