Results 2,301-2,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Property Sales (9 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 93 and 94 together. As the Deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner or manager of properties. The Agency's role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed...

Written Answers — Department of Finance: Tax Code (9 Nov 2016)

Michael Noonan: I have no plans to introduce a tax along the lines suggested by the Deputy. The Finance (Local Property Tax) Act 2012 as amended provides that residential properties that are suitable for use as a dwelling are generally liable to the local property tax, whether or not they have been left vacant. However, properties that are not suitable for use as a dwelling, and are not occupied as...

Written Answers — Department of Finance: Tax Yield (9 Nov 2016)

Michael Noonan: Budget 2016 estimated that overall income tax receipts for 2016 would amount to €18,995 million, which represents a 4.4% year-on-year increase. Budget 2017, published last month, also projected annual growth in income tax for 2016 of 4.5%, with receipts of €19,185 million expected. This is an additional €190 million above the Budget 2016 estimate for this tax head. ...

Written Answers — Department of Finance: Tax Code (8 Nov 2016)

Michael Noonan: This proposed Irish Real Estate Fund is not a tax incentive for people investing in commercial property. Under the proposal, payments from the IREF made to non-resident investors will be subject to a new 20% withholding tax. All rental income and development profits earned by the IREF will be included in the calculation of the IREF's profits. Where an IREF makes a distribution...

Written Answers — Department of Finance: Health Insurance Regulation (8 Nov 2016)

Michael Noonan: The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks.  There is no role for my Department or the Central Bank in this area and I am therefore unable to comment on the particular details provided. As...

Written Answers — Department of Finance: Tax Code (8 Nov 2016)

Michael Noonan: I am informed by Revenue that Section 825A of the Taxes Consolidation Act 1997 (TCA) (as inserted by section 13 Finance Act 1998), which provides relief for trans-border workers, is confined only to employees holding certain employments outside the State. The scheme was originally introduced in response to concerns raised by cross border workers concerning the tax position of employees...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (8 Nov 2016)

Michael Noonan: I am informed by the Ireland Strategic Investment Fund (ISIF) that as at 31st October 2016 ISIF had equity holdings in three tobacco companies with a value of €1.5 m or 0.02 per cent of its total assets. Such investments should be considered in the context of ISIF's broader portfolio and the Fund's commitment to responsible investment. ISIF has recently published its...

Written Answers — Department of Finance: Exchequer Revenue (8 Nov 2016)

Michael Noonan: The information sought by the Deputy is set out in the following table. It shows the Exchequer tax outturns from 2006 to 2015 and the forecast for Exchequer tax revenues from 2016 to 2021, as set out in Budget 2017 last month. These nominal outturns and forecasts are also expressed as a percentage of Gross Domestic Product (GDP), Gross National Product (GNP) and on a per capita basis in the...

Written Answers — Department of Finance: Tax Reliefs Costs (8 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 113 and 116 together. I am advised by Revenue that the annual cost to the Exchequer of Section 23 Rented Residential Relief tax relief for 2004 to 2014, the latest year for which data are available, are included in their 'Costs of Tax Expenditures (Credits, Allowances and Reliefs)' table located on their webpage at...

Written Answers — Department of Finance: Stamp Duty (8 Nov 2016)

Michael Noonan: It is assumed that the Deputy is referring to the period from 31 March 2007 to 8 December 2010 during which first time buyers were entirely exempt from stamp duty. I am advised by Revenue that the following table shows the annual tax foregone as a result of this exemption. Year Tax Foregone €m 2010 79 2009 82 2008 179 2007 136

Written Answers — Department of Finance: VAT Exemptions (8 Nov 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: Tax Code (8 Nov 2016)

Michael Noonan: I would refer the Deputy to my reply to Question 31481/16 regarding the legislative position concerning VAT exemptions and the services of locum doctors. In the specific case mentioned by the Deputy, I am advised by Revenue that the service concerned is the supply of medical professionals to third parties and is therefore within the charge to VAT and taxable at the standard rate. I am...

Written Answers — Department of Finance: Tax Reliefs Eligibility (8 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 118 and 131 together. The Help to Buy scheme is being introduced as one of the many actions to develop a fully functioning housing market that responds adequately to the needs of our citizens set out in 'Rebuilding Ireland - The Action Plan for Housing and Homelessness' which was launched last July. One of the policy aims of the...

Written Answers — Department of Finance: Tax Reliefs Availability (8 Nov 2016)

Michael Noonan: The scheme for tax relief on donations to eligible charities and other approved bodies is provided for in Section 848A of the Taxes Consolidation Act (TCA) 1997. Following consultation and engagement with the charities sector, the scheme was amended in the 2013 Finance Act in order to reduce administrative costs for donors, charities and the Revenue Commissioners. Under the scheme all...

Written Answers — Department of Finance: Credit Unions (8 Nov 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank of Ireland is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: VAT Yield (8 Nov 2016)

Michael Noonan: I am informed by the Revenue Commissioners that an estimate of the VAT revenue gain from the sale of new houses from the past 10 years is provided in tabular form: Year Estimated VAT Yield New Housing (€m) 2006 2,727 2007 2,487 2008 1,289 2009 632 2010 333 2011 159 2012 403 2013 405 2014 417 2015 403 2016 (provisional) 563 It should be noted that these figures are subject...

Written Answers — Department of Finance: Brexit Issues (8 Nov 2016)

Michael Noonan: I am aware, as is my Department, of the impact of recent exchange rate developments on the retail sector, particularly in the border region. Since the UK's vote on the 23rd June the euro has appreciated by over 15 per cent against sterling and is currently trading at around €1 = £0.89 with adverse implications for the Irish economy in general, most notably for Irish...

Written Answers — Department of Finance: Motor Insurance (8 Nov 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I, nor the Central Bank of Ireland, have the power to direct insurance companies on the pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval...

Written Answers — Department of Finance: State Aid (8 Nov 2016)

Michael Noonan: The EU Commission found that the exemption from excise duty granted by Ireland to a company in respect of heavy fuel oils used in the production of alumina constituted State aid.  As a result a total of some €14.5m "state aid" has been recovered from the company. These monies are being held in a deposit account. The judgement of 22 April 2016 is the most recent in a long...

Written Answers — Department of Finance: Vehicle Registration (8 Nov 2016)

Michael Noonan: Exemptions and reliefs from Vehicle Registration Tax are provided for in sections 134 and 135 of the Finance Act 1992 (as amended). No provision is made for motorcycles such as those in the details provided. In relation to VAT, charities and non-profit groups engaged in non-commercial activity are exempt from VAT under the EU VAT Directive (Council Directive 2006/112/EC) with which Irish...