Results 2,941-2,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax Administration (4 Oct 2016)

Michael Noonan: Section 11 of the Finance (Local Property Tax) Act 2012, provides that Approved Housing Bodies are liable to pay LPT in the same manner as any other residential property owner. The exception in this regard is where the Approved Housing Body operates as a charity, is availing of the Charitable Tax Exemption as provided for by Sections 207 and 208 of the 1997 Taxes Consolidation Act and...

Written Answers — Department of Finance: Excise Duties (4 Oct 2016)

Michael Noonan: As the Deputy is aware, the consumption of alcohol can have negative social and public health implications as well as economic costs.  It is for this reason that excise duty is levied on alcohol products to account for these externalities.   It is a longstanding practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject...

Written Answers — Department of Finance: Tax Collection (4 Oct 2016)

Michael Noonan: I am advised by Revenue that the business in question has an extremely poor tax compliance record and has consistently failed to file tax returns and/or pay the liabilities due. Up to very recently it has not been possible for Revenue to agree any phased payment arrangement with the business in respect of the liability not already at the Sheriff because there were a number of returns...

Written Answers — Department of Finance: Motor Insurance Coverage (4 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: Tax Code (4 Oct 2016)

Michael Noonan: I propose to take Questions Nos. 136 and 141 together. I am well aware of the important role a competitive personal tax regime plays in attracting inward, job-creating investment and highly-skilled workers into Ireland.  It is for that reason that, as soon as resources allowed, I began a process of reducing income taxes in Budgets 2015 and 2016, and intend to continue this process in...

Written Answers — Department of Finance: Tax Reliefs Data (4 Oct 2016)

Michael Noonan: A breakdown of the number of claims in respect of exempted profits or gains from the occupation of woodlands on a commercial basis is provided by the Revenue Commissioners in the table in incremental bands of €5,000. To protect taxpayer confidentiality those with relevant profits or gains greater than €65,000 have been banded together. The data provided are in respect of...

Written Answers — Department of Finance: Tax Code (4 Oct 2016)

Michael Noonan: I am advised by Revenue that capital gains tax (CGT) is charged on gains in respect of the disposal of assets irrespective of whether or not there is a monetary gain accruing to the person making the disposal. Where there is no such monetary gain, CGT is charged on the basis that the asset disposed of was transferred at its market value at the time of the disposal. There is no specific...

Written Answers — Department of Finance: Tax Reliefs Eligibility (4 Oct 2016)

Michael Noonan: I am advised by Revenue that land which is let can qualify for capital gains tax (CGT) retirement relief in certain circumstances where that land is disposed of on or after 1 January 2017. An individual aged 55 or over may qualify for relief in respect of land which has been let at any time in the period of 25 years prior to the disposal. In general, land which is let under conacre will...

Written Answers — Department of Finance: Tax Collection (4 Oct 2016)

Michael Noonan: Section 1080 of the 1997 Taxes Consolidation Act provides for the charging of interest on the late payment of Income Tax. The current rate applied to such late payments is 8% per annum (0.0219% per day). This rate also applies to Corporation Tax, Capital Gains Tax, Capital Acquisition Tax, Local Property Tax and Stamp Duty. The interest rate applied to all other taxes, for example...

Written Answers — Department of Finance: Corporation Tax Regime (4 Oct 2016)

Michael Noonan: It is assumed that the Deputy is referring to the Reduced Interest Scheme for Farmers in Severe Financial Difficulty. I am advised by Revenue that information on the scheme is no longer readily available. Additionally, in accordance with statutory obligations to protect taxpayer confidentiality, the Revenue Commissioners would not be able to provide a breakdown of the tax foregone by...

Written Answers — Department of Finance: Company Registration (4 Oct 2016)

Michael Noonan: This question is more a matter for the Department of Public Expenditure and Reform. However, it would appear from the question that the previous company operating the Heritage Centre in Knightstown, Valentia, Co. Kerry was struck off the Companies Register by the Companies Registration Authority for failure to file accounts. If this company was dissolved more than 12 months ago,...

Written Answers — Department of Finance: Tax Collection (4 Oct 2016)

Michael Noonan: I am advised by Revenue that they will make direct contact with the person concerned with a view to confirming the accuracy of the income details they have for him and making sure that he is paying the correct tax based on that income.

Written Answers — Department of Finance: Credit Union Regulation (4 Oct 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 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: Credit Union Regulation (4 Oct 2016)

Michael Noonan: The Report of the Commission on Credit Unions, published in 2012, made a number of recommendations including in relation to governance requirements for credit unions.  Recommendations made were agreed by all stakeholders. These governance requirements set out the role and responsibilities of two key positions within the credit union - those of chair of the board and...

Written Answers — Department of Finance: Credit Union Lending (4 Oct 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 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 Rate Reductions (4 Oct 2016)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. The tourism sector is a key sector in the Irish Economy and the introduction of the 9% VAT rate was aimed at reducing costs during a very challenging time for the sector. The...

Written Answers — Department of Finance: Vehicle Registration (4 Oct 2016)

Michael Noonan: Section 135(1)(aa) of the Finance Act 1992 (as amended) provides that a vehicle which is provided to an employee who is resident in the State as part of that employee's contract of employment by an employer who is established in another Member State and that vehicle is owned or leased by the said employer and that vehicle is used principally for business use in another Member State, temporary...

Written Answers — Department of Finance: Tax Collection (4 Oct 2016)

Michael Noonan: As the Deputy will be aware, income averaging is already available to farmers in recognition of the potential for volatility of their income. The normal basis of arriving at the taxable profit figure for a business is the net profit per accounts adjusted for certain tax rules. Income averaging is an alternative method of arriving at the taxable profit figure for farmers using an average of 5...

Written Answers — Department of Finance: Departmental Strategy Statements (4 Oct 2016)

Michael Noonan: I wish to inform the Deputy that our new Strategy Statement, which is currently being drafted, is consistent with the new collaborative approach outlined in the Programme for a Partnership Government. To this end, all Government Departments as well as the Oireachtas Committee on Finance, Public Expenditure and Reform and the Programme for Government Office at the Department of the Taoiseach...

Written Answers — Department of Finance: Departmental Staff Rehiring (4 Oct 2016)

Michael Noonan: I wish to inform the Deputy that there are currently no public sector employees in my Department in receipt of a public sector pension who have been re-employed either part time or full time, temporary or otherwise by the public sector. However, from time to time my Department and the Public Appointments Service (PAS) engage former employees to sit on Interview Boards...