Results 5,821-5,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (13 Oct 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) was incorporated in September 2014 and its goal is to ensure access to flexible and lower cost funding for Irish SMEs.  The SBCI launched its first product programme on the 19th February 2015, and lending to SMEs commenced on the 9th March 2015 through both Bank of Ireland and Allied Irish Bank Plc.  An initial sum of €400m...

Written Answers — Department of Finance: Debt Collection (13 Oct 2015)

Michael Noonan: I am advised by Revenue that Sheriffs are officers of the Court, holding office under Section 12 of the Court Officers Act 1945. Their debt collection activities are generally covered by the 1926 Enforcement of Court Orders Act and they are governed by the general law which applies to the collection of civil debts. For this reason they are answerable before the Courts rather than directly to...

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

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply.  Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23%. Parts or accessories and training are also liable to VAT at the standard rate. There is no provision in the EU VAT Directive that would make it possible to...

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

Michael Noonan: From 1969 to 2014, the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provided for the repayment of excise duty on fuel used in the transport of vehicles used by beneficiaries of the Scheme. Following a judgement of the CJEU of April 2013 the repayment of excise element of the Scheme was found to be incompatible with the Energy Tax Directive. Following...

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

Michael Noonan: I propose to take Questions Nos. 63 to 65, inclusive, together. I am informed by the Revenue Commissioners that based on 2013 returns, the latest year for which data is available, the estimated cost of the scheme was €12.5 million. It is not possible to provide the details requested by approved college and approved course as that material is not collated. I am also...

Written Answers — Department of Finance: Personal Insolvency Practitioners (13 Oct 2015)

Michael Noonan: I have been advised by the Revenue Commissioners that a Personal Insolvency Practitioner (PIP) will be involved in the Debt Settlement Arrangements and Personal Insolvency Arrangements as provided for in the Personal Insolvency Act 2012. The fees charged by a PIP in connection these services are liable to VAT at the standard rate, currently 23% (section 46 Value-Added Tax Consolidation Act...

Written Answers — Department of Finance: Foreign Earnings Deduction (13 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a person in the circumstances outlined by the Deputy could potentially benefit from the Foreign Earnings Deduction Scheme, as provided for in section 823A of the Taxes Consolidation Act 1997, provided all relevant conditions are met.

Written Answers — Department of Finance: Small and Medium Enterprises Debt (13 Oct 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) launched its first product programme on the 19th February 2015 and lending commenced on the 9th March 2015 through two On-Lending Partners, Bank of Ireland and Allied Irish Bank Plc.  An initial sum of €400m has been allocated between Bank of Ireland and AIB for lending to SMEs. The SBCI provides the same low cost pricing of...

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

Michael Noonan: Regulation 12 of the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (S.I. 353 of 1994) provides that a qualifying organisation may, under the conditions contained therein, receive remission or repayment of Vehicle Registration Tax (VRT) and VAT. Regulation (2)(1) of S.I. 353 of 1994 provides that a qualifying organisation means a philanthropic...

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

Michael Noonan: I propose to take Questions Nos. 70 to 72, inclusive, together. I am informed by the Revenue Commissioners that a Pre-Budget 2016 Ready Reckoner is available on the Revenue Statistics webpage at . This Ready Reckoner shows a wide range of information including the number and percentage of income earners who pay tax at the lower and higher income tax rates as well as those who are exempt....

Written Answers — Department of Finance: Fuel Laundering (8 Oct 2015)

Michael Noonan: Diesel that is used in agricultural tractors and for certain other specified purposes is subject to a lower rate of excise duty and must contain prescribed markers, including a dye that gives it a green colouration, to distinguish it from diesel that may be used in motor vehicles. Garages and service stations may sell marked diesel provided that they are licensed to do so, in accordance with...

Written Answers — Department of Finance: Pension Provisions (8 Oct 2015)

Michael Noonan: Finance Act 2014 introduced changes to allow owners of approved minimum retirement funds (AMRFs) to draw-down up to 4% of the assets of such funds on one occasion in each year instead of the facility to draw-down the accrued income and gains of such funds, as had applied prior to the changes. I should explain by way of background, that under the flexible options at retirement...

Written Answers — Department of Finance: Credit Unions Regulation (8 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 57 to 59, inclusive, together. The Credit Union and Co-operation with Overseas Regulators Act 2012 (2012 Act) was signed into law by the President of Ireland on 19 December 2012. Following enactment, different parts of the 2012 Act have been commenced in tranches at different times. This approach was taken as the Department is cognisant of...

Written Answers — Department of Finance: Tax Rebates (8 Oct 2015)

Michael Noonan: I have been advised by the Revenue Commissioners that they do not have sufficient information to establish if the person concerned is entitled to a repayment of tax. Revenue has written to the person concerned and on receipt of a response they will be in a position to determine if a refund of tax is due.

Written Answers — Department of Finance: Pensions Levy (8 Oct 2015)

Michael Noonan: The yield from the stamp duty levies introduced in 2011 to fund the Jobs Initiative amounts in total to €2,383 million to end- September 2015. The equivalent of the funds raised from the levies has been used to fund the various tax reductions and expenditure measures introduced by the Jobs Initiative which has been successful in helping to maintain and create employment. The...

Written Answers — Department of Finance: Universal Social Charge Application (8 Oct 2015)

Michael Noonan: Since coming into government, I have made several significant changes to the Universal Social Charge which have increased its fairness.  As a result of a Review of USC by my Department, the Government decided in Budget 2012 to increase the entry point to the Universal Social Charge from €4,004 to €10,036 per annum.  This removed an estimated 330,000 individuals...

Written Answers — Department of Finance: NAMA Expenditure (8 Oct 2015)

Michael Noonan: I am advised by NAMA that it has incurred approximately €100m in funding costs to its debtors and receivers in remediating building defects in houses and apartments securing its loans, such as non-compliance with regulatory standards, particularly fire safety standards.  The scale of non-compliance encountered by NAMA is evident from the fact that it has had to advance...

Written Answers — Department of Finance: Tax Code (8 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.

Written Answers — Department of Finance: NAMA Staff Data (8 Oct 2015)

Michael Noonan: I am advised by NAMA that the annualised payroll cost savings for those accepted on the NAMA voluntary redundancy scheme to date will be some €5.3m approximately. These costs include base salary, employer PRSI costs and employer pension costs and are based on 50 acceptances (1 NAMA Officer offered voluntary redundancy has resigned since my last update). The projected redundancy costs...

Corporate Tax Policy: Motion (Resumed) [Private Members] (7 Oct 2015)

Michael Noonan: I thank all Deputies who contributed to the debate on this important subject. We heard a wide range of perspectives and I believe this diversity of views enriches the debate. I cannot address all the points made by Deputies in the time available but I am keen to respond to some specific points made. Deputy McGrath discussed Ireland's corporation tax take as a percentage of GDP and as a...