Results 6,481-6,500 of 32,602 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Financial Services (16 Dec 2021)

Paschal Donohoe: 'Technology and innovation' is an important part of the whole-of-government strategy for the international financial services sector. This key strategy, known as the Ireland for Finance Strategy is a multi-year strategy with published annual action plans which monitor progress and highlight specific goals for the coming year. By way of background, the use of...

Written Answers — Department of Finance: Tax Code (16 Dec 2021)

Paschal Donohoe: I propose to take Questions Nos. 139, 149 and 155 together. As the Deputies will be aware, the Commission issued its original proposal to amend a Council directive on the common system of value added tax as regards rates of value added tax on 18 January 2018. The compromise text agreed at ECOFIN has been amended significantly in comparison to the original proposal so the EU Parliament will...

Written Answers — Department of Finance: Tax Code (16 Dec 2021)

Paschal Donohoe: The Finance Bill introduces Part 22A into the Taxes Consolidation Act 1997, which gives effect to the measure I announced on Budget day regarding the Residential Zoned Land Tax. This measure is a part of the ‘Housing for All’ Strategy published by the Department of Housing, Local Government and Heritage in September 2021. The Residential Zoned Land Tax is designed to...

Written Answers — Department of Finance: Banking Sector (16 Dec 2021)

Paschal Donohoe: I propose to take Questions Nos. 143 and 158 together. The retail financial services sector is undergoing a major period of change. This year we have seen a number of announcements from the main retail banks in relation to their operations in the state and their branch networks around the country. While decisions relating to the business model of regulated firms are a commercial matter...

Written Answers — Department of Finance: Tax Reliefs (16 Dec 2021)

Paschal Donohoe: The Special Assignee Relief Programme (SARP) is designed to help reduce the cost to employers of assigning skilled individuals in their companies from abroad, to take up positions in the Irish-based operations of their employer or an associated company, thereby facilitating the creation of jobs and the development and expansion of businesses in Ireland. The scheme currently has a sunset date...

Written Answers — Department of Finance: Insurance Coverage (16 Dec 2021)

Paschal Donohoe: I am aware that the affordability of insurance is an issue of concern for some businesses. However, neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, nor do we have the power to direct insurance companies to provide cover to specific businesses or individuals. This position is reinforced by the EU Solvency II Directive framework. ...

Written Answers — Department of Finance: Credit Unions (16 Dec 2021)

Paschal Donohoe: Enhancing collaboration is rightly seen as central to the future of the credit union movement. Increased cooperation will allow credit unions to better serve their members by increasing the range of services offered. There are many recent – and positive – examples of collaboration including current accounts, investment in social housing, agri-lending, retrofit lending and...

Written Answers — Department of Finance: Banking Sector (16 Dec 2021)

Paschal Donohoe: The Deputy is aware that my Department issued a press release on the 5thof November 2021 which provided an update on progress in relation to the Bank of Ireland share trading plan. As of the date of the press release, proceeds generated from the share trading plan since its launch amount to c. €249m. The Government has now recovered almost €6.2bn in cash from its...

Written Answers — Department of Finance: Financial Services (16 Dec 2021)

Paschal Donohoe: I have not had correspondence with the Irish Human Rights and Equality Commission regarding the operation and enforcement of section 5 of the Equal Status Acts regarding the provision and disposal of financial services. Nor have I had correspondence with either the Central Bank or the Financial Services and Pension Ombudsman in relation to the issue. The Deputy may wish to note that...

Written Answers — Department of Finance: Fuel Prices (16 Dec 2021)

Paschal Donohoe: The final retail price of fuel is determined by a number of factors which include the costs of production, distribution, global market factors, international exchange rates, taxation, wholesale market contracts as well as individual retail pricing policies.  The current spike in energy prices arises principally from the global recovery from the Covid-19 pandemic in conjunction with...

