Results 15,521-15,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rates Application (27 Jun 2013)

Michael Noonan: With regard to the reintroduction of the groceries order on alcohol, I am informed by the Minister for Jobs, Enterprise and Innovation that prices in Ireland are generally not subject to control. Pricing strategies are therefore a matter for individual retailers and licensees and are the normal outcome of the competitive process. In this respect, I understand that the Minister for Jobs,...

Written Answers — Department of Finance: Property Taxation Data (27 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 103 and 104 together. As I indicated to the House this week in my response to Parliamentary Question No. 191 of 25 June (30191/13) the Revenue Commissioners have confirmed that LPT Returns are still being filed and payments are still being made, and these are currently being processed. It will not be possible to deal with requests for information on...

Written Answers — Department of Finance: NAMA Loan Book (26 Jun 2013)

Michael Noonan: NAMA has acquired loans from the Participating Institutions that are secured, in the main, on unsold property at time of acquisition. I am advised by NAMA that, in respect of such unsold property, it requires its debtors and receivers to comply with all statutory obligations. NAMA advises that this includes the payment of development levies as they fall due, on foot of a valid planning...

Written Answers — Department of Finance: Credit Unions Issues (26 Jun 2013)

Michael Noonan: I am not in a position to discuss the specifics of any customer accounts in IBRC (in special liquidation) however, I am advised by the Special Liquidators that are certain tracker bond products which were sold to a number of Credit Unions which were liabilities of IBRC at the time of the liquidation. I am further advised that these products have a structured deposit element which is covered...

Written Answers — Department of Finance: Tax Yield (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the main personal and employee tax credits in the manner mentioned by the Deputy would be of the order of €315 million. A breakdown of the estimated yield by each specified income range, together with an indication of the average...

Written Answers — Department of Finance: Tax Credits (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of converting the main personal and employee tax credits, including the additional credits available to lone parents and widowed persons, back to tax free allowances would be of the order of €1.7 billion. A tax credit system is a fairer and more...

Written Answers — Department of Finance: Tax Code (26 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the assets in a Discretionary Trust are chargeable to Discretionary Trust Tax when the settlor dies or, if later, when the youngest “Principal Object” of the trust attains the age of 21 years. In this context, “Principal Object” is defined as the settlor's spouse, civil partner, child, child of a civil partner or...

Written Answers — Department of Finance: Tax Credits (26 Jun 2013)

Michael Noonan: The position is that the income tax system in Britain generally operates on a tax allowance basis, whereas the Irish taxation system generally operates on a tax credit basis. A tax credit system is a fairer and more equitable tax system. This is because tax credits have the same value to both lower and higher income earners, whereas tax allowances are more beneficial to higher income earners,...

Written Answers — Department of Finance: Excise Duties Yield (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that a five cent reduction in the excise duty on auto-fuels would cost the Exchequer an estimated €74.4 million in the case of petrol and €97.7 million in the case of auto-diesel.

Written Answers — Department of Finance: Departmental Websites (26 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners that overall responsibility for managing their website rests with their Corporate Affairs and Customs Division. Content for the website is provided to Corporate Affairs and Customs Division by the business areas responsible for the various taxes and duties. Indirect Taxes Division is responsible for VAT legislation, interpretation and...

Written Answers — Department of Finance: Tax Code (26 Jun 2013)

Michael Noonan: I have today welcomed the announcement of the launch of Ireland’s first REIT following the Budget 2013 announcement and introduction of legislation in the Finance Act. REITs will provide stable, long-term capital investment into the commercial property sector in Ireland. The establishment of Ireland’s first REIT and the rising level of activity and interest in the commercial...

Written Answers — Department of Finance: Tax Code (26 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the VRT export repayment calculator is available to the public on revenue.ie. Making VRT details for a specific vehicle registration number available to the public would breach taxpayer confidentiality and therefore the calculator operates on the basis of generic vehicle details such as make, model and age. Details concerning any previous...

Written Answers — Department of Finance: VAT Payments (26 Jun 2013)

Michael Noonan: I would point out that VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the VAT they incur on their business...

Written Answers — Department of Finance: State Banking Sector (26 Jun 2013)

Michael Noonan: The Directed Portfolio of the NPRF consists of investments in Allied Irish Banks and Bank of Ireland. Since 2009 the Fund has invested €20.7 billion in preference shares and ordinary shares in the two banks, comprising Bank of Ireland €4.7 billion (where the Fund's shareholding is 15.1 per cent) and Allied Irish Banks €16.0 billion (where the Fund's shareholding is 99.8...

Written Answers — Department of Finance: Property Tax Assessments (26 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners they are not looking for legal advice in respect of returns from liable persons or organisations. A High Court challenge to the Local Property Tax has been lodged. Revenue, along with many other State entities, is one of the named defendants. The Chief State Solicitor is the solicitor on record acting for all State defendants. The case is...

Written Answers — Department of Finance: Credit Review Office Remit (25 Jun 2013)

Michael Noonan: The Deputy will be aware that the Credit Review Office recently published its eleventh report in which the Credit Reviewer stated that he had asked that the threshold be raised to €3 million. The Deputy will also be aware that I published an assessment of the Credit Review Office late last year which contained a number of recommendations to make the CRO more effective in encouraging...

Written Answers — Department of Finance: Fuel Laundering (25 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners who have responsibility for the collection of mineral oil tax that they are very aware of the threat that fuel laundering and the sale of laundered product poses both to the exchequer and to legitimate businesses. Revenue takes every opportunity to remind motorists and the public generally that, in addition to its impact on the exchequer and...

Written Answers — Department of Finance: Tax Code (25 Jun 2013)

Michael Noonan: I indicated in my Budget 2013 speech that further changes in the tax treatment of supplementary pension arrangements for higher earners would be introduced next year. The examination and consideration of the various options for change are ongoing. I made clear in my Budget 2013 speech, however, that tax relief on pension contributions would continue at the marginal rate of tax. Alterations...

Written Answers — Department of Finance: Tobacco Smuggling (25 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they view the illicit trade in tobacco products as a very serious matter and that combating this illegal activity is a high priority for them. Their “Strategy on Combating the Illicit Tobacco Trade 2011-2013” includes a wide range of measures that are designed to identify and target those involved in the supply or sale of illicit...

Written Answers — Department of Finance: Tobacco Smuggling (25 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners, who have responsibility for the collection of tobacco products tax, that, in accordance with section 104(2) of the Finance Act 2001, tobacco products tax is not chargeable on cigarettes that are bought tax-paid by a private individual in another member state of the European Union, provided that the cigarettes are for the individual’s own...