Results 4,701-4,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (20 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 55 to 60, inclusive, together. I am advised by the Revenue Commissioners that the estimated first and full year costs of abolishing the Universal Social Charge (USC) structure, as set out in Budget 2016, would be in the order of €2,522 million and €3,703 million respectively. The estimated yield to the Exchequer from the various single band and...

Written Answers — Department of Finance: Tax Data (20 Jan 2016)

Michael Noonan: I am informed by the Revenue Commissioners that DIRT on interest bearing deposits is declared and paid on a four-times yearly basis by financial institutions. The total value of DIRT due and paid is reported to Revenue at institutional level. Detailed figures are not required in these returns to identify the numbers of accounts on which DIRT was paid or the amount of interest earned or DIRT...

Written Answers — Department of Finance: Tax Reliefs Cost (20 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. In relation to the first question, I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage: . In relation to the Deputy's specific question, potential costs from reducing the rate of Capital Gains Tax (CGT) can be found in the post-Budget 2016 Ready...

Written Answers — Department of Finance: Tax Data (20 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 64 to 67, inclusive, together. I am informed by Revenue that the number of mortgage accounts in receipt of tax relief at source in respect of mortgage interest in each year from 2010 to 2015, is as set out in the following table. Year Number of Mortgage Accounts 2010 349,500 2011 352,800 2012 355,400 2013 351,200 2014 331,200 2015 310,400 The cost...

Written Answers — Department of Finance: Tax Collection (20 Jan 2016)

Michael Noonan: In relation to questions 202 to 205 of 1 December 2015, the collation of the relevant details has taken some time. However, I am now in a position to provide the information requested by the Deputy. I am advised by the Revenue Commissioners that the table below sets out, within each of the income ranges requested, the number of income earners, the average effective income tax rate and...

Written Answers — Department of Finance: Insurance Costs (19 Jan 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, may interfere in the provision or pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of...

Written Answers — Department of Finance: Vehicle Registration (19 Jan 2016)

Michael Noonan: Section 62 of the Finance Act 2014 provided for an extension of the reliefs from Vehicle Registration Tax (VRT) available for electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles till 31 December 2016. The cost of the VRT rebate for electric vehicles in 2015 was €2 million.  As the cost of extending the rebate until 2017 and 2020 will rely on a...

Written Answers — Department of Finance: Flood Risk Insurance Cover (19 Jan 2016)

Michael Noonan: I am aware of the difficulties that the absence of flood insurance cover can cause to householders and businesses. However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those...

Written Answers — Department of Finance: Disability Allowance Applications (19 Jan 2016)

Michael Noonan: The Deputy will be aware that NAMA does not own residential property and therefore it not itself in a position to sell such property. Rather NAMA has acquired loans and its role is that of a lender with claims over security for its loans, like a bank, rather than a property owner or lessor.  The sale of properties securing NAMA's loans is managed directly by the property...

Written Answers — Department of Finance: Financial Services Regulation (19 Jan 2016)

Michael Noonan: I am informed by the Central Bank of Ireland ('the Central Bank') that non-bank financial institutions are not a regulatory category. However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  A register of all...

Written Answers — Department of Finance: Mortgage Arrears Proposals (19 Jan 2016)

Michael Noonan: The Deputy will be aware that the Central Bank of Ireland (Central Bank) publishes the Residential Mortgage Arrears and Repossession Statistics series on a quarterly basis which provides a comprehensive overview of the entire Irish mortgage market including information on arrears broken down by inter alia restructure arrangements broken down by type; and the performance of...

Written Answers — Department of Finance: Illegal Tobacco and Fuel Trades (19 Jan 2016)

Michael Noonan: The Revenue Commissioners advise me that it is inherently difficult to estimate the extent of any illegal activity with confidence and that it is not possible, therefore, to put a figure on the cost to the Exchequer of fuel fraud. The extent of the illicit trade in cigarettes is estimated, however, through annual surveys of smokers that are carried out for Revenue and the National Tobacco...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (19 Jan 2016)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF), managed by the National Treasury Management Agency (NTMA), has advised that it has committed €2.2 billion to investments in Ireland as at 31 December 2015. The Fund, which was established to invest on a commercial basis to support economic activity and employment in Ireland, committed €759 million to Irish projects in 2015 which are...

Written Answers — Department of Finance: Tax Reliefs Application (19 Jan 2016)

Michael Noonan: Since 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

Written Answers — Department of Finance: Mortgage Lending (19 Jan 2016)

Michael Noonan: The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for new residential mortgage lending.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The key objective...

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

Michael Noonan: The projected fiscal space figures published in Table A8 on page C.50 of the Budget 2016 book are consistent with compliance with our obligations under the expenditure benchmark.  Fiscal space is calculated in line with the trend potential growth rate of GDP less a convergence margin that applies as Ireland is not yet at its medium term budgetary objective under the balanced budget...

Written Answers — Department of Finance: State Banking Sector (19 Jan 2016)

Michael Noonan: I have made it clear that the decision to sell any part of our shareholding in AIB will be one for the next Government. The State's stake in AIB is a valuable asset. As the deputy will know, in December of 2015, AIB successfully completed the reorganisation of the bank's capital, including the return of almost €1.7 billion to the exchequer from the redemption of Preference Shares....

Written Answers — Department of Finance: IBRC Liquidation (19 Jan 2016)

Michael Noonan: The Special Liquidators intend to provide an update on the winding up of Irish Bank Resolution Corporation Limited (in Special Liquidation) by way of their third progress update report in the first quarter of 2016. ​I am advised by the Special Liquidators that they currently have a cash balance in excess of €2.1 billion on hand which will be available for distribution to...

Written Answers — Department of Finance: Tax Exemptions (19 Jan 2016)

Michael Noonan: I am advised by Revenue that an application for an exemption from Vehicle Registration Tax (VRT) was made by the person concerned in November 2014. The letter of acknowledgement issued by Revenue following receipt of the application contained details of a Revenue contact phone number, postal address, email address and a named Revenue official. Revenue made numerous unsuccessful attempts...

Written Answers — Department of Finance: Defence Forces Remuneration (19 Jan 2016)

Michael Noonan: The legislation governing the deductibility of expenses incurred in employment, as set out in section 114 of the Taxes Consolidation Act 1997, provides that, for an expense to qualify as a deduction against income from an office or employment, the expense must be wholly, exclusively and necessarily incurred in the performance of the duties of the office or employment. For ease of...