Written Answers — Department of Finance: Financial Services (16 Dec 2021)

Paschal Donohoe: I would encourage all consumers to shop around for financial products and services and to compare the benefits of the different products available. I would draw the Deputy’s attention to the work of Competition and Consumer Protection Commission (CCPC) in this regard. The CCPC is the statutory body responsible for promoting compliance with, and enforcing, competition and consumer...

Written Answers — Department of Finance: Inflation Rate (16 Dec 2021)

Paschal Donohoe: The annual rate of consumer price (HICP) inflation rose to 5.4 per cent in November – the highest rate in more than two decades. The emergence of inflationary pressures in recent months is not unique to Ireland however, with inflation hitting multi-decade highs of 6.8 and 4.9 per cent in the US and euro area respectively in November. The recent increase in inflation is partly...

Written Answers — Department of Finance: Exchequer Returns (16 Dec 2021)

Paschal Donohoe: The annual rate of consumer price (HICP) inflation rose to 5.4 per cent in November – the highest rate in over two decades. Inflationary pressures are not unique to Ireland however, with multi-decade high inflation rates of 6.8 and 4.9 per cent recorded in the US and euro area in November. However, this comes after years of inflation of around 1 per cent, with the price level in...

Written Answers — Department of Finance: Exchequer Returns (16 Dec 2021)

Paschal Donohoe: It is important to recognise that Ireland’s corporation tax rate of 12.5 per cent will remain for the vast majority of Irish businesses. The threshold that will apply to the 15 per cent minimum effective tax rate is €750 million annual global turnover. Thus, the vast majority of companies in Ireland - over 95 per cent - will not be subject to these new rules, and will continue...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: The Covid Restrictions Support Scheme (CRSS) is provided for by Section 11 of the Finance Act 2020 and is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities the profits of which are chargeable to tax under Case 1 of Schedule D. The trade must also be carried on from a business premises that is located in a region subject to...

Written Answers — Department of Finance: Financial Services (16 Dec 2021)

Paschal Donohoe: My Department has been monitoring developments in virtual currencies, and blockchain in general, both in Ireland and globally for almost five years. It has always been my intention that any regulation in this space would be adequate, proportionate and comprehensive without discouraging innovation. Due to the global (or borderless) nature of virtual currencies, the potential threat to...

Written Answers — Department of Finance: Credit Unions (16 Dec 2021)

Paschal Donohoe: Since June, Minister of State Fleming who has responsibility for credit unions, has held seventeen meetings with various credit union stakeholders including the Representative Bodies, various collaborative ventures, the Registrar of Credit Unions, the Credit Union Advisory Committee and individual credit unions. These meetings have proven to be very informative and their outputs...

Written Answers — Department of Finance: Credit Availability (16 Dec 2021)

Paschal Donohoe: As referred to in my previous answer of 16 November last, it was estimated that on an annual basis only 0.05% of mortgage applications were refused due to the fact that the applicant did not put in place an acceptable policy of mortgage insurance and that on an annual basis around 2% of primary home mortgages were provided without the requirement for mortgage protection insurance....

Written Answers — Department of Finance: Customs and Excise (16 Dec 2021)

Paschal Donohoe: I understand that the Deputy is asking about the excise duty on hydrogenated vegetable oil used as motor or heating fuel. The Finance Act 1999 provides for the application of an excise duty to specified mineral oils, such as petrol, diesel, and kerosene, that are used as motor or heating fuels; this excise duty is called Mineral Oil Tax (MOT) and comprises a carbon and a non-carbon...

Written Answers — Department of Finance: Tax Exemptions (16 Dec 2021)

Paschal Donohoe: Section 10D of the Finance (Local Property Tax) Act 2012 (as amended) provides for a 6-year period of exemption from the charge to Local Property Tax (LPT) for certain properties that have been damaged by the use of defective concrete blocks in their construction. The exemption is available for the year 2022 and each subsequent year. A residential property that has been damaged as a...