Results 5,701-5,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Reliefs Data (3 Nov 2015)

Michael Noonan: Section 473A of the Taxes Consolidation Act 1997 provides for tax relief at the standard rate of income tax (currently 20%) in respect of qualifying fees chargeable in respect of attendance at approved undergraduate courses. The definition of qualifying fees in this section includes the "student contribution" paid by all students attending third level institutions, including those not subject...

Written Answers — Department of Finance: Vehicle Registration (3 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that section 132(1), Finance Act, 1992 provided for the introduction, from 1 January 1993, of "a duty of excise, to be called vehicle registration tax". Article 110 of the Treaty on the Functioning of the European Union (TFEU) (ex Article 90 TEC) provides that Member States may not impose on the products of other Member States...

Written Answers — Department of Finance: Tax Code (3 Nov 2015)

Michael Noonan: In answering Parliamentary Question No. 242 of 20 October 2015, I noted, in relation to the treatment of ARF's for Irish tax purposes, that subsection (2) of section 784A exempts income and chargeable gains arising in respect of assets held in an ARF from income tax and capital gains tax. In replying to the Deputy's question of 20 October, I also noted that the Irish tax treatment of...

Written Answers — Department of Finance: Tax Code (3 Nov 2015)

Michael Noonan: EU Directive 2011/64/EU ('the Tobacco Products Tax Directive'), which harmonises the structures and definitions of tobacco products across EU Member States, provides that manufacturers and retailers are free to determine the retail selling price of tobacco products and Member States cannot impose minimum prices. The Directive does allow Member States to impose a minimum excise duty...

Written Answers — Department of Finance: Banking Sector (3 Nov 2015)

Michael Noonan: The State holds €1.6 billion of contingent convertible capital notes in AIB which were issued on 26 July 2011. The interest payable on these securities is €160 million per annum. The maturity date of this instrument is 28 July 2016, upon which date it is expected that the full value of the notes will be returned to the State by the bank. As I stated in my Budget 2016 speech the...

Written Answers — Department of Finance: Banking Sector (3 Nov 2015)

Michael Noonan: The State holds €3.5 billion of preference shares in AIB. These were acquired on 13 May 2009. The interest payable on these securities is €280 million per annum. The shares were purchased at a price of €1.00 per share and thus the state owns 3.5 billion shares. The 2009 Preference Shares may be purchased or redeemed at the option of AIB, in whole or in part, at a...

Written Answers — Department of Finance: Banking Sector (3 Nov 2015)

Michael Noonan: The State holds €3.5 billion of preference shares in AIB. These were acquired on 13 May 2009. The interest payable on these securities is €280 million per annum and is payable in cash or ordinary shares in the event of non-payment in cash. AIB issued ordinary shares to the State in lieu of the dividend due on the preference shares in May 2010, May 2011, May 2012, May 2013 and...

Written Answers — Department of Finance: Tax Yield (3 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is now available on the Commissioners' statistics webpage at . In relation to the Deputy's question, information on the revenue from Capital Gains Tax (CGT) from 2003 can be found under the Revenue Net Receipts by Tax Head at . CGT receipts for earlier years can be found in table TR2 in the statistical...

Written Answers — Department of Finance: Pension Provisions (3 Nov 2015)

Michael Noonan: With effect from 2015, the maximum amount that the beneficial owner of an Approved Minimum Retirement Fund (AMRF) can draw down annually, up to the age of 75, is 4% of the value of the fund. The maximum 4% drawdown was introduced by Finance Act 2014 and gives an AMRF owner the discretion to access up to 4% of the assets of the fund on one occasion in each year, instead of the facility to...

Written Answers — Department of Finance: Primary Medical Certificates Eligibility (3 Nov 2015)

Michael Noonan: I am aware that the Ombudsman wrote to the Secretary General of my Department and made comments regarding the eligibility criteria of the Disabled Driver and Disabled Passengers Scheme.  The Ombudsman stated that, in his opinion, the criteria were narrowly focused and prescriptive. The Scheme and qualifying criteria were designed specifically for those with severe...

Written Answers — Department of Finance: Alcohol Sales (3 Nov 2015)

Michael Noonan: The importation of alcohol into the State is subject to tight regulation and it is illegal under excise law to supply alcohol products in Ireland on which the appropriate excise duty has not been paid. This includes alcohol products sold online to Irish consumers. I am informed by the Revenue Commissioner that traders who import alcohol products into Ireland must be authorised by...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (3 Nov 2015)

Michael Noonan: In June 2015 as part of its 'Action Plan on Corporate Taxation', the European Commission announced that it intends to re-launch its Common Consolidated Corporate Tax Base (CCCTB) proposal sometime in 2016. Member States have yet to see the specific details of the re-launched CCCTB proposal, and will not see them until the proposal is published in 2016. On Budget Day, I published an...

Written Answers — Department of Finance: Universal Social Charge Exemptions (3 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the number of income earners that would be additionally exempted from the Universal Social Charge (USC) by increasing the USC threshold from €13,000 to €19,572 is estimated to be in the order of 277,000. These figures are estimates from the Revenue tax forecasting model using latest actual data for 2013, the latest year for...

Written Answers — Department of Finance: Property Tax Exemptions (3 Nov 2015)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that any property that is in use as, or that is suitable for use as, a dwelling house, is liable to the local property tax (LPT). Therefore, the condition of a property is not relevant where the property is actually occupied as a dwelling house. Where a property is not occupied and is in such bad condition that it is...

Written Answers — Department of Finance: Insurance Costs (3 Nov 2015)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  The Central Bank of Ireland, as regulator, is responsible for prudential supervision of insurance companies. It is important to note that the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based...

Written Answers — Department of Finance: Tax Reliefs Eligibility (3 Nov 2015)

Michael Noonan: Legislation governing the deductibility of expenses incurred in employment is contained in section 114 of the Taxes Consolidation Act 1997.  It 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...

Written Answers — Department of Finance: Tax Code (3 Nov 2015)

Michael Noonan: As the Deputy will be aware, the State pension, including an increase for a qualifying adult dependent, is chargeable to income tax. Where an individual is entitled to the State pension and such pension is increased by virtue of that individual having a qualifying adult dependant, it remains one pension for tax purposes. This position was not changed by Finance (No.2) Act 2013 which...

Written Answers — Department of Finance: Tax Rebates (3 Nov 2015)

Michael Noonan: In accordance with Section 865 of the Taxes Consolidation Act 1997, any claim for repayment of tax must be made within four years after the end of the year to which the claim relates. In those circumstances, therefore, it is not possible to review matters for the years concerned.

Written Answers — Department of Finance: Compulsory Purchase Orders (3 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that gains in respect of land acquired by way of compulsory purchase order are chargeable to capital gains tax (CGT) at the rate of 33%. However, as I previously advised, a revised relief for entrepreneurs has been introduced in section 33 of Finance Bill 2015, which was published on 22 October.  The revised relief provides that a reduced rate of...

Written Answers — Department of Finance: Child Care Costs (3 Nov 2015)

Michael Noonan: As the Deputy may be aware, an Inter-Departmental Working Group was established by the Minister for Children and Youth Affairs to identify and assess policies and future options for increasing the quality, accessibility (including supply) and affordability of early years and school-age care and education services. The group published its report in July 2015 and a copy of the report is...