Results 3,301-3,320 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: Vehicle Registration Tax (VRT) is charged at the time of registration of a car.  In general, it is based on CO2 emissions at the time of manufacture and charged at a percentage of the Open Market Selling Price (OMSP). The OMSP is Revenue's opinion of the price that the car might reasonably be expected to realise, inclusive of all taxes, if sold by retail. I am advised by Revenue that it...

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

Michael Noonan: In its Quarterly Bulletin 3 of 2016, the Central Bank of Ireland published an article estimating the level of cash buyers in the Irish residential property sector since 2000 (link:.  I am advised by the Central Bank that this was a once-off research exercise to improve information on housing transactions not financed through bank mortgages.  For the purposes of that article,...

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

Michael Noonan: In terms of recent developments in Ireland, the share of non-mortgage purchases in total annual residential transactions increased from less than 20 per cent at the start of 2011 to close to 55 per cent at the end of 2013. The most recent data relates to the second quarter of 2016, when non-mortgage purchases accounted for approximately 50 per cent of residential property transactions. ...

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

Michael Noonan: I am advised by Revenue that information is not available on tax returns to facilitate the costing of the extension of the Capital Gains Tax Relief for Farm Restructuring. The Deputy may be interested to note, however, that it was estimated at the time of Budget 2015 that the extension of the relief for a further year would cost approximately €2.5 million.

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

Michael Noonan: I am advised by Revenue that it is not possible to provide an estimated cost to the Exchequer of extending Income Tax Relief on land leases to family members. Information on Income Tax returns are not furnished in a manner which would enable the identification of taxpayers who would qualify under such a scheme or the amount of rental income to which relief would be applicable.

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

Michael Noonan: I am advised by Revenue that the cost to the Exchequer associated with the measure suggested would depend on the amount of expenditure over the years in question and the extent to which the claimants are able to use the additional relief in each year. On the basis of certain assumptions regarding potential expenditure, the cost to the Exchequer associated with an eight year capital...

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

Michael Noonan: Given the new and unique mandate of the Ireland Strategic Investment Fund (ISIF) as a sovereign development fund, and because of the uncertainty regarding the investment opportunities in Ireland, it was agreed that a formal review of the ISIF investment strategy would take place after 18 months. This allows for a sufficient period of time having elapsed before considering the operations...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (16 Sep 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

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

Michael Noonan: The Summer Economic Statement (SES), published by my Department in June of this year, projected, in Table A2, that the net fiscal space available for 2017 would be around €1 billion and planning for Budget 2017 is being based on this figure.

Written Answers — Department of Finance: Insurance Industry 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...

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

Michael Noonan: I propose to take Questions Nos. 348 and 349 together. The cost to the Exchequer of indexation to achieve the effect described by the Deputy is difficult to compute exactly.  The 49.5% marginal rate is comprised of three separate elements - income tax, USC and PRSI - and each is applied on a different tax base.  Furthermore, USC and PRSI are individualised whereas income tax may...

Written Answers — Department of Finance: Stamp Duty (16 Sep 2016)

Michael Noonan: I am advised by the Revenue Commissioners that, for the purposes of relief from Stamp Duty, a young trained farmer is defined in section 81AA of the Stamp Duties Consolidation Act 1999 as being under 35 years of age and holding the necessary qualifications on the date the deed of transfer is executed. The 2013 reform of the Common Agricultural Policy introduced an age...

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

Michael Noonan: I am advised by Revenue that they have published a detailed sectoral analysis of the farming sector in Ireland from the perspective of Revenue data, including information in respect of various reliefs used by farmers, in late 2015 and in summer 2016 published an update to the report with the most recent figures available. The 2015 report and the 2016 update are available at: .

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

Michael Noonan: The self-assessment tax system is based on giving taxpayers control and responsibility for their tax affairs. The self-assessment system applies uniformly to all self assessed taxpayers. Revenue provides comprehensive assistance to taxpayers in complying with the self-assessment obligations. Every business sector, including farming, has a requirement to keep full and accurate records of...

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

Michael Noonan: I am advised by the Revenue Commissioners that the information available from tax returns is in such a form that the costing requested by the Deputy cannot be provided.  The proposal from the Deputy would appear to seek an exemption from income tax, USC and PRSI for income which is used to purchase shares in co-operatives. However, there is no indication as to whether the...

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

Michael Noonan: Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (custom duties), a VAT based payment and a residual balancing component paid in accordance with each Member State's share of the EU Gross National Income (GNI).  Ireland's contribution to the EU Budget in 2015 was €1,952 million and this will be set out in...

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

Michael Noonan: The Central Statistics Office (CSO) published the National Income and Expenditure results for 2015 in July which show that Gross National Income grew by 18.7 per cent (GDP 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,...

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

Michael Noonan: I should clarify that my Department's work on 'behavioural economics concepts and their possible application to the Irish tax system' is separate from the joint research programme with the ESRI on The Macroeconomy and Taxation. The work on tax and behavioural economics is being conducted by officials from my Department. The aim of the work is to familiarise policymakers and tax specialists...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (16 Sep 2016)

Michael Noonan: Under the Fiscal Responsibility Act 2012 I, as Minister for Finance, appoint the members of the Irish Fiscal Advisory Council.  The legislation also stipulates that a Council member may not serve for more than two consecutive terms.   The first term of office of two Council members will expire on 31 December 2016. These are Professor John...

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

Michael Noonan: As the Deputy will be aware, I made a commitment in Budget 2016 to examine the potential for income averaging for tax purposes for artists. This examination is currently ongoing. I will consider the outcome of the examination as part of my deliberations for the Budget, and any actions arising will be announced on Budget day, October 11, 2016. The review...