Results 6,761-6,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget Measures (24 Jun 2015)

Michael Noonan: It was estimated that there would be a small negative carryover into 2015, in the region of €21 million, as a result of Budget 2014 measures.   Tax Head 2015 Carryover €m Income Tax +54 VAT -62 Excise Duties -8 Stamp Duty -5 I should point out that the exact impact of carryovers will be reviewed as part of the normal Budgetary process, as there are a lot of moving...

Written Answers — Department of Finance: Pension Provisions (24 Jun 2015)

Michael Noonan: I introduced changes in Finance (No. 2) Act 2013 to deliver on the commitment I made in Budget 2013 in the supplementary pensions area. The changes involve a reduction from 1 January 2014 in the value of the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold, SFT) from €2.3 million to €2 million and an increase from the current single...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: I understand that the Deputy is referring to the exemptions applicable in respect of Dividend Withholding Tax (DWT). The legislation relating to DWT is contained in Chapter 8A of Part 6 (sections 172A to 172M) and Schedule 2A of the Taxes Consolidation Act, 1997 (TCA 1997). The primary purpose of DWT is to collect tax at source from dividend payments and other distributions made by Irish...

Written Answers — Department of Finance: Financial Services Regulation (24 Jun 2015)

Michael Noonan: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law.  Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the...

Written Answers — Department of Finance: Vehicle Registration (24 Jun 2015)

Michael Noonan: Assuming that a modest year-on-year growth in value, number, and depreciation of vehicles taken out of the State under the Export Repayment Scheme the full year cost of abolishing the fee in 2016 would be €1 million. I would point out that the €500 administration fee assisted with the initial costs of the establishing the Scheme in the first place and now assists with the...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: In relation to spread betting on financial instruments, the Central Bank authorises firms under the Markets in Financial Instruments Directive (MiFID) to provide investment services which can include spread betting services.  The Central Bank has informed me that there are currently no MiFID authorised spread betting firms supervised by the Central Bank. Accordingly,...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the information in respect of stock awards, Approved Profit Sharing Schemes and share options exercised by employees is not captured in such a way as to provide a basis for compiling an estimate of the gain to the Exchequer that would arise from a tax or Pay Related Social Insurance charge outlined by the Deputy.  Accordingly, the...

Written Answers — Department of Finance: Tax Yield (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 121 to 123, inclusive, together. I am informed by the Revenue Commissioners that there are currently four Real Estate Investment Trusts ("REITs") established and operating in Ireland. The function of the REIT framework is not to provide an overall tax exemption, but rather to facilitate collective investment in rental property by removing a double...

Written Answers — Department of Finance: VAT Rate Reductions (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that, as the information furnished on VAT returns does not require the yield from particular activities or sectors of trade to be identified, it is not possible to estimate the VAT yield for the specific activities mentioned by the Deputy in his questions. Accordingly, I am not in a position to provide the projected figures for the reduction of the...

Written Answers — Department of Finance: Capital Allowances (24 Jun 2015)

Michael Noonan: Section 593 of the Taxes Consolidation Act 1997 provides for an exemption from capital gains tax (CGT) in cases where the person disposing of a life assurance policy is the original beneficial owner of the policy. This CGT exemption does not extend to a disposal by a person who is not the beneficial owner of the policy and who acquired the rights or interest in the policy for a consideration...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: It is assumed that the Deputy is referring to the income generated by assets left in trust that is subject to Income Tax at the standard income tax rate. I am informed by the Revenue Commissioners that as income from trusts is aggregated in tax returns with other classes of income and cannot be separately distinguished there is no statistical basis on which an estimate of the yield requested...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that there is no statistical basis to enable them to estimate the cost of broadening the StartUp Refunds for Entrepreneurs scheme to self-employed taxpayers. For that reason an estimate of the cost of the proposal cannot be provided. However, I would point out that the Start Your Own Business initiative is available to self-employed...

Written Answers — Department of Finance: Banking Sector Staff (24 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 131 and 134 together. 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...

Written Answers — Department of Finance: NAMA Debtor Agreements (24 Jun 2015)

Michael Noonan: NAMA has a widely stated policy of openly marketing the sale of all assets by its debtors and insolvency practitioners wherever feasible. In certain circumstances there are impediments to this, primarily legal considerations. NAMA's Guidance Note for Disposal of Real Estate Assets is available on the NAMA website at . Section 4.1.1 of NAMA's Guidance Note for Disposal of Real Estate...

Written Answers — Department of Finance: Departmental Records (24 Jun 2015)

Michael Noonan: My Department has a file management system which records all registered files for the Department of Finance and it provides a similar service to the Department of Public Expenditure and Reform on an administrative arrangement basis. Current and recent files are stored in the Government Buildings complex while the remainder are stored off site.  A detailed guidance manual on file...

Written Answers — Department of Finance: Living Wage (24 Jun 2015)

Michael Noonan: My Department currently has 7 employees who earn less than €11.45 gross per hour. If a minimum wage of €11.45 were introduced, it would present an additional cost of €20,564 gross per annum, based on the gross hours per week of 43.25 hours, to my Department. The salaries paid to employees of the bodies under the aegis of my Department are generally matters...

Written Answers — Department of Finance: Banking Sector (24 Jun 2015)

Michael Noonan: Officials in my Department are currently considering a proposal concerning the introduction of local public banking.  Such a concept may potentially complement Government policy in a range of areas such as improving competition in the banking market, augmenting competition and innovation in the SME finance market and  regional development.   Local Public Banks,...

Written Answers — Department of Finance: Deposit Guarantee Scheme (24 Jun 2015)

Michael Noonan: The Deposit Guarantee Scheme (DGS) provides protection of up to €100,000 per saver per credit institution, including credit unions. The scheme gives confidence to depositors that their money is safe up, to this limit, in the event that a financial institution gets into financial difficulty. Directive 2014/49/EU is a new Directive in relation to the DGS which is...

Written Answers — Department of Finance: Revenue Documents Issuance (24 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that arrangements have been made for a meeting with representatives of the company concerned and their accountants on 1 July 2015 - the earlier proposed date of the 24 June 2015 was not convenient for the accountants. The resolution of the VAT issues and arrangements for payment of any refund due will be discussed at that meeting.

Credit Unions: Motion [Private Members] (23 Jun 2015)

Michael Noonan: I move amendment No. 1:To delete all words after “Dáil Éireann” and substitute the following: “notes that:— the Government has a clear policy to support the strategic growth and development of credit unions in Ireland as set out in the report of the Commission on Credit Unions and recommendations; — the safety of members' savings and the security...