Results 10,281-10,300 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Covid-19 Pandemic (26 Nov 2020)

Paschal Donohoe: My Department has estimated a cost of €1.5 billion to the Exchequer as a result of the level 5 restrictions. The estimated cost arises from both an increase in public expenditure and a decline in tax receipts. There is a considerable amount of uncertainty in relation to this estimate, depending on, inter alia, individual take-up, firm-level decisions and sector specific impacts....

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 108, 138, 193 and 200 together. The purpose of the Stay and Spend scheme is to provide targeted support to businesses within the hospitality sector whose operations are likely to be most affected by continued restrictions. Stay and Spend provides tax relief by means of a tax credit at the rate of 20% on qualifying expenditure of up to €625 per...

Written Answers — Department of Finance: Value Added Tax (26 Nov 2020)

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive, with which Irish VAT law must comply. The EU VAT Directive does not allow for a zero rate of VAT to be applied to condoms.

Written Answers — Department of Finance: Banking Sector (26 Nov 2020)

Paschal Donohoe: I am conscious of the fact that the general level of lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that rates have been falling. For example, interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.64% in September of this...

Written Answers — Department of Finance: Tax Rebates (26 Nov 2020)

Paschal Donohoe: In Budget 2015, the Seed Capital Scheme (SCS) was relaunched and rebranded as SURE, or Start-up Refunds for Entrepreneurs. SURE provides a refund of tax paid in the previous 6 tax years to those in PAYE employment or those recently unemployed, where they invest funds into a new company set up by them. The general conditions for SURE are that you must: - establish a new company carrying on a...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: In keeping with good practice, my officials review all schemes regularly to ensure that they are achieving their policy intention and are operating as expected. In relation to accelerated corporation tax loss relief, I understand that Revenue received over 150 interim claims for accelerated corporation tax loss relief during the period 1 August to 30 October 2020 and the total cash value of...

Written Answers — Department of Finance: Tax Reliefs (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 116 and 148 together. Section 481 TCA 1997 provides a 32% payable credit for eligible expenditure on film production in Ireland. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. The Deputy will be aware...

Written Answers — Department of Finance: Consumer Protection (26 Nov 2020)

Paschal Donohoe: The Central Bank’s Consumer Protection Code 2012 (the Code) is a statutory Code issued pursuant to Section 117 of the Central Bank Act 1989. The Central Bank has the power to administer sanctions for a contravention of the Code under Part IIIC of the Central Bank Act 1942. The provisions of the Code are binding on regulated entities and must, at all times, be complied with by...

Written Answers — Department of Finance: Revenue Commissioners (26 Nov 2020)

Paschal Donohoe: “Bogus self-employment” (sometimes referred to as “disguised employment”) is the description commonly given to a scenario where an individual engaged to do a job is wrongly classified as being self-employed by an employer who seeks to avoid employment related obligations. From a tax perspective, this relates to tax, USC and PRSI collected through the PAYE system....

Written Answers — Department of Finance: Motor Insurance (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 120 and 141 together. At the outset, I want to emphasise the key importance that Government places on the insurance reform agenda. This is reflected in the Programme for Government which identifies a range of issues that need to be tackled on a Whole-of-Government basis. This ambitious reform agenda is being led by the Cabinet Committee on Economic Recovery...

Written Answers — Department of Finance: Brexit Preparations (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 121 and 199 together. I am advised by Revenue that 1,374 businesses in Co. Louth are currently registered for customs and therefore have an Economic Operators Registration and Identification (EORI) number. I am also advised by Revenue that 94% of imports from and 99% of exports to the UK in 2019 undertaken by businesses in Co. Louth were undertaken by...

Written Answers — Department of Finance: Revenue Commissioners (26 Nov 2020)

Paschal Donohoe: I am advised by Revenue that mandatory electronic filing and payment of a wide range of taxes has been operating since 2009. The legislation underpinning the mandatory use of these electronic services provides for specific exclusions where a taxpayer does not have the capacity to file and pay online. In this context ‘capacity’ means having sufficient access to the internet...

Written Answers — Department of Finance: Motor Insurance (26 Nov 2020)

Paschal Donohoe: At the outset, policy in relation to driving tests and any decision to postpone tests, are a matter for the Minister for Transport, Eamon Ryan TD. In relation to insurance refunds for learner drivers, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing of insurance products, as this is a commercial matter for insurers. This position is reinforced...

Written Answers — Department of Finance: Motor Insurance (26 Nov 2020)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing of insurance products, as this is a commercial matter for insurers. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so. However, I believe that insurers have a fundamental...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS), which is provided for in section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020, operated from 26 March 2020 to 31 August 2020 and was replaced by the Employment Wage Subsidy Scheme (EWSS) from 1 September 2020. The scheme was introduced as an emergency measure to provide financial support to businesses that were severely...

Written Answers — Department of Finance: Banking Sector (26 Nov 2020)

Paschal Donohoe: As the Deputy will be aware, I met with representatives of Ulster Bank on the 21st of October. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. News of the review is, of course, unsettling for all stakeholders, especially the staff and customers. I outlined that I expect Ulster Bank to keep all its...

Written Answers — Department of Finance: Covid-19 Pandemic (26 Nov 2020)

Paschal Donohoe: At the time of Budget 2021, my Department projected that GDP would decline by -2½ per cent this year, with (modified) domestic demand - a more appropriate indicator for domestic economic conditions - set to decline by just over 6 per cent. These projections were based on the assumption that targeted measures would be introduced in response to any further pick-up in the Covid19 infection...

Written Answers — Department of Finance: Bank Charges (26 Nov 2020)

Paschal Donohoe: All credit institutions in Ireland are independent commercial entities and the imposition of bank fees and charges are decisions to be made by the boards and management of individual banks which need to be run on an independent and commercial basis. You will be aware that, as Minister for Finance, I have no statutory role in relation to the charges applied by credit institutions. Under...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: The Deputy will be aware that the Financial Provisions (Covid-19) (No. 2) Act 2020 (Act No. 8 of 2020)provides for the introduction of the Employment Wage Subsidy Scheme (EWSS), which is an economy-wide enterprise support for eligible businesses in respect of eligible employees. I have been advised by Revenue that as of Friday 20 November, there were 41,215 employers registered for the...

Written Answers — Department of Finance: Bank Charges (26 Nov 2020)

Paschal Donohoe: As the Deputy is aware as Minister for Finance I have no role in the commercial decisions made by the banks, including the structure and level of pricing for their various product offerings. This applies equally to the banks in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks which must be run on an...