Results 5,801-5,820 of 27,019 for speaker:Michael Noonan

Financial Resolutions 2016 - Budget Statement 2016 (13 Oct 2015)

Michael Noonan: This should help with transport costs across the country. This is an interim measure pending the replacement of the current commercial motor tax regime with a fairer basis for calculating commercial motor tax, which will be based on the gross design vehicle weight of the goods vehicles. Film relief Ireland has a significant opportunity as a location for the production of films and television...

Financial Resolutions 2016 - Budget Statement 2016 (13 Oct 2015)

Michael Noonan: Has the Deputy got a problem?

Financial Resolutions 2016 - Budget Statement 2016 (13 Oct 2015)

Michael Noonan: -----a family with three children with parents working in two public service jobs earning €55,000 and €50,000, respectively, will have an additional €196 per month in their pocket, which is in excess of €2,300 for the family; and a self-employed worker earning €40,000 will see a gain of €1,002 in his or her annual net income due to this budget, which...

Financial Resolutions 2016 - Budget Statement 2016 (13 Oct 2015)

Michael Noonan: This public health measure will take effect from midnight tonight and will bring the price of cigarettes in the most popular price category to €10.50. This measure will raise €61.4 million in a full year and the additional revenue will enable the funding of new initiatives in the health sector to support young families with children. This is the only tax increase in this...

Financial Resolutions 2016 - Budget Statement 2016 (13 Oct 2015)

Michael Noonan: A Cheann Comhairle, 2016, the centenary of the Easter Rising, is an opportunity to reflect on the journey travelled over the past 100 years and to recall the many major social and economic challenges along the way. It is an opportunity to celebrate the achievements and to remember how we overcame the challenges and emerged from each stronger than ever before. The banking, fiscal and...

Written Answers — Department of Finance: Pension Provisions (13 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 41 and 56 together. Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. The Central Bank had briefed industry representatives a number of weeks ago that it was proposing significant increases in those levies in 2015. The proposed increases...

Written Answers — Department of Finance: VAT Rebates (13 Oct 2015)

Michael Noonan: As outlined in my response to Parliamentary Questions No 79 of 30 September 2015, as the item in question was purchased outside the State, a refund of Irish VAT does not arise. Therefore, there is no avenue for the individual concerned to claim a VAT refund from the Revenue Commissioners or equivalent agency. However, the Revenue Commissioners have advised that the individual concerned...

Written Answers — Department of Finance: Property Tax (13 Oct 2015)

Michael Noonan: As the Deputy will be aware, it is standard practice for the Minister for Finance to review all tax charges, expenditures and reliefs in the run up to annual Budgets. It is also a longstanding practice of the Minister for Finance not to comment on any tax matters that may or may not be the subject of Budget decisions. I initiated a review of the operation of the Local...

Written Answers — Department of Finance: Tax Code (13 Oct 2015)

Michael Noonan: Capital and wealth assets can be taxed in a variety of ways, some of which are already in place in Ireland.  Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company on the disposal of an asset (CGT) or the acquisition of an asset through gift or inheritance (CAT). Deposit Interest Retention Tax (DIRT)...

Written Answers — Department of Finance: Credit Unions (13 Oct 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the Act in its entirety in one fell swoop. Following that, an implementation timetable for the 2012 Act was devised in consultation with stakeholders, including credit union...

Written Answers — Department of Finance: Tax Code (13 Oct 2015)

Michael Noonan: Details for each pay level are listed below, comparing the current net income of a single employee to that of an individual on a 30% flat tax rate, replacing income tax, USC amd PRSI. For the purposes of the calculation no tax credits are available against the flat rate tax proposal. In the absence of numbers of individuals that might avail of such a scheme, it is not possible to forecast an...

Written Answers — Department of Finance: Tax Clearance Certificates (13 Oct 2015)

Michael Noonan: I am advised by Revenue that following compliance with the necessary requirements by the person concerned on 2 October 2015, the Tax Clearance Certificate was issued on 7 October 2015 and was available to view online since that date. If the person in question has any further questions, he should contact Revenue's South West Region on 1890 368 378.

Written Answers — Department of Finance: Consumer Protection (13 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 48 and 49 together. It is not my practice to comment on the regulatory status of individual firms. However, the Deputy will no doubt be aware that borrowers whose loans are sold are now protected by the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 which was enacted on 8 July this year. The purpose of the Act is to ensure that...

Written Answers — Department of Finance: Tax Code (13 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the writing-down of debt in respect of persons who are insolvent does not constitute a disposal of an asset for capital gains tax purposes and does not, therefore, give rise to a capital gains tax charge. Section 552 of the Taxes Consolidation Act 1997 sets out the rules for determining the allowable base cost of an asset for the purposes of...

Written Answers — Department of Finance: Tax Yield (13 Oct 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the yield to the Exchequer of replacing the current income tax structure (including the Universal Social Charge) with a flat rate of 23% on all incomes is estimated to be in the order of €672 million in a full year. This estimate is based on the removal of all income tax credits including the PAYE, Personal and Homecarers credits. The...

Written Answers — Department of Finance: Property Tax (13 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 52 and 53 together. I am advised by Revenue that the rules for determining a liable person in respect of Local Property Tax (LPT) are set out in the Finance (Local Property Tax) Act 2012 (as amended). Section 11 of the Act defines the 'liable person', as the person who is entitled to the immediate possession of the property on the 'liability date'. The...

Written Answers — Department of Finance: Tax Code (13 Oct 2015)

Michael Noonan: As the Deputy is aware, the administration of tax system is under the care and management of the Revenue Commissioners.  I am advised by Revenue that it adopts a risk-based approach to the deployment of resources in supporting and enforcing, through a range of compliance interventions, a strong compliance culture across all business sectors including...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (13 Oct 2015)

Michael Noonan: The Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2016.  The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. This scheme is not a VAT refund. Qualifying expenditure is that...

Written Answers — Department of Finance: Central Bank of Ireland (13 Oct 2015)

Michael Noonan: I am informed by the Central Bank that it is precluded from commenting on matters arising in respect of individual firms.  I am also informed that, in general, the application process for persons seeking authorisation as an insurance, investment or mortgage intermediary includes a robust assessment of the applicant and any persons proposed to hold a pre-approved control function...

Written Answers — Department of Finance: Banking Sector Regulation (13 Oct 2015)

Michael Noonan: The Deputy will be aware that in my role as Minister for Finance I have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time. These are taken by the board and management of the relevant institution. This includes...