Written Answers Nos. 141-153
141. Deputy Michael McGrath asked the Minister for Finance when the merger of the Financial Services Ombudsman and the Pensions Ombudsman will take place; and if he will make a statement on the matter. [45965/15]
View answerAs the Deputy may be aware, my Department has been progressing the amalgamation of the Offices of the Financial Services Ombudsman and the Pensions Ombudsman. The Government agreed Heads of a Bill to provide for the amalgamation of both organisations in May 2015 and the proposed legislation is currently on the 'B' list of the Government legislation programme for the autumn session 2015.
142. Deputy Michael McGrath asked the Minister for Finance the latest information available as to the amount of small and medium enterprise debt outstanding; the amount which is in arrears; the amount classified as non-performing; and if he will make a statement on the matter. [45966/15]
View answerThe Central Bank publishes the level of outstanding SME debt through the statistical release "Trends in Business Credit and Deposits: Q2 2015", which indicates that total loans by resident credit institutions to Irish resident SMEs was €50.6 billion at end-June 2015. This publication is available on the Central Bank website at: http://www.centralbank.ie/polstats/stats/cmab/pages/businesscredit.aspx
Although the Central Bank do not publish data specifically around SME arrears, the publication "SME Market Report 2015 H1" reports on SME default numbers (as per the Basel II definition of default). This publication is available on the Central Bank website at: http://www.centralbank.ie/publications/Documents/SME%20Market%20Report%202015H1.pdf.
143. Deputy Michael McGrath asked the Minister for Finance the yield from allowing persons early access to pension as provided for in budget 2013 in each of the years 2013 to date; and if he will make a statement on the matter. [45967/15]
View answerPre-retirement access to certain Additional Voluntary Contributions (AVCs) was passed into law with the enactment of the Finance Act 2013 on 27 March 2013. The option to access up to 30% of an AVC runs for 3 years from that date to 26 March 2016. The administrator of the pension scheme has to make a return within 15 working days of the end of each quarter showing the following information:
- The number of transfers made
- The aggregate value of the transfers made and the tax deducted.
The latest returns received are for the quarter ended 30 September 2015 and I am informed by the Revenue Commissioners that the tax yield up to that date is as follows: 2013 - €25,893,897; 2014 - €16,944,144; and 2015 (to 30 September 2015) - €13,068,070.
144. Deputy Michael McGrath asked the Minister for Finance the yield from the high earners restriction in each year since it was introduced; and if he will make a statement on the matter. [45968/15]
View answerThe High Earners Restriction was introduced in Finance Acts 2006 and 2007, with effect from 1 January 2007, and further amended in Finance Act 2010.
I am informed by the Revenue Commissioners that the yield in respect of the restriction, which limits the use of certain tax reliefs and exemptions by high income individuals, is outlined in the table. These figures are based on returns received by Revenue.
|
Year |
Additional Tax €m |
|
2013 |
60 |
|
2012 |
63 |
|
2011 |
64 |
|
2010 |
80 |
|
2009 |
39 |
|
2008 |
40 |
|
2007 |
40 |
Reports are published on both my Department's and the Revenue Commissioners websites that provide comprehensive analysis of the high earners restriction. A copy of these reports are also sent to the opposition spokespersons on Finance.
The most recent report for 2013, the latest year for which data are available, is located at http://www.revenue.ie/en/about/publications/ror-2013-report.pdf.
145. Deputy Michael McGrath asked the Minister for Finance the tax expenditure, the number of participants and the jobs supported under the employment and investment incentive and seed capital scheme in each of the years 2013 to date; and if he will make a statement on the matter. [45969/15]
View answerI am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage: http://www.revenue.ie/en/about/statistics/index.html. In relation to the Deputy's Question, the latest information on the cost and numbers availing of the "Employment and Investment Incentive (EII)'' and "Investment in Seed Capital" schemes can be found at http://www.revenue.ie/en/about/statistics/costs-tax-expenditures.pdf. The latest full year for which information is available is 2013. Updates for 2014 will be published in due course.
Data in relation to the number of jobs supported should become available at a later stage. Under the terms of the incentive, relief in respect of 30% of the amount invested in a qualifying company is granted to the investor in the year of investment, while the balance is only due where it has been proven that employment levels have increased at the company, or where evidence is provided that the company used the capital raised for expenditure on research and development, at the end of the holding period. Claims for the balance of the relief are due from this year.
146. Deputy Michael McGrath asked the Minister for Finance the tax expenditure, the number of participants and the jobs supported by the special assignee relief programme in each of the years 2013 to date; and if he will make a statement on the matter. [45970/15]
View answerI am informed by the Revenue Commissioners that a report on the Special Assignee Relief Programme for 2012 and 2013 has been published and is available on the Commissioners website at: http://www.revenue.ie/en/about/publications/sarp-report-2012-2013.pdf. This report was also sent to the opposition spokespersons on Finance for their information.
The Revenue Commissioners will prepare a similar report in relation to the 2014 tax year, which should be finalised during the first quarter of 2016.
147. Deputy Michael McGrath asked the Minister for Finance the tax expenditure associated, the number of participants and the jobs supported under the foreign earnings deduction scheme in each of the years 2013 to date; and if he will make a statement on the matter. [45971/15]
View answerI am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage: http://www.revenue.ie/en/about/statistics/index.html. In relation to the Deputy's Question, the latest information on the cost and numbers availing of the Foreign Earnings Deduction scheme can be found at http://www.revenue.ie/en/about/statistics/costs-tax-expenditures.pdf. The latest full year for which information is available is 2013. Updates for 2014 will be published in due course. There is no specific reporting requirement in relation to the number of jobs supported by the incentive.
