Posted May 9th, 2012 D?IL QUESTION
NO? 225
To ask the Minister for Finance if his attention has been drawn to the fact that credit card charges levied by Irish banks are higher than other banks in the EU.
- Eoghan Murphy.
*??? For WRITTEN answer on Tuesday, 24th April, 2012.
Ref No: 20211/12
REPLY
Minister for Finance ( Mr Noonan) :?I have been informed by the Central Bank there are three types of charges associated with credit cards:
The ?acquiring bank? (on behalf of the credit card company e.g. Visa and Mastercard) charges the retailer a fee ? these fees are subject to the provisions of section 149 of the Consumer Credit 1995, if the acquiring bank is a financial institution,
The ?issuing bank? (the issuer of the credit card on behalf of the credit card company) charges the cardholder fees, e.g. foreign exchange fees/late payment/ interest fees. These fees are covered under section 149 of the Consumer Credit Act 1995 as the bank is an financial institution.
Sometimes, a retailer passes fees onto the cardholder for using a credit card e.g. Ryanair/Irish Rail. These fees are not covered under section 149 of the Consumer Credit Act 1995.
I have also being informed by the Central Bank that, while they have not carried out research into such charges, it would appears that credit card charges in Ireland are higher than those charged by? banks in other EU states.
Section 149 of the Credit Consumer Act 1995 requires financial institutions, money transmitters and bureaux de change to notify certain charges to the Central Bank for assessment in accordance with criteria laid down in the legislation as follows:
the promotion of fair competition between holders of authorisations and credit institutions,
the commercial justification submitted in respect of the proposal,
the effect new charges or increases in existing charges will have on customers, and
passing on costs to customers.Having assessed the proposed charges submitted, the Central Bank will either reject the proposal, approve at a lower level or approve in full.
D?IL QUESTION
NO? 241
To ask the Minister for Finance if he will provide estimates of the expected decrease in direct revenue to the State from a 1% reduction in the lower and higher rates of income taxation respectively; and if he will provide same for a 10% increase in the respective tax bands..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19429/12
REPLY
Minister for Finance ( Mr Noonan) :?I am informed by the Revenue Commissioners that the full year costs to the Exchequer, estimated by reference to 2012 incomes, of reducing the standard and higher rates of income tax by 1 percentage point would be approximately ?470 million and ?205 million respectively.
The estimated cost of increasing the standard rate tax bands by 10% would be approximately ?540 million in a full year.
The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends for the year 2012. They are, therefore, provisional and likely to be revised.
D?IL QUESTION
NO? 240
To ask the Minister for Finance if he is considering in the context for Budget 2013, any changes to the tax bands or tax rates on income earned..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19428/12
REPLY
Minister for Finance ( Mr Noonan) :?As the Deputy is aware, the Programme for Government states that as part of the Government?s fiscal strategy we will maintain the current rates of income tax together with bands and credits. This commitment was delivered in Budget 2012.?
As I have stated many times before in the House, the Programme for Government sets out our strategy in this matter and, subject to agreement with the Troika, we intend to continue to deliver on these commitments.
D?IL QUESTION
NO? 242 and 246
To ask the Minister for Finance the number of persons paying tax at each of the tax rates..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19430/12
?
To ask the Minister for Finance the number of persons earning income but not paying income tax..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19434/12
REPLY
Minister for Finance ( Mr Noonan) :?I propose to take questions numbers? 242 and 246 together .
I am advised by the Revenue Commissioners that the information requested by the Deputy is as follows, in respect of the income tax year 2012.?
Projected Distribution of Income Earners for 2012
Tax year?Exempt
?(Standard rate liability fully covered by credits or age exemption limits)?Standard rate (including those whose liability at the higher rate is fully offset by credits)?Higher rate (liability not fully off set by credits)?All cases
??Number?%?Number?%?Number?%?
Post-Budget 2012?817,100?37.7?946,200?43.7?401,800?18.6?2,165,100
? Numbers are rounded to nearest hundred.The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends for the year 2012.
