Results 3,241-3,260 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am informed by the Revenue Commissioners that the Schedule set out below identifies those categories of persons who are entitled to an exemption from income tax and lists the corresponding legislative provision which provides for that exemption. It should be noted that there are limits to certain of the exemptions listed. Description of persons entitled to income tax exemption Section of...

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

Michael Noonan: The supply of financial services is VAT exempt across all EU member countries in accordance with Article 135 of the EU VAT Directive.  In order to impose VAT on financial services, this would require a change to the VAT Directive applicable to all Member States.  Ireland could not make such a decision unilaterally.    I am informed by the Revenue Commissioners that the...

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

Michael Noonan: I take it the Deputy is referring to proposals made by the IMF in 2010. In 2009 G20 Leaders requested the IMF to prepare a report on how the financial sector might contribute to meeting the costs associated with government interventions to repair the sector.  The IMF's subsequent report proposed two forms of contribution from the financial sector, serving distinct purposes. The first...

Written Answers — Department of Finance: Universal Social Charge Data (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 263, 274, 275 and 276 together. I am advised by the Revenue Commissioners that the amount of Universal Social Charge (USC) collected annually since its introduction in 2011 to 2015, from both PAYE and Schedule D Income Earners, is set out in the following table. It should also be noted that information on USC is classified based on a taxpayer's primary income...

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

Michael Noonan: I propose to take Questions Nos. 264 and 265 together. I am advised by the Revenue Commissioners that it is not possible to accurately estimate the additional revenue that may be brought in from increasing the 12.5% corporation tax rate to either the standard rate of income tax or the effective rate of tax for workers on the median wage. This would require ex ante knowledge of any behavioural...

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

Michael Noonan: I propose to take Questions Nos. 266, 267 and 329 together. There is currently no statistical basis for Revenue to compile estimates in relation to a potential wealth tax. Although an individual's assets and liabilities are declared to the Revenue in a number of specific circumstances (for example, after a death), this information is not a complete measure of financial assets in the...

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

Michael Noonan: I propose to take Questions Nos. 268, 269 and 273 together. I am advised that Revenue do not require rental income to be returned in a manner that would enable residential rental accommodation income to be separately identified from rental income in respect of other types of property, such as commercial rental property. It is not therefore possible to provide the amount of revenue raised from...

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

Michael Noonan: I propose to take Questions Nos. 270 to 272, inclusive, together. I am advised by Revenue that within the tax code there are a number of tax reliefs associated with property and land but not specifically for use by property developers or land owners.  Statistics in relation to the annual costs since 2008 for the various reliefs are available on the Revenue website at . Updates to...

Written Answers — Department of Finance: National Debt (16 Sep 2016)

Michael Noonan: The latest estimate of General Government interest expenditure for 2016 is €6.3 billion. The latest estimate of General Government debt for end-2016 is just under €204 billion. The main repayment of principal in 2016 was in respect of 4.6% Treasury Bond 2016. This bond matured on 18 April 2016. The principal redemption amount on that date was €7.28 billion. €0.85...

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

Michael Noonan: I am advised by the Revenue Commissioners that on the basis of information included in the Corporation Tax returns filed for the tax year 2014, the potential yield from imposing a 2% levy on the profits of private human health and pharmaceutical companies, including nursing homes and home care agencies, is tentatively estimated to be in the region of €150 million, with over 99% from...

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

Michael Noonan: I am informed by the Revenue Commissioners that section 110 TCA 1997 contains a list of the assets which a qualifying company is allowed to hold/manage.  Property is not one of those assets.   For the purposes of section 110 TCA 1997, a qualifying asset is a financial asset, commodities or plant and machinery.  Financial asset includes (but is not limited...

Written Answers — Department of Finance: Departmental Expenditure (16 Sep 2016)

Michael Noonan: In response to the Deputy's question, the Office of Public Works is involved in most purchases and leasing of buildings by the State including buildings leased for the Department of Finance. With respect to the Bodies under the Aegis of the Department of Finance, I have been advised of the information detailed in the following table. - 2014 2015 2016 Tax Appeals Commission...

Written Answers — Department of Finance: Insurance Costs (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...

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

Michael Noonan: The European Commission issued a negative decision in the Apple State aid case on the 7th September.  In so doing, they instructed Ireland to recover up to €13bn of alleged state aid from the company plus interest.   The Government will now challenge the decision before the European Courts, and it could be several years before this is ultimately resolved. I have been...

Written Answers — Department of Finance: State Aid Investigations (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 284, 288 and 314 together. The Apple State Aid investigation has been on-going since June 2013, when the Competition Directorate of the European Commission sent their first information request to Ireland.  In June 2014 they announced that they had opened a formal state aid investigation in both Ireland, the Netherlands and Luxembourg.  They later...

Written Answers — Department of Finance: Central Statistics Office Reports (16 Sep 2016)

Michael Noonan: The Central Statistics Office (CSO) published the National Income and Expenditure results for 2015 in July which show that the economy grew by 26.3 per cent. The unprecedented figure is largely related to the activities of multinationals across a small number of sectors including the tech, pharmaceutical and aircraft leasing sectors.  In particular, corporate restructuring and a...

Written Answers — Department of Finance: State Aid Investigations (16 Sep 2016)

Michael Noonan: On 30 August 2016, it was announced that the Commission had concluded their single investigation in Ireland and had issued a negative decision in the Apple State Aid case.  The investigation was a priority matter for the State and every piece of information requested that was in the Irish authorities possession was given to the Commission. Over the course of the...

Written Answers — Department of Finance: State Aid Investigations (16 Sep 2016)

Michael Noonan: The Government has authorised me to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case.  This is necessary to defend the integrity of our tax system; to provide tax certainty to business; and to challenge the encroachment of EU state aid rules into the sovereign Member State competence of...

Written Answers — Department of Finance: State Aid Investigations (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 289 and 309 together. On 30 August 2016, the European Commission issued a negative decision in the Apple State Aid case.   The Government profoundly disagrees with the Commission's analysis and will now challenge the decision before the European Courts.  Notwithstanding this appeal, Ireland is required by law to recover the...

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

Michael Noonan: I am advised by Revenue that there are two forms of relief from Capital Acquisitions Tax (CAT) which may be relevant in the circumstances outlined in your question. The first, known as 'agricultural relief', may apply to reduce the taxable value of a gift or inheritance of agricultural property, including land, by 90% once certain conditions are satisfied. The second, referred to a...