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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: We are starting on a new departure. There is a pre-legislative scrutiny system now and this is the first day of it. I am prepared to discuss the Bill up, down, over and back and to come back again to do it. However, the issues you have raised, Chairman, are nothing to do with the Bill.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: I know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael Noonan: Thank you very much.

Written Answers — Department of Finance: Budget 2017 (20 Oct 2016)

Michael Noonan: The Department of Finance produces the macroeconomic and fiscal forecasts underpinning Ireland's Stability Programme Update and the annual Budget process. Forecasts of fiscal variables including available fiscal space are routinely updated in these publications. I have outlined previously (Parliamentary Question Number 239 of the 16/09/2016) that the fiscal space in 2017 was largely fixed but...

Written Answers — Department of Finance: Fiscal Compact Treaty (20 Oct 2016)

Michael Noonan: The fiscal rules under the Stability and Growth Pact (SGP) have direct application through a number of EU regulations. Changes to these regulations would have to follow the normal EU approach starting with a proposal from the Commission before consideration by Member States and the European Parliament. Having said that, it is important to note that there are existing...

Written Answers — Department of Finance: Tax Code (20 Oct 2016)

Michael Noonan: I am advised by Revenue that as part of their ongoing monitoring of tax compliance Revenue officials met with the person concerned and his agent in early September 2016. In the particular instance and having regard to the case circumstances and the Code of Practice for Determining Employment or Self-Employment Status of Individuals (available on www.revenue.ie), Revenue is of the view that...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (20 Oct 2016)

Michael Noonan: I refer the Deputy to my replies to recent Parliamentary Questions on this matter, specifically PQ 29899 from Deputy Thomas Pringle and PQ 30222 from Deputy Clare Daly. As previously outlined in replying to those Parliamentary Questions, I am informed by the Ireland Strategic Investment Fund (ISIF) that its shareholdings with fossil fuel exposure include certain investments inherited from its...

Written Answers — Department of Finance: Living City Initiative (20 Oct 2016)

Michael Noonan: As the Deputy will be aware, the Living City Initiative was enacted in the Finance Act 2013 and commenced on 5th May 2015. The Initiative was extended beyond the original planned pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny. In line with my Department's commitment to evidence based policy-making, the inclusion of these additional four...

Written Answers — Department of Finance: Tax Reliefs Eligibility (20 Oct 2016)

Michael Noonan: I am informed by Revenue  that a single farm payment entitlement is a chargeable asset for capital gains tax (CGT) purposes. All entitlements held by farmers under the Single Payment Scheme (SPS) expired on the 31 December 2014 when it was replaced by the Basic Payment Scheme under the EU Common Agriculture Policy (CAP). Accordingly, any gains/losses arising on the disposal of...

Written Answers — Department of Finance: Fiscal Policy (20 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 81, 90 and 103 together. The updated macroeconomic and fiscal forecasts underlying Budget 2017 are contingent forecasts i.e. they are based on assumptions for key inputs such as growth in our main trading partners, the evolution of exchange rates and oil prices. The external assumptions underlying the Budget 2017 macroeconomic forecasts include an...

Written Answers — Department of Finance: Excise Duties Yield (20 Oct 2016)

Michael Noonan: I am informed by Revenue that the expected yield from Excise duty in 2017, by sub group, is provided in the following table. These values are based on the Excise forecast as contained in Budget 2017.   Sub group Expected Yield 2017 (€m) Percentage increase over the expected 2016 outcome (%) VRT 810 2% Tobacco 1,044 6% Alcohol 1,246 5% Mineral Oil Tax + Carbon 2,810 7%...

Written Answers — Department of Finance: Excise Duties Collection (20 Oct 2016)

Michael Noonan: I am informed by Revenue that the estimated losses of Excise duties and VAT for the scenarios supplied are shown in the following table. These estimates reflect reductions for alcohol and tobacco but do not include the vehicle element outlined by the Deputy. I am advised by Revenue that given the potential variation in reaction of consumers in response to a displacement of car purchases, it...

Written Answers — Department of Finance: Deposit Interest Rates (20 Oct 2016)

Michael Noonan: Deposit Interest Retention Tax (DIRT) is deducted by Irish financial institutions from deposit interest paid to the accounts of Irish residents. The basic rate at present is 41%. DIRT is a "final liability tax" that is, it satisfies the individual's full liability to Income Tax in respect of deposit interest.  The individual may still be liable to PRSI on the...

Written Answers — Department of Finance: Tax Code (20 Oct 2016)

Michael Noonan: I increased the annual tax free benefit that an employer may give to an employee from €250 to €500 in last year's Finance Act. Section 112B of the Taxes Consolidation Act 1997 provides that the benefit must not exceed €500 in value, must not be in the form of cash and may not form part of any salary sacrifice arrangement between the employee and the employer. Only one...

Written Answers — Department of Finance: Tax Code (20 Oct 2016)

Michael Noonan: Where a couple is cohabiting, rather than married or in a civil partnership, each partner is treated for the purposes of income tax as a separate and unconnected individual. Because they are treated separately for tax purposes, credits, tax bands and reliefs cannot be transferred from one partner to the other. Cohabitants do not have the same legal rights and obligations as a married couple...

Written Answers — Department of Finance: EU Directives (20 Oct 2016)

Michael Noonan: The EU VAT Directive, with which EU Member States' VAT law must comply, sets out the general rules and conditions of VAT based on the origin principle, where VAT is taxed in the Member State of the supplier. In order to minimise distortion of competition when goods or services are purchased from suppliers in different Member States, the VAT Directive restricts the flexibility of Member...

Written Answers — Department of Finance: VAT Registration (20 Oct 2016)

Michael Noonan: As stated previously, Irish VAT law must comply with the EU VAT Directive (Council Directive 2006/112/EC), including the provisions governing VAT registration thresholds and therefore there is no scope to increase the existing thresholds at present. However, I would point out again that Ireland's VAT registration threshold for small businesses supplying services is the seventh highest in the...

Written Answers — Department of Finance: Fiscal Data (20 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 89 and 104 together. Estimates of the gross and net fiscal space for the period 2018 to 2021 can be found in Table A7 Annex 2 of the Budget 2017 book. No fiscal or other estimates have been undertaken for 2022.  For the convenience of the Deputy, the gross and net fiscal space for the period 2018 to 2021 is set out in the following table. ...

Written Answers — Department of Finance: Brexit Issues (20 Oct 2016)

Michael Noonan: Financial services is an area that is frequently identified in any discussion of Brexit. Ireland has a successful track record of competing for, and winning, global foreign direct investment. One of the key pillars of that success is the growth of the International Financial Services (IFS) sector, in particular over the past 30 years. Ireland is now recognised internationally as a...

Written Answers — Department of Finance: Tax Code (20 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 92 and 93 together. As the Deputy will be aware, the "Help to Buy" initiative announced in the Budget, will provide an income tax rebate to first time buyers to assist them in getting the deposit for their first home, as required under the Central Bank's macro-prudential mortgage rules. As the initiative is demand-led, it is not possible to...