They are therefore provisional and likely to be revised.It should be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.
D?IL QUESTION
NO? 243
To ask the Minister for Finance the amount of revenue collected from those paying tax at the lower rate and those paying tax at the higher rate..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19431/12
REPLY
Minister for Finance ( Mr Noonan) :?I am informed by the Revenue Commissioners that on the basis of income tax returns for the income tax year 2009, the latest year for which the necessary detailed historical information is available, the breakdown of the total income tax liability between taxpayers at the lower and higher rates of tax for that year is 29% and 71% respectively.
Further details are provided in Table IDS 17 of the Income Distribution chapter of the Revenue Statistical Report for 2010, which is available on the Revenue website.
?D?IL QUESTION
NO? 244 and 245
To ask the Minister for Finance the total amount of revenue raised from income tax on those earning ?100,000 or greater; what this is as a percentage of the total tax take for the State; and if he will provide same from those earning ?80,000 and ?60,000 respectively..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19432/12
To ask the Minister for Finance the total amount of revenue raised from income tax on those earning _40,000 or less in income tax and what this is as a percentage of the total tax take for the State..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19433/12
REPLY
Minister for Finance ( Mr Noonan) :?I propose to take questions numbers 244 and 245 together.
I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax year 2012, is set out in the following table.
Income Tax Post-Budget 2012 (Base year 2009)
Range of Gross Income?Income Tax ?% of Total Income Tax Yield
? ?40,000 or less??1,207,918,600?10%
? ?60,000 or greater ??8,716,082,300?72%
? ?80,000 or greater ??6,777,535,500?56%
??100,000 or greater??5,328,329,800?44%
???Tax figures are rounded to the nearest hundred and percentages are rounded to the nearest whole number.
It should be noted that the income ranges shown in the above table relate to Gross Income as defined in Revenue Statistical Report 2010.The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends for the year 2012. They are therefore provisional and likely to be revised.
It should be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.
?D?IL QUESTION
NO? 247, 248 and 249
To ask the Minister for Finance if he will provide a breakdown of all tax breaks provided by the Government, by area, value and what these tax breaks are estimated to be worth to the Exchequer in terms of revenue forgone..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19435/12
To ask the Minister for Finance if he will provide a breakdown of all tax exemptions provided by the Government, by area, value and what these tax exemptions are estimated to be worth to the Exchequer in terms of revenue foregone.
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19436/12
To ask the Minister for Finance if he will provide a breakdown of all tax allowance provided by the Government, by area, value and what these tax allowance are estimated to be worth to the Exchequer in terms of revenue foregone.
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19437/12
REPLY
Minister for Finance ( Mr Noonan) : I propose to take questions numbers 247, 248 and 249 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 available as set out in the following tables for 2008 and 2009, the most recent year for which the necessary detailed historical information is available. It shoild be noted that there have been changes since this period, i.e. some schemes have been abolished or modified and others have been introduced. Relevant notes relating to items in the tables are also included.
Index of Tables and Notes
a) Note on the Cost of Tax Credits, Allowances and Reliefs 2008 and 2009
b) Table IT 6 showing Cost of Tax Credits, Allowances and Reliefs 2008 and 2009
c) Notes on Table IT 6
d) Note on Green Paper on Pensions
e) Estimate of cost of certain property-based tax incentives and incomes exempt from tax for 2008 and 2009
f) Note on reliefs in respect of which costs are not currently quantifiable or are negligible or are not identifiable within total aggregates.These estimates of cost are not compiled by reference to areas.
a) Cost of Tax Credits, Allowances and Reliefs 2008 and 2009
The following table IT 6 shows the estimated cost in terms of revenue forgone of the personal tax credits and the main reliefs and deductions allowable under the income tax system.? A number of reliefs which apply both to individuals and companies is also included and the cost shown in relation to these reliefs covers income tax and corporation tax.An adjustment is included in the cost figures applying to income tax to compensate for incomplete numbers of tax returns on record at the time of compiling the estimates.
