Results 2,581-2,600 of 19,445 for speaker:Brian Cowen

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: This will be an additional new payment separate from the existing child benefit scheme. This new early child care supplement and the existing child benefit will bring the amount a family will receive next year, for each of the first two children under six years, to €2,800 per year, equivalent to over €50 per week in direct financial support.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: This will be even higher where a family has more than two children under six. By any standards, this is a significant contribution from the taxpayer towards the cost of child care in such circumstances. New child care arrangements Funding for the national child care strategy will be allocated in the Revised Estimates Volume. In that context, the Government will introduce new administrative...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: ——to streamline the functions relating to child care. Helping those on the minimum wage and on average pay — Taxation Tax revenue provides us with the resources to develop a fairer and more productive society.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: Additional revenue affords us the opportunity to return some of this to those who earn it. The Government has radically restructured the tax system in the past eight years to ensure that much more income tax relief goes to the lower paid. As a result, more than one third of the workforce is completely outside the tax net in 2005. That represents 720,000 earners compared to 380,000 in 1997.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: I intend to take more earners out of the tax net today. I am increasing the employee tax credit by €220 per year and the basic personal tax credit by €50 per year single and €100 per year for married couples. This will ensure that all those on the current minimum wage will remain completely outside the tax net in 2006. This will remove from the tax net nearly 52,000 low-income taxpayers...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: I am also increasing the annual income tax exemption limit for persons aged 65 and over by €500 single and €1,000 married. This will remove a further 1,700 taxpayers from the tax net. These age exemption limits have approximately trebled since the Government came into office. I am increasing the standard rate income tax band by €2,600 or approximately 9% per year, removing more than...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: I am increasing the threshold for the payment of the 2% health levy from €400 per week to €440 per week. This will benefit 72,300 lower paid workers by an extra €8 per week on top of the other reliefs I have mentioned.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: All these increases mean that a single person on €22,000 per year will benefit by €13.65 per week in net income in 2006 and a married one-earner couple on €40,000 per year will see their net income rise by €12.92 per week.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: I am happy to tell the House that the tax credits for widowed persons, blind persons, incapacitated children, dependent relatives and those aged 65 and over are being further increased this year, by amounts ranging from more than 20% to 50%. The tax relief for persons living in private rented accommodation is being increased by 10% to assist those faced with increased rental costs. The tax...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: This is simply not fair, although I should point out that high-earning non-payers are in a very small minority. Accordingly, I propose now to place an annual overall cap on the extent to which specific incentive reliefs can be availed of. The cap will apply to those with incomes over €250,000 per year.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: It will operate by reducing by half the amount of income that can be relieved from tax by certain specified tax reliefs. This measure will help eliminate the phenomenon of tax free millionaires and increase the effective rate of tax on those with high income towards a minimum of 20%.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: Further details of how this will work are set out in the Summary of Budget Measures. This will require some complex new legislative provisions and I propose accordingly that the new system will apply for all tax years from 1 January 2007.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: This annual cap system will also apply to artist's relief from the same date. There is no change in the tax treatment of income now exempt under the artist's relief scheme where that income is less than €250,000 per year. The vast majority of people are under that bracket. Pensions Tax equity applies not only to taxpayers' current income but also to how taxpayers provide for their income...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: A new regime appropriate to the industry will be discussed with the European Commission. I also propose to disallow interest on personal loans taken out to acquire shares in, or provide loans to, rental income companies. Keeping consumer prices down Regarding indirect taxation, I am proposing, like last year, to leave the main excises and VAT rates as they are. This is a significant...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: I am beginning by halving the excise rate on kerosene and LPG used for home heating from midnight tonight. This measure will cost €46 million in a full year. Betting tax Earlier this year I initiated a review of betting duty. One of my prime concerns is how to protect the revenue base on a fair basis in view of the prevalence of effective tax-free betting on the Internet. With this in view,...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: To meet this challenge further, I am announcing today the establishment of a carbon fund to enable the State to purchase carbon credits. This fund will be financed on a multi-annual basis and I am providing €20 million in respect of 2006. The National Treasury Management Agency will be the carbon credit purchasing agency for the State.

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: More details on this initiative will be provided by the Minister for the Environment, Heritage and Local Government. Biofuels I have agreed with my colleague, the Minister for Communications, Marine and Natural Resources, that Ireland should set an initial target of 2% of the fuel market to be taken up by biofuels by 2008 and that we should achieve this through targeted excise relief...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: There are clear benefits to all from this initiative. The environment will benefit in terms of a reduction in CO2 emissions. It will enhance security of supply of fuels, and create jobs and outlets for agriculture production. It is estimated that the programme I am announcing could ultimately give rise to hundreds of extra full-time jobs in the State. This new relief will require EU approval...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: I intend to keep the door open for other sectors and private individuals to participate. The banks have indicated they are willing to discuss with me how this initiative can be successfully advanced. I will be asking other interested parties to also assist in developing an effective model. Reforming the budgetary process Last year I indicated that the Government was open to reviewing the...

Budget Statement 2005. (7 Dec 2005)

Brian Cowen: What about tax changes?