Results 14,001-14,020 of 19,445 for speaker:Brian Cowen

Written Answers — Travel Insurance: Travel Insurance (7 Feb 2007)

Brian Cowen: Under the EU Insurance Mediation Directive, travel agents who sell insurance only as part of a holiday package are specifically exempt from financial regulation. These agents are therefore not authorised and regulated as financial services providers by the Financial Regulator and do not come within the scope of the Consumer Protection Codes recently introduced by the Financial Regulator. The...

Written Answers — Export Performance: Export Performance (7 Feb 2007)

Brian Cowen: Provisional data for the first three quarters of 2006 show that the volume of exports of goods and services increased by 6.1% on an annual basis in that period. This compares with an annual increase of 3.9% for 2005 as a whole. In the medium term, the outlook for Irish export performance remains broadly positive. Our existing strong export base, particularly in pharmaceuticals, food,...

Written Answers — Exchequer Revenue: Exchequer Revenue (7 Feb 2007)

Brian Cowen: To date the Exchequer has received €240,902,257.20 from the sale of shares in Aer Lingus Group PLC. These funds have been lodged to the Exchequer and will be classified in the Finance Accounts as Capital Receipts. The Government has retained a 25.4% stake in Aer Lingus Group PLC. At close of business on 5th February 2007 this stake had a value of €382,210,724.10.

Written Answers — Internet Trading: Internet Trading (7 Feb 2007)

Brian Cowen: I am informed by the Revenue Commissioners that, in general, the amount of VAT and other taxes collected from Internet trading is not separately identifiable as businesses are obliged to calculate and return VAT and other taxes by reference to their entire taxable activities, which includes both traditional forms of business and e-commerce. The potential risk to VAT revenues from e-commerce...

Written Answers — Tax Code: Tax Code (7 Feb 2007)

Brian Cowen: As outlined in my 2007 Budget speech, the estimated net cost of the 1% cut in the higher rate of tax is €125 million in 2007 and €186 million in a full year. These cost estimates take account of the estimated off-setting savings in the costs of marginal rated tax reliefs arising from the reduction in the rate. As regards the second part of the Deputy's question, if one looks at the...

Written Answers — National Development Plan: National Development Plan (7 Feb 2007)

Brian Cowen: It was not necessary to carry out a Strategic Environmental Assessment of the National Development Plan 2007-2013. The Plan is primarily a strategic document and indicative financial Plan. It is not unduly prescriptive as regards projects over the period and does not impact on the planning or environmental framework within which consent is given for individual projects. It accordingly does...

Written Answers — Interest Rates: Interest Rates (7 Feb 2007)

Brian Cowen: Interest rates have been very low in historical terms, and the recent increases would appear to have had an effect mainly on reducing the rate of house price increases. The current higher level of interest rates will tend to lower overall domestic demand in the economy, all other things being equal. The effect of further increases would be to reinforce this effect depending on the state of...

Written Answers — Tax Code: Tax Code (7 Feb 2007)

Brian Cowen: The assumptions underpinning the 2006 capital taxes forecasts were based on economic growth estimates in the Stability Programme Update which was published on Budget day, December 2005. These estimates included GNP, projected changes in the consumer price index and developments in the construction sector. The methodology for forecasting capital taxes in 2006 firstly required my Department to...

Written Answers — Pension Provisions: Pension Provisions (7 Feb 2007)

Brian Cowen: The position is that prior to the passing of the Finance Act, 1999, any person going on pension under a defined contribution scheme or a retirement annuity contract was required to purchase an annuity with any remaining pension fund moneys, following the drawdown of the appropriate tax-free lump sum. The Finance Act, 1999 introduced changes which gave a significant degree of flexibility and...

Written Answers — Personal Indebtedness: Personal Indebtedness (7 Feb 2007)

Brian Cowen: I propose to take Questions Nos. 148 and 163 together. The Financial Regulator spends significant time and resources informing consumers about the potential risks of credit cards. Publications including credit card cost surveys are available to help consumers choose the card that suits their needs. However, guidance from the Financial Regulator recommends that consumers take on the right...

