Results 15,701-15,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Exemptions (11 Jun 2013)

Michael Noonan: Section 207 of the Taxes Consolidation Act 1997 provides for an exemption from Income Tax, including Deposit Interest Retention Tax (DIRT) for qualifying charities. In order to qualify for a charitable tax exemption, a body or trust must be established for charitable purposes only and must apply all of its income to those purposes. Procedures are in place to firstly ensure that the exemption...

Written Answers — Department of Finance: VAT Rates Reductions (11 Jun 2013)

Michael Noonan: With regard to numbers employed in the tourism sector, research to this effect was carried out by my Department and published in the Medium-Term Fiscal Statement in November 2012. This report, entitled “Measuring the impact of the Jobs Initiative: Was the VAT reduction passed on and were jobs created?” contains detailed information with regard to the impact of the 9% VAT rate...

Written Answers — Department of Finance: Tax Credits (11 Jun 2013)

Michael Noonan: The position is that where a couple is cohabiting rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purpose of income tax. Each partner is a separate entity for tax purposes and, therefore, cohabiting couples cannot file joint assessment tax returns or share their tax credits and tax bands in the same manner as married couples....

Written Answers — Department of Finance: Property Tax Assessments (30 May 2013)

Michael Noonan: Based on the information provided by the Deputy it is not possible to give a definitive reply. However, by way of general information the following may be of relevance in this case. A liability for Local Property Tax (LPT) arises where a person is a liable person in relation to a residential property on the liability date, which is 1 May 2013 for the year 2013. The Finance (Local Property...

Written Answers — Department of Finance: Corporation Tax (30 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that as multinational companies are not specifically distinguished from other companies on tax records, there is no precise basis on which the taxes paid by multinational companies can be separately ascertained. Where necessary, it is possible for Revenue’s Large Cases Division (which manages the tax affairs of most multinational companies)...

Written Answers — Department of Finance: Property Taxation Collection (30 May 2013)

Michael Noonan: For individuals on low incomes the Finance (Local Property Tax) Act 2012, as amended, provides for a system of deferral arrangements for owner-occupiers where there is an inability to pay the tax and certain specified conditions are met. I am advised by the Revenue Commissioners that an owner-occupier, such as a pensioner, who meets the qualifying conditions for deferral of their 2013 Local...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: I propose to take Questions Nos. 66 and 67 together. I understand that these questions arise from an article in the Irish Independent on 28 May 2013 quoting Mr. Peter Farrelly of the Association of Farm Contractors of Ireland (FCI), stating, “Farmers have a special exemption with Revenue at the moment where they don't have to get a receipt from a contractor for any work done up to...

Written Answers — Department of Finance: Tax Reliefs Application (30 May 2013)

Michael Noonan: I assume that the Deputy’s question relates to the double deduction for carbon tax on farm diesel which I provided for in Finance Act 2012. Under this provision, farmers are allowed a deduction in computing their farming profits or losses for the amount of additional carbon tax they incur on purchases of marked gas oil following the €5 per tonne increase in the rate of carbon...

Written Answers — Department of Finance: Non-Resident Companies (30 May 2013)

Michael Noonan: I propose to take Questions Nos. 69 to 71, inclusive, together. As a general rule, based on long-standing case law, companies are resident in Ireland for tax purposes if they are managed and controlled in Ireland. Section 23A of the Taxes Consolidation Act 1997 supplements this general rule and provides that certain companies incorporated in the State are to be regarded as being resident...

Written Answers — Department of Finance: Tax Compliance (30 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that data are not maintained in a manner which would enable this question to be readily replied to. However I can provide statistics for Revenue’s Large Cases Division which manages the tax affairs of the largest companies and high wealth individuals within the state including those with turnover in excess of €500M. Since 2005 Large...

Written Answers — Department of Finance: VAT Rates Application (30 May 2013)

Michael Noonan: Any proposals to maintain the 9% rate into 2014 will be considered in the context of Budget 2014.

Written Answers — Department of Finance: Property Taxation Collection (30 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Local Property Tax (LPT) Returns, personalised letters and an LPT Guide issued earlier this year to owners of 1.69 million residential properties either by post or by way of their ROS (Revenue Online Service) inbox. The Commissioners have confirmed that at close of business on Tuesday 28 May 2013 1,517,902 LPT Returns have been filed. However,...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: The so-called ‘Double Irish’ two-tier structure is a tax-planning arrangement which has been designed and developed by tax and legal advisers. It relies on arbitrage between the different tax rules used in different countries and is categorically not part of the Irish tax offering. Differences arise in the legal and tax systems between countries. International tax planning...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: Ireland's transfer pricing legislation is based on the OECD arm's length standard which requires associated companies to price transactions on the same basis as independent parties would. Ireland’s legislation takes account of the OECD’s Transfer Pricing Guidelines. It is not correct to suggest that this legislation could be a basis for tax avoidance. The operation of the...

Written Answers — Department of Finance: Credit Availability (30 May 2013)

Michael Noonan: As the Deputy is aware, the Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion in 2012 and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have reported that they achieved their 2011...

Written Answers — Department of Finance: Household Savings Rate (30 May 2013)

Michael Noonan: I am assuming the Deputy is referring to the household savings rate. The latest preliminary estimates from the Central Statistics Office indicate that gross household savings amounted to €11,084 million in 2012. This equates to 6.8 per cent of GDP in 2012. I would point out that the gross household savings rate is typically expressed as a percentage of gross household disposable...

Written Answers — Department of Finance: Tax Code (30 May 2013)

Michael Noonan: As I have said in the Dáil previously and also earlier this week in answer to other Parliamentary Questions on this subject, we are in regular contact with our friends in the United States and we will communicate the issues referred to by the Deputy in the appropriate way at the appropriate time. In relation to the company specifically referred to in the question, I understand that...

Written Answers — Department of Finance: NAMA Debtors (30 May 2013)

Michael Noonan: The provision of false or inaccurate information to NAMA as part of a sworn statement of affairs by debtors is a criminal offence, under Section 7 of the NAMA Act. NAMA has no hesitation in fulfilling its statutory obligations. I am advised by NAMA that it has, to date, referred two formal complaints to the Garda Bureau of Fraud Investigation arising from the possible failure by debtors to...

Written Answers — Department of Finance: NAMA Portfolio Value (30 May 2013)

Michael Noonan: NAMA has publicly indicated that it has a significant exposure to the Dublin Docklands through its debtors and Receivers and has indicated that it is willing to support investment if it is commercially viable. I am advised that the formal consultation period for the Draft Strategic Development Zone (SDZ) Scheme relating to the North Lotts and Grand Canal Dock areas of Dublin closed on 10th...

Written Answers — Department of Finance: Departmental Budgets (30 May 2013)

Michael Noonan: In the context of the forthcoming Budget, the Department of Public Expenditure & Reform has asked my Department to identify savings which will feed into the expenditure decisions by Government for the Estimates 2014 and the setting of future Ministerial ceilings. The scale of the adjustments for 2014 were set out in part 1 of the Expenditure Report 2013, which was published in...