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

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: The 2016 Tax Strategy papers estimated potential yields from a tax on sugar sweetened drinks based on a total soft drink sales in Ireland of 685.4 million litres per annum.  The TSG papers estimated that the tax would apply to 60% of these sales.  My Department has been informed by the soft drinks industry that due to the continual reformulation of products by that industry the...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: It is assumed for the purposes of these estimates that the existing standard rate band structure and 20% and 40% income tax rates would remain for income up to €100,000, with the rates proposed by the Deputy to apply on income in excess of that amount. I am advised by Revenue that major issues would need to be resolved as to how, in practice, such new Income Tax rates could be...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at http://www.revenue.ie/en/about/statistics/index.html .  This Ready Reckoner shows a wide range of detailed information, including changes to the CAT rates (pages 15-16). While the Ready Reckoner does not show all of the specific costings requested by the Deputy, others can be...

Written Answers — Department of Finance: Water Charges (28 Mar 2017)

Michael Noonan: If the current suspension of water charges was maintained to 1 January 2018, there would be no revenue from the charges in 2017.  The Department for Housing, Planning, Community and Local Government recently informed my Department that €59m of charges were collected in 2016.  Therefore, the impact on fiscal space would be a decrease of €59m in 2017.

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I am advised by the Revenue Commissioners that based on provisional 2016 data, the yield to the Exchequer arising from the abolition of tax relief for private health insurance premiums is tentatively estimated to be in the order of €330 million. The estimated yield to the Exchequer from reducing the current rate of tax relief from 20% to 5%, 10%, 12%, 15%, 18% and 19%, assuming...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 118 and 119 together. In relation to Question 14884/17, the estimated yield from increasing rate of commercial Stamp Duty from current 2% to 2.5%, 3%, 3.5% and 4% is estimated at approximately €54 million, €108 million, €162 million and €215 million respectively. In relation to the second question concerning proposed increases to...

Written Answers — Department of Finance: Tax Yield (28 Mar 2017)

Michael Noonan: In order to estimate the potential revenue from a wealth tax, it is necessary to identify the wealth held by individuals. As there is currently no such wealth tax in operation in Ireland, the Department understands that the Revenue Commissioners have no basis or requirement to compile the data needed to produce estimates in relation to a potential wealth tax. Although an individual's assets...

Written Answers — Department of Finance: Universal Social Charge Abolition (28 Mar 2017)

Michael Noonan: The most recent economic and fiscal forecasts were prepared by my Department as part of Budget 2017.  On that basis, the Universal Social Charge (USC) is projected to raise approximately €3.7 billion this year in Exchequer receipts terms. These revenues are expected to increase over the forecast horizon as employment and wages are projected to continue to...

Written Answers — Department of Finance: Universal Social Charge Exemptions (28 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 122 and 123 together. I am advised by Revenue that the first and full year costs to the Exchequer of exempting all income earners who earn at or below €19,572 from the Universal Social Charge (USC) are estimated to be €53 million and €62 million respectively. For the purposes of this costing it has been assumed that the current USC...

Written Answers — Department of Finance: Exchequer Savings (28 Mar 2017)

Michael Noonan: As I outlined in my response to the Deputy's question on 21 February 2017, my Department and the Central Bank published a joint public consultation paper in 2015 on a proposed move from the current 50 per cent funding model for financial regulation to a full funding model. Following that consultation, I approved a phased move towards 100 per cent industry funding of the...

Written Answers — Department of Finance: Insurance Industry (28 Mar 2017)

Michael Noonan: I am unable at this time to provide the Deputy with an exact timeframe as to when payments will be made to persons as a result of the liquidation of Setanta. Setanta was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. Setanta is a Maltese incorporated company and therefore, the Setanta liquidation is being carried out under Maltese law....

Written Answers — Department of Finance: VAT Rate Application (28 Mar 2017)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the Directive that permits a lower rate to be applied. While Ireland applies reduced and zero rates of VAT to a select range of goods and services under Article...

Written Answers — Department of Finance: Tax Reliefs Application (28 Mar 2017)

Michael Noonan: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 of the Taxes Consolidation Act 1997. The provision dictates 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...

Written Answers — Department of Finance: Job Creation Targets (28 Mar 2017)

Michael Noonan: My Department's most recent macroeconomic forecasts were published with Budget 2017 in October last year. The following table sets out the total employment projections from these forecasts. My Department does not produce regional macroeconomic forecasts. Overall, it is forecast that approximately 190,000 net additional jobs will be created over the five year period from 2016 to 2021....

Written Answers — Department of Finance: Protected Disclosures Data (28 Mar 2017)

Michael Noonan: I can advise the Deputy that my Department promotes a culture where members of staff are encouraged and supported in 'speaking up' on any issue that may impact adversely on the Department's ability to properly and fully carry out all its roles and responsibilities. The Department's Protected Disclosures Policy and Procedures document of May 2015 was recently reviewed and updated...

Written Answers — Department of Finance: NAMA Portfolio (28 Mar 2017)

Michael Noonan: The Deputy will be aware that NAMA does not own property.  NAMA acquired loans and its role is, like a bank, that of a secured lender. NAMA holds security over properties that are owned by its debtors or, in the case of enforcement, which are managed on behalf of those debtors by duly appointed insolvency practitioners. As a result, where properties which secure NAMA loans are...

Written Answers — Department of Finance: Tax Code (28 Mar 2017)

Michael Noonan: I assume that the Question is referring to the potential for tax reform under the new US administration.  While a number of proposals are being openly discussed in the context of the debate on US tax reform, the new US administration has yet to set-out its own proposals, though it is clear that tax reform is a priority. The implications for Ireland and other...

Written Answers — Department of Finance: Insurance Costs (28 Mar 2017)

Michael Noonan: I wish to advise the Deputy that my Department operates under State Indemnity, a self-insurance model whereby the State bears the financial risk associated with the cost of claims. The National Treasury Management Agency (NTMA) is designated as the State Claims Agency (SCA) when performing the claims and risk management functions delegated to it under the National Treasury Management...

Written Answers — Department of Finance: Tracker Mortgages (28 Mar 2017)

Michael Noonan: The Deputy may wish to note that the Central Bank of Ireland published a further update report on the Examination of Tracker Mortgage Related Issues on 23 March 2017 and that this is available on its website at: . The report is the latest in a series of status updates since the Examination commenced and sets out the progress being made by lenders in completing...

Written Answers — Department of Finance: Insurance Coverage (28 Mar 2017)

Michael Noonan: The Deputy's  question seems to refer to the issue of whether the State should make it a requirement for drone users to have insurance cover before drones can be used, because of the risk of third party damage. In this regard, it should be noted that insurance for activities is not generally a compulsory  requirement, with the obvious exception of...