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Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy for reminding me of that. The agreement contains review clauses and there are review clauses for some aspects of the agreements. However, if a country is in that agreement then it is reasonable to expect that it will be at whatever rate is agreed until well into the medium term and for many years. As the agreement is drafted, there is no exit clause that allows a country...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: It is difficult to put any years on it because that has not been finalised or nailed down but we would be talking about many years. I do not want to create the expectation that a country can sign up to this agreement and then leave. The Deputy is not suggesting this but we should both be clear that a country cannot go into the agreement, see how it goes and decide to leave after a couple of...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: Yes. I do.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: An assumption within the summer economic statement is that we expect wages will grow. “Cost competitiveness” refers to two elements. The first is how we can change overall levels of productivity within our economy. Some parts for our economy are really productive. We want to increase the productivity of others. That is why the educational programmes to which the Minister,...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: The revenue forecasting that we have done so far has mainly focused on the reallocation of taxing rights. Regarding the analysis of how it could change again, I re-emphasise the point that I made to Deputy Nash, if I may. We are not looking at an agreement that is clear about the issues of base, taxing rights or even rates. All of the figures in the document are conditioned on the basis of...

Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (14 Jul 2021)

Paschal Donohoe: I thank the Deputy and I will deal with his points. I accept that for many people, a bill of €100 is a lot, and that is why we have put in place the changes that the Deputy acknowledged in the Bill. The Deputy spoke about the future of this tax and the people of his own county of Donegal. On one hand he said he was concerned about the future revenue that the people of Donegal, whom...

Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (14 Jul 2021)

Paschal Donohoe: I am not sure what I said to the Deputy that made him think in any way that I was not making a serious contribution or implying that he does not have some answers to the questions I raise, as I know he does. The net point is still that if this tax was abolished, there would be a decrease in the revenue made available for the Department or local authorities. If this tax was abolished, we...

Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (14 Jul 2021)

Paschal Donohoe: I want to deal with the substance of the amendment before I deal with some of the additional points that were made. The Bill provides for the amendment of the definition of "residential property" in two ways. First, the part of the adjoining land to be valued with the House where that land exceeds 1 acre will be specified to be that part that is most suitable for occupation and enjoyment...

Finance (Local Property Tax) (Amendment) Bill 2021: Financial Resolution (14 Jul 2021)

Paschal Donohoe: I move: THAT provision be made to amend the provisions for the charging of taxes in the Finance (Local Property Tax) Act 2012 in relation to the definition of ‘residential property’; in relation to the tax exemption for certain unsold trading stock of builders; in relation to the tax exemption for ‘first-time buyers’; in relation to the tax exemption for the...