The tax credits and reliefs listed in the table serve varying? purposes. Many are essentially structural reliefs through which individual tax liabilities are adjusted to reflect relative taxable capacity.? The main? personal tax credits are a good example of this since they may be regarded as part of the progressive income tax structure representing a band of income chargeable at a zero rate. Others, such as relief for interest paid in full or investment in corporate trades, are tax-based incentives in favour of specific? groups or activities which are designed to promote certain aspects of public policy.
In computing taxable profits, account needs to be taken in some way of the depreciation of capital assets incurred in earning those profits. To this extent, the figures in the table of the ?costs? of capital allowances should not be regarded as measuring a ?loss of tax revenue? on profits. To compute such ?loss?, regard would have to be had to the excess of the amount of the capital allowances at current rates over the amount of the normal allowances.
The figures shown for the basic personal tax credits (married, single and widowed) are the costs of these tax credits as if all other tax credits and the exemption limits did not apply. They do not include individuals who are not on Revenue records because their incomes are below the income tax thresholds. The cost figures for the exemption limits are based on the excess of the exemption limits over the basic personal tax credits.
The figures of cost are for 2008 and 2009 and all figures are based on tax due in respect of assessments for each year and not on tax receipts within that year.?
The figure against each credit or allowance represents the additional tax which would become payable if the tax credit or allowance were withdrawn assuming no consequent change in the behaviour of taxpayers (for example, in relation to the reliefs for savings), or the amounts of payments (for example, interest payable on certain savings schemes might need adjustment to take account of the new tax liability).
The numbers of claimants of each credit or relief are shown for both years to the extent that they are available. The numbers included are the taxpayers who would be adversely affected by the withdrawal of the respective credit or relief.
In the calculations, each tax credit or allowance has been dealt with separately and on the assumption that the rest of the tax system remained unchanged.? It would be therefore inaccurate to calculate the effect of withdrawing all the credits, reliefs and allowances by simply totaling the figures. For example, the costs shown for capital allowances and stock relief are also calculated on the basis of separate withdrawal of these reliefs. Their combined cost would be greater than the sum of the separate costs because allowances are not always fully set off against available profits. For instance, a person with ?1,000 gross trading profits, ?1,000 capital allowances and ?1,000 stock relief would pay no tax if either of the reliefs were withdrawn but would pay tax on ?1,000 profits if both reliefs were withdrawn. In this case, the cost of each relief separately is nil but the combined cost is tax on ?1,000. Basic data is not available to enable an estimate of the combined cost of these reliefs to be made.
The figures for estimates based on tax returns have been grossed up to an overall expected level to adjust for incompleteness in the numbers of returns on record at the time the data was extracted for analytical purposes.
Apart from the artists exemption, these figures do not take account of the application of the restriction of reliefs originally provided for in section 17 of Finance Act 2006, which took effect from 1 January 2007.The restriction was extended by Section 23 Finance Act 2010.
Finally, the estimates shown in many cases are tentative and are subject to revision in the light of later information.
b) Table IT 6 showing Cost of Tax Credits, Allowances and Reliefs 2008 and 2009
(Table to be inserted here)
?c) Notes on Table IT 6
(1) Figures accompanied by an asterisk * are particularly tentative and subject to a considerable margin of error.
(2) The cost figures for the exemption limits are based on the excess of the exemption limits over the basic personal tax credits. They include the cost of marginal relief for taxpayers whose incomes are not greatly in excess of the exemption limits.
(3) The figures shown for the basic personal tax credits (married, single and widowed) are the costs of these tax credits as if all other tax credits and the exemption limits did not apply. They do not include individuals who are not on Revenue records because their incomes are below the income tax thresholds.
(4) Arising from the change over to Tax Relief at Source the figures relate to the number of policies issued. These include policies where subscriptions were paid by businesses on behalf of their employees.
(5) Part of the cost of contributions to Permanent Health Benefit Schemes is not identifiable as a result of the move to a ?net pay? basis for contributions by PAYE taxpayers from 6 April 2001.
