Results 14,301-14,320 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (29 Jun 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the estimated full year gain from increasing the rate of Capital Gains Tax (CGT) from 25% to 28% is €48 million. This estimate assumes no behavioural changes on the part of taxpayers. CGT is very dependent on individual behaviour and a change in rate may not produce a corresponding increase or decrease in tax yield. In current economic...

Written Answers — Tax Code: Tax Code (29 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from doubling the rate of Capital Acquisitions Tax from 25% to 50%, based on the Budget estimate of €240 million for 2010, could nominally be in the region of €240 million. It should be noted that this estimate is based upon an assumption that there would be no behavioural impact of such an...

Written Answers — Tax Collection: Tax Collection (29 Jun 2010)

Brian Lenihan Jnr: This is a matter that involves payment of a significant tax debt and is therefore a matter for the Revenue Commissioners. I am advised by Revenue that the case in question is under active discussion with the persons concerned, towards an early resolution that is to Revenue's satisfaction.

Written Answers — Departmental Review: Departmental Review (29 Jun 2010)

Brian Lenihan Jnr: As I mentioned at the Joint Committee on Finance and the Public Service, I have in mind that there would be a review of the Department of Finance, by an Independent Review Group, comprising a small number of experts with relevant international and/or domestic experience, to evaluate the systems structures and processes used by the Department of Finance in relation to those elements of...

Written Answers — Tax Code: Tax Code (29 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that for VAT purposes the sale of burial plots is treated as the sale of developed land. Consequently the sale of burial plots by a local authority on or after 1 July 2010 will be subject to VAT at the reduced rate of 13.5%. This arises out of the European Court of Justice ruling against Ireland of 16 July 2009 in Case C-554/07 in respect of...

Written Answers — Tax Code: Tax Code (30 Jun 2010)

Brian Lenihan Jnr: The initial application for a Primary Medical Certificate under the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994, is made to the Senior Medical Officer of the relevant local Health Service Executive administrative area. If the Primary Medical Certificate has been refused in this case, the named person may appeal the refusal to the Medical Board of Appeal,...

Written Answers — Public Sector Staff: Public Sector Staff (30 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 107 and 116 together. As you are aware the Special Civil Service Incentive Career Break Scheme was introduced as a once-off measure that was included in the Supplementary Budget on 7 April 2009. Following implementation on 30 April the measure was extended to staff in different areas of the public service, including the local government sector and the HSE....

Written Answers — Pension Provisions: Pension Provisions (30 Jun 2010)

Brian Lenihan Jnr: The National Pensions Reserve Fund was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 with the objective of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. The National Pensions Reserve Fund Commission – who control and manage the Fund – publish...

Written Answers — Tax Collection: Tax Collection (30 Jun 2010)

Brian Lenihan Jnr: This is entirely a matter for the Revenue Commissioners. I am advised by Revenue that there is a significant tax debt in the case in question. Discussions to date have been unsuccessful in getting agreement on a plan for payment that is acceptable to Revenue. The person concerned has been advised that if an agreed payment plan is not in place within two weeks, enforcement action to effect...

Written Answers — Tax Code: Tax Code (30 Jun 2010)

Brian Lenihan Jnr: I propose to take Question Nos. 110 to 112, inclusive, together. I have stated previously that it is my intention to widen, if possible, the tax base on which betting duty would be applied. Bets placed either online or over the phone are generally with out-of-State companies so applying betting duty is therefore problematic. My officials, in conjunction with the Office of the Attorney...

Written Answers — National Solidarity Bonds: National Solidarity Bonds (30 Jun 2010)

Brian Lenihan Jnr: In Budget 2010, I announced the Government's intention to launch a National Solidarity Bond, the purpose of which is to allow citizens an opportunity to invest and provide money to the State to stimulate economic recovery and to assist in the maintenance and creation of employment. The necessary legislative basis was provided in this year's Finance Act and the Bond was launched on Tuesday 4...

Written Answers — Tax Collection: Tax Collection (30 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the number of earners who are exempt from income tax is estimated at 1,051,000 based on projected 2010 incomes. The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2007, adjusted as necessary to take account of the most recent data available for income and employment trends for the year in question. It...

Written Answers — Pension Provisions: Pension Provisions (30 Jun 2010)

Brian Lenihan Jnr: The maximum allowable pension fund that an individual can build up from tax-relieved contributions is known as the Standard Fund Threshold or SFT. The SFT is a lifetime limit which was introduced in Budget and Finance Act 2006 at an initial level of €5 million and was increased in line with an indexation factor in 2007 and 2008 to its current value of just over €5.4 million. In line with...

Written Answers — National Asset Management Agency: National Asset Management Agency (1 Jul 2010)

Brian Lenihan Jnr: I have informed this House on many occasions that NAMA is not a form of bailout for developers whose loans are in default. A borrower whose loan is transferred to NAMA will continue to owe the full amount borrowed and the conditions of the loan will generally remain the same. NAMA will manage these loans in the best interest of taxpayers and where necessary will seize property or other...

Written Answers — Tax Code: Tax Code (1 Jul 2010)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the taxpayer is not entitled to a tax credit in respect of his children. As the taxpayer is cohabiting he is not entitled to claim the One Parent Family Tax Credit. The Home Carers Tax Credit is only available to married couples who fulfil certain criteria. The taxpayer has not claimed a tax credit for Service Charges or for Union...

Written Answers — Financial Services Regulation: Financial Services Regulation (1 Jul 2010)

Brian Lenihan Jnr: The Central Bank and Financial Services Authority of Ireland (CBFSAI) is governed by the Central Bank Act 1942 (as amended), the Statute of the European System of Central Banks and the Treaty of Rome and is not directly responsible to me for the cost of financial regulation. However, the Central Bank Act 1942 requires my approval for an annual statement by the Irish Financial Services...

Written Answers — Tax Audits: Tax Audits (1 Jul 2010)

Brian Lenihan Jnr: In 2006 my Department made a voluntary disclosure to the Revenue Commissioners concerning the purchase of services from a company which was within the scope of Schedule 4 VAT (the obligation to account for VAT in respect of services supplied from another country). The amount of VAT underpaid was €37,609.62. No interest or penalties were applied. The services concerned had been invoiced...

Written Answers — Tax Audits: Tax Audits (1 Jul 2010)

Brian Lenihan Jnr: My Department had no such settlements in the years in question.

Written Answers — Tax Audits: Tax Audits (1 Jul 2010)

Brian Lenihan Jnr: The Revenue Commissioners did not carry out any tax audits in my Department during the years in question.

Written Answers — State Banking Sector: State Banking Sector (1 Jul 2010)

Brian Lenihan Jnr: Anglo Irish Bank is run on an arms length commercial basis by the Board of Anglo. Consequently, matters which relate to the normal commercial business of the bank, including the processing of loan applications and other business services by the bank, are a matter for the Board of Anglo. As the Deputy will be aware the bank is restricted under the terms of the Subscription Agreement from...