Results 14,041-14,060 of 19,445 for speaker:Brian Cowen

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

Brian Cowen: I have no statutory function in setting the interest rates offered by credit institutions — they are based on commercial criteria in the light of market conditions. Since 1992, the Irish banking market has been open to competition from credit institutions authorised in any EU/EEA Member State. Hence, new entrants to the market from abroad are competing with domestic banks for business in,...

Written Answers — European Bank for Reconstruction and Development: European Bank for Reconstruction and Development (7 Feb 2007)

Brian Cowen: The nomination procedures applied were those required in the appointment of Directors of the European Bank for Reconstruction and Development. The Directors of the Bank are nominated by the Governors representing the member countries in a particular constituency. As the Deputy will be aware, Ireland is a member of a constituency with Denmark, Lithuania and FYR Macedonia. The Bank makes...

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

Brian Cowen: My Department is responsible for the policy and legislative framework promoting the effective regulation of the financial services sector with a strong focus on the consumer. The Financial Regulator is responsible for monitoring and enforcing adherence to the Consumer Protection Code by financial service providers in accordance with its statutory functions and its Strategic Plan 2007-2009....

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

Brian Cowen: The tax revenue projections for the years 2007 to 2009 are the Budget 2007 projections which are detailed in the table below. Tax Revenue 2007 2008 2009 €m €m €m Customs 285 305 320 Excise Duties 6,069 6,555 6,870 Capital Gains Tax 3,345 3,605 3,855 Capital Acquisitions Tax 375 405 430 Stamp Duty 3,925 4,125 4,300 Income Tax 13,555 14,060 15,095 Corporation Tax 6,650 7,220...

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

Brian Cowen: I am advised by the Revenue Commissioners that the excess deductions were due to human error. Revised procedural and communication arrangements have been put in place by Revenue to prevent such a recurrence. I am further advised by Revenue that all the amounts deducted in error have been repaid. Customers who incurred the excess deductions have been invited to supply Revenue with details of...

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

Brian Cowen: There are three significant financial elements of the sugar compensation package, as far as farmers, as sugar beet growers, are concerned. The first is an amount of €123 million, payable over the next seven years via the single payment scheme, as compensation for the drop in the support price of beet. The second element of the compensation package is the restructuring aid. In July 2006 the...

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

Brian Cowen: In Budget 2006 I announced the introduction of a limit, with effect from 1 January 2007, on the use of tax reliefs, including certain exemptions, by some high-income individuals. Section 17 of Finance Act 2006 gave effect to this announcement. This measure was designed to address the issue of a small number of individuals with high incomes who, up to now, mainly by means of the cumulative...

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

Brian Cowen: The most recent information on the implementation of the NDP/CSF 2000-2006 was reported to the NDP/CSF Monitoring Committee at its December 2006 meeting and relates to the period January 2000 to end June 2006. The data reported indicates that some €48.3 billion has been spent on the Plan at the end of June 2006. This represents 85% of original profile for the life of the Plan — for which...

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

Brian Cowen: The issues that give rise to debt problems for people in these household categories include the cost and availability of credit for people on low incomes, the barriers they face in accessing mainstream and affordable forms of credit and the challenges low income households encounter in managing their finances, in addition to factors such as changes in employment status or earning capacity....

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

Brian Cowen: The reduction in the time period to which the questions refer was part of a package of measures introduced in 2003 to deal with the following matters: There was no general statutory right to repayment of overpaid tax — and in some circumstances overpayments were not refundable. Interest on repayments was paid in very limited circumstances and was not paid in respect of PAYE overpayments....

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

Brian Cowen: The issues surrounding savings and borrowings for people on low incomes are not uniform as they can vary from person to person and over the lifetime of the individual. Persons on low incomes can encounter obstacles in accessing financial services from mainstream financial services providers. The cost and availability of credit for people on low incomes and the barriers they face in...

Written Answers — Economic Competitiveness: Economic Competitiveness (7 Feb 2007)

Brian Cowen: Inflation, as measured by the average annual change in the Consumer Price Index (CPI), was 4.0 per cent for the year 2006 as a whole. A large proportion of the rise in the annual inflation rate in 2006 was due to external factors, primarily rises in interest rates by the ECB. Maintaining a moderate rate of inflation remains a key priority of economic policy because of its importance in...

Written Answers — Special Savings Incentive Scheme: Special Savings Incentive Scheme (7 Feb 2007)

Brian Cowen: I am advised by the Revenue Commissioners that, based upon the latest information available, 5,413 individuals have invested SSIA funds into approved pensions under the Pensions Incentive Tax Credits scheme up to end December 2006. Two-thirds of all SSIAs will mature in the early months of 2007. In order to avail of the incentive, the following criteria must be met: One must be an SSIA...

Written Answers — Special Savings Incentive Scheme: Special Savings Incentive Scheme (7 Feb 2007)

Brian Cowen: In making the Budget income tax forecast for 2007, my Department estimated that there would be a gain to income tax in 2007 of approximately €600 million over 2006 arising from the discontinuance of the tax credit contribution to SSIAs and also the exit tax yield from maturing SSIAs. It should be noted that in 2007 the gain arising from the ending of the SSIA scheme will be broadly offset...

Written Answers — Economic Competitiveness: Economic Competitiveness (7 Feb 2007)

Brian Cowen: The relatively high level of private sector debt must be seen in the context of a sharp decline in public sector indebtedness in recent years. Moreover, a large part of the increase in private sector indebtedness reflects the accumulation of housing assets on the part of households. However, as I have pointed out before, both borrowers and lenders need to be aware that interest rates are...

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

Brian Cowen: The information requested by the Deputy in a format which presents the data in terms of the effective tax rates actually paid by taxpayers is set out in the table below. This is the same format as used for the presentation of pre-Budget 2007 and post-Budget 2007 distributions of earners in the 2007 Budget booklet. Tax Year Exempt(1) Paying at 20% or less(2) Paying at greater than 20% Total...

Written Answers — Greenhouse Gas Emissions: Greenhouse Gas Emissions (7 Feb 2007)

Brian Cowen: The targets referred to by the Deputy featured in a recent communication from the European Commission. They have yet to be agreed by Member States and these discussions will be dealt with by my colleague the Minister for Environment, Heritage and Local Government. I have stated before that, in conjunction with other policy measures, taxation can play a part in achieving environmental...

Written Answers — Anti-Poverty Strategy: Anti-Poverty Strategy (7 Feb 2007)

Brian Cowen: The proposal is to develop a pilot savings scheme for low-income households, similar to the SSIA scheme which is now in its final months. While the proposal has a number of socially progressive features, I am not convinced that a further SSIA type scheme is the appropriate way forward. Raising the income levels of those affected by more jobs, higher wages or better social welfare support...

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

Brian Cowen: I refer the Deputy to Chapter 13 of the Plan which deals with the monitoring, management and implementation arrangements for the NDP 2007-2013. In general, implementation of NDP investment at programme and project level will be the responsibility of the relevant Government Department and Agency. Project selection and implementation will be subject to compliance with guidance set down in...

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

Brian Cowen: I have been advised by the Revenue Commissioners that for taxation purposes single farm payments can be accounted for on either a receipts basis or an annual basis. In cases where farmers make tax returns on a receipts basis the single farm payment is recognised as a receipt pertaining to the date the cheque issues from the Department of Agriculture and Food and is therefore liable to income...