(6) See the following? note on? ?Green Paper on Pensions? for background commentary on the basis of the cost figures? .
(7) ?Other? relates to borrowings for purposes such as acquiring an interest in a company or partnership? .
(8) The income on which the cost of? exemption from income tax for?? charities, colleges, hospitals, schools, friendly societies, etc. is based includes dividend income on which income tax deducted at source has been repaid,? other investment income, payments received under covenant, donations by the PAYE sector to approved bodies together with the associated tax relief and donations by the self-employed and corporate sectors to approved bodies and approved sports bodies. Information is not available about other income received gross.
(9) The cost figures for relief for certain Sports Persons are based on income tax self assessment returns and for donations to Approved Sports Bodies are based on ncome tax and corporation tax self assessment returns .?
(10) In the absence of other information, tax has been assumed at the standard rate of income tax even though a different rate might be more appropriate.
(11) The costs and numbers for the Exemption of Statutory Redundancy Payments are based on external data. From 2009 the ?numbers? indicate the numbers of claims received in the year and not the numbers of claims approved.
(12) The costs included for corporation tax are by reference to accounting periods which ended in the years 2008 and 2009.
(13) The cost shown for capital allowances does not include any cost associated with ?unused capital allowances?, that is, capital allowances which are not absorbed by a company in the accounting period in which they arise because they exceed the amount of the company?s profits of that accounting period which are available for offset. Unused capital allowances can be offset as losses against taxable profits arising in the previous accounting period and against certain profits arising in future accounting periods and can be offset against the profits of another company in the same group of companies. It is estimated that ?3587 million and ?5373 million of unused capital allowances were claimed in respect of 2008 and 2009 accounting periods respectively but as the proportion of this item which is included in previous years losses and in group relief is not separately identifiable a reliable estimate of the cost of the capital allowance element cannot be provided.
(14) The tax cost shown for section 23 type relief is the estimated ultimate tax cost relating to the total allowable expenditure in respect of? claims? made in 2008 and 2009 tax returns for the first time. The cost shown is for income tax cases only.
(15)? the cost shown for manufacturing relief for 2008 is compiled using the basic data available but for? technical reasons associated with a system? redesign? it is understood to be? understated by at least ?100m.
(16) The costs shown for R&D is for claims for R&D on corporation tax returns for accounting periods ending in 2008 and 2009. However, the cost? for 2009 includes the amount of credit allowed against 2009 tax together with the amount offset against tax of previous accounting periods and as payable credits.d) Note on Green Paper on Pensions ? Review of estimates of cost?
As part of the work on the Green Paper on Pensions, a review was carried out of the current regime of incentives for supplementary pension provision with a view to developing more comprehensive and reliable estimates of the cost of reliefs in this area. The review examined, among other things, the current reliefs and incentives for investment in supplementary pensions and the data available on which to base reliable estimates of the costs in revenue foregone to the Exchequer.The review drew on newly available 2006 aggregate data on contributions to pension schemes by employers and employees arising from a P35 initiative introduced on foot of provisions that were included in Finance Act 2004 with a view to improving data quality. Estimates of the cost of tax for private pension provision updated for 2008 and 2009 are included in? table? IT6.
The breakdown and make-up of these estimated costs of reliefs differ from presentations of costs in this area for years PRIOR TO 2005 in a number of respects and are not directly comparable. further details on the cost of tax and other reliefs and the changes in the methodology are contained in pages 106 and 107 of the Green Paper on Pensions which is available at www.pensionsgreenpaper.ie.
e) Estimate of cost of certain property-based tax incentives and incomes exempt from tax for 2008 and 2009
Certain property-based tax incentives and incomes exempt from tax? ? uptake and estimated potential cost to the Exchequer in terms of income tax and corporation tax forgone based on 2008 and 2009 tax returns
Provisions were included in the Finance Acts of 2003 and 2004 to enable new statistical data on the uptake of tax relief for certain property-based tax incentives and incomes exempt from tax to be obtained from tax returns. This information, derived from changes introduced by the Revenue Commissioners to income tax returns and corporation tax returns for 2008 and 2009, is set out in the following tables.The figures shown include the amounts claimed in the year but exclude amounts carried forward into the year either as losses or capital allowances, and include any amounts of unused losses and/or capital allowances which will be carried forward to subsequent years.
