Results 4,081-4,100 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: As outlined by my Department in its Tax Strategy Group Paper, Property-Related Tax Issues,which was published on 10 August last on the Department’s website, the root cause of pressures in the Irish housing market is one of insufficient supply. The high levels of property price inflation that have been experienced are likely due to a combination of factors including under-supply, the...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (10 Nov 2022)

Paschal Donohoe: As the Deputy is aware, the Central Bank of Ireland publishes statistics on residential mortgage arrears and repossessions on a quarterly basis in respect of mortgages secured on both principal dwellings and buy to let properties by Central Bank regulated entities. The Central Bank advises that the most recently published data, which is for the quarter ending June 2022, indicates the...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: The Residential Zoned Land Tax (RZLT) is a new Tax which was established in Finance Act 2021, and which is designed to activate suitably zoned and serviced land for housing and is a commitment under Housing for All. The implementation of RZLT involves my Department, the Department of Housing, Local Government and Heritage, Revenue and the 31 local authorities in the country. The...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: Section 481 TCA 1997 provides a 32% payable credit for eligible expenditure on film production in Ireland. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish culture. The Deputy will be aware that I have taken action in recent years to ensure that the...

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: I am advised by Revenue that is it not possible to provide a breakdown by Dublin postcode, but to the extent available, Dublin-wide statistics are provided for the Deputy. The Temporary Wage Subsidy Scheme (TWSS) was provided for in section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020, as amended, and the Employment Wage Subsidy Scheme (EWSS) was provided for in...

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 148, 150 and 163 together. Details of the new Temporary Business Energy Support Scheme (TBESS) are set out in Finance Bill 2022 which will be discussed at Committee Stage later today. The scheme will provide support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023. The TBESS will be...

Written Answers — Department of Finance: Banking Sector (10 Nov 2022)

Paschal Donohoe: During the pandemic, central banks supported economies through expansionary monetary policy, with the ECB maintaining interest rates at record low levels - including a negative deposit rate – while also rapidly increasing its balance sheet through non-standard measures. This policy stance supported market liquidity and facilitated favourable financing conditions over the course of the...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: Under our domestic tax rules, an individual who holds a private sector employment in the State is chargeable to tax in the State in full on the emoluments of the employment and such income is also within the scope of the PAYE system of payroll deductions at source. This treatment applies to individuals who are resident in the State for tax purposes and also to individuals who are not resident...

Written Answers — Department of Finance: Tax Collection (10 Nov 2022)

Paschal Donohoe: One of the primary functions of Revenue is the collection of tax and ensuring that all taxpayers pay the correct amounts due in a timely manner. Revenue’s clear preference is always to engage with taxpayers and businesses and, where possible, to agree mutually acceptable payment arrangements in preference to deploying debt collection/enforcement sanctions. However, where there is no...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: The Finance Act 1999 provides for the application of an excise duty, Mineral Oil Tax (MOT) to specified mineral oils, such as petrol, diesel, and kerosene, that are used as motor or heating fuels. MOT comprises two excise components, a carbon component which is commonly referred to as carbon tax and a non-carbon component which is often referred to as “excise”, “fuel...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act (TCA) 1997 provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a new bicycle and associated safety equipment for an employee or director up to certain limits, and subject to certain conditions being satisfied. Currently, those limits are €1,250 for a...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: In relation to the Deputy’s query on the effective tax rate for the three banks, section 851A of the Taxes Consolidation Act 1997 precludes the Revenue Commissioners from directly or indirectly disclosing taxpayer information to third parties unless this is specifically provided for in legislation. Therefore, neither Revenue nor I can comment on the tax affairs of any individual or...

Written Answers — Department of Finance: Vacant Sites (10 Nov 2022)

Paschal Donohoe: The Department of Housing, Local Government and Heritage (DHLGH) have informed me that, under the vacant site levy provisions in the Urban Regeneration and Housing Act 2015 (the Act), planning authorities were empowered to apply a vacant site levy of 3% of the market valuation of relevant properties, which were listed on the local authority vacant site registers in 2018, which relevant owners...

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 161 and 202 together. The Temporary Business Energy Support scheme (TBESS) will assist businesses with their energy costs over the winter months. The TBESS will be open to businesses that carry on a Case I trade or Case II profession, are tax compliant and have experienced a significant increase in their natural gas and electricity costs. The scheme is...

Written Answers — Department of Finance: Vacant Properties (10 Nov 2022)

Paschal Donohoe: While the issue of derelict housing is the remit of the Minister for Housing, Local Government and Heritage, any matters in relation to taxation or tax incentives are considered by the Department of Finance. As the Deputy will be aware, there is a Vacant Property Refurbishment Grant available for those who meet the relevant criteria. This is a payment you can avail of if you are turning...

Written Answers — Department of Finance: Revenue Commissioners (10 Nov 2022)

Paschal Donohoe: My Enquiries is a secure online service that allows customers to send, receive and track correspondence to and from Revenue. Revenue’s published customer service standards set out the standard of service customers can expect. Revenue reports on its performance including against the customer service standards in its annual report which is available on Revenue's website. The...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: The below computations set out the PAYE income tax, PRSI and Universal Social Charge (USC) for the taxpayer unit cases request by the Deputy. It should be noted that for the purposes of answering the Deputy’s question it was necessary to make a number of assumptions, for example, that the taxpayers are private sector employees and full rate PRSI contributors. Example 1 – Couple...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: As I announced in my Budget 2023 speech in September, there are five agri-tax reliefs that are due to expire at the end of this year. They are: (1) the Young Trained Farmer Stamp Duty Relief; (2) the Farm Consolidation Stamp Duty Relief; (3) the Farm Restructuring CGT Relief; (4) the Young Trained Farmer Stock Relief; and, (5) the Registered Farm Partnership Stock Relief As each of...

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: Details of the new Temporary Business Energy Support Scheme (TBESS) are set out in Finance Bill 2022. The scheme will provide support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023. The scheme is designed to be compliant with the EU state aid Temporary Crisis Framework and will need to be approved by the EU Commission in...

Written Answers — Department of Finance: Ukraine War (10 Nov 2022)

Paschal Donohoe: The economic and financial impact of the Russian aggression against Ukraine was discussed at ECOFIN in Brussels, on 8 November. The economic outlook continues to be dominated by the impact of the war in Ukraine, with implications for inflationary pressures across global and EU economies. Ministers agreed to continue to take necessary actions to mitigate the impact on our economies,...