Results 9,161-9,180 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: If what the Deputy has in mind is the taxation at 18% of portions of the bands currently taxable at 20%, the full-year cost to the Exchequer, by reference to the income tax year 2009, is estimated by the Revenue Commissioners to be about €735 million. This cost is estimated on the basis that the thresholds for the proposed new tax bands would not alter the existing standard rate cut-off...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I must advice the Deputy that this measure would result in a cost to the Exchequer rather than a yield as suggested. I am advised by the Revenue Commissioners that the...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2009 incomes, would be of the order of €830...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Mar 2009)

Brian Lenihan Jnr: The letter to which the Deputy refers was actually issued by the Taoiseach. I have not been in contact with the individual concerned in relation to the quoted views. It is open to any individual to express an opinion and the individual concerned was not speaking in the capacity indicated in the details supplied with the Deputy's question.

Written Answers — Motor Industry: Motor Industry (10 Mar 2009)

Brian Lenihan Jnr: I am conscious of the decline in new car sales in Ireland and internationally due to the contraction in economic activity. The conditions of the motor industry is the subject of ongoing discussions between my Department and the Society of the Irish Motor Industry.

Written Answers — Departmental Expenditure: Departmental Expenditure (10 Mar 2009)

Brian Lenihan Jnr: It is estimated that the imposition of a cap on all remuneration at €200,000 for those comprehended by the public service pay bill would yield savings in the region of €100m on a full year basis, while it is estimated that a cap on all remuneration at €150,000 would produce savings of the order of €200m on the an annual basis. The great bulk of these figures relate to the...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2009 incomes, of reducing the single person tax credit by €100 and the married couple tax credit by €200 would be of the order of €200 million. The yield quoted is provisional and subject to revision.

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: In Budget 2009 the rate of mortgage interest relief was increased for first-time buyers from 20% to 25% in year 1 and 2 of their mortgage and to 22.5% in year 3 to 5 and maintained at 20% in year 6 and 7. The rate for non-first time buyers was reduced from 20% to 15%. The aim of this measure was to refocus mortgage interest relief towards home owners who are in most need of assistance. This...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 138 and 139 together. I am informed by the Revenue Commissioners that the full year yield to the Exchequer of abolishing mortgage interest relief, estimated by reference to 2009, would be of the order of €560 million. The corresponding yield from restricting mortgage interest relief to first-time buyers is estimated at €140 million.

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: 2057I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers for the year 2007, the estimated amount of tax foregone by allowing a deduction for interest on borrowings to be offset against rents assessable under Case V, Schedule D is of the order of €877 million. This estimate is based on assuming that tax relief was allowed at the...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed information is available regarding tax relief for trade union subscriptions is the income tax year 2005 in which the cost to the Exchequer is estimated at approximately €11.8 million. On this basis the full year yield to the Exchequer of abolishing tax relief for trade union subscriptions...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the last full year for which the cost of the Business Expansion Scheme is available is 2008, when the cost was estimated at approximately €56 million. Therefore, based on the 2008 figure, the likely full year saving from the abolition of the BES would be about €56 million.

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 143 and 144 together. I assume that the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer's marginal tax rate, that is, at the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual's marginal rate of income tax and for which estimates of cost can be provided are set out below together with estimated costs for the year 2005, the most recent year for which the necessary detailed information is available except where otherwise stated. Tax Relief...

Written Answers — Tax Collection: Tax Collection (10 Mar 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the tax overpaid will be refunded to the person within the next week. In addition, P21 balancing statements for 2007 and 2008 will issue to the taxpayer in the coming days.

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Mar 2009)

Brian Lenihan Jnr: I presume the Deputy is referring to Homebond, which provides structural defect cover for certain new homes in association with the Construction Industry Federation. The Financial Services Ombudsman deals with consumer complaints about financial service providers. The Homebond insurance scheme is regulated by the Financial Regulator. Consumers can contact the Financial Services Ombudsman...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that all goods imported into the European Union are subject to VAT at the same rate as similar goods sold within the Member State into which the goods are imported. In Ireland the VAT is charged by the Revenue Commissioners at the point of import. There is no provision for a refund of this VAT to persons who are not registered for VAT. However,...

Written Answers — Decentralisation Programme: Decentralisation Programme (10 Mar 2009)

Brian Lenihan Jnr: There are no plans at this stage for senior officials of my Department, above the level of Principal Officer, including the Secretary General, to be located in any decentralised office.

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 151 to 155, inclusive, together. I am informed by the Revenue Commissioners that the full-year yield to the Exchequer, estimated by reference to 2009 incomes, of increasing the higher rate of income tax by one, two, three, four and five percentage points would be approximately €220 million, €440 million, €655 million, €875 million and €1,095 million...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 156 to 160, inclusive, together. I am informed by the Revenue Commissioners that the full-year yield to the Exchequer, estimated by reference to 2009 incomes, of increasing the standard rate of income tax by one, two, three, four and five percentage points would be approximately €560 million, €1,120 million, €1,680 million, €2,240 million and €2,800...