Results 4,901-4,920 of 32,569 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 325 and 326 together. As the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. It is possible for Ireland to apply the 9% reduced VAT rate to the supply and construction of housing, as part of a social policy and...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: The Local Property Tax (LPT) was introduced in 2013 to provide a stable and sustainable funding base for local authorities and is a significant base-broadening measure. LPT has yielded over €4 billion for Local Authorities since its introduction. All property owners benefit from the essential local services LPT helps to fund. The proper functioning of these services is important...

Written Answers — Department of Finance: Tax Reliefs (12 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 328 and 329 together. I am advised by Revenue that the estimated cost of tax relief for health expenses and the estimated cost of medical insurance relief is included in the ‘Costs of Tax Expenditures Publication’(Credits, Allowances and Reliefs), which is available at the following link:...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended) and this Act provides for the application of excise...

Written Answers — Department of Finance: Housing Schemes (12 Jul 2022)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: On 8 October 2021, members of the OECD/G20 Inclusive Framework on BEPS agreed to the statement on the ‘Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy’. Pillar 2 introduces a global minimum corporate tax rate of 15 per cent. My Department and the Revenue Commissioners previously estimated that the cost of this agreement could be...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: Ireland made the commitment to the OECD agreement, which includes the global minimum tax rate, last October, as I believe that this agreement represents a fair compromise reflecting the competing interests of the many countries involved in the negotiations, large and small, developed and developing. It will ultimately bring long-term stability and certainty to the international tax framework,...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: Ireland signed up to OECD global agreement in October 2021, with Pillar Two consisting of a minimum effective tax rate of 15% for large corporates. The European Commission published its proposal for the EU Minimum Tax Rate Directive on 22 December 2021. Ireland has been fully engaged on the technical work regarding the proposed Directive throughout the first half of 2022. Though...

Written Answers — Department of Finance: Tax Reliefs (12 Jul 2022)

Paschal Donohoe: The issue of State support for activities related to sport is a matter in the first instance for the Minister of State with responsibility for Sport and the Gaeltacht, Mr Jack Chambers, T.D. The Tax Expenditure Guidelines, published by my Department, make clear that the introduction of new tax incentives should only be considered in circumstances where there is a demonstrable market failure...

Written Answers — Department of Finance: Banking Sector (7 Jul 2022)

Paschal Donohoe: The EU Payment Accounts Directive, which was transposed in Ireland by the Payment Accounts Regulations 2016, introduced the right for any consumer who is legally resident in the European Union and who does not already have a payment account with a credit institution in the State to open and use a payment account with basic features. The Directive explicitly states that a consumer who is...

Written Answers — Department of Finance: Departmental Staff (7 Jul 2022)

Paschal Donohoe: I wish to advise the Deputy that the salaries paid by the Department of Finance for the four roles requested follow the relevant salary scales set out by the Department of Public Expenditure and Reform which apply across the Civil Service. As of 1 July 2022, they are as follows: Secretary general I PPC: €250,000 Non-PPC: €237,500 Assistant Secretary PPC: €145,283...

Written Answers — Department of Finance: Tax Code (7 Jul 2022)

Paschal Donohoe: I am informed by Revenue that for Capital Acquisitions Tax (CAT) purposes, the relationship between the deceased person (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold (currently €335,000) applies, inter alia,...

Written Answers — Department of Finance: Tax Code (7 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 177 to 180, inclusive, together. I am informed by Revenue that traders are not required to identify the VAT yield generated from the supply of specific services on their VAT returns. Therefore, it is not possible to provide an accurate costing for the potential measures outlined. However, a tentative estimate of the likely costs arising from extending the...

Written Answers — Department of Finance: Tax Code (7 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 181 to 186, inclusive, together. I am advised by Revenue that the estimated costs of extending reduced Mineral Oil Tax (MOT) rates, for the periods outlined by the deputy, in respect of petrol and diesel, are shown in the following tables. Petrol Period MOT €M VAT €M Total €M 13...

Written Answers — Department of Finance: Tax and Social Welfare Codes (7 Jul 2022)

Paschal Donohoe: My Department produces a comprehensive set of macroeconomic and fiscal forecasts twice a year, in the spring Stability Programme Update and the autumn Budget. These projections take into account the budgetary measures in place in each year. The costing of specific expenditure measures is a matter for my colleague, the Minister for Public Expenditure and Reform. While my Department does...

Written Answers — Department of Finance: Credit Unions (7 Jul 2022)

Paschal Donohoe: This Government recognises the importance of credit unions. The Programme for Government contains commitments to: - Review the policy framework within which credit unions operate; - Enable and support the credit union movement to grow; - Support credit unions in the expansion of services, to encourage community development; and - Enable the credit union movement to grow as a key provider...

Written Answers — Department of Finance: Credit Unions (7 Jul 2022)

Paschal Donohoe: This Government is committed to helping vulnerable borrowers and has proven this commitment through the enactment of the Consumer Protection (Regulator of Retail Credit and Credit Servicing Firms) Act and the Consumer Credit (Amendment) Act 2022. These bills protect consumers and vulnerable borrowers by extending the consumer protection code to all providers of hire purchase and PCP...

Written Answers — Department of Finance: Insurance Coverage (7 Jul 2022)

Paschal Donohoe: There is a broad legal and regulatory framework in place which governs the provision of mortgages to consumers. Specifically in relation to the requirement for life assurance for the purposes of a mortgage (otherwise known as mortgage protection insurance), section 126 of the Consumer Credit Act 1995 provides that mortgage lenders shall ensure that a mortgage applicant has a life assurance...

Written Answers — Department of Finance: Tax Reliefs (6 Jul 2022)

Paschal Donohoe: The Living City Initiative (LCI) is a scheme of property tax incentives provided for in sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within ‘Special Regeneration Areas' in Cork, Dublin, Galway,...

Written Answers — Department of Finance: Tax Code (6 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 39 and 40 together. Ireland’s excise duty treatment of fuel used for air and waterborne navigation is governed by European Union law as set out in Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive (ETD). The ETD is transposed into national law in Finance Act 1999 (as amended). Under the...