Results 12,701-12,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Abolition (24 Oct 2013)

Michael Noonan: The Government's decision to abolish top slicing relief will only apply in respect of ex-gratia termination lump sum payments made on or after 1 January 2014. Recipients of payments made prior to that date will continue to be entitled to claim the relief. Based on the information provided, it is not possible to estimate the tax liability due in respect of the redundancy package for the...

Written Answers — Department of Finance: Credit Unions Regulation (24 Oct 2013)

Michael Noonan: Following on from a meeting with Newbridge Credit Union Action Group on 19 September, it was agreed that on receipt of an alternative proposal from the Action Group, it would be communicated to the Central Bank with a view to examination of the proposal and a meeting being arranged between the Central Bank and the Action Group. The Action Group recently submitted a document entitled...

Written Answers — Department of Finance: Universal Social Charge Yield (24 Oct 2013)

Michael Noonan: The data requested by the Deputy are listed in the table. It is important to take into account that the figures displayed for 2011 and 2012 in the table below are based on end-year outturns and are on a Revenue Net Receipt basis. These can differ slightly from Exchequer Receipts for reasons of accounting and timing. The estimate for 2013 USC receipts is provisional pending the outcome of the...

Written Answers — Department of Finance: Tax Reliefs Cost (24 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia from 2007 to 2012 and the estimated costs for 2013 are set out in column two of the table below. The figures in column two do not include further costs to the Exchequer of age-related tax relief at source, which was...

Written Answers — Department of Finance: Tax Yield (24 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue generated by the Exchequer in each of the past five years through taxes and duties on alcohol and tobacco is as follows: - Alcohol Products Tax VAT (Estimated) - €m €m 2009 968.0 1,075 2010 826.4 1,010 2011 829.5 1,014 2012 846.1 1,097 2013 (Jan-Sep) 667.8 835 - Tobacco Products Tax VAT...

Written Answers — Department of Finance: Property Taxation Yield (24 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 77 and 78 together. My colleague may be aware that the estimated outturn for 2013 and the forecast yield for 2014 for all major tax heads were published in Budget 2014 and can be found in Table 8 on page C.15 of the Budget booklet (Local Property Tax is listed as “Local Taxes” in the table). For convenience, the table is replicated as follows....

Written Answers — Department of Finance: Tax Credits (24 Oct 2013)

Michael Noonan: The position is that the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing One-Parent Family Tax Credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new...

Written Answers — Department of Finance: Tax Reliefs Application (24 Oct 2013)

Michael Noonan: In Budget 2013, I made a number of commitments in relation to the tax provisions affecting supplementary pension provision. I said that tax relief on pension contributions would continue at the marginal rate of tax. In addition, I gave an undertaking that the 0.6% pension fund levy would not be renewed after 2014. I considered that I was in a position to make these significant commitments...

Written Answers — Department of Finance: Pensions Levy Issues (24 Oct 2013)

Michael Noonan: I announced in my Budget speech last week that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I will however, introduce an additional levy on pension funds at 0.15%. I am doing this to continue to help fund the Jobs Initiative, including the continuation of the reduced 9% VAT rate detailed below and to make provision...

Written Answers — Department of Finance: National Debt Issues (24 Oct 2013)

Michael Noonan: The table sets out the estimates of end-year National Debt for the years 2013 to 2015 consistent with the recent fiscal forecasts in Budget 2014. The end-2012 National Debt outturn is also included in the table for information. € billion (End-Year) 2012 2013* 2014* 2015* National Debt 137.6 173.8 183.6 189.8*Estimate Source: NTMA It is important to bear in mind the distinction...

Written Answers — Department of Finance: Government Deficit (24 Oct 2013)

Michael Noonan: The achievement of a primary surplus in 2014 will be a welcome milestone in the correction of the public finances. It is a key metric in assessing the underlying sustainability of Ireland’s public finances and is a necessary first step towards lowering our debt levels. It shows that excluding interest expenditure, revenues are sufficient to meet the expenditure obligations of the...

Written Answers — Department of Finance: Property Taxation Administration (24 Oct 2013)

Michael Noonan: I am advised by Revenue that it is incorrect to state that the person in question only selected one payment option when completing her 2013 Local Property Tax (LPT) Return. Revenue has examined the return submitted and has confirmed to me that the person selected three different options, including direct debit, deduction at source from her Department of Social Protection payment and payment...

Written Answers — Department of Finance: VAT Rate Application (24 Oct 2013)

Michael Noonan: European Court of Justice Case C108/2011 concerns the rate of VAT applying to (a) the supply of live horses and greyhounds, (b) the hire of horses and (c) the supply of ‘no foal, no fee’ insemination services. All of these activities, including livestock in general, are currently charged to VAT in Ireland at the super-reduced rate of 4.8% under Article 110 of the EU VAT...

Written Answers — Department of Finance: Illicit Trade in Tobacco (24 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the incidence of illicit cigarette consumption in the State is estimated on the basis of a survey of smokers carried out by IPSOS MRBI on behalf of Revenue and the National Tobacco Control Office of the HSE. The survey for 2012 indicated that 13% of all smokers were classified as having an illegal cigarette pack. The comparable figure from a...

Written Answers — Department of Finance: Crime Prevention (24 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of taxes and duties and for tackling the smuggling of dutiable and prohibited goods that, following a tender process, a Scan Van was acquired by Revenue in July 2012. The Scan Van is a specialist vehicle incorporating an x-ray facility, radiation detection facilities and ionscan technology. It is used for...

Written Answers — Department of Finance: Tax Credits (24 Oct 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit (OPFTC) is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing OPFTC and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new credit will be...

Written Answers — Department of Finance: Government Deficit (24 Oct 2013)

Michael Noonan: As I outlined in my Budget Day speech, in order to achieve a deficit of 4.8% of GDP, a total adjustment package of the region €3.1bn was necessary. This comprised €2.5bn in expenditure cuts and tax increases complemented with additional resources/other savings of €0.6bn. A summary table of the adjustment package is outlined as follows. - €bn Expenditure...

Written Answers — Department of Finance: VAT Rate Application (24 Oct 2013)

Michael Noonan: With regard to the VAT point raised in the correspondence, regarding proposed changes to the current 4.8% bloodstock VAT rate, I would point out that European Court of Justice Case C108/2011 concerns the rate of VAT applying to (a) the supply of live horses and greyhounds, (b) the hire of horses and (c) the supply of ‘no foal, no fee’ insemination services. All of these...

Written Answers — Department of Finance: State Bodies Expenditure (24 Oct 2013)

Michael Noonan: In response to the Deputy's question I am not aware of the procurement of research grant management software by any agency under the remit of my Department.

Written Answers — Department of Finance: Tax Yield (24 Oct 2013)

Michael Noonan: Deposit Interest Retention Tax (DIRT) is contained in the income tax estimate for 2013 and 2014 shown in Table 8 on page C.15 of the recently published Budget 2014. The income tax forecast includes €500 million of DIRT in 2013. As the Deputy will be aware, the DIRT rate was increased to 41 per cent in Budget 2014 as set out in the Summary of Budget Measures. This is expected to...