Results 14,981-15,000 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I propose to take Questions Nos. 185 and 186 together. It is not possible to answer the Deputy's question on business and agricultural reliefs for Capital Acquisitions Tax in the time available. I will contact the Deputy directly with a reply.

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

Michael Noonan: I am advised by the Revenue Commissioners that the necessary detailed data is not available to provide a basis for estimating the Exchequer yield that would be raised if the dwelling home exemption for capital acquisitions tax was abolished.

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 the suggested increase in the rate of 1% in the annual charge would be of the order of €0.8 million. This estimate is provisional and subject to revision. It should be noted that this estimate is based upon an assumption that there would be no behavioural impact of this change, which...

Written Answers — Department of Finance: Discretionary Trusts (18 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 189 and 190 together. Discretionary trusts may be set up for a variety of purposes, including: - for public or charitable purposes, - for the benefit of individuals who are incapable of managing their affairs because of physical, mental or legal incapacity or - to provide for minor children. The creation of a public data base of discretionary trusts,...

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

Michael Noonan: I propose to take Questions Nos. 192 to 194, inclusive, together. The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced...

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

Michael Noonan: I assume the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer’s marginal tax rate — the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by income tax rate, as tax returns by employers to the...

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

Michael Noonan: I propose to take Questions Nos. 196 and 197 together. I assume the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer’s marginal tax rate — the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not...

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

Michael Noonan: I propose to take Questions Nos. 198 and 199 together. I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits. These are shown in Table IT6 on the Revenue Statistical Report for 2011 which is accessible on the Revenue website at...

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

Michael Noonan: Individuals who receive rent for properties are liable to Income Tax and USC on the income. In the previous Budget I announced that the Minister for Social Protection, Ms. Joan Burton, T.D., would be bringing forward legislation to change PRSI contributions as follows: - Where modified PRSI rate payers have income from a trade or profession, such income and any unearned income they have...

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

Michael Noonan: The position is that 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. There are certain exemptions and reliefs from the USC. For example, persons in receipt of a payment from the Department of Social Protection such...

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

Michael Noonan: The USC was introduced from 1 January 2011 and replaced the Income and Health Levies. The marginal rate for each of these levies was 6% and 5%, respectively, or 11% in total. The marginal rate for the USC was 7%. Taken in isolation the introduction of the USC, therefore, would have had the effect of reducing by 4 percentage points the top marginal tax rates for both PAYE and self-employed...

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

Michael Noonan: The position is that Section 12 of the Taxes Consolidation Act 1997 provides that Income tax is chargeable on all property, profits and gains described in Schedules C, D, E and F. These Schedules are defined in sections 17, 18, 19 and 20 of the Taxes Consolidation Act 1997. Universal social charge is a tax on income specified in the Table to section 531AM of the Taxes Consolidation Act...

Written Answers — Department of Finance: Appointments to State Boards (18 Jul 2013)

Michael Noonan: In response to the Deputy’s question the gender balance in respect of Boards under the aegis of my Department is 75% male and 25% female. My Department is mindful of the Governments target of achieving 40% female membership on State Boards. Candidates applying for vacant positions on boards under the aegis of my Department are assessed primarily on their knowledge and expertise and...

Written Answers — Department of Finance: Property Taxation Administration (17 Jul 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. I am informed by the Revenue Commissioners that, as LPT is a self-assessed tax, it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property. For the purposes of LPT, values...

Written Answers — Department of Finance: Credit Unions Issues (17 Jul 2013)

Michael Noonan: I am advised by the Central Bank of Ireland that certain tracker bonds sold to a number of credit unions which were liabilities of Irish Bank Resolution Corporation (IBRC) at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme (DGS) for that element of the product. As a result the first €100,000 of any claim in such cases is...

Written Answers — Department of Finance: Money Laundering (17 Jul 2013)

Michael Noonan: European legislation has been adopted to protect the financial system and certain professions and activities from being misused for money laundering and financing of terrorism purposes. The anti-money-laundering obligations applicable in Ireland derive from the Third EU Money-Laundering Directive. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was enacted in July...

Written Answers — Department of Finance: Tax Compliance (17 Jul 2013)

Michael Noonan: The Deputy will be aware that the Revenue Commissioners received information from the Department of Social Protection (DSP) in late 2011 in respect of individuals in receipt of pensions payments made by the DSP. Upon examining this information, it became clear that a large number of these pension recipients had not reported their pension income to the Revenue Commissioners even though they...

Written Answers — Department of Finance: Excise Duties Yield (17 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the breakdown in excise returns by category and by month from January 2011 to June 2013 is as follows: 2011 Alcohol Tobacco Oils Carbon VRT Other Excise JAN 87.8 0.6 234.7 14.5 41.5 12.1 FEB 35.9 26.8 176.7 44.7 57.7 9.0 MAR 51.2 64.7 183.0 23.3 49.1 8.2 APR 67.9 96.1 180.2 32.2 45.9 9.5 MAY 67.5 65.4 177.5 19.4 33.5 5.5 JUN 65.6...

Written Answers — Department of Finance: Tobacco Seizures (17 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that combating the illegal tobacco trade is, and will continue to be, a very high priority for them. The Commissioners’ “Strategy on Combating the Illicit Tobacco Trade (2011-2013)”, which is published on the Revenue website (www.revenue.ie), includes a wide range of measures designed to target those engaged in the supply and...