Results 5,441-5,460 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that section 784C of the Taxes Consolidation Act 1997 relates to Approved Minimum Retirement Funds (AMRFs) which form part of the Approved Retirement Fund (ARF) options introduced by Finance Act 1999. ARFs and ARMFs are not pension schemes per se but rather investment funds into which the proceeds of certain pension arrangements can be invested on...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (20 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 211 and 212 together. The terms of the Government's guarantee are laid down in the Credit Institutions (Financial Support) Scheme 2008, pursuant to the Credit Institutions (Financial Support) Act 2008. There is no provision under the terms of the Scheme for the action suggested by the Deputy in relation to art collections of covered institutions. Under the...

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

Brian Lenihan Jnr: I am assuming that the Deputy's query relates to the tax treatment of the Eircom Employee Share Ownership Trust on the proposed sale of Eircom. I am informed by the Revenue Commissioners that if and when the proposed sale takes place, the transaction will be dealt with in accordance with the legislation governing Employee Share Ownership Trusts in section 519 and Schedule 12 of the Taxes...

Written Answers — Social Partnership Agreement: Social Partnership Agreement (20 Oct 2009)

Brian Lenihan Jnr: The pay increases under 'Towards 2016 – Review and Transitional Agreement 2008 -2009 were as follows: · An increase of 3.5% from 1 September 2009; and · An increase of 2.5% from 1 June 2010 – except for those earning up to and including €430.49 per week (€ 22,463 per annum) on commencement of the second phase where a 3% increase will apply. The estimated cost to the Exchequer of...

Written Answers — Financial Services Regulation: Financial Services Regulation (20 Oct 2009)

Brian Lenihan Jnr: There are currently no plans to proscribe the use of commissions by financial intermediaries in Ireland. It is considered that the existing legislative protections in place for the consumer sufficiently empowers the Financial Regulator and the Financial Services Ombudsman to investigate and, if necessary, sanction any misbehaviour in relation to mis-selling of financial products or the...

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

Brian Lenihan Jnr: As I stated during the Finance Bill process, it has been my intention to widen if possible the tax base on which betting duty would be applied. Bets placed either on-line 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 General, the Office of the Revenue Commissioners...

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

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the most recent estimated cost of making the main personal and PAYE tax credits refundable when they are unused would be likely to be in excess of €3 billion annually. This estimate relates only to the cost of extending refundable tax credits to all those on the Revenue's tax files. If a refundable tax credit system were to be introduced, one...

Written Answers — Pension Provisions: Pension Provisions (20 Oct 2009)

Brian Lenihan Jnr: As outlined in my previous reply to the Deputy, the Minister for Communications, Energy and Natural Resources has primary responsibility for matters relating to the state body mentioned, including its pension schemes. With regard to pension arrangements, the relevant legislation requires that these be approved by the Minister for Communications, Energy and Natural Resources with the...

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

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that PAYE Balancing Statements P21 for the years 2007 and 2008 together with refunds due will issue to the person concerned shortly.

Written Answers — Departmental Staff: Departmental Staff (20 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 221 and 224 together. I have taken a reference date of 1 April 2010 for full implementation of the Incentivised Scheme of Early Retirement (ISER) as this would take account of all cases in which deferred retirements have been agreed. 5.6 staff (whole-time equivalent - WTE) at Principal level or higher have to date applied for the ISER. The number of officials...

Written Answers — Professional Fees: Professional Fees (20 Oct 2009)

Brian Lenihan Jnr: Following the Government decision in February to pursue a general 8% reduction on fees to legal, medical, veterinary and other professionals engaged by the public service, it is estimated that a further 20% reduction would yield up to €180 million in a full year.

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

Brian Lenihan Jnr: It is assumed that the question relates to the application of betting duty to bets placed with on-course bookmakers at horse and greyhound race meetings. Based on an estimate of around €230 million of bets having been placed with on-course bookmakers at race meetings over the year to 31 August 2009, it is estimated that applying the 1% betting duty to such bets would have yielded the...

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

Brian Lenihan Jnr: The position is that Illness Benefit is a taxable source of income. In this instance (details supplied), the taxpayer has an available Tax Credit of €2,516 for 2009. This equates to an annual income threshold of €12,580 (€12,580 x 20% = €2,516) under which no liability to income tax arises. I am advised that Revenue records indicate that the taxpayer received Illness Benefit income of...

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

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that they have written to the person concerned requesting additional information. Her tax liability will be reviewed on receipt of that information.

Written Answers — National Asset Management Agency: National Asset Management Agency (20 Oct 2009)

Brian Lenihan Jnr: Until the full transfer of eligible loans has been completed, it will not be possible to analyse individual loan files and collate detailed information on borrowers.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (20 Oct 2009)

Brian Lenihan Jnr: Under the Credit Institutions (Financial Support) Scheme 2008, each of the covered institutions pays a quarterly charge to the Exchequer which is held in a mandated account in the Central Bank. This charge is paid quarterly in advance and all payments have been made in respect of 2009 which amounts to €437,544,223. In the context of the six month review of the charge which was undertaken...

Written Answers — International Agreements: International Agreements (20 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 230 and 231 together. My Department or the Revenue Commissioners are not familiar with the specific document mentioned by the Deputy. I would like, however, to assure him that Ireland, along with its EU partners, is mindful of the obligation to ensure that the benefits of the EU-Israel Association Agreement are not granted to goods produced in Israeli...

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

Brian Lenihan Jnr: Tax relief on employee contributions to occupational pension schemes is subject to age-related percentage limits and to an overall annual earnings cap of €150,000 for 2009. The annual earnings cap and age-related percentage limits also apply to contributions to personal pension plans (i.e. Retirement Annuity Contracts and Personal Retirement Savings Accounts). In the case of occupational...

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

Brian Lenihan Jnr: I assume that the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer's marginal income 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 available by income tax rate, as tax returns by...

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

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that payments of Air Travel Tax by airline operators are not required to be broken down by airport. It is not possible, therefore, to provide details of the amount of tax attributable to flights departing from Shannon Airport.