Results 2,481-2,500 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: As part of the preparation for Budget 2017, it was estimated that the Exchequer yield from non-indexation of the income tax system would be in region of c. €385 million in 2017 and €450 million on a full year basis.  Of this, non-indexation of income tax credits and bands accounts for c. €345 million in a first year and €400 million on a full year...

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

Michael Noonan: I propose to take Questions Nos. 95 and 96 together. The following table sets out the estimated nominal change in relation to the PAYE and personal tax credits in 2017.  This is based on a technical assumption of indexation in line with expected earnings growth of 2.7% and inflation (HICP) of 1.3%.  These were set out in my Department's Autumn forecasts in Budget 2017. Tax Credits...

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

Michael Noonan: The full year costs for the tax measures announced in Budget 2017 are set out in the following tables. 1. REVENUE RAISING  MEASURES Yield Full Year €m EXCISE Tobacco Products Tax Excise duty on a pack of 20 cigarettes is increased by 50c, with a pro-rata increase on other tobacco products. It will raise the price of cigarettes in the most popular price category to...

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

Michael Noonan: I am informed by Revenue that the expected yield from Life Assurance Exit Tax (LAET) in 2016 and 2017 is estimated to be in the order of €228 million and €238 million respectively. Collection to date in 2016 is €228 million and no further significant receipts are expected this year. The forecast for 2017 is based on the 2016 collection, increased in line with Department...

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

Michael Noonan: Additional revenue generated from a policy decision to not to proceed with indexation is included in the discretionary revenue measures set out in Table A7 Application of Expenditure Benchmark on a no policy change from 2018 onwards in Annex 2 of the Budget 2017 book. The amount arising from non-indexation of the estimated €1.2 billion net fiscal space is...

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

Michael Noonan: I propose to take Questions Nos. 101 and 102 together. I am advised by Revenue that the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the beneficiary determines the maximum tax-free threshold known as the 'Group threshold' below which gift or inheritance tax does not arise. There are, in all, three separate Group tax-free thresholds based on...

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

Michael Noonan: A formal request for Ireland to be removed from the Brazilian list was submitted by Ireland to the Brazilian Federal Revenue Service on 27 September.  We understand that this request is still being considered and we have not yet received a reply.  Our Ambassador in Brazil remains in contact with the Brazilian Federal Revenue Service and is seeking a response...

Written Answers — Department of Finance: Public Relations Contracts Data (20 Oct 2016)

Michael Noonan: I wish to advise the Deputy that my Department has engaged outside public relations companies for the purposes of disseminating Government policy in the period since January 2015. The details relating to these contracts are set out in the following table: - External Public Relations Companies Engaged since January 2015 Purpose Contractor Name Contract Duration Contract Cost (€)...

Written Answers — Department of Finance: Insurance Costs (19 Oct 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: Budget Submissions (19 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 43 and 44 together. My Department received in excess of 400 Pre-Budget Submissions relating to Budget 2017 from a wide variety of groups, representative organisations and individuals. Once a submission is received it is acknowledged by my officials and then passed to the relevant area of my Department for consideration in the context of the...

Written Answers — Department of Finance: House Purchase Schemes (19 Oct 2016)

Michael Noonan: The Help to Buy initiative that I announced in Budget 2017 aims to assist first time buyers in getting their deposit together for their new homes, as required under the Central Bank's macro-prudential rules. This initiative was announced on 19th July, as part of the Action Plan for Housing and Homelessness. The backdating of this incentive to that date was announced at that time with a view...

Written Answers — Department of Finance: Revenue Commissioners Resources (19 Oct 2016)

Michael Noonan: I am advised by Revenue that its published service standards provide that applications to register for tax are processed within 5 working days (10 days for VAT registrations) unless the registration is selected for further checking. Revenue provides an e-registration service, which enables tax agents and taxpayers who are registered with the Revenue On-line Service () or to manage...

Written Answers — Department of Finance: Budget Measures (19 Oct 2016)

Michael Noonan: The full year costs for the tax measures announced in Budget 2017 are set out in the following table. 1. REVENUE RAISING  MEASURES Yield Full Year €m EXCISE Tobacco Products Tax Excise duty on a pack of 20 cigarettes is increased by 50c, with a pro-rata increase on other tobacco products. It will raise the price of cigarettes in the most popular price category to...

Written Answers — Department of Finance: Budget Measures (19 Oct 2016)

Michael Noonan: A key priority for this Government is to develop a fully functioning housing market that responds adequately to the needs of our citizens. To this end, Rebuilding Ireland- Action Plan for Housing and Homelessness, under the direction of Minister Coveney and the Department of Housing, Planning Community and Local Government, with cross Departmental support including from the Department of...

Written Answers — Department of Finance: Tax Reliefs Availability (18 Oct 2016)

Michael Noonan: The Deputy will be aware that I announced a "Help to Buy" initiative in the Budget, which 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. This scheme is open to both those who purchase a new build, and those who self-build, where these individuals meet...

Written Answers — Department of Finance: Money Laundering (18 Oct 2016)

Michael Noonan: I would note that pursuant to Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, financial institutions including those offering mortgages are required to identify and verify customers identities. Where suspicions arise that persons have been or are engaged in an offence of money laundering, those institutions are required to report such...

Written Answers — Department of Finance: Customs and Excise Controls (18 Oct 2016)

Michael Noonan: I am advised by Revenue that a decision on whether to undertake a visit to or an intervention at an aerodrome is dictated by Revenue's assessment of risk, having regard to a range of factors, which for operational reasons Revenue is not in a position to disclose. Where visits or interventions are undertaken, there is no prior notification of same. The number of visits for the location...

Written Answers — Department of Finance: House Purchase Schemes (18 Oct 2016)

Michael Noonan: In Budget 2017, I announced a "Help to Buy" initiative which 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. This scheme is a complement to the structural actions in the Action Plan for Housing and Homelessness published on 19th July 2016, and applies...

Written Answers — Department of Finance: House Purchase Schemes (18 Oct 2016)

Michael Noonan: In Budget 2017, I announced a "Help to Buy" initiative which will provide an income tax rebate to first time buyers to assist them in getting the deposit for their first home. In line with the Central Bank's macro-prudential rules, a joint purchase where one person has bought previously is designated as a non-first-time buyer under the initiative. This applies whether the person continues to...