Results 6,701-6,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Rebates (30 Jun 2015)

Michael Noonan: I would refer the Deputy to my written response on 26 May to his previous question on this matter. That position is unchanged.

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: There is no official data on the total sales revenue of sugar-sweetened drinks in Ireland. However, using data from industry sources gives a yield of €49 million for a rate of 5% on the final sales price of carbonated drinks (diet and non-diet), concentrates, & sports and energy drinks. The Deputy may be aware that an examination of a tax on sugar...

Written Answers — Department of Finance: Property Tax (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that at present Local Property Tax (LPT) is not a deductible expense for income tax or corporation tax purposes. The Thornhill Group, the inter-departmental group, chaired by Dr Don Thornhill, set up to consider the design of a property tax (the "Thornhill Group") recommended that the LPT paid in respect of a rented property should be deductible for...

Written Answers — Department of Finance: Social Insurance (30 Jun 2015)

Michael Noonan: Entitlement to social welfare benefits is primarily a matter for the Minister for Social Protection, who has advised me that self-employed workers pay class S PRSI at the rate of 4% on all of their income, including unearned income such as rental income. PRSI class S contributors can establish entitlement to maternity benefit, adoptive benefit, guardian's payment and long-term benefits such...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I have said in response to a number of other recent Parliamentary Questions on this matter that I recognise that recent growth in property values has implications for the liabilities that can arise from capital acquisitions tax. For this reason, I am reviewing the various aspects of this tax, including the lifetime tax-free thresholds, in the context of my preparations for Budget 2016 and...

Written Answers — Department of Finance: Mortgage Interest Rates (30 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 246 and 266 together. As the Deputy will be aware, I met with senior management of Ireland's six main mortgage lenders, including Permanent TSB, on 19th and 21st May to discuss the issue of mortgage interest rates. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged...

Written Answers — Department of Finance: Tax Collection Forecasts (30 Jun 2015)

Michael Noonan: The new bands which would arise from a global 30% increase in rates of VRT are outlined as follows: Band Current Rate Proposed Rate A1 14% 18.2% A2 15% 19.5% A3 16% 20.8% A4 17% 22.1% A5 18% 23.4% A6 19% 24.7% A7 23% 29.9% A8 27% 35.1% A9 30% 39.0% A10 34% 44.2% A11 36% 46.8% The following table outline the increase in revenue that would arise from introducing the new...

Written Answers — Department of Finance: Tax Collection Forecasts (30 Jun 2015)

Michael Noonan: I assume that the Deputy is referring to the restriction on the use of certain tax reliefs and exemptions by high income individuals. I am informed by the Revenue Commissioners that data to provide a definitive estimate of the yield from the measures outlined by the Deputy are not readily available. However, based on personal income tax returns filed for the year 2013, the latest year for...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: There are no specific exemptions relating to horses and/or horse breeding. Horse breeding is considered to be a trading activity for tax purposes and accordingly, profits from horse breeding are assessable to tax under Case I of Schedule D.  Stallion stud fees were previously exempt from tax although all other profits from horse-breeding, such as the sale of yearlings, were always...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million in 2010 and further reduced in Budget 2014 and Finance (No...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am assuming that the Deputy's Question is in relation to stamp duty on residential property, which is currently 1% on the first €1 million and 2% on the excess.  I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from extending the 2% rate to residential property in excess of €500,000 would be €21 million.

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the Value Added Tax (Refund of Tax) (No. 16) Order, 1983 provides for the repayment of VAT borne or paid by an unregistered fisherman on marked gas oil, marked kerosene and fuel oil used for combustion in the engine of a registered sea-fishing vessel as defined in the Order in the course of a sea-fishing business.  In addition, there is...

Written Answers — Department of Finance: NAMA Legal Fees (30 Jun 2015)

Michael Noonan: I am advised by NAMA that it has incurred total legal costs of €132,000 since the case commenced.  As the Office of the Commissioner for Environmental Information is not a body under the aegis of the Department of Finance, details of their legal costs are not available to me.

Written Answers — Department of Finance: Pensions Levy (30 Jun 2015)

Michael Noonan: The original 0.6% stamp duty levy on pension fund assets ended last year. The additional levy of 0.15% which I introduced for 2014 and 2015, mainly to help continue to fund Jobs Initiative, will also end after this year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide range of measures introduced in the Jobs...

Written Answers — Department of Finance: Social Insurance (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is no record of a request from the person concerned for confirmation of information on the lines set out. A direct request for such confirmation was received by Revenue from the Department of Social Protection on 19 June last. Revenue has advised that it confirmed that the required minimum payments for PRSI have been made and that the...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that Capital Gains Tax (CGT) is charged in respect of a gain arising on a disposal of land compulsorily acquired for new road construction. The gain is treated as arising in the year in which the compensation is paid. The first €1,270 of such a gain is exempt from CGT where a disposal is made by an individual and that individual did not have...

Written Answers — Department of Finance: Tax Rebates (30 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that based on the information available to them for the person concerned, no refund of tax is due for the years up to and including 2014.  Revenue has written to the person concerned as regards 2015 requesting certain information so that it can be determined if a refund is due for this year.

Written Answers — Department of Finance: Banking Sector Staff (30 Jun 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: My officials examine regularly all tax reliefs and incentives as part of the annual Budget and Finance Bill planning process, and consider possible changes. Any decisions taken by the Government in this regard are usually announced on Budget Day. I have no plans to introduce an incentive along the lines suggested by the Deputy. As you will appreciate, I receive numerous...

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (30 Jun 2015)

Michael Noonan: While the Companies Registration Office (CRO) records appointments of receivers, liquidators and examiners, I have been informed by the Department of Jobs, Enterprise and Innovation that the CRO does not hold data in a format which would allow the extraction of the information sought. In relation to appointments to regulated financial service providers, I have been given...