Results 8,381-8,400 of 32,643 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Industry (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 67, 69, 126 and 404 together. The availability of affordable insurance is a key policy priority as reflected in the Government’s Action Plan for Insurance Reform. In this regard, I welcome the adoption of the new Personal Injuries Guidelines, which came into force on 24 April. This is a key achievement in the Government’s reform agenda that...

Written Answers — Department of Finance: Real Estate Investment Trusts (15 Jun 2021)

Paschal Donohoe: Investment funds are a long term presence in the Irish market, as in most other property markets. As with investment funds generally, tax occurs primarily at the level of the investor rather than within the fund. Additionally, in the case of both Irish Real Estate Funds (IREFs) and Real Estate Investment Trust companies (REITs), withholding taxes apply on distributions to investors to ensure...

Written Answers — Department of Finance: Revenue Commissioners (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 72 and 85 together. I am advised by Revenue that the overall additional tax, including interest and penalties, collected each year during the period 2015 to 2020 through non-compliance intervention programmes, ranged from €487 million to €643 million, of which an average of almost €87 million per year related to additional payroll taxes....

Written Answers — Department of Finance: Housing Schemes (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 73 and 387 together. I am advised that Deputy Smyth intended to refer to the Help to Buy incentive scheme, rather than a rent-to-buy scheme. The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with obtaining the deposit they need to buy or build a new house or apartment. The scheme gives a refund on Income Tax and Deposit...

Written Answers — Department of Finance: Insurance Coverage (15 Jun 2021)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products or have the power to direct insurance companies to provide cover to specific individuals or businesses. This position is reinforced by the EU framework for insurance (the Solvency II Directive). Consequently, I am not in a position to direct...

Written Answers — Department of Finance: Housing Policy (15 Jun 2021)

Paschal Donohoe: As the Deputy will be aware, housing is a key priority for Government. In Budget 2021, a record total of €3.3 billion was allocated towards housing, including an Exchequer allocation of €3.1 billion. The capital spending on housing for 2021 is 26 per cent higher than the previous year, and almost two-and a half times what it was in 2017, demonstrating the massive commitments...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 77 and 119 together. This is a very difficult period for the retail financial services sector, which is undergoing a major period of change. In the last few months, we have seen several major announcements including the withdrawal of Ulster Bank, the potential withdrawal of KBC Bank Ireland, and the forthcoming closure of a large number of bank branches by...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 78, 89, 93, 103, 108, 116, 128, 366 to 369, inclusive, 395 and 398 together. The Government has noted the communique of 5 June from the G7 Finance Ministers which includes the desire for a global minimum effective tax rate of at least 15%. The G7 agreement is an important signpost towards an agreement but it is relevant also that there are 139 countries...

Written Answers — Department of Finance: Real Estate Investment Trusts (15 Jun 2021)

Paschal Donohoe: The rules relating to Irish Real Estate Funds (IREF) are set out in Chapter 1B of Part 27, Taxes Consolidation Act 1997, and were introduced by Finance Act 2016. An IREF is an investment fund, or a sub-fund, which derives 25% or more of its market value from Irish real estate. As an investment undertaking, the profits or gains of the IREF are not taxed within the fund, but instead are...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 84 and 129 together. The withdrawal of Ulster Bank and the potential withdrawal of KBC Bank Ireland (KBC) from the market as well as the decision by Bank of Ireland to close 88 branches in the Republic of Ireland are regrettable, particularly for their customers and staff and they represent unfavourable developments for the Irish banking market. ...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 86 and 377 together. The retail financial services sector is undergoing a major period of change. This year so far we have seen several major announcements including the withdrawal of Ulster Bank by Nat West and the potential withdrawal of KBC Bank Ireland, the forthcoming closure of a large number of bank branches by Bank of Ireland and a smaller number...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 87 and 125 together. The Central Bank of Ireland, as part of its independent mandate to preserve and protect financial stability in Ireland, has statutory responsibility for the regulation of mortgage lending by banks and other regulated entities. In line with this mandate, the Central Bank introduced macroprudential measures for residential mortgage...

Written Answers — Department of Finance: Stability and Growth Pact (15 Jun 2021)

Paschal Donohoe: As the Deputy will be aware, in March 2020 the General Escape Clause (GEC) of the EU’s Stability and Growth Pact was activated for the first time. The clause’s activation temporarily suspends the regular application of the EU fiscal rules, to allow Member States to take all necessary expenditure and taxation measures to combat the spread of the virus. While the activation of...

Written Answers — Department of Finance: Fiscal Policy (15 Jun 2021)

Paschal Donohoe: I note the Fiscal Council’s view on the fiscal forecasts and always welcome the Council’s contribution. As I have stated previously, the Government took the decision to draft the Stability Programme Update (SPU) on a ‘no policy change’ basis in view of the considerable uncertainty around both the trajectory of the pandemic and the pace at which restrictions...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: The Programme for Government - “Our Shared Future”– includes a commitment to bring forward legislation in relation to the Local Property Tax on the basis of fairness and that most homeowners will face no increase in their LPT liability. In addition there is a commitment to bring new homes, which are currently exempt from the LPT, into the taxation system. Accordingly,...

Written Answers — Department of Finance: Fiscal Policy (15 Jun 2021)

Paschal Donohoe: Ireland has committed to addressing issues highlighted in recent Country Specific Recommendations as part of Ireland’s National Recovery and Resilience Plan that has been submitted to the European Commission. The draft Plan, involving projects with a value of almost €1 billion, will enable Ireland to access funding under the EU's Recovery and Resilience Facility which forms...

Written Answers — Department of Finance: National Treasury Management Agency (15 Jun 2021)

Paschal Donohoe: I am informed by the National Treasury Management Agency that the following information has been supplied by the Prize Bond Company: Year Sales €M Prize Money €M Number of Prizes 2018 574.3 16.4 224,474 2019 537.1 17.6 248,140 2020 735.7 ...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: The withdrawal of Ulster Bank and the potential withdrawal of KBC Bank Ireland (KBC) from the market as well as the decision by Bank of Ireland to close 88 branches in the Republic of Ireland and the decision by AIB to close a smaller number, are regrettable, particularly for their customers and staff and they represent unfavourable developments for the Irish banking market. As the Deputy...

Written Answers — Department of Finance: Tax Credits (15 Jun 2021)

Paschal Donohoe: The purpose of the Stay and Spend Tax Credit scheme was to provide targeted support to businesses within the hospitality sector whose operations are likely to be most affected by continued restrictions on public health grounds. The scheme ended on 30 April. Since 1 October 2020, a total of 66,058 receipts have been uploaded to the Revenue Receipts Tracker, as at 9 June 2021. The...

Written Answers — Department of Finance: Universal Social Charge (15 Jun 2021)

Paschal Donohoe: Ireland has one of the most progressive personal income tax systems in the world, which plays a crucial role in the process of income redistribution. Our redistributive tax system has been acknowledged by the IMF, the OECD and the ESRI. It is my view that a broad-based, progressive income tax system, where the majority of income earners make some contribution but according to their means,...