Tax Incentive/Income Exemption 2008?? Amount Claimed?Assumed maximum tax cost ?m?Number of claimants
??m??m?
Urban renewal? ?230.8?87.0?3,367
Town Renewal? ?61.6?24.2?998
Seaside Resorts? ?16.1?6.4?1,091
Rural Renewal? ?88.4?35.7?2,803
Multi-storey car parks?16.8?6.6?134
Living Over the shop??? ?6.4?2.6?81
Enterprise Areas?6.3?2.5?138
Park and Ride?1.8?0.7?21
Holiday Cottages?36.9?14.8?844
Hotels?305.5?116.4?1,996
Nursing Homes?48.4?19.8?734
Housing for the Elderly/infirm??? ?7.4?3.0?179
Hostels?? ?1.68?0.69?22
Guest Houses??? ?0.29?0.12?10
Convalescent Homes?? ?1.4?0.5?32
Qualifying Private Hospitals?30.2?12.3?342
Qualifying sports injury clinics? ?4.1?1.7?60
Buildings Used for certain childcare purposes? ?30.3?12.2?519
Qualifying Mental Health Centres?0.1?0.0?3
Student Accommodation?60.0?23.5?814
Caravan Camps??????????????????????????????????????????????????????????????????? ?1.5?0.6?10?????????????
Mid-Shannon Corridor Tourism Infrastructure??????? ?1.8?0.7?12?????????????
Exemption of profits or gains from Greyhounds?0.0?0.0?10
Exemption of profits or gains from Stallions ?92.3?15.1?192
Exemption of profits or gains from Woodlands?51.0?13.6?2,492
Exempt Patents (Section 234, TCA 1997)?198.3?51.7?1,209
Totals? ?1,299.2?452.6?18,111
Tax Incentive/Income Exemption 2009?? Amount Claimed?Assumed maximum tax cost ?m?Number of claimants
??m??m?
Urban renewal? ?233.8?93.1?3410
Town Renewal? ?45.4?18.3?1,001
Seaside Resorts? ?13.3?5.3?875
Rural Renewal? ?70.0?28.0?2,653
Multi-storey car parks?13.2?5.2?130
Living Over the shop??? ?4.1?1.7?66
Enterprise Areas?5.4?2.1?118
Park and Ride?2.0?0.8?20
Holiday Cottages?34.7?13.9?786
Hotels?263.2?102.1?1,906
Nursing Homes?54.4?21.6?750
Housing for the Elderly/infirm??? ?6.8?2.8?145
Hostels?? ?0.73?0.3?14
Guest Houses??? ?0.24?0.1?8
Convalescent Homes?? ?1.3?0.5?28
Qualifying Private Hospitals?30.5?12.5?346
Qualifying sports injury clinics? ?3.6?1.5?67
Buildings Used for certain childcare purposes? ?30.8?12.5?527
Qualifying Mental Health Centres?0.1?0.0?1
Student Accommodation?48.3?19.1?751
Caravan Camps?0.6?0.2?2
Mid Shannon Corridor Tourism Infrastructure ?0.6?0.2?2
Exemption of profits or gains from Greyhounds?0.0?0.0?5
Exemption of profits or gains from Stallions?2.0?0.4?32
Exemption of profits or gains from Woodlands?48.2?14.4?3,570
Exempt Patents (section 234, TCA 1997)?260.7?71.7?1,268
Other
Totals? ?52.6
?1,226.6?19.5
??447.8?635
???19,116These figures do not take account of the application of the restriction of reliefs originally provided for in section 17 of Finance Act 2006 and which took effect from 1 January 2007.The restriction was extended by Section 23 Finance Act 2010.?
Notes: ?
