Results 5,641-5,660 of 19,445 for speaker:Brian Cowen

Tax Yield. (20 Mar 2007)

Brian Cowen: The Deputy will be aware that the stamp duty code has applied a single rate to the full value of the property where the rate applicable depends on the value of the property concerned. That has been the nature of the tax since its inception. While there have been increases in the yield of this tax in recent years as a result of increased property prices, that is not something we can factor...

Tax Yield. (20 Mar 2007)

Brian Cowen: I changed the thresholds in budget 2005, increasing them considerably in respect of first-time buyers of second-hand houses. According to data available to the Department of the Environment, Heritage and Local Government, in the first half of 2006, over 50% of houses purchased by first-time buyers of second-hand properties in Dublin were valued at under €317,500 and were not liable for...

Price Inflation. (20 Mar 2007)

Brian Cowen: The prospects for the economy are favourable. Strong growth is expected this year with both GDP and GNP forecast to increase by 5.3%. With more than 2 million people now employed in the State and unemployment forecast to be under 4.5% this year, we are effectively at full employment. However, we recognise that clear challenges remain, which must be addressed if living standards are to...

Price Inflation. (20 Mar 2007)

Brian Cowen: During the period referred to by the Deputy, 2002 to 2006, there was a reduction of 31,000 in manufacturing jobs but the economy created 250,000 jobs during the same period. The net benefit to the economy was in the region of 220,000 jobs and this is a significant indicator of overall competitiveness in the Irish economy. Ireland is still regarded as a suitable location for inward...

Price Inflation. (20 Mar 2007)

Brian Cowen: I do not agree with the Deputy's comments and I have indicated the changes that are taking place regarding broadband. The reforms agreed by the Government in the White Paper on Energy are a further indication of our commitment to bring more competition to the market and ensure the consumer gets a better deal on price. The introduction of the independent regulation of utility markets is...

Tax Code. (20 Mar 2007)

Brian Cowen: First and foremost, I would like to assure the Deputy that Ireland continues to be an attractive location for US inward foreign investment based on a number of well known factors. Furthermore, Government policy continues to ensure that our strengths are maintained and promoted through, for example, increased spending in education and training and in overall investment in infrastructure under...

Tax Code. (20 Mar 2007)

Brian Cowen: I first wish to welcome Deputy Ó Caoláin back to the House and wish him well in his recovery.

Tax Code. (20 Mar 2007)

Brian Cowen: We have transparent tax arrangements in this country. We have positive rates of taxation, 44 tax treaties in place, a system of full exchange of information and the proper regulation of activities to the highest standards. We maintain a low general corporation tax rate by ensuring a wide tax base and the careful, prudent management of public finances. We collect €6.7 billion per annum in...

Tax Code. (20 Mar 2007)

Brian Cowen: This is not a low wage economy.

Tax Code. (20 Mar 2007)

Brian Cowen: The Ahead of the Curve industrial policy review provided confirmation that we have small and big businesses. More than 800,000 members of the 2 million workforce are employed in small and medium size enterprises, the great majority of which are indigenous. I introduced proposals in the most recent budget to comprehensively overhaul the business expansion and seed capital schemes to ensure...

Price Inflation. (20 Mar 2007)

Brian Cowen: My Department assesses data produced by the Central Statistics Office on the contribution from different sectors to price growth. The CSO rebased in December 2001. The figures for the years 2002-06 show that consumer price inflation increased by approximately 12.5% over this period. Of this figure, it is estimated that approximately 10% is due to services sector price inflation, while 2.5%...

Price Inflation. (20 Mar 2007)

Brian Cowen: I do not set prices, they are set by the regulators. There is an independent regulatory sector. The specific characteristics of an island market of this size mean that the electricity and gas sectors differ from those of the United Kingdom and other countries. The Government's long-term strategy is to continue to reposition the economy towards the production of more knowledge intensive...

Price Inflation. (20 Mar 2007)

Brian Cowen: I am not suggesting there are simply deficiencies in the regulatory framework. I am saying this is the discipline imposed on the market by the introduction of the independent regulatory framework. In the past, prices in these areas were regulated by Departments working through the commercial semi-State sector. All sides in this House long ago agreed that commercialisation of the semi-State...

Interest Rates. (20 Mar 2007)

Brian Cowen: The level of interest rates is determined by the independent European Central Bank, ECB, in fulfilment of its mandate to secure price stability for the euro area as a whole. The impact of ECB interest rate changes on household incomes in Ireland is an important element of the context for the Government's overall economic and fiscal strategy. This strategy has successfully delivered...

Interest Rates. (20 Mar 2007)

Brian Cowen: I do not accept that the increase in mortgage interest relief for first-time buyers has been wiped out by the ECB interest rate rises in recent months. It depends on the circumstances of the household concerned. In the case of a mortgage of €250,000 taken out for a typical loan period of 33 years for example, a 0.25% rise in interest rates results in an increased payment of some €38 per...

Interest Rates. (20 Mar 2007)

Brian Cowen: I am not playing with statistics, just dealing with the Deputy's assertions. The decision taken brought a direct benefit to people involved in the mortgage market, not just to prospective buyers but to those already in the mortgage market for the previous seven years, totalling 125,000 first-time buyers. In this way, the greatest possible benefit could be given to the greatest number of...

Tax Collection. (20 Mar 2007)

Brian Cowen: I am advised by the Revenue Commissioners that to the end of February 2007 they have recovered €2.297 billion from 31,950 taxpayers as a result of their programme of special investigations. The three major legacy investigations relating to bogus non-resident accounts, offshore accounts and single premium insurance products, account for the bulk of the amount recovered. The balance is...

Tax Collection. (20 Mar 2007)

Brian Cowen: I do not have the details on inheritance tax or credit card issues in this regard as that information is not available to me. I will find out whether the information is available. These issues arise as a result of non-compliance by taxpayers, whether PAYE or non-PAYE taxpayers, in respect of undeclared income that may have been moved offshore, used in single premium policies, resulted from...

Tax Collection. (20 Mar 2007)

Brian Cowen: I an not so sure whether they were evasion or avoidance schemes. As the Deputy knows, avoidance schemes are not subject to recovery, but evasion is illegal and is subject to recovery in any circumstances and in any area of taxation. These matters are proceeded upon by the Revenue Commissioners. With regard to any issues they have sought to pursue, I have facilitated them either by way of...

Tax Collection. (20 Mar 2007)

Brian Cowen: As I said during the course of the Finance Bill debate all the criteria for non-residency are in line with international arrangements. The Revenue Commissioners monitor them in a way they do not disclose, in order to be able to carry out that monitoring. They are satisfied the people concerned are compliant.