Results 18,201-18,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax Rate (14 Jan 2015)

Michael Noonan: As the Local Property Tax is a new tax, the Government wished to provide certainty to homeowners and for this reason valuation periods of three years were introduced (with the exception of the first valuation period which covers three and a half years). In addition to providing certainty, it also eases the administration burden on the homeowner by not having to revalue their houses each year....

Written Answers — Department of Finance: Tax Collection Forecasts (14 Jan 2015)

Michael Noonan: I am advised by the National Lottery that the total value of prizes over €750,000 won by players in 2014 amounted to €184.8m. This includes euromillions prizes of €101.7m. Based on 2014 figures, assuming the tax only applies to the excess winnings over €750,000, a tax of 5% on National Lottery winnings over €750,000 would yield...

Written Answers — Department of Finance: Energy Prices (14 Jan 2015)

Michael Noonan: The price of brent crude oil has fallen by about 45 per cent in euro terms (nearly 50 per cent in US dollar terms) since the end of September, when the macroeconomic projections that underpin Budget 2015 were finalised. For the most part this is a positive development, and will likely have a favourable impact on real economic activity in Ireland. Ireland is a net energy...

Written Answers — Department of Finance: Revenue Commissioners Powers (14 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that, since 2005, Revenue officers are ordinarily limited to carrying out enquiries and making or amending assessments within a period of 4 years from the end of the year in which a taxpayer filed a correct tax return or a correct amended return. However, that 4 year time limit does not apply, and Revenue can accordingly carry out an audit or...

Written Answers — Department of Finance: Tax Collection Forecasts (14 Jan 2015)

Michael Noonan: The distributional analysis requested by the Deputy is set out in the following table. Single Person, private sector employee taxed under PAYE. Full rate PRSI contributor Income Tax USC PRSI Net Income Difference Gross Income Current (2015) Proposed Current Proposed Current Proposed Current Proposed € € € € € € € € €...

Written Answers — Department of Finance: Inflation Rate (14 Jan 2015)

Michael Noonan: Inflation, as measured by annual changes in the Harmonised Index of Consumer Prices (HICP), has averaged 0.4 per cent in the first eleven months of 2014. As such, we continue to operate in a low inflation environment. Headline inflation is being pushed down, among other things, by the significant declines in oil prices in recent months. Brent crude oil has fallen...

Written Answers — Department of Finance: Bank Charges (14 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 130 to 132, inclusive, together. The Central Bank has informed me that both the European Communities (Payment Services) Regulations 2009 and the Central Bank's Consumer Protection Code 2012 contain certain requirements in relation to the information to be provided about charges to ensure that the customer is aware in advance of the amount of a charge for...

Written Answers — Department of Finance: Income Data (14 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 133 and 134 together. I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced, Statistics webpage: . There is a section of the Statistics webpage dedicated to Income Tax and Corporation Tax data and in this section detailed information on the breakdowns of gross income, Income...

Written Answers — Department of Finance: Fiscal Policy (14 Jan 2015)

Michael Noonan: The financial crisis and subsequent euro area debt crisis exposed flaws in the design of economic and monetary union.  Broadly speaking, the policy response has centred around retro-fitting the monetary union with the tools to make it operate more efficiently and ensure that the benefits of the single currency are fully realised. In particular, the economic governance framework of the...

Written Answers — Department of Finance: Fuel Prices (14 Jan 2015)

Michael Noonan: Brent crude oil has fallen by about 45 per cent in euro terms (nearly 50 per cent in US dollar terms) since the  macroeconomic projections to underpin Budget 2015 were finalised. This will have implications for economic activity in Ireland in real and nominal terms. On the real side, it should be recalled that Ireland is a net energy importer and as such...

Written Answers — Department of Finance: European Investment Bank (14 Jan 2015)

Michael Noonan: The Shannon LNG terminal project mentioned in the Deputy's question was included in the project list submitted by Ireland in response to the request from the EIB/Commission/Member State Task Force and is included in the Task Force's final report. The report can be found at the following website address - For background Ireland's EIB Task Force's project list was the result of...

Written Answers — Department of Finance: Personal Insolvency Act (14 Jan 2015)

Michael Noonan: The Personal Insolvency Act was introduced in 2012 by the Minister for Justice and Equality and provides for a fairer balance between the legitimate interests of creditors, which in respect of Credit Unions are their members, and debtors experiencing debt difficulty.  In particular it has reduced the bankruptcy period to three years and has introduced three new debt resolution...

Written Answers — Department of Finance: European Central Bank (14 Jan 2015)

Michael Noonan: The ECB sets policy interest rates having regard to inflation developments and prospects in the euro area as a whole, and not in respect of conditions in individual Member States. It was clear at the outset that participation in monetary union would involve the loss of this policy instrument and that other stabilisation tools such as fiscal and incomes policies would assume greater...

Written Answers — Department of Finance: Departmental Investigations (14 Jan 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is currently no official EU VAT register and that only national tax administrations have the right to issue a VAT number. I have been informed of reports whereby companies in different EU Member States have received letters encouraging the recipient to disclose his VAT registration number and indeed the EU Commission has...

Written Answers — Department of Finance: Insurance Industry (14 Jan 2015)

Michael Noonan: The Insurance Acts and Regulations require an undertaking to hold an authorisation if they wish to carry on insurance business, i.e. to operate as an underwriter rather than a distributor. An authorisation is required for all classes of insurance business, including the provision of home insurance.  Article 6 (1) of the European Communities (Non- Life Insurance) Framework...

Written Answers — Department of Finance: (14 Jan 2015)

Michael Noonan: On November 26th2012 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 Government that the scale of the Greek problem is so large that it requires...

Written Answers — Department of Finance: Tax Code (14 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the taxable amount of rental income from the letting of property (whether in negative equity or otherwise) is the gross rent from the property less allowable expenses incurred in earning that rent, as specified in section 97(2) of the Taxes Consolidation Act 1997. The main deductible expenses are: - any rent payable by the landlord in the case...

Written Answers — Department of Finance: NAMA Portfolio (14 Jan 2015)

Michael Noonan: As the Deputy will be aware, upward movement in rents ultimately reflect the fact that there has been limited new residential supply coming to the market since 2007. Within the NAMA portfolio currently, approximately 9,000 properties are rented in the private residential rental market.  All completed residential stock within the portfolio is either currently occupied or is on the market...

Written Answers — Department of Finance: Personal Injury Claims (14 Jan 2015)

Michael Noonan: The situation around the Setanta liquidation is an evolving one and so I propose to set out the position as it currently stands:   The Insurance Compensation Fund (ICF) provides for payments to meet the liabilities of insolvent insurers in certain cases where it is unlikely that claims can be met otherwise than from the ICF.  Management and administration of the ICF is under the...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (14 Jan 2015)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, and exemption from motor tax in respect of that vehicle and, up to a certain limit, assistance in respect of fuel costs. To...