Results 10,021-10,040 of 16,537 for speaker:Brian Lenihan Jnr
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: The composite rates of income levy as set out in the section are the annual rates which are to apply to all individuals in respect of their income from all sources in the year. These rates ensure that all taxpayers are treated the same way in relation to their overall income for a year as a whole, for the purposes of the income levy. The composite rates have also prevented individuals who...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: Deputy O'Donnell, like a good accountant, is suggesting that we should have permitted the facility to front-load to exist.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: The effect of this is to eliminate that possibility.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I have.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I have considered carefully the various issues raised by the life insurance industry. Having regard to the need for additional tax revenue, the incidence of taxes being imposed across the economy and the need for all sectors to make a contribution towards solving our economic difficulties, I decided that the levy will be implemented as announced. In common with other taxation measures,...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I am prepared to keep the matter under review in the best interests of the industry and for that reason I gave a longer lead in period, as well.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I note Deputy Morgan's comments and I assure him that the Commission on Taxation will deal this matter. We could assist the public by being factual in our assertions with regard to it. In that context, if one earns income in Ireland, one pays tax on it. If, however, one does not reside in Ireland, one does not pay tax on income one earns elsewhere. There is nothing unusual in that legal...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I am sorry to inform Deputy Burton that the material I read is material from my Department. I never lectured in the law of citizenship. The material before me was prepared by the Department of Finance so there is no need to personalise this issue in respect of my past occupation. My current occupation is a Deputy and Minister for Finance. I am well aware of joblessness in this country but...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: To accept Deputy Bruton's amendment would cost â¬25 million this year and â¬50 million in a full year. The income levy as currently structured is highly progressive. Those who can afford it pay the most while the most vulnerable are protected in so far as possible. The levy payment amounts to 1.11% of gross income of the individual. The multiplicity of levies has become a patchwork...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: Deputy Morgan's amendment in substance seeks to repeal something which was at the core of the supplementary budget. The Deputy has indicated he is opposed to the rates of change and he would continue the charge at the rates effective from 1 January 2009. The levy was introduced to help deal with the exceptional economic circumstances where we as a nation saw a very substantial revenue...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: The Deputy has in a sense postponed the amendment until next year so I will be brief in my reply. I will not take this as meaning that the Deputy agrees with the matter this year and I will not misinterpret it as such. The amendment seeks to grant special treatment to those individuals who invest in capital assets in order to satisfy environmental requirements of the sector in which they...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: A similar amendment was tabled on Committee Stage. The effect would be to exclude from the new restriction the amount of interest that can be deducted when computing a person's taxable rental income on interest paid by individuals who had occupied a house as their principal private residence before the house was rented out for residential use. The Deputy's concern relates to possible...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I was referring to net rental income as distinct from gross of the expenses which the lessor has in respect of the letting.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: Yes.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: That has not been decided yet.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: I cannot hypothesise what will be contained in the next budget. Deputy Burton made a good stab at it earlier.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: We will see.
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: That was an extraordinary contribution and I must put certain matters on the record of the House. First, lest readers of the Official Report are misled, one should be clear that in this Finance Bill, the Government is terminating the hospital relief to which the Deputy referred. I do not discern a need for a social cost-benefit analysis on a relief that is being phased out and terminated in...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: The Deputy's remarks in this regard are entirely wide of the mark. She then proceeded to speak of golden circles in the context of property reliefs generally. The most fatal relief of all was the seaside resort scheme and Deputy Burton was a Minister of State in the Government that introduced it. As I always understood it, the scheme was introduced at the behest of the then Minister for...
- Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)
Brian Lenihan Jnr: It troubles me when I hear such economic analysis from the Opposition benches.The Opposition is the alternative Government and the country is in a very serious position. If the Opposition has to take up the reins of power and it entertains such notions, I do not believe the country has much of a future. The bubble in the property market was caused primarily by two factors, if one examines...