The figures shown? relate to the various reliefs/incentives and exemptions as specified in the 2008 and 2009 form 11 and CT1.
There were concerns that in some instances the new, separately categorised data on property incentives may not have been correctly entered on the Tax returns. Revenue drew the attention of the relevant tax practitioner bodies to these deficiencies? to rectify them in future returns and also increased awareness among its own staff involved in processing tax? returns of the need to ensure, through closer examination of the returns, that they are correctly completed.
The estimated costs have assumed tax foregone at the 41% rate in the case of income tax and 12.5% in the case of corporation tax. This means the figures shown correspond to the maximum Exchequer cost in terms of income tax and corporation tax. However, the actual Exchequer cost could be lower, particularly in relation to the exempt income items, as the income could be subject to deductions for allowable expenses and other costs thereby reducing the level of income that would be actually? subject to tax.
Some of the costs shown above are included in the costs shown for capital allowances and section 23 relief in Table IT6However, exempt income included above is not part of capital allowances.f) Note on reliefs in respect of which costs are not currently quantifiable or are negligible or are not identifiable within total aggregates.
Examples of this type of relief would include:
Relief from averaging of farm profits;??
Exemption for income arising from payments in respect of personal injuries;
Exemption of certain payments made by Hemophilia HIV Trust;
Exemption of lump sum retirement payments;
Relief for allowable motor expenses;
Tapering relief allowable for taxation of car benefits in kind;
Reduced tax rate?? for authorised unit trust schemes;
Reduced tax rate?? for special? investment schemes;?
Exemption of certain grants made by ?dar?s na Gaeltachta;
Relief for investment income reserved for policy holders in life assurance companies;
Relief for various business related expenses such as staff recruitment, rent, legal fees, and other general expenses;??
Exemption in certain circumstances on the interest on quoted bearer Eurobonds;
Exemption of payments made as compensation for loss of office;???????
Exemption of scholarship income??
Exemption for income received under Sceim na bhFoghlaimeoiri Gaeilge.
?
D?IL QUESTION
NO? 250
To ask the Minister for Finance if he will provide a response to the following haulage issue (details supplied)..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th April, 2012.
Ref No: 19485/12
Correspondence attached
REPLY
Minister for Finance ( Mr Noonan) :?The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas.? This working group is discussing a number of issues of concern to the haulage industry.? I am sure the Deputy will understand that I cannot pre-empt the outcome of those discussions which are ongoing.
I should point out that a fuel rebate system, as sought by the IRHA, could not under EU law be restricted to Irish licenced hauliers but would have to be extended to all vehicles intended exclusively for the carriage of goods by road with a maximum permissible gross laden weight of not less than 7.5 tonnes. In addition, the rebate would have to include the carriage of passengers by a motor vehicle of category M2 or category M3 as defined in Council Directive 70/156/EEC.
D?IL QUESTION
NO. 65
To ask the Minister for Finance if his attention has been drawn to the fact that Bank of Ireland do not allow customers to make international payments in Chinese Yuan; and if he believes this to be a hindrance to competition..
- Eoghan Murphy.
*??? For WRITTEN answer on Thursday, 29th March, 2012.
Ref No: 17369/12
REPLY
Minister for Finance ( Mr Noonan) :?Notwithstanding the State?s shareholding in the bank, Bank of Ireland operates in an arm?s length capacity from the State in relation to commercial issues.? It is a matter for the board and management to determine and implement operational policy in their organisation. Therefore, commercial decisions in relation to Bank of Ireland are solely a decision for the bank.
?
D?IL QUESTION
NO?? 89
To ask the Minister for Finance his plans to re-introduce a scrappage scheme for the auto industry..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 28th March, 2012.
Ref No: 17151/12
REPLY
Minister for Finance ( Mr Noonan) :?I have no plans to re-introduce a scrappage scheme for the auto industry.
?
