Results 3,481-3,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Flooding Data (19 Jul 2016)

Michael Noonan: The Department of Finance has carried out a review of flood insurance with a particular focus on the strategies that other jurisdictions have implemented to increase the availability of flood insurance cover. This work examined a number of policy options, including a United Kingdom type model, and the completed report has been sent on to OPW to feed into the final...

Written Answers — Department of Finance: Departmental Funding (19 Jul 2016)

Michael Noonan: In line with its statutory mandate, the Ireland Strategic Investment Fund (ISIF) is examining opportunities to make investments on a commercial basis that have the potential to support increased housing output.  The Fund is involved in a number of important initiatives in this area including its investments in: (i) Activate Capital, which is described further below; (ii) Ardstone...

Written Answers — Department of Finance: Tax Collection (19 Jul 2016)

Michael Noonan: I am advised by Revenue that its clear preference is to engage with viable taxpayers experiencing temporary cash flow difficulties rather than deploying debt collection/enforcement sanctions. Revenue's commitment in this regard is clearly demonstrated by the fact that it currently supports over 8,000 taxpayers in respect of almost €100m of debt with phased payment arrangements. ...

Written Answers — Department of Finance: Tax Yield (19 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 201 to 205 together. I am advised by Revenue that the estimated first and full year cost to the Exchequer of increasing the PAYE and the Earned Income Credits by €400 and tapering out the increase by 10% per €1,000 on income between €55,000 and €65,000 is in the order of €380 million and €445 million respectively....

Written Answers — Department of Finance: EU Meetings (19 Jul 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal State Aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. Since October 2015, investigations in three other Member States have concluded. In each of these cases the Commission found that the Member States granted an...

Written Answers — Department of Finance: Fiscal Policy (19 Jul 2016)

Michael Noonan: The significant revision to 2015 GDP by the Central Statistics Office is not expected to materially change the fiscal space of just under €1 billion for 2017 set out in the Summer Economic Statement. This is because almost all the factors used to calculate the fiscal space for a particular year are fixed on the basis of the European Commission's spring forecasts in the...

Written Answers — Department of Finance: Tax Credits (19 Jul 2016)

Michael Noonan: The withdrawal of tax credits when a person's current year earnings reach a certain threshold would require that Revenue know the person's income details on a real time basis. However, the specific details of each individual employee's income and deductions are only currently provided by employers on their annual end-year return, Form P35, which is due to be filed by mid-February...

Written Answers — Department of Finance: Tax Data (19 Jul 2016)

Michael Noonan: I am informed by the Revenue Commissioners that, as there is no requirement in Irish tax legislation for a company to notify Revenue that it has been involved in an "inversion" transaction, it is not possible to provide either the number of such transactions in 2014 and 2015 or the details of any additional corporation tax, if any, paid as a result of such transactions. In relation to any...

Written Answers — Department of Finance: Tax Yield (19 Jul 2016)

Michael Noonan: I am advised by Revenue that the numbers of Capital Acquisition Tax (CAT) cases from 2010 to 2015 are shown in the following table by reference to relationship of the beneficiary to the disponer. This table represents the number of cases with a CAT liability and includes cases in respect of both gifts and inheritances. Where the number of cases is less than 10, the precise number cannot be...

Written Answers — Department of Finance: Insurance Compensation Fund (19 Jul 2016)

Michael Noonan: The establishment of the Insurance Compensation Fund (ICF) is provided for by the Insurance Act 1964. It applies to home, motor and commercial insurance. The purpose of the ICF is to protect policy holders in the event of their insurer becoming insolvent or to allow the administrators of an insurance company to meet their financial obligations as they arise. The management and...

Written Answers — Department of Finance: Insurance Industry (19 Jul 2016)

Michael Noonan: The liquidation of an insurance company is a legally complex process. Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law.  Progress in the liquidation of Setanta Insurance has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland...

Written Answers — Department of Finance: Insurance Levy (19 Jul 2016)

Michael Noonan: I am informed by Revenue that the following table sets out the total amounts collected in respect of non-life insurance levy for the years requested by the Deputy. Section 125 of the Stamp Duties Consolidation Act imposes a levy of 3% on the gross amount received by an insurer in respect of certain non-life insurance premiums. The exceptions are re-insurance, voluntary health insurance,...

Written Answers — Department of Finance: Fiscal Policy (19 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 215 to 217, inclusive, together. I have noted the proposals from IBEC as well as the comments by President Hollande, Chancellor Merkel and Prime Minister Renzi. The fiscal rules - formally known as the Stability and Growth Pact (SGP) - have direct application through a number of EU regulations. Changes to these regulations would have to follow...

Written Answers — Department of Finance: Tax Code (19 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 218 and 219 together. The Programme for Partnership Government commits to a number of taxation measures which promote healthier lifestyles. The PfPG commits to making Ireland tobacco free (less than 5% of population smoking) by 2025. The Government is committed to increasing excise duty on tobacco in successive budgets as one policy...

Written Answers — Department of Finance: Ministerial Advisers Data (19 Jul 2016)

Michael Noonan: I wish to advise the Deputy that the number of political staff in my Department is four. In the following table you will find a list of their roles and annual salaries.  Role: Salary: Special Advisor €87,258 Personal Assistant €54,490 Civilian Driver €32,965.71 Civilian Driver €32,965.71 My special adviser has over 28 years' professional experience...

Written Answers — Department of Finance: Corporate Tax Compliance (19 Jul 2016)

Michael Noonan: I am advised by the Revenue Commissioners (Revenue) that they constantly review the affairs of taxpayers for both tax evasion and tax avoidance. In particular Revenue uses analytical tools and strategies to detect and combat taxpayers using tax avoidance schemes. Revenue is currently reviewing a small number of structures involving charitable trusts which may have been put in place for tax...

Written Answers — Department of Finance: Real Estate Investment Trusts (19 Jul 2016)

Michael Noonan: I am informed by the Revenue Commissioners that there are currently three Real Estate Investment Trusts (REIT) established and operating in Ireland.   Section 41 of the first Finance Act of 2013 introduced the regime for the REIT. A REIT is a collective investment vehicle designed to hold properties in a tax neutral manner. The function of the REIT framework is not to...

Written Answers — Department of Finance: Household Charge Administration (19 Jul 2016)

Michael Noonan: Section 156 of the Finance (Local Property Tax) Act 2012 converted any arrears of Household Charge (HHC) that were still outstanding on 1 July 2013 to a Local Property Tax (LPT) liability of €200 per property, and made Revenue responsible for collecting the increased amounts. Prior to 1 July 2013, collection of the original €100 HHC was the responsibility of the Local...

Written Answers — Department of Finance: EU Budget Contribution (19 Jul 2016)

Michael Noonan: Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member State's share of EU Gross National Income (GNI). On 12 July 2016, the CSO released updated National Income and Expenditure (NIE) Accounts for 2015 which included a very...

Written Answers — Department of Finance: General Government Debt (19 Jul 2016)

Michael Noonan: The growth rate in 2015 was exceptional in nature, and reflects the impact of a small number of large multinational firms. Alternative measures of growth, such as increases in consumer spending, tax revenue and employment gains clearly demonstrate that the economy is growing at a solid rate of around 4-5 per cent this year.  These, and other indicators, are consistent with an...