Results 7,341-7,360 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (11 Mar 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that as a general rule all vehicles imported permanently into the State must register for Vehicle Registration Tax (VRT) purposes within one working day of arrival. This rule applies equally to vehicles imported by EU and non EU persons. In practice, Revenue allows latitude of a maximum of seven days for registration. However, Section 135 (a) of...

Written Answers — Departmental Websites: Departmental Websites (10 Mar 2009)

Brian Lenihan Jnr: My Department has an extensive website containing detailed information on all areas for which the Department is responsible, including taxation, public expenditure, public service remuneration and financial information. All citizens may make policy proposals to the Department. Such representations can be made through letters, emails, telephone calls and the internet. Also a specific email...

Written Answers — Pension Provisions: Pension Provisions (10 Mar 2009)

Brian Lenihan Jnr: It is presumed the Deputy is referring to the current annual earnings cap of €150,000, which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Proposed Legislation: Proposed Legislation (10 Mar 2009)

Brian Lenihan Jnr: I will shortly be bringing proposals to Government for the drafting of legislation to give effect to the Taoiseach's announcement. This initiative by the Government will underpin confidence in our financial system.

Written Answers — Departmental Representations: Departmental Representations (10 Mar 2009)

Brian Lenihan Jnr: Representations were received by this Department directly from the bodies referred to by the Deputy and no other representations were received from any professional or public affairs advisors or consultants on behalf of these groups. I have also been informed by the Revenue Commissioners that they too did not receive representations from any professional or public affairs advisers or...

Written Answers — Public Private Partnerships: Public Private Partnerships (10 Mar 2009)

Brian Lenihan Jnr: In February 2004, Eurostat published guidelines regarding the accounting treatment of PPP projects for the purpose of calculating the General Government Balance (GGB). In general, the position in this regard is that the assets of privately financed PPP projects will be off balance sheet in the National Accounts and therefore the construction costs will not affect the GGB upfront over the...

Written Answers — Public Private Partnerships: Public Private Partnerships (10 Mar 2009)

Brian Lenihan Jnr: It is not possible to quantify the value of public private partnerships that might be completed under the National Development Plan as project completion is dependent on a number of factors including the pace of negotiations and priorities as determined over the life of the Plan. The most recently published Multi Annual Capital Envelope published with the 2009 Budget multi-annual capital...

Written Answers — Public Private Partnerships: Public Private Partnerships (10 Mar 2009)

Brian Lenihan Jnr: I have been advised by the National Development Finance Agency (NDFA) that the current global financial crisis is having an impact on the funding of all investments including Public Private Partnership (PPP) projects in all countries. PPPs in Ireland, UK and other EU countries have experienced delays in getting banks to lend for long periods. However, it should be noted that a number of PPP...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: If what the Deputy has in mind is the taxation at 18% of portions of the bands currently taxable at 20%, the full-year cost to the Exchequer, by reference to the income tax year 2009, is estimated by the Revenue Commissioners to be about €735 million. This cost is estimated on the basis that the thresholds for the proposed new tax bands would not alter the existing standard rate cut-off...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I must advice the Deputy that this measure would result in a cost to the Exchequer rather than a yield as suggested. I am advised by the Revenue Commissioners that the...

Written Answers — Tax Code: Tax Code (10 Mar 2009)

Brian Lenihan Jnr: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2009 incomes, would be of the order of €830...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Mar 2009)

Brian Lenihan Jnr: The letter to which the Deputy refers was actually issued by the Taoiseach. I have not been in contact with the individual concerned in relation to the quoted views. It is open to any individual to express an opinion and the individual concerned was not speaking in the capacity indicated in the details supplied with the Deputy's question.

Written Answers — Motor Industry: Motor Industry (10 Mar 2009)

Brian Lenihan Jnr: I am conscious of the decline in new car sales in Ireland and internationally due to the contraction in economic activity. The conditions of the motor industry is the subject of ongoing discussions between my Department and the Society of the Irish Motor Industry.

Written Answers — Departmental Expenditure: Departmental Expenditure (10 Mar 2009)

Brian Lenihan Jnr: It is estimated that the imposition of a cap on all remuneration at €200,000 for those comprehended by the public service pay bill would yield savings in the region of €100m on a full year basis, while it is estimated that a cap on all remuneration at €150,000 would produce savings of the order of €200m on the an annual basis. The great bulk of these figures relate to the...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2009 incomes, of reducing the single person tax credit by €100 and the married couple tax credit by €200 would be of the order of €200 million. The yield quoted is provisional and subject to revision.

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: In Budget 2009 the rate of mortgage interest relief was increased for first-time buyers from 20% to 25% in year 1 and 2 of their mortgage and to 22.5% in year 3 to 5 and maintained at 20% in year 6 and 7. The rate for non-first time buyers was reduced from 20% to 15%. The aim of this measure was to refocus mortgage interest relief towards home owners who are in most need of assistance. This...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 138 and 139 together. I am informed by the Revenue Commissioners that the full year yield to the Exchequer of abolishing mortgage interest relief, estimated by reference to 2009, would be of the order of €560 million. The corresponding yield from restricting mortgage interest relief to first-time buyers is estimated at €140 million.

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: 2057I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers for the year 2007, the estimated amount of tax foregone by allowing a deduction for interest on borrowings to be offset against rents assessable under Case V, Schedule D is of the order of €877 million. This estimate is based on assuming that tax relief was allowed at the...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed information is available regarding tax relief for trade union subscriptions is the income tax year 2005 in which the cost to the Exchequer is estimated at approximately €11.8 million. On this basis the full year yield to the Exchequer of abolishing tax relief for trade union subscriptions...

Written Answers — Tax Yield: Tax Yield (10 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the last full year for which the cost of the Business Expansion Scheme is available is 2008, when the cost was estimated at approximately €56 million. Therefore, based on the 2008 figure, the likely full year saving from the abolition of the BES would be about €56 million.