Results 5,521-5,540 of 16,537 for speaker:Brian Lenihan Jnr
- Written Answers — Motor Industry: Motor Industry (13 Oct 2009)
Brian Lenihan Jnr: I am aware of the current challenges facing the motor industry, along with most other industries, arising from the impact of weak world economic activity. I recently announced, following discussions with the motor industry, the introduction of a new VAT margin scheme on second-hand cars with effect from 1 January 2010. Under the margin scheme, dealers will account for VAT on their profit...
- Written Answers — House Repossessions: House Repossessions (13 Oct 2009)
Brian Lenihan Jnr: 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 a number of important initiatives in...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: While the Minister for Communications, Energy and Natural Resources is responsible for energy including biofuels policy, the Finance Act 2006 provided for excise relief for some 163 million litres of biofuel per annum over five years to end 2010. Under the scheme, biofuel produced by projects approved by the Department of Communications, Energy and Natural Resources are exempt from excise...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: The indicative calculations of the amounts of income tax, income levy, health levy and PRSI which apply to a person earning less than â¬200 per week or â¬10,400 per annum, are set out in the following table for the tax year 2009. Employee(Single) Employee(Married) Self-employed (Single) Self-employed (Married) Income Tax Gross Income â¬10,400 â¬10,400 â¬10,400 â¬10,400 Taxed...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that at present services supplied by travel agents and tour operators are treated as exempt from VAT. The Finance (No.2) Act 2008 amended the Value-Added Tax Act 1972 to provide for the introduction of a travel agents margin scheme. This scheme deals with the activities carried on by travel agents who act in the capacity of a principal when...
- Written Answers — Insurance Industry: Insurance Industry (13 Oct 2009)
Brian Lenihan Jnr: The company has been in run-off since March 1985 following the failure of the Insurance Corporation of Ireland. It is operating under the aegis of a court appointed administrator. The administration has been funded by a range of sources, including the sale of profitable parts of the business, moneys borrowed on normal commercial terms, two advances from the Exchequer which have been repaid,...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that there has been no change made in the extent to which refurbishment expenditure is tax allowable against rental income. The Commissioners have informed me that expenditure, that is revenue in nature, on the refurbishment of a rental property, for example repairs and maintenance, remains an allowable expense in calculating a person's taxable...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The National Asset Management Agency (NAMA) is being set up to remove land and development loans and associated loans from the balance sheets of participating institutions. The uncertainty associated with these loans has prevented banks from lending and supporting economic recovery. The Government has no plans at present to extend the scope of NAMA beyond land and development loans and...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: Eligible assets for transfer to NAMA will be restricted to land and development books and associated loans of participating institutions. The NAMA Bill provides that other classes of bank assets may be prescribed as eligible assets in the future. However there are no plans at present to extend the classes of bank assets eligible for transfer beyond land and development loans and associated...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The proposed 80% windfall tax to which the Deputy refers is being considered as part of the NAMA legislation. However, 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 — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The organisation in question has already been in contact with my Department concerning the proposed windfall tax to be included in the NAMA legislation. As the Deputy is aware, it is not customary for the Minister for Finance to comment on the specific details of any tax changes prior to the publication of a legislative proposal.
- Written Answers — Public Service Contracts: Public Service Contracts (13 Oct 2009)
Brian Lenihan Jnr: As costs of arbitration in relation to public procurement can be significant, alternative and more cost effective dispute resolution procedures should be explored by contracting authorities before disputes are referred to arbitration. Section 3.3.6 of Guidance Note 1.5 in the Capital Works Management Framework published on my Department's website www.constructionprocurement.gov.ie is...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The decision as to whether or not a loan is acquired will be a matter for the NAMA Board to determine. The NAMA valuation process will take into account all relevant aspects of a borrower's circumstances and the quality of assets which may be eligible for NAMA acquisition. Where a loan has been written down, e.g. by way of a receivership, NAMA will take that into account when determining...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the estimated full year yield from increasing the Capital Gains Tax (CGT) rate to 40% for individuals could be in the region of â¬190 million, assuming no significant behavioural change 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....
- Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 Oct 2009)
Brian Lenihan Jnr: As the Deputy is aware on 16 September last, I published an outline of the main elements of the proposed new guarantee scheme for longer term funding, called the draft Credit Institutions (Eligible Liabilities Guarantee) Scheme or ELG scheme. The ELG scheme must be approved in accordance with EU State aid rules and discussions are continuing in this regard with the European Commission. The...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: Yields are a factor of both property prices and rental income. As I have indicated previously, yields are now significantly above their long term averages. The final outcome of the adjustment of rents and yields and its effects will not be known for some time, and is interlinked with the performance of the economy generally. The valuation process will take into account the individual...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: Various stress tests have been carried out on the interest rate exposure likely to be faced by NAMA and a summary of the results will be provided in the NAMA Business Plan which will be published in the coming days. One of the responsibilities of the NAMA Board will be to assess the extent of its interest rate risk and to provide direction as to how it should be managed. It is the intention...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the capital acquisitions tax rate from 25% to 30% could be in the region of â¬50 million. However, it should be noted that this estimate is based upon an assumption that there would be no behavioural impact of such an increase, which could lead to a less than expected result from a...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: It is assumed that the Deputy is referring to property based tax incentive schemes that remain in the tax code: *Convalescent Homes *Qualifying (Private) Hospitals *Qualifying Mental Health Centres Qualifying Specialist Palliative Care Units (subject to Commencement Order) Buildings used for Child care Purposes *Registered Nursing Homes *Qualifying (Nursing Home) Residential Units, and...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I announced in my Budget Statement of 7 April that with effect from 1 May 2009, the number of tax years in respect of which mortgage interest relief may be claimed is seven years for first-time and non-first time buyers. Revenue subsequently worked with the lending institutions and mortgage account holders on the implementation of the measure. The objective was to make the implementation...