Results 2,501-2,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax Data (18 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 182 and 183 together. In relation to Question 30202/16, I am advised by Revenue that the earlier Parliamentary Question to which the Deputy refers was correctly answered on the basis of 2015 data (a total of 25,787 properties). However, the 2015 Local Property Tax (LPT) statistical report on the Revenue website incorrectly displayed provisional data in...

Written Answers — Department of Finance: Irish Strategic Investment Fund (18 Oct 2016)

Michael Noonan: I am informed by the Ireland Strategic Investment Fund (ISIF) that its shareholdings with fossil fuel exposure include certain investments inherited from its predecessor the National Pension Reserve Fund (NPRF). The shareholdings with fossil fuel exposure which were inherited from the NPRF are in companies based outside Ireland and, as such, are held in ISIF's global portfolio. The global...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (18 Oct 2016)

Michael Noonan: The Home Renovation Incentive (HRI) provides for an income tax credit for homeowners or landlords who carry out repair, renovation or improvement works on their property. The aim of the Incentive is to support tax compliant building contractors by moving activity out of the shadow economy into the legitimate economy. The Incentive was introduced in October 2013. It provides for tax relief...

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

Michael Noonan: Capital gains tax (CGT) roll over relief was abolished in Budget 2003 in respect of business assets disposed of on or after 4 December 2002, which disposals included lands disposed of by virtue of compulsory purchase orders. One result of roll-over relief was that the CGT due on an asset disposal was often never paid. While the public finances are improving, it is still the case...

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

Michael Noonan: As the Deputy is aware, I announced in my Budget speech that the Earned Income Tax Credit is being increased by €400, bringing it to €950. The tax credit is available in respect of an individual's earned income other than earned income that already qualifies for the Employee (PAYE) Tax Credit. Where an individual has income that qualifies for the Earned Income Tax Credit and...

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

Michael Noonan: I propose to take Questions Nos. 188 and 192 together. In view of the proposed changes to be introduced to Section 110 TCA 1997 in the Finance Bill 2016 Revenue undertook an examination of the financial accounts of a number of Section 110 companies to determine what the potential yield from any proposed changes might be. The figure of €50 million is largely based on the...

Written Answers — Department of Finance: Fiscal Data (18 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 189 and 198 together. 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 that the fiscal space in 2017 was largely...

Written Answers — Department of Finance: Fiscal Data (18 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 190 and 196 together. At the time of the Summer Economic Statement (SES) it was estimated that there would be c. €1.0 billion in fiscal space for 2017. Amongst other things, this consisted of c. €340 million of carryover from Budget 2016 measures, of which income tax and USC accounted for approximately €292 million. In addition, it was...

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

Michael Noonan: The Special Assignee Relief Programme (SARP) is aimed at reducing the cost to employers of assigning key individuals in their companies from abroad to take up positions in the Irish based operations of the employer. It provides relief from income tax on 30% of earnings in excess of €75,000 for the key individuals that are assigned to Ireland for a maximum period of 5 years. It...

Written Answers — Department of Finance: Legislative Process (18 Oct 2016)

Michael Noonan: It is planned to publish the finance Bill 2016 on 20th October.

Written Answers — Department of Finance: Irish Fiscal Advisory Council (18 Oct 2016)

Michael Noonan: The Deputy should be aware that the correct comparator with the nominal Budget package of €1.3 billion is the €1.19 billion which was set out in the Summer Economic Statement. This was based on fiscal space of €1 billion, but the effect of capital smoothing meant that actual capital spend of €250m only absorbed €60 million in terms of available fiscal...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (18 Oct 2016)

Michael Noonan: The Deputy refers to the change in fiscal package between September and the Budget. To be clear, the €1 billion in fiscal space outlined in the context of the Summer Economic Statement (SES) in June 2016 was consistent with full compliance with the expenditure benchmark in 2017. Since then, a number of changes including a revision in the composition of expenditure data from the CSO...

Written Answers — Department of Finance: VAT Rate Application (18 Oct 2016)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply. The Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the Directive that permits the good or service to apply at a reduced rate, the zero rate or to be exempt. As the...

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

Michael Noonan: By a "refundable tax credit", I assume the Deputy is referring to a process whereby, should an income earner have insufficient income to use all of his/her tax credits, the unused portion of the credit would be paid to the income earner by means of a cash transfer. I am advised by Revenue that they have not undertaken any exercise to estimate a projected cost of refundable tax credits to...

Written Answers — Department of Finance: Pension Provisions (18 Oct 2016)

Michael Noonan: The State encourages individuals to save for their retirement by providing generous tax incentives for them to invest some of their earned income in Revenue approved pension saving arrangements. The incentives include exemptions from income tax on pension contributions up to certain limits and exemption from various taxes in respect of pension fund growth. Benefits drawn down at retirement...

Written Answers — Department of Finance: Budget Measures (18 Oct 2016)

Michael Noonan: The 2017 figures were used in calculating the available fiscal space. For this reason, and in order to present the data in a concise manner, yield and cost figures specifically for 2017 included in the Summary Measures. The 2017 Yield/Cost and the Full Year Yield/Cost are: Figures are round to nearest million * No impact on Fiscal Space # Full Year Cost not realised until 2019 ^ For Agri...

Written Answers — Department of Finance: Fiscal Policy (18 Oct 2016)

Michael Noonan: In last week's budget I announced that the Government has decided to set a new domestic target debt to GDP ratio of 45 per cent to be reached by the mid-2020s or thereafter depending on economic growth. This will allow future Governments to not only apply the rainy day fund but, in the event of future shocks, the capacity to borrow to mitigate the impact of such shocks on the lives of...

Written Answers — Department of Finance: Budget Measures (18 Oct 2016)

Michael Noonan: The Cash Flow Support Fund for Farmers is a specific, time bound, initiative that has been made available to the agrisector because of market difficulties currently being experienced and to preserve the growth potential of this sector. It is supported by €11 million of EU Exceptional Adjustment Aid and further funding from the Department of Agriculture, Food and...

Written Answers — Department of Finance: Exchequer Returns (18 Oct 2016)

Michael Noonan: As part of the Budget 2017 preparation it was estimated that the yield for the Exchequer from non-indexation of the income tax system in 2017 would be in region of c. €385 million in a first year and €450 million on a full year basis. This would imply a carryover of c. €65 million into 2018 and likewise the estimated carryover into 2017 from non-indexation of the...

Written Answers — Department of Finance: Brexit Issues (18 Oct 2016)

Michael Noonan: The UK referendum on EU membership has led to significant fluctuations in the value of Sterling against the euro and this presents challenges for Irish SMEs that export to the UK.  These challenges make the current range of Government supports for the provision of credit even more vital as loans made to SMEs, on the basis of viable business plans, will give them time to...