D?IL QUESTION
NO? 75
To ask the Minister for Finance further to Parliamentary Question No. 47 of 9 February 2012, if he will consider the possibility of introducing a tax free weekend in either August or September of each year to be applied solely to personal computers and related products and to do so by way of reducing VAT to 1% on such products in order to assist those students in purchasing the necessary equipment for the coming academic year..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 22nd February, 2012.
Ref No: 10127/12
REPLY
Minister for Finance ( Mr Noonan) :?As outlined in my previous response to the Deputy, VAT is governed by the EU VAT Directive, with which Irish VAT law must comply.? The VAT Directive provides that the supply of goods and services by taxable persons is subject to VAT, unless specifically exempted under its terms.
The terms of the Directive do not provide for variations in VAT treatment for specific periods and as such it is not possible to provide for a scheme of the kind proposed.
Furthermore, it is not possible to apply a VAT rate of 1% to any good or service as the VAT Directive provides that a minimum reduced rate of 5% apply and only in relation to set goods and services listed in Annex III of the Directive. Personal computers and related products are not listed in Annex III and as such the standard VAT rate of 23% must apply to them.
?
D?IL QUESTION
NO? 47
To ask the Minister for Finance if he will consider the possibility of introducing a tax free weekend in either August or September of each year to be applied solely to personal computers and related products, in order to assist those students in purchasing the necessary equipment for the coming academic year..
- Eoghan Murphy.
*??? For WRITTEN answer on Thursday, 9th February, 2012.
Ref No: 7355/12
REPLY
Minister for Finance ( Mr Noonan) :?VAT is governed by the EU VAT Directive, with which Irish VAT law must comply.? The VAT Directive provides that the supply of goods and services by taxable persons is subject to VAT, unless specifically exempted under its terms.? The terms of the Directive do not provide for the non-application of VAT to supplies for specific periods and as such it is not possible to provide for a scheme of the kind proposed.
?
D?IL QUESTION
NO? 121
To ask the Minister for Finance if his attention has been drawn to the fact that when Fingal County Council transferred responsibility for pension payment to retired vocational education committee employees to the Paymaster General, that the Paymaster General changed the renewal period for those with VHI healthcare plans, meaning that there was a period when those in receipt of pension payments were not covered under their VHI plans..
- Eoghan Murphy.
*??? For WRITTEN answer on Tuesday, 7th February, 2012.
Ref No: 6310/12
REPLY
Minister for Finance ( Mr Noonan) :?There is a long standing agreement with all of the health insurance companies, including the VHI, where an individual?s health cover remains in place even in circumstances where, through no fault of his/her own, a premium is not paid. As part of the move to the greater use of shared services in the public sector in order to drive efficiencies, the Paymaster General?s Office, which is part of my Department, took over the payment, on an agency basis, of pensions of the retired staff of the Vocational Education Committees. Payment of these pensions was previously made through the local authorities. When? those in receipt of pension paid via Fingal County Council moved to the payroll of the Paymaster General?s Office in November 2011, there was no period during the transfer when they were not covered under their VHI plans.
?
D?IL QUESTION
NO? 120
To ask the Minister for Finance if he is satisfied with the National Assets Management Agency?s strategy in relation to residential homes, some of which are protected structures or in areas of architectural conservation, that are unoccupied and in need of repair, or have been vacated while renovation works remain to be completed, and are now falling into disrepair..
- Eoghan Murphy.
*??? For WRITTEN answer on Tuesday, 7th February, 2012.
Ref No: 6307/12
REPLY
Minister for Finance ( Mr Noonan) :?NAMA informs me that property assets securing NAMA loans are under the control of debtors or of receivers appointed by the Agency. As such, it is debtors and receivers who are responsible for the preservation and maintenance of such property, including protected structures and residences which are of architectural significance.
In cases where NAMA becomes aware that debtors are neglecting their duties in this regard, the Agency advises me that it demands of them that they take appropriate remedial action. Should the debtor fail to take the appropriate action, NAMA can appoint a receiver to take control of the property concerned or under the provisions of section 141 of the NAMA Act, it can apply to the District Court for an entry and maintenance order, for which the overall costs can be charged back to the debtor.
