Results 16,381-16,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Application (15 Jul 2014)

Michael Noonan: Share schemes fall into two broad categories, including schemes in which the employee or director is given an option to acquire shares (at no cost or at a pre-set price) at some future date and schemes which involve the granting of shares to an employee or director as remuneration. In relation to share options, the gain realised through the exercise of the option continues to be liable to...

Written Answers — Department of Finance: Tax Reliefs Cost (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that in 2011, the latest year for which figures are available, the estimated cost to the Exchequer of tax relief on Approved Profit Sharing Schemes was €25m.

Written Answers — Department of Finance: Excise Duties Yield (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated yield that could be raised in a full year and partial year (with effect from 15 October) from the proposed Excise increases mentioned by the Deputy are as set out in the following table. - - Estimated Yield * €m Partial Year 10 cent 2.0 20 cent 4.0 Full Year 10 cent 12.8 20 cent 25.4*Assuming no behavioural change...

Written Answers — Department of Finance: Excise Duties Yield (15 Jul 2014)

Michael Noonan: EU Tobacco Products Tax Directive (2011/64/EU) does not provide for e-cigarettes or nicotine refill containers and it is therefore not possible to apply an excise duty on these products. Until recently there was no regulation governing e-cigarettes or nicotine refill containers so taxing such products is problematic. However, the new EU Tobacco Products Directive...

Written Answers — Department of Finance: Betting Regulations (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 204, to 206, inclusive, together. The Finance Act 2002 provides for betting duty at a rate of 1% on the amount of a bet placed by a person with a bookmaker at the bookmaker's registered premises. Following commencement of the licensing provisions for remote operators, provided for in the Betting (Amendment) Bill 2013, provisions for the extension of duty to...

Written Answers — Department of Finance: Tax Code (15 Jul 2014)

Michael Noonan: I am aware of the proposal by the Irish Heart Foundation (IHF) for a tax on sugar sweetened drinks.  While I am not opposed to such a measure in principle, I'm aware that little research has been done in relation to the efficacy or impact of such a measure or indeed how these taxes would be designed and levied. When introducing any tax measure intended to alter people's behaviour,...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 208, 236 and 238 together. It is assumed that the threshold for the 48% Income Tax rate proposed by the Deputy, would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents, married couples and civil partnerships. I am advised by the Revenue Commissioners that, given the current band structures, major...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 209 to 211, inclusive, and 240 together. I am advised by the Revenue Commissioners that the yield to the Exchequer, estimated from increasing the Capital Gains Tax (CGT) rate from 33% to 40% could be in the region of €105million in a full year. A partial year yield is not available as it would depend on the date of introduction of the proposal. This...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 212 to 214, inclusive, together. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax (CAT) rate from 33% to 40%, based on the expected outturn in 2014, could be in the region of €77 million, assuming no change in the existing thresholds. The estimated full year...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that a precise breakdown of the yield from Discretionary Trust Tax between the once-off charge and the annual charge is not available. However, I am advised by the Commissioners that it is understood that the bulk of the yield is derived from the annual charge. On that basis, the estimated full year yield to the Exchequer from the suggested increase...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: In order to estimate the potential revenue from a wealth tax, it would first be necessary to identify the wealth held by individuals. I am informed by the Revenue Commissioners that they currently have no statistical basis for compiling estimates in relation to a potential wealth tax. Although an individual's assets and liabilities are declared to the Revenue in a number of specific...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 217 to 224, inclusive, and 226 together. In the time available, having regard to the volume of questions, Revenue are not in a position to provide the information sought. However, I will arrange for the information to be supplied directly to the Deputy.

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer from increasing Stamp Duty on share transactions from 1% to 1.5%, by reference to the expected 2014 outturn, is estimated to be in the region of an additional €143 million.  A partial estimate is not provided as Stamp Duty is payable at time of transfer of the relevant stock or marketable security.

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that Revenue's Comprehensive Review of Expenditure 2011 noted that by increasing audit, investigation and compliance resources by c.125 staff an additional exchequer yield of €100m per annum could be achieved.  In addition it noted that there is a significant deterrent and voluntary compliance effect on behaviour of an...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that on the basis of claims for investment in film relief for the tax year 2013, the latest full year available, the theoretical maximum yield from standardising the rate of Income Tax relief for investment in film production could be in the region of €35 million. The Deputy should be aware, however, that the current scheme of Income Tax...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that, as Section 23 relief is included in aggregated loss claims after the first year of claim, tax returns do not provide a basis for compiling estimates for the yield from standardising relief for all claims under the Section. If the Deputy had in mind to standardise the relief for properties that are yet to claim Section 23 relief for the first...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that a breakdown between rent received from residential and other types of property is not sought or provided in tax returns. However, based on personal Income Tax returns filed by non-PAYE taxpayers for the year 2012, the latest year for which this information is available, and making certain assumptions about the data, it is estimated that the...

Written Answers — Department of Finance: Exchequer Revenue (15 Jul 2014)

Michael Noonan: In the time available, having regard to the volume of questions, Revenue are not in a position to provide the information sought. However, I will arrange for the information to be supplied directly to the Deputy.

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated potential cost to the Exchequer of abolishing Local Property Tax would be in the region of €500m per annum. However, it should be borne in mind that under the terms of the Stability and Growth Pact, once Ireland is out of the corrective arm and until it has reached its objective of a balanced budget in structural terms, we...