Results 6,961-6,980 of 32,610 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 75: In page 93, between lines 2 and 3, to insert the following: “Amendment of section 604 of Principal Act (disposals of principal private residence) 37. Section 604 of the Principal Act is amended by the insertion of the following subsection after subsection (14): “(15) (a) This subsection applies where an individual disposes of or of an interest in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: That is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: In those circumstances, it would depend on the change in value of the property. My officials will correct me if I have this wrong, but using the Deputy's example, if that home is worth €300,000 but had been valued at €100,000 at point of purchase by the owner, the tax would be applied on the difference between the €100,000 and the €300,000, that is, on the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I thank the Deputy very much for his questions on this part of the Bill. The intent behind this part of the Bill is to ensure capital gains tax is applied in the way we intend. To summarise, he is concerned that by the application of an intent he supports, it might in some way legitimise or regularise an activity that he has policy concerns about. As I understand it from what he has said,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will certainly commit to giving that matter consideration. I have not gotten around to it since the announcement was made by the Government yesterday on the requirement to work from home. I am happy to give this commitment and will come back to the Deputy with a speedy answer to the question he has raised.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yes, it was this morning.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Deputy Doherty’s amendment seeks a report on the introduction of a 40% rate of capital gains tax on the disposal of assets made by high-income individuals. Revenue has advised the estimated additional revenue that could be generated by introducing such a rate of capital gains tax on the disposal of assets by individuals with income in excess of €200,000, is €305 million....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: If it aids the committee and the Oireachtas in the evaluation of an idea, I will ask that an issue like this be considered as part the TSG process. On a policy point, as raised by the Deputy, we already have CGT rates that are very high in comparison with similar jurisdictions within the OECD and European Union. If it helps the Deputy, I will consider that idea in next year's TSG process.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I understand that the Bill brought forward by the Deputy's colleague moved to Second Stage in the Seanad on 28 June. The Department of Enterprise, Trade and Employment is now close to finalising the general scheme of a co-operative societies Bill, which sets out proposals for the reform of the legislation relating to co-operatives for the first time in almost 130 years. This will enshrine...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Would it be possible to take a five-minute sos at this point?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 84: In page 96, between lines 27 and 28, to insert the following: “Waiver of excise duty on special exemption orders 44. No duty of excise shall be chargeable, leviable or payable under section 78(4) of the Finance Act 1980 on a special exemption order granted under section 5 of the Intoxicating Liquor Act 1927 in respect of dates falling within the period...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I wish to give notice that I may table on Report Stage an amendment relating to excise.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I thank the Deputies for their contributions. It is important to put in context the impact that carbon taxation is having on changes in energy prices that I know are having an impact on the living standards of many commuters and families at the moment. In January of this year, the price of a litre of petrol stood at €1.31. According to AA Ireland, for the month of October the price...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I did not come in on that. The Deputy is right. I will come back on that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yet again the Deputy has put words in my mouth. At all times when I responded I was at pains to acknowledge the difficulty that people face who do not have regular public transport or who are let down by public transport in the way that Deputy Doherty has just said. The people to whom he refers are also those citizens who face a change in nature and change in the future of our country. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: -----when they look back at this-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: -----because they will look back and ask those, who at a time in which we needed to change the use of carbon, what side of the debate one was on. Deputy Doherty has laid out very clearly what side of the debate he is on. By not supporting this measure, in the face of seismic change that is coming and is driven by the use of carbon, he is saying that he is committed to this tax but now is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: The problem is, in the last two budgets when energy pricing was lower, he did not support carbon taxes at that point anyway. So in other budgets when we did not have the level of energy pricing that we have now, Deputy Doherty did not support a change in carbon tax in those budgets either. When the generations to come look back on a world that is going to be marked by the movement of people...