NAMA informs me that it has not been necessary to move beyond the first option in the very few cases relating to period buildings and protected structures that have arisen to date.
?
D?IL QUESTION
NO? 107
To ask the Minister for Finance if there is an operation in place to test trucks crossing the border from Northern Ireland to ensure the fuel isn?t going to underground filling stations in the Republic..
- Eoghan Murphy.
*??? For WRITTEN answer on Tuesday, 31st January, 2012.
Ref No: 5499/12
REPLY
Minister for Finance ( Mr Noonan) :?All consignments of mineral oil from Northern Ireland are subject to requirements of EU law for the Intra-EU movement of excisable products. These requirements include the paying or securing of the excise duty due in the State, and that the consignment is at all times under cover of the appropriate documentation.
In keeping, however, with the principle of free movement of goods in the EU, there can be no systematic or random checking of these consignments at the border, and a consignment may only be stopped and checked where there are reasonable grounds to suspect that there has been a breach of requirements. The consignment may then be stopped by Revenue officers, and documents may be examined and the mineral oil sampled and tested.
Revenue employs a broad range of compliance and enforcement strategies to detect illicit practices involving mineral oil fraud, including optimum deployment of resources to intercept illicit product, and sampling and testing of mineral oil, both in the course of consignment and at retail outlets.
?
D?IL QUESTION
NO? 72
To ask the Minister for Finance the current standing of the National Pensions Reserve Fund; if he will provide a breakdown of investments including the discretionary portfolio, as well as money committed and information on the future investment plans of the fund..
- Eoghan Murphy.
*??? For WRITTEN answer on Wednesday, 18th January, 2012.
Ref No: 2786/12
REPLY
Minister for Finance ( Mr Noonan) :?I am informed by the National Treasury Management Agency, as the Manager of the National Pensions Reserve Fund, that, on 31 December 2011, the total value of the National Pensions Reserve Fund was ?14.5 billion, comprising the Discretionary Portfolio of ?5.4 billion and the Directed Portfolio currently held at ?9.1 billion pending completion of an independent valuation review of the Fund?s investments in Allied Irish Banks.
The breakdown of the Discretionary Portfolio as at 31 December 2011 is as follows:? Asset Class??m?% of
??Discretionary
??Portfolio
Large Cap Equity?1,346?25.1%
Small Cap Equity?141?2.6%
Emerging Markets Equity ?375?7.0%
Quoted Equity?1,862?34.7%
??
Value of equity put options?264?4.9%
??
Eurozone Inflation Linked Bonds?78?1.5%
Eurozone Corporate Bonds?271?5.0%
Cash?856? ?15.9%
Financial Assets?1,205?22.4%
??
Private Equity?791?14.7%
Property?501?9.3%
Commodities?271?5.0%
Infrastructure?308?5.7%
Absolute Return Funds?170?3.2%
Alternative Assets?2,041?38.0%
??Total Discretionary Portfolio?
?5,3721?
??100%
??
1 Information in respect of the Discretionary Portfolio is, in the case of direct quoted investments, based on valuation as of close of business on 31 December 2011 and, in the case of indirect investment vehicles, based on the most recently available valuations.?It should be noted that the NPRF has a number of capital commitments as set out in the following table:
Capital committed at 31 December 2011???m
Private Equity?Undrawn commitments?431
?- to Irish funds ?123m?
?- to international funds
??308m?
Property?Undrawn commitments?84
Infrastructure?Irish Infrastructure Fund?250
Water metering?Subject to certain conditions?450
Total??1,215In September 2011 the Government announced the establishment of a Strategic Investment Fund which will take the form of a portfolio of funds investing in areas of importance to the Irish economy including infrastructure, financing for SMEs and venture capital. The NPRF will be a cornerstone commercial investor in these funds with the expectation of increasing total fund size by attracting other commercial co-investors. In November the NPRF announced a commitment of ?250 million to a new Irish infrastructure investment fund which is seeking up to ?1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial State enterprises and also new infrastructure projects.
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