Results 11,481-11,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (25 Jun 2013)

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 33% by 2%, 3%, 4% and 5% would be of the order of €35 million, €52 million, €69 million and €87 million respectively in a full year. This projection assumes no significant behavioural change by depositors or a...

Written Answers — Department of Finance: Tax Code (25 Jun 2013)

Michael Noonan: The Deputy will be aware that the Minister for Health established a Special Action Group on Obesity (SAGO) to examine and progress a number of issues to address the problem of overweight and obesity, particularly in children. I understand that SAGO are calling for consideration to be given to taxation measures being applied to all foods and drinks high in fat and sugar. A detailed assessment...

Written Answers — Department of Finance: Revenue Commissioners Investigations (25 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they have not been in a position to assign additional staff to audit, investigation and compliance tasks since 2011. In accordance with Government policy on public sector numbers the Revenue Commissioners are subject to the Employment Control Framework staffing reductions imposed since 2009. Revenue’s overall staffing levels have reduced...

Written Answers — Department of Finance: Banking Sector Issues (25 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 228 to 231, inclusive, together. The aim of the Single Euro Payments Area (SEPA) project is to create a single market for euro-denominated retail payments. SEPA is an EU initiative that will change the way that these payments are processed across Europe. SEPA will allow payment systems users to make euro-denominated retail electronic payments to payees...

Written Answers — Department of Finance: NAMA Loan Book (26 Jun 2013)

Michael Noonan: NAMA has acquired loans from the Participating Institutions that are secured, in the main, on unsold property at time of acquisition. I am advised by NAMA that, in respect of such unsold property, it requires its debtors and receivers to comply with all statutory obligations. NAMA advises that this includes the payment of development levies as they fall due, on foot of a valid planning...

Written Answers — Department of Finance: Credit Unions Issues (26 Jun 2013)

Michael Noonan: I am not in a position to discuss the specifics of any customer accounts in IBRC (in special liquidation) however, I am advised by the Special Liquidators that are certain tracker bond products which were sold to a number of Credit Unions which were liabilities of IBRC at the time of the liquidation. I am further advised that these products have a structured deposit element which is covered...

Written Answers — Department of Finance: Tax Yield (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the main personal and employee tax credits in the manner mentioned by the Deputy would be of the order of €315 million. A breakdown of the estimated yield by each specified income range, together with an indication of the average...

Written Answers — Department of Finance: Tax Credits (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of converting the main personal and employee tax credits, including the additional credits available to lone parents and widowed persons, back to tax free allowances would be of the order of €1.7 billion. A tax credit system is a fairer and more...

Written Answers — Department of Finance: Tax Code (26 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the assets in a Discretionary Trust are chargeable to Discretionary Trust Tax when the settlor dies or, if later, when the youngest “Principal Object” of the trust attains the age of 21 years. In this context, “Principal Object” is defined as the settlor's spouse, civil partner, child, child of a civil partner or...

Written Answers — Department of Finance: Tax Credits (26 Jun 2013)

Michael Noonan: The position is that the income tax system in Britain generally operates on a tax allowance basis, whereas the Irish taxation system generally operates on a tax credit basis. A tax credit system is a fairer and more equitable tax system. This is because tax credits have the same value to both lower and higher income earners, whereas tax allowances are more beneficial to higher income earners,...

Written Answers — Department of Finance: Excise Duties Yield (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that a five cent reduction in the excise duty on auto-fuels would cost the Exchequer an estimated €74.4 million in the case of petrol and €97.7 million in the case of auto-diesel.

Written Answers — Department of Finance: Departmental Websites (26 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners that overall responsibility for managing their website rests with their Corporate Affairs and Customs Division. Content for the website is provided to Corporate Affairs and Customs Division by the business areas responsible for the various taxes and duties. Indirect Taxes Division is responsible for VAT legislation, interpretation and...

Written Answers — Department of Finance: Tax Code (26 Jun 2013)

Michael Noonan: I have today welcomed the announcement of the launch of Ireland’s first REIT following the Budget 2013 announcement and introduction of legislation in the Finance Act. REITs will provide stable, long-term capital investment into the commercial property sector in Ireland. The establishment of Ireland’s first REIT and the rising level of activity and interest in the commercial...

Written Answers — Department of Finance: Tax Code (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the VRT export repayment calculator is available to the public on revenue.ie. Making VRT details for a specific vehicle registration number available to the public would breach taxpayer confidentiality and therefore the calculator operates on the basis of generic vehicle details such as make, model and age. Details concerning any previous...

Written Answers — Department of Finance: VAT Payments (26 Jun 2013)

Michael Noonan: I would point out that VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. 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...

Written Answers — Department of Finance: State Banking Sector (26 Jun 2013)

Michael Noonan: The Directed Portfolio of the NPRF consists of investments in Allied Irish Banks and Bank of Ireland. Since 2009 the Fund has invested €20.7 billion in preference shares and ordinary shares in the two banks, comprising Bank of Ireland €4.7 billion (where the Fund's shareholding is 15.1 per cent) and Allied Irish Banks €16.0 billion (where the Fund's shareholding is 99.8...

Written Answers — Department of Finance: Property Tax Assessments (26 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners they are not looking for legal advice in respect of returns from liable persons or organisations. A High Court challenge to the Local Property Tax has been lodged. Revenue, along with many other State entities, is one of the named defendants. The Chief State Solicitor is the solicitor on record acting for all State defendants. The case is...

Written Answers — Department of Finance: VAT Exemptions (27 Jun 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that the fees charged by insolvency practitioners, including Personal Insolvency Practitioners (PIPs) are liable to VAT at the standard rate, currently 23%. A PIP will be involved in Debt Settlement Arrangements and Personal Insolvency Arrangements as provided for in the Personal Insolvency Act 2012. It has to be said that a PIP is acting in a...

Written Answers — Department of Finance: Vehicle Registration Issues (27 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I am advised by the Revenue Commissioners that they have appointed the National Car Testing Service (NCTS) to carry out a range of vehicle registration functions in relation to used vehicles. There are two NCTS centres in County Donegal, one in Letterkenny and the other in Donegal Town. The register of vehicles is available for each county...

Written Answers — Department of Finance: Fuel Prices (27 Jun 2013)

Michael Noonan: The Deputy will be aware that I engaged on a number of occasions last year with the Irish Road Haulage Association and, out of that engagement, a working group was set up between Department officials, Revenue, the IRHA and public representatives to examine the issue of fuel prices. In Budget 2013 I announced that I would be introducing a commercial diesel relief thus allowing qualifying...