Results 6,021-6,040 of 32,602 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Financial Services (22 Feb 2022)

Paschal Donohoe: Since the Financial and Banking crisis, a number of regulatory, supervisory and legislative changes have taken place at International, EU and domestic level to ensure a safer, more stable and resilient financial and banking sector. These changes include the implementation of revised capital requirements for banks under the Capital Requirements Directives and the Capital Requirements...

Written Answers — Department of Finance: Real Estate Investment Trusts (22 Feb 2022)

Paschal Donohoe: It should be noted that, as with investment vehicles generally, taxation in Real Estate Investment Trusts (REITs) and Irish Real Estate Funds (IREFs) occurs primarily at the level of the investor rather than within the investment vehicle. Additionally, both REITs and IREFs apply withholding taxes on distributions to investors to ensure collection of tax revenues. Finance Act 2013...

Written Answers — Department of Finance: Tax Credits (22 Feb 2022)

Paschal Donohoe: The Research and Development (R&D) tax credit allows companies to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. It is intended for a review of the R&D tax credit to take place during 2022, alongside an evaluation of the Knowledge Development Box (KDB). My officials plan to facilitate public consultation and stakeholder...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: As part of his role as Chair of the Office to Promote Competition in the Insurance Market, Minister of State Fleming has had a wide-ranging series of engagements with stakeholders across the insurance industry, including providers, state bodies and representative groups. The Office has had more than 60 meetings since its establishment. As part of this work, in late 2021 Minister Fleming met...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: The Cabinet Committee Sub-Group on Insurance Reform, which oversees the Action Plan for Insurance Reform, met earlier this month to assess the work completed during 2021, and to look ahead to the priorities for 2022. It is anticipated that the second Implementation Report will be brought to Government by An Tánaiste very shortly and published thereafter. That report will show that the...

Written Answers — Department of Finance: Enterprise Policy (22 Feb 2022)

Paschal Donohoe: The Irish Innovation Seed Fund Programme (IISF) is designed to provide seed venture capital to innovative Irish companies and is an important step in developing the Irish venture capital market. While the overall venture capital sector in Ireland is strong and continues to grow, there is a trend towards growth being driven by larger, later stage deals and investments. The Irish market is...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee.  Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which the...

Written Answers — Department of Finance: Tax Yield (22 Feb 2022)

Paschal Donohoe: The detail of the amount of revenue raised by VAT by quarter from 2015 to 2021 is listed in the table below. Period VAT €m 2015 Q1 3,797.39 2015 Q2 2,202.39 2015 Q3 3,701.61 2015 Q4 2,242.65 2016 Q1 3,894.97 2016 Q2 2,324.08 ...

Written Answers — Department of Finance: Tax Yield (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 220 to 222, inclusive, together. I am advised by Revenue that the available information in relation to Carbon Taxes, Electricity Tax, Excise on oils and fuels, and VAT on energy products and electricity is presented in the table below. As traders are not required to identify the VAT from the supply of specific services on their (VAT) returns, the VAT on...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: I note that the question refers to the impact of the Personal Injuries Guidelines on insurance premiums. At the outset, I would like to point out that there is no single solution to reducing insurance costs. This is why the Government is pursuing insurance reform on a whole-of-Government basis, through 66 cross-departmental actions in the Insurance Reform Action Plan, including, but not...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 224 and 225 together. I am advised by Revenue that the available information in relation to the cost of tax relief on pension contributions is available on the Revenue website at: www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf. The information includes the number of taxpayers availing of the relief as well...

Written Answers — Department of Finance: Tax Rebates (22 Feb 2022)

Paschal Donohoe: I can confirm that this fuel grant claim was processed and paid as part of second claim file for January and should be with the claimant now.

Written Answers — Department of Finance: Tax Credits (22 Feb 2022)

Paschal Donohoe: The Single Person Child Carer Credit (SPCCC) is a tax credit that is available to a single person who has a qualifying child resident with him or her for the whole or greater part of the tax year and who satisfies the other conditions of the relief. To qualify as a single person for the purposes of the SPCCC, the claimant must not be jointly assessed for income tax as a married person or...

Written Answers — Department of Finance: Tax Code (22 Feb 2022)

Paschal Donohoe: As the Deputy is aware, for Capital Acquisitions Tax (CAT) purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (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 Reliefs (22 Feb 2022)

Paschal Donohoe: The Finance Act 2012 introduced section 825C to the Taxes Consolidation Act, 1997. This section, as amended, provides Income Tax relief for certain individuals assigned during any of the tax years 2012 to 2022 to work in the State. The relief is commonly known as SARP (Special Assignee Relief Programme). The aim of the relief is to reduce the cost to employers of assigning skilled individuals...

Written Answers — Department of Finance: Tax Exemptions (22 Feb 2022)

Paschal Donohoe: My Department carried out a review of the age limits applicable to four agri-tax reliefs last year. The findings of this review are set out as part of the Report on Tax Expenditures 2021 which was published on 12th October on the Gov.ie website as part of the package of papers associated with Budget 2022. The four agri-tax reliefs/tax credits covered, where...

Written Answers — Department of Finance: Customs and Excise (22 Feb 2022)

Paschal Donohoe: I am advised by Revenue that the provisions for the relief of Customs Duty and VAT for gifts sent from one private individual in a non-EU country to another private individual in Ireland are set out in European legislation and it is not a matter on which Ireland can determine or apply separate provisions. The relief for gifts is agreed and harmonised at EU level and the provisions are common...

Written Answers — Department of Finance: Tax Code (22 Feb 2022)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States...

Written Answers — Department of Finance: Pension Provisions (22 Feb 2022)

Paschal Donohoe: The objective of the Pan-European Personal Pension Product Regulation is to lay the foundations for a safer, more cost-efficient and transparent market in affordable and voluntary personal pension savings that can be managed on a pan-European scale. It is envisaged that the PEPP framework will constitute a complementary voluntary scheme alongside national regimes. The European Commission...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 238 and 239 together. The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons who also meet one of six specified medical criteria, as a driver or as...