148. Deputy Michael McGrath asked the Minister for Finance the number of applications for credit union restructuring currently before the restructuring board; and if he will make a statement on the matter. [45973/15]
View answerTo date the Credit Union Restructuring Board (ReBo) has provided assistance in 40 completed mergers involving 82 different credit unions. ReBo has recently approved a further 6 mergers involving 12 credit unions. ReBo meets on a monthly basis to review finalised merger proposals. There are currently no proposals in front of the board for its upcoming monthly meeting on 17 December.
ReBo is engaging with a further 114 credit unions and mergers involving a number of these credit unions may come before the board for approval during the course of 2016.
As stated previously, I am pleased that credit unions are engaging with ReBo as a business strategy to achieve the scale necessary to move to a more efficient and effective business model and as a means of strengthening the sector.
149. Deputy Michael McGrath asked the Minister for Finance the amount that has been paid to a firm (details supplied) for professional services on the banking crisis since 2008, including any amounts, shown separately, paid by his Department, the Central Bank of Ireland, the National Treasury Management Agency and the National Pensions Reserve Fund, or by the covered institutions themselves. [45974/15]
View answerIn response to the Deputy's query, regarding the amount that has been paid to a firm (details supplied) for professional services on the banking crisis since 2008, I can confirm that the Department has not made any payments to this firm.
In relation to my Department, I would ask the Deputy to note that the firm has been engaged on a pro bono basis as financial advisors for capital restructuring and other related matters in relation to State investment in AIB since 8th January 2015 with an anticipated end date of 31st December 2015. A statement and QandA concerning the appointment of the firm as financial advisors for capital restructuring and other related matters in relation to State investment in AIB in January 2015, on a pro bono basis, is available on the Department of Finance website at http://www.finance.gov.ie/news-centre/press-releases/goldman-sachs-international-appointed-financial-advisors-capital
The Central Bank has advised me that it has not made any payments to this firm for professional services on the banking crisis since 2008. In relation to the covered institutions, I am advised that disclosure of payments to the firm referred to in the question is considered commercially sensitive.
The National Treasury Management Agency (NTMA) has advised me that the National Pensions Reserve Fund has not made any payments to the firm in question. However in relation to the NTMA, I am advised that the following payments have been made:
|
- |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
|
NTMA |
Nil |
Nil |
€286,360 |
€6,003,427* |
€1,790,880** |
€1,307,657 |
Nil |
Nil |
Notes:
* The NTMA recovered €2.7m from financial institutions in relation to fees paid in 2011.
** The NTMA recovered €0.6m from financial institutions in relation to fees paid in 2012.
150. Deputy Michael McGrath asked the Minister for Finance to set out the licensing costs incurred by off-trade alcohol retailers; and if he will make a statement on the matter. [45976/15]
View answerI am advised by the Revenue Commissioners that, under Section 59 and Schedule 2 of the Finance (No. 2) Act 2008, the duty on a licence for the sale of alcohol such as spirits, wine, or beer for consumption off the premises is €500. The duty is charged on a flat-fee basis per licence type and the licences are renewed annually. Many retailers hold a combination of licences, including a beer licence which also entitles the retailer to sell cider. A typical off-licence retailer will hold licences to sell wine, spirits and beer and will pay licence duty of €1,500 annually.
151. Deputy Michael McGrath asked the Minister for Finance the amount Irish Water has drawn down from its loan facility with the National Pensions Reserve Fund; the full amount of the loan facility; the period of time over which it will be repaid; the interest rate that applies to the loan; if any penalty clauses apply in respect of the facility; and if he will make a statement on the matter. [45979/15]
View answerThe Ireland Strategic Investment Fund (ISIF) has advised that Irish Water has entered into loan facilities of €450 million in total with the Fund, representing a refinancing of the existing €300 million National Pensions Reserve Fund facility and a new €150 million loan facility. Both facilities are unguaranteed. The loan facilities have a 1 year maturity and the draw down to date amounts to €300 million. I am advised that the specific terms of the loan facilities are commercially sensitive and therefore cannot be disclosed.
152. Deputy Michael McGrath asked the Minister for Finance the cost of extending the home carers tax credit to cohabiting couples with dependent children; and if he will make a statement on the matter. [45980/15]
View answerAs the Deputy may be aware, Section 466A of the Taxes Consolidation Act 1997 provides for the Home Carer Tax Credit. As increased in Budget 2016 the amount of the credit is €1,000. It is claimable by married persons or civil partners who are jointly assessed to tax and where one spouse or civil partner works at home, caring for children, aged or incapacitated persons, and that spouse or civil partner's income is not in excess of €7,200. A reduced credit is provided if income is between €7,200 and €9,200. The credit is reduced by half of the excess over €7,200.
I am advised by the Revenue Commissioners that, with the data available to the Commissioners, there is no basis on which to develop an estimate of the costing requested by the Deputy to extend the credit to cohabiting couples with dependent children.
A wide range of statistical information is available on the Revenue Commissioners' statistics webpage: http://www.revenue.ie/en/about/statistics/index.html. It may be of interest to the Deputy that the latest information on the cost and numbers benefiting from 'Home carer Credit' can be found at http://www.revenue.ie/en/about/statistics/costs-tax-expenditures.pdf. The latest full year for which information is available is 2013. Updates for 2014 will be published in due course.
153. Deputy Michael McGrath asked the Minister for Finance when the tax strategy papers from budget 2016 will be published; and if he will make a statement on the matter. [45985/15]
View answerThe process of publishing the Tax Strategy Group papers for Budget 2016 will commence shortly and I would anticipate that they will be available on my Department's website during the first quarter of 2016.
