Results 14,901-14,920 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (18 Jul 2013)

Michael Noonan: I can confirm for the Deputy that officials in the Department of Finance, as part of their regular interaction with Bank of Ireland management, have discussed options regarding the State’s current holding of €1.8bn of preference shares. Should an opportunity arise to sell the shares or have them redeemed, the transaction will be considered having assessed the best interest of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: All companies resident in Ireland are chargeable to corporation tax at the 12.5% rate on the profits that are generated from their trading activities in Ireland. A higher 25% rate applies in respect of investment, rental and other non-trading profits. Chargeable capital gains are taxable at the capital gains tax rate of 33%. There are different ways of measuring the effective rate of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2013 gains, from increasing the CGT tax rate from 33% to 40% could be in the region of €109 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...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 7% to 40 %, based on the expected outturn in 2013, could be in the region of €63 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is...

Written Answers — Department of Finance: Tax Residency Issues (18 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant available information is the total number of persons who have filed tax returns indicating that they are non-resident for tax purposes, rather than the number of Irish citizens or Irish domiciled persons who have filed tax returns indicating they are non-resident. The numbers of non-residents filing Irish tax returns were 10,297 in...

Written Answers — Department of Finance: Universal Social Charge Application (18 Jul 2013)

Michael Noonan: I assume the Deputy is referring to my Budget day announcement that "in order to ensure equity between all citizens based on their level of income, the reduced rate of USC for those over seventy with an income in excess of €60,000 will be discontinued from the 1st of January 2013 and the standard rates of USC will apply". This measure was legislated for in Section 3 of the Finance Act...

Written Answers — Department of Finance: Tax Reliefs Application (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 106, 184 and 200 together. In my 2013 Budget speech, I indicated that the necessary arrangements to give effect to the Programme for Government commitment to effectively cap taxpayers’ subsidies for pension schemes that deliver income of more than €60,000 would be put in place next year. A cross-Departmental Working Group of officials has...

Written Answers — Department of Finance: Tax and Social Welfare Codes (18 Jul 2013)

Michael Noonan: It is regrettable that I am unable to answer the Deputy’s question as it is unclear which social welfare payments the Deputy refers. For instance, Section 7 of the Finance Act 2012, amended Section 126 of the Taxes Consolidation Act 1997 in order to remove the tax exemption that applies to the first 36 days of Illness Benefit and Occupational Injury Benefit per annum payable by the...

Written Answers — Department of Finance: Tax and Social Welfare Codes (18 Jul 2013)

Michael Noonan: As the Deputy will be aware, it is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. In line with this principle, the majority of social welfare payments are reckonable as income for tax purposes. These include long-term payments such as Disablement Benefit, the State Pension, Widows, Invalidity and Blind Pensions, Carers...

Written Answers — Department of Finance: Customs and Excise Controls (18 Jul 2013)

Michael Noonan: I am informed by Revenue that the role of the Maritime Unit, equipped with the two Revenue Customs Cutters, is to exercise responsibility for the customs function around the Irish coast and in territorial waters, up to 12 miles offshore. Revenue currently operates two purpose-built patrol craft (Revenue Customs Cutters), RCC "SUIRBHÉIR" in service since 2004 and RCC "FAIRE" in service...

Written Answers — Department of Finance: Tax Residency Issues (18 Jul 2013)

Michael Noonan: I propose to answer Questions Nos. 110 and 180 together. I am informed by the Revenue Commissioners that 14 persons have submitted Domicile Levy returns for the tax year 2011. These persons paid a total of €2,319,768 in domicile levy for that tax year. The year 2011 is the latest year for which figures are available. Domicile Levy returns for the year 2011 were due by 31 October...

Written Answers — Department of Finance: Financial Services Regulation (18 Jul 2013)

Michael Noonan: Neither I nor officials in my department have held discussions in the recent past with either EU or US authorities in relation to the International Bank Account Number, (IBAN) and the United States position towards it. The EU holds regular talks on financial regulation with its key economic partners including the United States, Japan, China, India and Russia. The EU and US also actively...

Written Answers — Department of Finance: EU Directives (18 Jul 2013)

Michael Noonan: From 1 January 2015, under Council Directive 2008/8/EC, new VAT rules governing cross-border supplies of telecommunications, broadcasting and e-Services to ordinary consumers are due to come into effect. Under the new rules, the place of taxation for these services will shift from the Member State of the supplier to the Member State of the consumer, thereby ensuring that local VAT rates apply...

Written Answers — Department of Finance: Tax Code (18 Jul 2013)

Michael Noonan: For reasons of taxpayer confidentiality, the detailed information requested by the Deputy cannot be provided in relation to such a small group of taxpayers. The general rule in relation to deductions applicable to all businesses taxable under Cases I and II of Schedule D is set out in section 81 of the Taxes Consolidation Act 1997. This specifies that tax shall be charged without any...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: The estimated full year yield, estimated by reference to 2013 incomes, of increasing the reduced USC rate, currently 4%, to 7% for income earners aged 70 or over and or are medical cardholders with income liable to USC between €16,016 to €60,000 would be of the order of €75 million. While income earners aged 70 or over are identifiable on tax records the identity of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: To estimate the potential yield from applying the USC to non-means tested State Pensions i.e. the contributory State Pension and the State Pension (Transition) it would be necessary to identify certain details in respect of each recipient of social protection payments such as the individual amount of these payments received, the amount of any other income potentially liable to USC, the age of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I assume that the Deputy is referring to those with incomes above €80,000, or €100,000, who would no longer qualify for mortgage interest relief under this proposal. I am advised by the Revenue Commissioners that based on associating incomes and mortgage interest data for 2010, and applying derived ratios to the estimated cost of mortgage interest for 2012, the full year...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that based on detailed data identifying individual claims for mortgage interest tax relief for 2011, the most recent year available in respect of such data, and extending the conclusions drawn from it into 2013 terms, the full year yield to the Exchequer if the first €500 of mortgage interest was disallowed for relief is tentatively estimated...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.

Written Answers — Department of Finance: Property Taxation Data (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that in excess of 1.56 million Local Property Tax (LPT) Returns were filed up to the end of June 2013 and approximately €126.5m had been transferred by Revenue to the Exchequer. I am further advised that returns are still being submitted by property owners and the number filed is now 1.57 million. In addition, arrangements are well...