Written Answers — Business Expansion Scheme: Business Expansion Scheme (7 Feb 2007)

Brian Cowen: During Summer 2006 the Department of Finance carried out a survey of the 1,391 companies that had availed of the Business Expansion Scheme since 1997. The aim of the survey was to identify the types of companies that generally avail of the scheme and to determine the nature and extent of the benefits of the scheme to companies that have availed of it in the past. Of the 1,391 companies...

Written Answers — Tax Yield: Tax Yield (7 Feb 2007)

Brian Cowen: I assume that the Deputy, in using the phrase "inaccuracy by millions" is referring to the difference, in recent years, between actual tax revenues and the Budget day forecasts. There have been valid reasons for the extent of these differences in recent years, including the stronger than expected pace of economic growth and once-off factors such as the yield from Revenue special...

Written Answers — Financial Services Regulation: Financial Services Regulation (7 Feb 2007)

Brian Cowen: Currently licensed moneylenders are covered by a range of provisions under the Consumer Credit Act 1995 which include the following: An annual application process; Requirements relating to the content of moneylending agreements and repayment books which include information relating to the Annual Percentage Rate (APR), cost of credit and collection charges; Requirements regarding matters that...

Written Answers — Tax Code: Tax Code (7 Feb 2007)

Brian Cowen: I assume that the Deputy is referring in his question to certain statements made by officers of the Irish Taxation Institute before the Joint Committee on Finance and the Public Service on 17 January 2007: for example, during the course of those proceedings an officer of the ITI said that "we could be talking about a figure of up to €1 billion in unclaimed expenses". I am not aware of the...

Written Answers — Tax Code: Tax Code (7 Feb 2007)

Brian Cowen: The Deputy will be aware that a taxpayer who is dissatisfied with a decision or assessment of the Revenue Commissioners has a right under tax law to appeal the decision or assessment to the Appeal Commissioners. This must be done within a limited period, which in the case of income tax, for instance, is 30 days. The Appeal Commissioners are appointed by the Minister for Finance under...

Written Answers — Tax Code: Tax Code (7 Feb 2007)

Brian Cowen: I am informed by the Revenue Commissioners that between 4 April 2006 and 1 February 2007 there were 537 instances where various stamp duty reliefs which had been granted were clawed back. The total yield from the clawbacks amounted to €4,262,466. Generally each clawback referred to only one property. The clawbacks were in respect of 5 reliefs as follows: Farm Consolidation, Section 81B...

Written Answers — Tax Code: Tax Code (7 Feb 2007)

Brian Cowen: The relevant information available is based on returns by individuals and companies of tax exempt income arising from stallion stud fees for the tax year 2004. I am advised by the Revenue Commissioners that the number of such returns was 129 with the average exempt income reported at €222,119 and the lowest at €245. There were 8 returns of stallion stud fees in excess of €1 million....

Written Answers — Proposed Legislation: Proposed Legislation (7 Feb 2007)

Brian Cowen: The Credit Union Act, 1997 provides the legal framework for the regulation of credit unions. The Act was designed to provide the credit union movement with a regulatory structure that reflects and promotes the particular ethos and philosophy of the credit union movement, its strong tradition of volunteer service and the core objective of providing opportunities for saving and lending for...

Written Answers — Decentralisation Programme: Decentralisation Programme (7 Feb 2007)

Brian Cowen: I propose to take Questions Nos. 157 and 167 together. From the outset both the Government and I have made it clear that participation in the decentralisation programme is voluntary. Across the public service, recruitment and promotion practices generally are being managed in a way which facilitates the achievement of the Decentralisation Programme in an efficient manner and in that...

Written Answers — National Development Plan: National Development Plan (7 Feb 2007)

Brian Cowen: Chapter 12 of the NDP 2007-2013 sets out a strong Value for Money framework for expenditure under the Plan. This includes the requirement for progress reports on projects to the management of implementing Departments and Agencies. It will be a matter in the first instance for these bodies to take whatever action is necessary if the circumstances outlined in the Deputy's Question pertain....