Results 3,281-3,300 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: While the term vulture fund is not recognised in the Taxes Acts, a small number of structures which may have been put in place for tax avoidance purposes have come to the attention of the of  Revenue.  Because of the small number of structures under review, Revenue are precluded, by taxpayer confidentiality, from providing any specific details. Following the review undertaken by...

Written Answers — Department of Finance: Central Bank of Ireland (16 Sep 2016)

Michael Noonan: The Central Bank publishes the value of its gold and gold receivables in its annual report. The Central Bank Annual Report 2015 states the value of gold and gold receivables to be €188,167,000 as at 31 December 2015. The Annual Report also notes that gold and gold receivables consist of coin stocks held in the Central Bank of Ireland; gold bars are held on behalf of the Central Bank...

Written Answers — Department of Finance: Living City Initiative (16 Sep 2016)

Michael Noonan: In relation to the Living City Initiative, applications are only required to be made to the relevant local authority under the residential element of the scheme. Applications are not required to be made under the commercial element of the scheme. Additionally, Revenue do not compile statistics in relation to unsuccessful residential applications. Based on information received from the...

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

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for gift and inheritance tax. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary), determines the maximum life-time tax-free threshold known as the "Group threshold" below which gift or inheritance tax...

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

Michael Noonan: I am advised by Revenue that electronic payment transfer is a faster, less expensive and more secure way of receiving tax refunds/repayments.  It is Revenue's strategy to establish the use of electronic channels as the normal way of conducting tax business. More taxpayers are engaging electronically with Revenue and utilising electronic fund transfers to settle their tax liabilities and...

Written Answers — Department of Finance: Banks Recapitalisation (16 Sep 2016)

Michael Noonan: On July 28th this year, I was happy to welcome the receipt of €1.76 Billion to the State following the repayment of the Contingent Capital Note (CoCo) by AIB. The CoCo was issued by AIB in July 2011 with a set five year maturity; the repayment was a contractual commitment, written into the terms of the instrument. AIB returned the full capital value of the instrument, plus accrued...

Written Answers — Department of Finance: Stability and Growth Pact (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 321 and 322 together. When reporting the Excessive Deficit Returns for 2015 in April, the CSO highlighted that Eurostat had made a determination during the clarification process that the conversion of the AIB preference shares to ordinary shares was to be treated as a capital transfer (expenditure) rather than a reinvestment of capital.  This...

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

Michael Noonan: My Department will prepare a full macroeconomic projection in advance of Budget 2017 in October.  In accordance with the endorsement process, officials from my Department will go through the normal procedural steps with the Irish Fiscal Advisory Council required under the Memorandum of Understanding. This requires my Department to provide preliminary forecasts to the...

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

Michael Noonan: I propose to take Questions Nos. 324 and 325 together. The latest estimates of fiscal space available for Budget 2017 were set out in the Summer Economic Statement (SES).  These are being reviewed in context of the prepartions for Budget 2017. Specifically, the significant revision to 2015 GDP by the Central Statistics Office is not expected to impact the fiscal space...

Written Answers — Department of Finance: Appointments to State Boards (16 Sep 2016)

Michael Noonan: In response to the Deputy's query, please find in tabular form a list of all vacancies that existed on 26 February 2016 and all positions that have arisen since, including the date it became vacant for State Boards or governing bodies under his control; the names of those appointed since the Government was formed; if the position was advertised and a short-list provided to him by the...

Written Answers — Department of Finance: Cross-Border Projects (16 Sep 2016)

Michael Noonan: Responsibility for EU Structural and Investment Funds including cross Border programmes is a matter for the Minister for Public Expenditure and Reform Until it formally withdraws from the Union, the UK remains a full EU Member, with all of its existing rights and obligations including in relation to the EU budget. As regards future EU-UK and Ireland-UK negotiations, I can assure the...

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

Michael Noonan: I am advised by Revenue that the estimated first & full year yield to the Exchequer from a new third rate of Income Tax at 48% on incomes of over €100,000 would be in the order of €531 million and €687 million respectively. These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2014, adjusted as necessary for...

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

Michael Noonan: The position is that my Department's latest official forecast of €7,545 million for corporation tax receipts in respect of 2017 was projected as part of the overall forecasts contained in the recent Summer Economic Statement 2016.  However, as the Deputy will appreciate, all tax-heads will be reviewed as part of annual budgetary process.  Therefore, the next official forecast...

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

Michael Noonan: Ireland became a net contributor to the EU budget in 2014, the first time since accession in 1973. The Budget Statistics, which go back to 1973, can be found on the Departart of Finance website at: . EU Budget payments and public sector receipt data are published annually by the Department of Finance in the Budget Statistics bulletin. The latest edition from October 2015 contains the...

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

Michael Noonan: The 2012 report of the Inter-departmental Group on the Design of a Local Property Tax (the "Thornhill Group") comprehensively examined the basis of assessment for the Local Property Tax (LPT), including both the taxable value of the property option and a site value tax (SVT). The report favoured the use of market value of residential properties as the basis of assessment and this ...

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

Michael Noonan: It is widely accepted that the residential rental property market is currently under strain, with rents in many areas now exceeding the previous pre-financial crisis peak.  The Programme for a Partnership Government contains a range of tax and non-tax measures aimed at boosting supply of social and private housing in order to alleviate the housing shortage, and thereby improve...

Written Answers — Department of Finance: Mortgage Lending (16 Sep 2016)

Michael Noonan: As the Deputy is aware, the new Programme for a Partnership Government (PfPG) provides for a range of measures which seeks to improve the supply of housing and to protect and promote home ownership.  In particular, it states that the Government will work with the Central Bank as part of its review of its mortgage lending limits to develop a new "Help to Buy" scheme to...

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

Michael Noonan: In referring to "accidental landlords" I understand the Deputy is referring to property owners in negative equity who have moved to alternative accommodation as a result of factors such as a growing family or change in work location, while letting out their own mortgaged property to other tenants. Some accidental landlords may not have felt in a position to sell their property because...

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

Michael Noonan: I am advised by Revenue that VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. The EU VAT Directive provides that VAT exemption limits may only be raised by Member States to maintain their value in real terms, that is, they may only be increased in line with inflation. The VAT thresholds were increased to their current values on 1...

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

Michael Noonan: I am advised by the Revenue Commissioners that they have not purchased any information related to the Panama Papers leak and have not been approached concerning the purchase of Panama Papers data.  I am not aware of any other State body being approached about such a purchase.  The Revenue are aware that some foreign tax administrations may have purchased the leaked Panama...