Results 14,301-14,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Credits (24 Oct 2013)

Michael Noonan: The position is that 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: Credit Unions (24 Oct 2013)

Michael Noonan: As Minister for Finance I have no role in the Court process relating to Maynooth Credit Union and I do not propose to comment as the matter is still currently before the Courts.

Written Answers — Department of Finance: Tax Credits (24 Oct 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: Alcohol Sales (24 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the way in which Alcohol Products Tax and VAT are collected does not differentiate between off-licence and other sales.

Written Answers — Department of Finance: VAT Rate Application (24 Oct 2013)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Sports related coaching, such as swimming lessons are generally chargeable to VAT at the standard rate, currently 23%, in accordance with section 46(1)(a) of the Value Added Tax Consolidation Act 2010, as amended, and is in compliance with Article 96 of the EU VAT Directive...

Written Answers — Department of Finance: Tax Code (24 Oct 2013)

Michael Noonan: I have no plans to put in place a Deposit Interest Retention Tax (DIRT) free limit on savings. Such a measure could be difficult to administer in the event of individuals opening a number of accounts to keep the interest payment on individual accounts below a certain level. This happened prior to the introduction of DIRT to avoid the provision that interest payments above a threshold were...

Written Answers — Department of Finance: Tax Code (24 Oct 2013)

Michael Noonan: As I announced in Budget 2014, the rate of Deposit Interest Retention Tax (DIRT), and the rates of exit tax that apply to payments from life assurance policies and investment funds, are being increased and will now be 41% whether payments are made annually or more frequently (previously 33%) or are made less frequently than annually (previously 36%). The increased rates will apply to...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (24 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 66, 69 and 80 together. The Special Liquidators have given significant consideration to and have sought independent advice from PWC in relation to how the residential mortgage portfolio and other loans in IBRC are to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be split into...

Written Answers — Department of Finance: Tax Code (24 Oct 2013)

Michael Noonan: In the November 2012 Medium Term Fiscal Statement, the Department of Finance published a paper on the importance of small business to the Irish economy. This paper highlighted that small and medium sized businesses make up over 99% of businesses in Ireland and account for almost 70% of people employed. Despite Ireland's reputation as one of the world's most globalised economies, 64% of...

Written Answers — Department of Finance: Property Taxation Collection (24 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 68, 73, and 98 to 100, inclusive, together. I am advised by the Revenue Commissioners that yield and compliance data for the Local Property Tax (LPT) for 2013 are compiled on the basis of the number of properties and is available broken down by city and county councils nationally. The most up to date figures, which are published on the Revenue...

Written Answers — Department of Finance: Tax Residency Issues (24 Oct 2013)

Michael Noonan: Information on Irish residents who derive income from sources outside the State is received on a regular basis under the provisions of the exchange of information article in our double taxation treaties and, in the case of EU Member States, information can also be received under the provisions of Council Directive 2011/16/EU on administrative assistance in the field of taxation. The taxes...

Written Answers — Department of Finance: Tax Reliefs Abolition (24 Oct 2013)

Michael Noonan: The Government's decision to abolish top slicing relief will only apply in respect of ex-gratia termination lump sum payments made on or after 1 January 2014. Recipients of payments made prior to that date will continue to be entitled to claim the relief. Based on the information provided, it is not possible to estimate the tax liability due in respect of the redundancy package for the...

Written Answers — Department of Finance: Credit Unions Regulation (24 Oct 2013)

Michael Noonan: Following on from a meeting with Newbridge Credit Union Action Group on 19 September, it was agreed that on receipt of an alternative proposal from the Action Group, it would be communicated to the Central Bank with a view to examination of the proposal and a meeting being arranged between the Central Bank and the Action Group. The Action Group recently submitted a document entitled...

Written Answers — Department of Finance: Universal Social Charge Yield (24 Oct 2013)

Michael Noonan: The data requested by the Deputy are listed in the table. It is important to take into account that the figures displayed for 2011 and 2012 in the table below are based on end-year outturns and are on a Revenue Net Receipt basis. These can differ slightly from Exchequer Receipts for reasons of accounting and timing. The estimate for 2013 USC receipts is provisional pending the outcome of the...

Written Answers — Department of Finance: Tax Reliefs Cost (24 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia from 2007 to 2012 and the estimated costs for 2013 are set out in column two of the table below. The figures in column two do not include further costs to the Exchequer of age-related tax relief at source, which was...

Written Answers — Department of Finance: Tax Yield (24 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue generated by the Exchequer in each of the past five years through taxes and duties on alcohol and tobacco is as follows: - Alcohol Products Tax VAT (Estimated) - €m €m 2009 968.0 1,075 2010 826.4 1,010 2011 829.5 1,014 2012 846.1 1,097 2013 (Jan-Sep) 667.8 835 - Tobacco Products Tax VAT...

Written Answers — Department of Finance: Property Taxation Yield (24 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 77 and 78 together. My colleague may be aware that the estimated outturn for 2013 and the forecast yield for 2014 for all major tax heads were published in Budget 2014 and can be found in Table 8 on page C.15 of the Budget booklet (Local Property Tax is listed as “Local Taxes” in the table). For convenience, the table is replicated as follows....

Written Answers — Department of Finance: Tax Credits (24 Oct 2013)

Michael Noonan: The position is that 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 Reliefs Application (24 Oct 2013)

Michael Noonan: 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 that I was in a position to make these significant commitments...

Written Answers — Department of Finance: Pensions Levy Issues (24 Oct 2013)

Michael Noonan: I announced in my Budget speech last week that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I will however, introduce an additional levy on pension funds at 0.15%. I am doing this to continue to help fund the Jobs Initiative, including the continuation of the reduced 9% VAT rate detailed below and to make provision...