Results 3,181-3,200 of 27,019 for speaker:Michael Noonan

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I think I gave it in my speech. I think we are just under €500 million ahead at the moment and at the end of the year will be nearly €1 billion ahead if things continue as they are now. It is back to the distinction between having money and having the capacity to spend it. The fact that it runs through does not change the fiscal space. The expenditure benchmark is in place...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: Some. If we end the year with €300 million beyond what was forecast having met all our expenditure commitments, that €300 million will come off the deficit and so we will have a lower deficit at the end. That is how it will run into the account at the end of the year.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: First, when the housing policy document was produced in July, I asked the people in the Department with responsibility for the environment not to reveal any details of a help-to-buy scheme because it would interfere with the market. If the Deputy was one of the partners in the case of a young couple thinking of buying a house and if the prospect of getting a big chunk of money was held out...

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: I have been totally frank except for that issue this morning. There are market reasons for not being totally frank on it.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: That issue came up in today's questions. Deputy Brophy raised it. This is a commitment in the programme for Government and that commitment to take threshold for category A from €280,000 to €500,000 is over the period of the Government. It would be very costly to do that in one leap, therefore, it is more likely it would be done gradually over a period of time.

Committee on Budgetary Oversight: Revenue Raising Proposals: Minister for Finance and Revenue Commissioners (20 Sep 2016)

Michael Noonan: No, I never said that it would be tied to inflation. When I talked about indexation, I said there was never automatic indexation in the Irish system but in budgets Ministers took rising prices into account when they were designing whatever personal tax relief they were putting in place, so the same would apply here. The commitment in the programme for Government is to increase the tax...

Written Answers — Department of Finance: Tax Forms (16 Sep 2016)

Michael Noonan: I assume the Deputy is asking about the tax return procedures for small farmers. I would note there is no special tax return scheme for small farmers. However, to assist 'small traders', i.e. low turnover businesses where the owner does not engage a tax agent, Revenue has developed templates that are a guide to preparing a Profit and Loss account which will assist in completing their tax...

Written Answers — Department of Finance: Tax Reliefs Eligibility (16 Sep 2016)

Michael Noonan: I am advised by the Revenue Commissioners that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for 'agricultural relief'. The relief takes the...

Written Answers — Department of Finance: Budget 2017 (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 198 to 201, inclusive, and 211 together. The Government is conscious that there is a supply shortage of housing and of the challenges faced by first-time buyers in meeting the macro prudential rules for home loans. As a complement to the structural actions in the Action Plan for Housing and Homelessness published on 19thJuly 2016, a new 'Help to Buy' incentive...

Written Answers — Department of Finance: Motor Insurance Regulation (16 Sep 2016)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy TD, is undertaking a review of the factors which are influencing the increased cost of motor insurance.  This review will consider  the issue of the level of personal injury awards, particularly compared with those in other countries. The Working Group brings together all the relevant Departments and...

Written Answers — Department of Finance: Motor Insurance Regulation (16 Sep 2016)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy TD, is undertaking a review of the factors which are influencing the increased cost of motor insurance. The Working Group brings together all the relevant Departments and Offices involved with the process.  Its objective is to identify immediate and longer term measures which can address increasing costs,...

Written Answers — Department of Finance: Tax Yield (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 204 and 205 together. In relation to Question 24879/16, I am informed by the Revenue Commissioners that the yield from the introduction of a charge for betting intermediaries and for remote betting licences from the period July 2015 to August 2016 is as follows: Licence Type Issued Total Remote Betting Intermediary's Licence 12 €120,000 Remote...

Written Answers — Department of Finance: Tax Reliefs Application (16 Sep 2016)

Michael Noonan: Landlords are liable to tax on their net rental profit after deducting allowable letting expenses, and not on the gross amount of rental income received. A landlord may claim a deduction for other costs such as maintenance, repairs, insurance, management of the property and any goods provided or services rendered to the tenant. A deduction for 75% of the interest paid on borrowed money...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (16 Sep 2016)

Michael Noonan: Individual investment decisions by the Ireland Strategic Investment Fund (ISIF) are a matter for the Fund's Investment Committee in accordance with its statutory mandate, which is to invest on a commercial basis to support economic activity and employment in Ireland. The legislation passed by the Oireachtas which established the ISIF, the NTMA (Amendment) Act 2014, does not include any...

Written Answers — Department of Finance: Tax Reliefs Data (16 Sep 2016)

Michael Noonan: I am aware of the recent media coverage and references in the Dail regarding the use of special purpose vehicles including section 110 companies for property transactions, without paying a level of tax that should be applicable to such transactions. In light of this I have moved to publish a proposed amendment to section 110 of the Taxes Consolidation Act 1997 which I believe...

Written Answers — Department of Finance: Revenue Commissioners Staff (16 Sep 2016)

Michael Noonan: I am advised by Revenue that more than 120 of their staff have attained professional memberships related to Accountancy.In addition to professional accountancy qualifications at least 756 staff have other qualifications in the areas of Accountancy, Finance and Business Studies. They have also advised that over 860 staff have qualifications in respect of Taxation.  These taxation...

Written Answers — Department of Finance: Property Tax Data (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 210 and 226 together. I am advised by Revenue that statistics relating to Local Property Tax (LPT) can be found on the statistics webpage of the Revenue website at . This includes receipts information in respect of 2013 to 2015 available at and to end June 2016 is available at . Updates to these statistics will be provided in due course. In relation to...

Written Answers — Department of Finance: Tax Credits (16 Sep 2016)

Michael Noonan: The Single Person Child Carer Credit (SPCCC) replaced the One-Parent Family Tax Credit (OPFTC) with effect from 1 January 2014.  It operates differently from the One-Parent Family Credit in that it is available in the first instance only to the Primary Claimant. The Primary Claimant is the individual with whom the child resides for the whole or greater part of the year.  The...

Written Answers — Department of Finance: VAT Rate Application (16 Sep 2016)

Michael Noonan: The supply of dog grooming services is liable to VAT at the standard rate, currently 23%. The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The EU VAT Directive lists goods and services to which Member States may apply a reduced VAT rate in Annex III. As Annex III does not list dog grooming it is not possible under...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: I am advised by Revenue that information relating to the tax treatment of compensation payments from the Equitable Life Payment Scheme is contained in Revenue's Tax and Duty Manual 15-02-09 which may be accessed from the following link; . In brief, where an individual receives regular annual payments under the Scheme, such payments are chargeable to income tax. Compensation payments in the...