Results 8,281-8,300 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that, in general, where special contributions, that is additional voluntary contributions not made on a regular basis, are made by a member of an occupational pension scheme he or she may, subject to the relevant age related and overall earnings limits, (i) claim tax relief on the contribution in the tax year in which the contribution is made, or (ii)...

Written Answers — Tax Yield: Tax Yield (3 Feb 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers for the years 2006 and 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 set out as follows. Year Estimated Tax Forgone €m 2006 594 2007 (provisional) 877 The...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Feb 2009)

Brian Lenihan Jnr: Those institutions that have executed a guarantee acceptance deed and have then been designated in an order by the Minister for Finance are "covered institutions". The list of "covered institutions", including their subsidiaries is: Covered Institution Subsidiary Date added to the Scheme Allied Irish Bank plc AIB Mortgage Bank 24 October 2008 AIB Group (UK) plc AIB Group (UK) plc ...

Written Answers — Tax Collection: Tax Collection (3 Feb 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the person in question has not been in contact with Revenue in relation to this matter. A person of 65 or over can claim exemption from DIRT once their total income is below the relevant annual exemption limit. The current annual exemption limits are €20,000 for a single person and €40,000 for a married couple. Forms 54 D have issued...

Written Answers — Tax Code: Tax Code (29 Jan 2009)

Brian Lenihan Jnr: The introduction of the car parking levy is designed to reduce congestion. The levy will apply to employer-provided parking facilities in the major urban centres of Cork, Dublin, Galway, Limerick and Waterford. The specific areas in which the levy will apply will be designated by Order of the Minister for Finance following consultation with the five city councils concerned. An employee will...

Written Answers — Tax Code: Tax Code (29 Jan 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the Tax Acts apply different rules to the computation of taxable income depending on the source of the income. Where a person operates a car park he or she is treated as carrying on a trade and is taxed accordingly. Where the owner of a car park leases the car park to an operator the income received from the operator is treated as rental income...

Written Answers — Tax Code: Tax Code (29 Jan 2009)

Brian Lenihan Jnr: The position is that the incapacitated child tax credit can be claimed by a parent for a child who is permanently incapacitated either physically or mentally from maintaining himself or herself and had become so before reaching 21 years of age or finishing full-time education. Once a child qualifies for the incapacitated child tax credit the credit continues to be available in respect of...

Written Answers — Consumer Protection: Consumer Protection (29 Jan 2009)

Brian Lenihan Jnr: This question relates to issues raised by "Friends of Banking Ireland". I have been informed by the Financial Regulator that it met Friends of Banking Ireland on 13 November 2008 and that a number of issues relating to the role of the Financial Regulator, the reach of the consumer protection code, the complaints process for individual redress and the confidentiality obligations under which...

Written Answers — Tax Code: Tax Code (29 Jan 2009)

Brian Lenihan Jnr: The position is that, on the basis of the legislation as enacted, the employer is legally obliged to deduct income levy from all payments of emoluments (which would include salary, bonus payments and other payments in the nature of pay) made to his or her employees where payment of those emoluments takes place on any date on or after 1 January 2009 irrespective of the period to which the...

Written Answers — National Debt: National Debt (29 Jan 2009)

Brian Lenihan Jnr: The National Debt totalled €50,398 million at the end of 2008. The figures for the years 2003-2007 are outlined in the following table. Year ending December National Debt Total €m 2003 37,611 2004 37,846 2005 38,182 2006 35,917 2007 37,559

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (29 Jan 2009)

Brian Lenihan Jnr: The decision on whether an institution operating in Ireland passes on ECB interest rate cuts to customers is a commercial decision for the institution concerned. While my Department monitors the impact of changes in mortgage interest rates on the Consumer Price Index (CPI), it has no direct function in relation to the individual institution's decisions on the matter. However, as the Deputy...

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: Do I not even have ten minutes?

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: I welcome the debate that has taken place in the House over the last two days. It is clear from the contributions by Deputies from all sides that there is a recognition of the scale of the difficulties we face. That is encouraging because the manner in which we respond to our current economic difficulties will have a crucial bearing on the length and severity of the downturn. The agreement...

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: Deputy Shortall should note there is much tough talking yet to be done on the detail of how those savings can be achieved.

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: The Government has had its discussions on the matter and has identified clearly the need to make reductions in our payroll costs. It also shares a determination that all sectors of our country should contribute in accordance with their ability to so do and conversely, that the most vulnerable are insulated from the worst effects of this recession. The importance and value of agreement at a...

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: A number of speakers referred to a loss of confidence among the international investment community. I am acutely aware of this and the need to restore that confidence is a top priority. I will put into context the deterioration in the public finances. Tax revenues last year were nearly 14% below 2007 levels with those tax heads most closely aligned to the housing and international...

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: We have a strongly pro-enterprise system of taxation——

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: ——and, in budget 2009, I re-affirmed the Government's commitment to the 12.5% rate of corporation tax and to maintaining and enhancing our pro-business tax policies. In addition, the recently passed Finance Act introduces a number of very significant changes to the research and development tax credit scheme as well as a number of other pro-business tax measures. It is important that we...

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: Deputy Shortall has seen it already in the statistics I have already put on the record of the House——

The Economy: Statements (Resumed) (29 Jan 2009)

Brian Lenihan Jnr: ——on the progressive character of the burden of income tax in the State.