Results 14,481-14,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, based on the expected outturn in 2014, from increasing the CGT tax rate from 33% to 35% could be in the region of €28 million. This figure includes corporate gains. However, this estimate assumes no behavioural changes on the part of taxpayers, and increases in rates may have a significant behavioural...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that, on the basis of Domicile Levy returns filed for 2011, the latest year available, the full year yield on a straightforward arithmetic basis of an increase in the levy from €200,000 to €300,000 could be in the region of €1.5 million. I am also informed that, based on claims for the Income Tax credit in excess of...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that, as information on the value of capital gains arising from the disposal of principal private residences is not required in capital gains tax returns, there is no dedicated basis for separately identifying the yield that would arise from the removal of the principal private residence exemption from capital gains tax for all house sales above...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 152 and 153 together. I am informed by the Revenue Commissioners that on the basis of 2012 data, the latest available, the estimated full year yield from reducing Agricultural Relief from Capital Acquisitions Tax (CAT) from 90% to 80%, would be in the region of €8 million; the estimated yield from reducing the relief from 90% to 75% would be in the...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling an estimate of the gain to the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available.

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: The 0.6% levy on pension fund assets was introduced in 2011 for a period of 4 years in order to pay for the Jobs Initiative introduced by the Government in that year. The levy will therefore apply for a further year in 2014 for that purpose. On its introduction, the projected yield from the levy was estimated at €470 million in each of the 4 years. The actual yield can vary from year...

Written Answers — Department of Finance: Additional Voluntary Contributions (8 Oct 2013)

Michael Noonan: Finance Act 2013 provided members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they could opt to draw down, on a once off basis, up to 30% of the accumulated value of additional voluntary contributions (AVCs). Administrators of AVC funds (including PRSA administrators) are required to provide, within 15 working days of the end of...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 157 to 159, inclusive, and 166 to 168, inclusive, together I am informed by the Revenue Commissioners that the total yield of domestic VAT revenue attributed to the construction industry as a whole in 2011, which is the latest year for which the necessary detailed data is available, is estimated to be of the order of €92 million. It should be noted...

Written Answers — Department of Finance: Tax Collection (8 Oct 2013)

Michael Noonan: It is not possible to calculate an average benefit that would take account of all of the variables that apply in every case. However, I can put forward a specific example for the information of the Deputy. The calculations presented are based on a single individual who takes up employment at the average annual salary in the construction sector, i.e. €40,459 for 2013, based on the...

Written Answers — Department of Finance: Universal Social Charge Application (8 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 161 and 162 together. As I have stated previously in my reply to Parliamentary Question 53 (ref number 13227/13) of 5 March 2013, the Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit....

Written Answers — Department of Finance: VAT Payments (8 Oct 2013)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to furnish figures of the VAT take from the goods and services specified, as the information furnished on VAT returns does not require the yield from particular sectors of trade to be identified.

Written Answers — Department of Finance: Pension Entitlements (8 Oct 2013)

Michael Noonan: As the Deputy will appreciate the pension arrangements for staff and former staff of Permanent TSB are a matter for the management of that company and for the Trustees of the relevant pension schemes. The Deputy will be aware that Permanent TSB has chosen to cease contributions to its Defined Benefit pension schemes as part of measures to achieve 6-10% savings on remuneration costs. I have...

Written Answers — Department of Finance: Tax Yield (8 Oct 2013)

Michael Noonan: I assume the Deputy is referring to the windfall gains provisions in sections 644AB and 649B Taxes Consolidation Act 1997, introduced by section 240 National Asset Management Agency Act 2009 and amended by section 25 Finance Act 2010, which apply an 80% rate of tax to the profits or gains from land disposals where those profits or gains are attributable to a relevant planning decision by a...

Written Answers — Department of Finance: Pensions Levy Issues (8 Oct 2013)

Michael Noonan: The Jobs Initiative announced in 2011 included a range of revenue and expenditure measures to support the protection of existing jobs and the creation of new ones. The key measures, as announced, are set out in the following table. - 2011 (€m) 2012 (€m) 2013 (€m) 2014 (€m) Total Revenue Air Travel Tax -15 -90 -105 -105 -315 VAT -120 -350 -350 -60 -880...

Written Answers — Department of Finance: Tax Reliefs Eligibility (8 Oct 2013)

Michael Noonan: I assume that the Deputy’s question relates to Capital Gains Tax (CGT) retirement relief. Preparations for Budget 2014 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment on what changes, if any, are being considered in this relief or any other tax relief.

Written Answers — Department of Finance: Property Taxation Data (8 Oct 2013)

Michael Noonan: The Local Government Fund (LGF) is a special central fund which was established in 1999 under the Local Government Act 1998. It is financed by the full proceeds of motor tax and an Exchequer contribution. The Fund provides local authorities with the finance for general discretionary funding of their day-to-day activities and for non-national roads, and funding for certain local government...

Written Answers — Department of Finance: Motor Industry Issues (8 Oct 2013)

Michael Noonan: My Department has received a pre-Budget submission from SIMI which includes, among other things, a proposal for a swappage scheme. All such proposals will be considered in the context of the forthcoming Budget.

Written Answers — Department of Finance: Tax Reliefs Availability (8 Oct 2013)

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

Written Answers — Department of Finance: Insolvency Service of Ireland Issues (8 Oct 2013)

Michael Noonan: As outlined in the Central Bank of Ireland’s Sustainable Mortgage Arrears Solution Guidelines; “An overall ceiling of 70 years of age will apply for the Central Bank to consider a term extension sustainable unless there is firm evidence that an older age limit can apply”. The Central Bank has informed me that this requirement does not prevent solutions being offered...

Written Answers — Department of Finance: Mortgage Arrears Proposals (8 Oct 2013)

Michael Noonan: As the Deputy is aware, the buy-to-let sector encapsulates a wide range of property owners, from private investors with single properties, to those with multiple properties operating on a more professional basis. The Central Bank’s statutory Code of Conduct on Mortgage Arrears (CCMA) protects borrowers experiencing arrears in relation to their primary residence. The focus by...