Results 12,041-12,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Cost (18 Jul 2013)

Michael Noonan: The following tables provide a breakdown of the estimated cost of tax and PRSI reliefs relating to private pension contributions for 2008, 2009 and 2010, 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 (18 Jul 2013)

Michael Noonan: Funding for local authorities is a matter for my colleague, the Minister for the Environment, Community and Local Government. I am advised by the Revenue Commissioners that they have no specialised knowledge of nationwide land values apart from land that is part of transactions for Capital Acquisitions Tax (CAT), Capital Gains Tax (CGT) and Stamp Duty purposes. Using the figures supplied by...

Written Answers — Department of Finance: Commission on Taxation Report (18 Jul 2013)

Michael Noonan: The Report of the Commission has been a significant element in the framing of the Budgets and Finance Acts introduced by this Government. However the Deputy should note that it is only one element, albeit an important one, in the policy making process. Therefore I would draw his attention to the papers of the Tax Strategy Group, published every year on my Department's tax policy website, ....

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that it is not possible to answer the question in the time available. I will contact the Deputy directly with a reply.

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that it is not possible to answer the question in the time available. I will contact the Deputy directly with a reply.

Written Answers — Department of Finance: Securities Market Programme (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 87 to 99, inclusive, together. On November 26th 2012 a package of measures for Greece was agreed by euro zone finance ministers. This package is designed to help put the Greek economy on a path to sustainable growth and its domestic finances on a sound footing. This package was agreed in the context of the statement by Euro Area Heads of State or...

Written Answers — Department of Finance: State Banking Sector (18 Jul 2013)

Michael Noonan: I can confirm for the Deputy that officials in the Department of Finance, as part of their regular interaction with Bank of Ireland management, have discussed options regarding the State’s current holding of €1.8bn of preference shares. Should an opportunity arise to sell the shares or have them redeemed, the transaction will be considered having assessed the best interest of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: All companies resident in Ireland are chargeable to corporation tax at the 12.5% rate on the profits that are generated from their trading activities in Ireland. A higher 25% rate applies in respect of investment, rental and other non-trading profits. Chargeable capital gains are taxable at the capital gains tax rate of 33%. There are different ways of measuring the effective rate of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

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 33% to 40% could be in the region of €109 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 (18 Jul 2013)

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 7% to 40 %, based on the expected outturn in 2013, could be in the region of €63 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is...

Written Answers — Department of Finance: Tax Residency Issues (18 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant available information is the total number of persons who have filed tax returns indicating that they are non-resident for tax purposes, rather than the number of Irish citizens or Irish domiciled persons who have filed tax returns indicating they are non-resident. The numbers of non-residents filing Irish tax returns were 10,297 in...

Written Answers — Department of Finance: Universal Social Charge Application (18 Jul 2013)

Michael Noonan: I assume the Deputy is referring to my Budget day announcement that "in order to ensure equity between all citizens based on their level of income, the reduced rate of USC for those over seventy with an income in excess of €60,000 will be discontinued from the 1st of January 2013 and the standard rates of USC will apply". This measure was legislated for in Section 3 of the Finance Act...

Written Answers — Department of Finance: Tax Reliefs Application (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 106, 184 and 200 together. In my 2013 Budget speech, I indicated that the necessary arrangements to give effect to the Programme for Government commitment to effectively cap taxpayers’ subsidies for pension schemes that deliver income of more than €60,000 would be put in place next year. A cross-Departmental Working Group of officials has...

Written Answers — Department of Finance: Tax and Social Welfare Codes (18 Jul 2013)

Michael Noonan: It is regrettable that I am unable to answer the Deputy’s question as it is unclear which social welfare payments the Deputy refers. For instance, Section 7 of the Finance Act 2012, amended Section 126 of the Taxes Consolidation Act 1997 in order to remove the tax exemption that applies to the first 36 days of Illness Benefit and Occupational Injury Benefit per annum payable by the...

Written Answers — Department of Finance: Tax and Social Welfare Codes (18 Jul 2013)

Michael Noonan: As the Deputy will be aware, it is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. In line with this principle, the majority of social welfare payments are reckonable as income for tax purposes. These include long-term payments such as Disablement Benefit, the State Pension, Widows, Invalidity and Blind Pensions, Carers...

Written Answers — Department of Finance: Customs and Excise Controls (18 Jul 2013)

Michael Noonan: I am informed by Revenue that the role of the Maritime Unit, equipped with the two Revenue Customs Cutters, is to exercise responsibility for the customs function around the Irish coast and in territorial waters, up to 12 miles offshore. Revenue currently operates two purpose-built patrol craft (Revenue Customs Cutters), RCC "SUIRBHÉIR" in service since 2004 and RCC "FAIRE" in service...

Written Answers — Department of Finance: Tax Residency Issues (18 Jul 2013)

Michael Noonan: I propose to answer Questions Nos. 110 and 180 together. I am informed by the Revenue Commissioners that 14 persons have submitted Domicile Levy returns for the tax year 2011. These persons paid a total of €2,319,768 in domicile levy for that tax year. The year 2011 is the latest year for which figures are available. Domicile Levy returns for the year 2011 were due by 31 October...

Written Answers — Department of Finance: Financial Services Regulation (18 Jul 2013)

Michael Noonan: Neither I nor officials in my department have held discussions in the recent past with either EU or US authorities in relation to the International Bank Account Number, (IBAN) and the United States position towards it. The EU holds regular talks on financial regulation with its key economic partners including the United States, Japan, China, India and Russia. The EU and US also actively...

Written Answers — Department of Finance: EU Directives (18 Jul 2013)

Michael Noonan: From 1 January 2015, under Council Directive 2008/8/EC, new VAT rules governing cross-border supplies of telecommunications, broadcasting and e-Services to ordinary consumers are due to come into effect. Under the new rules, the place of taxation for these services will shift from the Member State of the supplier to the Member State of the consumer, thereby ensuring that local VAT rates apply...

Written Answers — Department of Finance: Tax Code (18 Jul 2013)

Michael Noonan: For reasons of taxpayer confidentiality, the detailed information requested by the Deputy cannot be provided in relation to such a small group of taxpayers. The general rule in relation to deductions applicable to all businesses taxable under Cases I and II of Schedule D is set out in section 81 of the Taxes Consolidation Act 1997. This specifies that tax shall be charged without any...