Results 14,201-14,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Deferrals (6 Nov 2013)

Michael Noonan: I am informed by Revenue that a key aspect of the work it has undertaken in connection with the administration of Local Property Tax (LPT) has been the development of a register of residential properties in the State. The development of the Property Register required Revenue to extract and consolidate data from multiple Government and non-Government sources. In the case of jointly assessed...

Written Answers — Department of Finance: State Banking Sector (6 Nov 2013)

Michael Noonan: The Special Liquidators have confirmed that the residential mortgage customers of IBRC Limited (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law. I am advised that the contractual terms and conditions of customer mortgages and other borrowings will not change as a result of the...

Written Answers — Department of Finance: Tax Reliefs Abolition (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 133 and 147 together. Circular letter S.3/2007 of 22 January 2007 sets out the payments made to local authority councillors on retirement. Section 4 of the Finance (No. 2) Bill 2013 provides for the cessation of Top Slicing Relief in respect of any payments chargeable to tax under section 123 of the Taxes Consolidation Act 1997, which are made on or...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: For the purpose of this reply, it is assumed that the Deputy is referring to entitlement to the PAYE tax credit. On that basis, the position is that the PAYE allowance, as it was then, was introduced in 1980 to improve the tax progression of PAYE taxpayers and to take account of the fact that the self-employed generally then had the advantage of paying tax on a preceding year basis. The...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 135 and 137 together. The CGT entrepreneurial relief provided for by Finance (No 2) Bill 2013 will apply to active entrepreneurs who invest in new businesses, engaged in relevant trading activities (as defined), carried on by them personally or through qualifying companies controlled by them in which they are full-time working directors. The relief is...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: The Employment and Investment Incentive (EII) is a tax incentive which provides income tax relief for investment in certain corporate trades. Relief is initially available to an individual at 30%, with a further 11% tax relief available where it has been proven that employment levels have increased at the company at the end of the holding period. The EII commenced on 25 November 2011....

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: According to the UK Revenue website, the UK Enterprise Investment Scheme (EIS) provides 30% relief for investment in qualifying companies where shares are held for a minimum of three years. The Employment and Investment Incentive (EII) is broadly similar to the EIS. However, the level of tax relief available is more generous than the UK scheme. The EII provides tax relief of 30% on...

Written Answers — Department of Finance: NAMA Portfolio Issues (5 Nov 2013)

Michael Noonan: As the Deputy may be aware, NAMA does not own or manage properties. NAMA's role is that of a secured lender and it is subject to similar legal requirements as other lenders that preclude it from disclosing details relating to properties owned by its debtors. NAMA does, however, publish a list of Receiver-controlled properties; this is available on its website, www.nama.ie, and is searchable...

Written Answers — Department of Finance: Tax Credits (5 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing One-Parent Family Tax Credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new...

Written Answers — Department of Finance: VAT Exemptions (5 Nov 2013)

Michael Noonan: The supply of water by local authorities is currently exempt from VAT. This VAT exemption will continue to apply to supplies of water made by Irish Water from 1 January 2014. In this context, there will be no additional VAT burden on water charges to small businesses by Irish Water.

Written Answers — Department of Finance: Cycle to Work Scheme Numbers (5 Nov 2013)

Michael Noonan: The cycle to work scheme came into operation on 1 January 2009. With a view to keeping the scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. Accordingly, the Revenue Commissioners do not have statistics on the uptake of the scheme. The scheme operates on a self-administration basis, and relief is automatically...

Written Answers — Department of Finance: Property Taxation Collection (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 143, 202, 214 to 216, inclusive, 229, 232, 239 and 252 together. I am advised by the Revenue Commissioners that they recently wrote to over 960,000 property owners who paid their 2013 LPT by lump sum (i.e. by debit/credit card, cash, cheque/postal order or single debit authority) or by way of regular cash payments. In the letter, the Commissioners asked...

Written Answers — Department of Finance: Tax Exemptions (5 Nov 2013)

Michael Noonan: I have no plans to amend VRT for those living on border areas. It is an offence, under Section 139 of the Finance Act, 1992 to be in possession of an unregistered vehicle in the State unless the person found in possession of it is a person whose normal residence is outside the State or the vehicle is the subject of an exemption. A person who is not an authorised person who brings a...

Written Answers — Department of Finance: NAMA Operations (5 Nov 2013)

Michael Noonan: I would remind the Deputy that, as Minister for Finance, I have no role in relation to individual transactions, including those relating to the sale of property, approved by NAMA in line with its statutory commercial mandate. In managing its commercial mandate, NAMA must make a professional assessment, for each of thousands of transactions, as to whether any particular proposed transaction...

Written Answers — Department of Finance: Tax Credits (5 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing One-Parent Family Tax Credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new...

Written Answers — Department of Finance: Tax Credits (5 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing One-Parent Family Tax Credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new...

Written Answers — Department of Finance: Tax Credits (5 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that based on the most up to date information available, it is estimated that the expected yield from replacing the One-Parent Family Tax Credit with the Single Person Child Carer Tax Credit from 1 January 2014 will be €18 million in 2014 and €25 million in a full year.

Written Answers — Department of Finance: Tax Credits (5 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing One-Parent Family Tax Credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new...

Written Answers — Department of Finance: Fiscal Policy (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 151 and 152 together. At the outset it must be stressed that decomposing the fiscal deficit into its cyclical and structural elements is based on complex statistical techniques. As these techniques involve the estimation of unobserved phenomena they can be prone to large revisions. Whilst the estimates below provide an intuitive picture, the standard 'one...

Written Answers — Department of Finance: Pensions Levy Issues (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 153, 154 and 173 together. In Budget 2013, I made a number of commitments in relation to the tax provisions affecting supplementary pension provision. I said that tax relief on pension contributions would continue at the marginal rate of tax. In addition, I gave an undertaking that the 0.6% pension fund levy would not be renewed after 2014. I considered...