Results 5,421-5,440 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Non-Resident Accounts: Non-Resident Accounts (21 Oct 2009)

Brian Lenihan Jnr: It is a matter for the Revenue Commissioners to examine and investigate Irish residents seeking to evade Irish tax through the use of offshore accounts. A dedicated unit of the Revenue Commissioners, the Offshore Assets Group, was set up in 2001 and is specifically tasked with identifying Irish residents holding offshore accounts. To date this unit has recovered over €945m for the...

Written Answers — Tax Code: Tax Code (21 Oct 2009)

Brian Lenihan Jnr: I can confirm for the Deputy that there is a 2 km restriction in place for the home carer income tax credit and that a similar restriction is not in place for the dependent relative capital gains tax principal private residence exemption. As regards income tax, Section 466A of the Taxes Consolidation Act 1997 provides for a tax credit known as the 'home carer tax credit'. Criteria for...

Written Answers — Pension Provisions: Pension Provisions (21 Oct 2009)

Brian Lenihan Jnr: Approved Minimum Retirement Funds (AMRFs) form part of the Approved Retirement Fund (ARF) options. Under the ARF regime certain pensioners can, after taking their tax-free pension lump sum, choose between investing in an ARF, purchasing an annuity, taking the remaining value of their pension fund in cash (subject to income tax) or any combination of these options. In addition, in certain...

Written Answers — Ministerial Travel: Ministerial Travel (21 Oct 2009)

Brian Lenihan Jnr: A reply on this matter has recently issued to the Deputy. The information which has issued is provided as follows in respect of ministerial expenses of the Minister and Minister of State at the Department of Finance, for the years 2007, 2008 and 2009. I have been informed by the Office of Public Works that information relating to the Minister of State in respect of the functions of that...

Written Answers — Financial Services Regulation: Financial Services Regulation (21 Oct 2009)

Brian Lenihan Jnr: At the outset I would like to say that it is a particular priority of the Government to ensure as much as possible that difficulties in relation to mortgage arrears do not result in legal proceedings for home repossession. Home repossession should be and generally is the last resort for the lender and the preferred method of dealing with arrears cases should be early intervention. There are...

Written Answers — Interdepartmental Committees: Interdepartmental Committees (21 Oct 2009)

Brian Lenihan Jnr: I announced, during the debate on the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 last March, that the preparation of the draft legislation provided an opportunity to consider once again the position regarding ethical investment and that I would establish an Interdepartmental Committee to examine the issues further and to report to me. The Committee...

Written Answers — Tax Code: Tax Code (21 Oct 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that subcontractors are self-employed taxpayers and subject to self-assessment. The notion of de-listing from the self-assessment tax system does not arise and notification that a taxpayer no longer has a source of income from self-employment will normally be made on the annual return of income. Such notification can also be made in the course of...

Written Answers — Tax Code: Tax Code (21 Oct 2009)

Brian Lenihan Jnr: The proposed 80% windfall capital gains tax to which the Deputy refers is being considered as part of the NAMA legislation and it will be discussed at Report Stage of the Bill. It is not customary for the Minister of Finance to comment on the specific details of tax changes prior to publication of the legislation.

Written Answers — Tax Code: Tax Code (21 Oct 2009)

Brian Lenihan Jnr: The 2006 Budget and Finance Act introduced an imputed or notional distribution of 3% of the value of the assets of an Approved Retirement Fund (ARF) on 31 December each year, where the notional amount is taxed at the ARF owner's marginal income tax rate. Funds actually drawn down by ARF owners are credited against the imputed distribution in any year to arrive at a net imputed amount, if any,...

Written Answers — Tax Collection: Tax Collection (21 Oct 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the latest relevant sector-based information available on employees taxed under the PAYE system is derived from income tax returns filed for the income tax year 2007 and representing about 96 per cent of all returns expected at the time the data were compiled for analytical purposes. On this basis the information requested by the Deputy is set...

Written Answers — Pension Provisions: Pension Provisions (21 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 157 to 159, inclusive, together. The Social Welfare and Pensions Act 2009 provides for a package of measures to address the difficulties being faced by pension schemes, one of which is the introduction of a Pensions Insolvency Payment Scheme. Section 22 of the Act provides that the Minister for Finance may, after consultation with the Minister for Social and...

Written Answers — Tax Code: Tax Code (21 Oct 2009)

Brian Lenihan Jnr: I am committed to the introduction of a carbon tax on a phased basis in the context of the 2010 Budget. Indeed work is already underway on the design of a carbon tax. In relation to the issue of fuel poverty, it is acknowledged that appropriate measures may need to be put in place depending on the level of carbon tax introduced.

Written Answers — Departmental Funding: Departmental Funding (21 Oct 2009)

Brian Lenihan Jnr: The issue regarding funding for the Horse and Greyhound Fund will be decided in the context of the Estimates for Public Services 2010. The Deputy may wish to note that the 2009 Budget publications announced that arrangements would end whereby the annual payment to the Horse and Greyhound Racing Fund would be automatically calculated by reference to the previous year's betting duty or the...

Written Answers — Tax Code: Tax Code (21 Oct 2009)

Brian Lenihan Jnr: As the Deputy is aware, I announced in Budget 2009 that an air travel tax would come into force in respect of passengers departing from Irish airports on and from 30 March 2009. A general rate of €10 per passenger would apply, with a lower rate of €2 for shorter journeys. The Finance (No.2) Act 2008 confirmed the introduction of an air travel tax from 30 March 2009. However, I took...

Written Answers — Local Authority Funding: Local Authority Funding (21 Oct 2009)

Brian Lenihan Jnr: The Valuation Act 2001 came into effect on 2 May 2002. Under the provisions of this Act, rateable valuations for all local authorities are determined by the Valuation Office. The local authorities have no role in determining the valuations of property for commercial rates purposes. The basis of rateable valuation for all commercial property is net annual value (NAV) i.e. the rental value of...

Written Answers — Banking Sector: Banking Sector (21 Oct 2009)

Brian Lenihan Jnr: My Department issued a response to the letter the Deputy refers to on 30 September. Briefly, the main points of this letter are outlined below. I do not accept that Government support of an institution provides any argument in favour of any particular group. In fact, taxpayers will naturally look to bank employees to understand and respond to the financial situation in which these...

Written Answers — Tax and Social Welfare Codes: Tax and Social Welfare Codes (20 Oct 2009)

Brian Lenihan Jnr: The position is that the latest study on the question of the taxation of payments made by the Department of Social and Family Affairs was undertaken by the Commission on Taxation. The Report of the Commission sets out the results of its deliberations in Part 5, Section 3.4. However, the Report did not specify what savings for the Exchequer would be achieved as a result of implementation of...

Written Answers — Tax Code: Tax Code (20 Oct 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that, given the range of information requested since 1993, they are not in a position to provide a detailed reply within the time available. Accordingly, I will have the information forwarded to the Deputy at an early date.

Written Answers — Tax Code: Tax Code (20 Oct 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that they will endeavour to obtain details of pay and tax for 2008 from the former employer of the person in question and review the tax position for that year. If the taxpayer is in possession of their final payslip from that employment they should contact their local Revenue District immediately for the purposes of having a review processed.

Written Answers — Tax Code: Tax Code (20 Oct 2009)

Brian Lenihan Jnr: This question relates to potential Budgetary measures. It is the usual practice for the Minister for Finance not to speculate or comment in advance of the Budget on what it will contain and I do not propose to deviate from that practice.