Results 8,681-8,700 of 16,537 for speaker:Brian Lenihan Jnr

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 2 and 4 together. In the period since the budget was presented to this House, the economic environment has become considerably more difficult. Many of our trading partners have entered recession and projections for demand in our key export markets have been revised downwards significantly. To put this into perspective, the IMF now expects economic activity...

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: The Deputy has raised a great range of questions. First, the officials in my Department work very hard. I would not consider them either mandarins or number crunchers. They work on the statistics and their forecasts throughout this year have been in line with the forecasts of reputable organisations such as the ESRI and the Central Bank. We are where we are. We have gone through a...

Written Answers — Vehicle Imports: Vehicle Imports (10 Dec 2008)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners the number of used motor vehicles imported in 2007 and to date in 2008 are as shown in the following table. The weakening of Sterling against the Euro has been a contributory factor in the increase in used car imports. Revenue currently carries out a risk based examination of a proportion of the used imported vehicles being presented for registration...

Written Answers — Departmental Expenditure: Departmental Expenditure (10 Dec 2008)

Brian Lenihan Jnr: Budget 2009 documents published by my Department were, as is the norm, printed in-house in the Department of Finance.

Written Answers — Tax Code: Tax Code (10 Dec 2008)

Brian Lenihan Jnr: The new VAT arrangements for tour operators being introduced under the Finance Bill arise from an Appeal Commissioners' decision which made all tour operators liable to VAT. Any deferral of the proposed measures would mean that the normal VAT rules would apply creating difficulties and inequity of treatment whereby domestic and in-bound tour operators providing holidays in Ireland would pay...

Written Answers — Decentralisation Programme: Decentralisation Programme (10 Dec 2008)

Brian Lenihan Jnr: As I announced in the Budget, the Government has reviewed the Decentralisation Programme in light of the changed economic circumstances and identified priority elements on which implementation should proceed at this time. The Government's decision will result in the relocation of approximately 6,000 posts to over 40 locations outside of Dublin in the current phase of the programme. This is...

Written Answers — National Debt: National Debt (10 Dec 2008)

Brian Lenihan Jnr: Based on the projections in Budget 2009, the National Debt at end 2009 is forecast to be just under €63 billion. This was based on a forecast Exchequer Borrowing Requirement of €11.5 billion in 2008 and €13.4 billion in 2009. As set out at Budget time, there are clearly a number of risks to the economic and fiscal forecasts for 2009 and the further deterioration in tax receipts in 2008,...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Dec 2008)

Brian Lenihan Jnr: The deterioration in the economy's competitiveness relative to that of our main trading partners has been driven by a combination of factors. These include a strong euro, wage increases in excess of productivity, and the relatively high rate of inflation that we have experienced in recent years. While CPI inflation has eased in recent months and may temporarily turn negative during the course...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Dec 2008)

Brian Lenihan Jnr: The main domestic reason for the current economic slowdown is the adjustment in the new house building sector, which is exerting a major drag on overall GDP growth. For a number of years up to 2007, the annual number of house completions exceeded the estimated medium term requirement. While this very high level of output was a response to very strong demand, it was never expected to be...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 132 and 136 together. The guarantee Scheme for financial institutions put in place by the Government has been successful in safeguarding the stability of the Irish banking sector and in restoring its liquidity position in order to support its normal lending activities. The Scheme is intended to provide a detailed framework for the positive and constructive...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Dec 2008)

Brian Lenihan Jnr: Under the terms of the Credit Institutions (Financial Support) Scheme 2008 (Scheme) each covered institution joins the Scheme by executing a Guarantee Acceptance Deed specified by me. I have held meetings with credit institutions covered by the Scheme in the last two weeks, and asked that they consider the contribution that they can make to the economy through appropriate credit initiatives...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Dec 2008)

Brian Lenihan Jnr: The legislative regime for financial regulation In Ireland is largely based on a comprehensive EU framework of Directives which applies across the EU. Arising from the recent financial turmoil, the Ecofin Council meetings in October and December 2007 agreed a set of common principles and a roadmap of further actions to enhance financial stability arrangements and the ability of authorities to...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Dec 2008)

Brian Lenihan Jnr: The objective of the Credit Institutions (Financial Support) Scheme is to maintain financial stability in the best interests of the public and the economy of the State. I have met with the CEOs of the six major financial institutions covered by the Guarantee Scheme on a number of occasions. My focus in those meetings has been to secure a stable and active banking sector which services the...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Dec 2008)

Brian Lenihan Jnr: Problems in global financial markets are already having a significant impact on the Irish economy. For instance, difficulties in international financial markets are the main reason why the pace of demand in our major trading partners has slowed, with many experiencing periods of contracting economic activity. This poor international economic climate is adversely impacting on our export...

Written Answers — Taxation Policy: Taxation Policy (9 Dec 2008)

Brian Lenihan Jnr: Taxation strategies in general reflect the political choices made by Governments towards meeting the specific needs and requirements of countries. In this regard, Ireland has focused on achieving a low taxation economy, especially in the area of direct taxation, both income and corporation taxes, which has delivered significant advantages in terms of Ireland's competitiveness. In ensuring a...

Written Answers — Departmental Schemes: Departmental Schemes (9 Dec 2008)

Brian Lenihan Jnr: I announced the introduction of the Cycle to Work Scheme in Budget 2009. The aims of the scheme are to help lower carbon emissions, reduce traffic congestion, encourage more employees to cycle to and from work, and improve health and fitness levels. Participation in the scheme is voluntary for employers. As such, it is a matter for employers to decide whether to make the scheme available to...

Written Answers — Tax Code: Tax Code (9 Dec 2008)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that an amended Balancing Statement has been dealt with for the year 2006 and a refund of €660 has arisen. A cheque for this amount will issue to the taxpayer shortly. A refund of all tax paid for the year 2007 was repaid on 26 September 2008.

Written Answers — Non-Resident Accounts: Non-Resident Accounts (9 Dec 2008)

Brian Lenihan Jnr: The Comptroller and Auditor General and Committees of the Houses of the Oireachtas (special Provisions) Bill 1998 was enacted on 16 December 1998. The Comptroller and Auditor General carried out an investigation on the matter and prepared a report in July 1999. This was followed by the Committee of Public Accounts Inquiry. The Revenue Commissioners conducted on-site, DIRT look-back audits...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (9 Dec 2008)

Brian Lenihan Jnr: In an economy the size of Ireland's it is not unusual that one of the larger financial or legal advisers has to deal with potential conflicts of interest arising from their representation of more than one client in the same sector. I have been assured by Merrill Lynch and Arthur Cox, who are providing financial and legal advice respectively on the banks guarantee scheme, that where potential...

Written Answers — Tax Code: Tax Code (9 Dec 2008)

Brian Lenihan Jnr: Any proposed changes in VAT must be considered in the context of EU law, with which Irish law must comply. While Member States can retain the zero rating provisions which they had in existence on 1 January 1991, they cannot introduce any new ones. Since the supply or installation of home insulation materials was not zero-rated in 1991, it is not possible for Ireland to apply a zero rate to...