Results 10,381-10,400 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: EU Policy Group (19 Nov 2020)

Paschal Donohoe: I was elected as President of the Eurogroup on 9 July for a term of two and a half years. My main goal is to ensure a close coordination of economic policies across the euro area so as to promote growth. I am very pleased with the progress made in my first few months as President of Eurogroup in what are exceptionally challenging times.  Indeed the strong European response to Covid-19 to...

Select Committee on Justice and Equality: Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020: Committee Stage (19 Nov 2020)

Paschal Donohoe: These amendments address part of the overall transposition of the 5thanti-money laundering directive, 5AMLD, for which various statutory instuments have been introduced in respect of other articles. Further measures are contained in this Bill. Article 31 of the directive requires that all member states establish a central register of beneficial ownership of express trusts. The deadline for...

Select Committee on Justice and Equality: Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020: Committee Stage (19 Nov 2020)

Paschal Donohoe: These amendments all relate to the establishment of a registration and supervision regime, for AML and CTF purposes, for virtual asset services providers. The committee will be aware that these amendments propose to add a substantial chapter into the Criminal Justice Act 2010, as amended, along with other amendments to add definitions and consequential changes. I will provide an overview of...

Select Committee on Justice and Equality: Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020: Committee Stage (19 Nov 2020)

Paschal Donohoe: I move amendment No. 3: In page 6, to delete lines 24 to 31 and substitute the following: "'virtual asset' means a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes but does not include digital representations of fiat currencies, securities or other financial assets; 'virtual asset service provider' means a...

Written Answers — Department of Finance: Brexit Issues (18 Nov 2020)

Paschal Donohoe: Ireland regrets the UK’s decision to leave the EU, although we respect it. From 1 January 2021, many aspects of our relationship with our nearest neighbour will change fundamentally as we will no longer share EU membership. While the Government remains committed to protecting and strengthening the Ireland-UK relationship following the end of the transition period, I can advise the...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (18 Nov 2020)

Paschal Donohoe: The Disabled Driver and Disabled Passengers (Tax Concessions) Scheme provides for relief on VAT and VRT, based on how much the car has been adapted and whether the beneficiary is a driver or passenger, up to a maximum of  - Disabled drivers: €10,000 - Disabled passengers: €16,000 - Specifically adapted vehicles for drivers with severe disabilities:...

Written Answers — Department of Finance: Single Euro Payments Area (18 Nov 2020)

Paschal Donohoe: The Single Euro Payments Area (SEPA) enables cashless euro-denominated retail payments to be made across the European Union and European Economic Area under the same basic terms and conditions. From 1st January 2021, payments to and from the UK will be treated as payments to and from a third country for the purposes of Regulation 2015/847/EU - Funds Transfer Regulations (FTR).  This...

Written Answers — Department of Finance: National Car Test (18 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 56 to 58, inclusive, together. I am informed by Revenue that it monitors the registration service provided by National Car Testing Service (NCTS) Centres on an ongoing basis.  In the context of the safety protocols relating to Covid-19, the capacity of NCTS Centres is restricted and there is less opportunity to increase their level of service than would...

Written Answers — Department of Finance: Revenue Commissioners (18 Nov 2020)

Paschal Donohoe: I am advised by Revenue that it has addressed the historic matters involved in this case with the person in question on numerous occasions. This included extensive correspondence and multiple meetings with the person by various senior Revenue officials. Revenue considers that the matter is now closed.

Written Answers — Department of Finance: Wage Subsidy Scheme (18 Nov 2020)

Paschal Donohoe: The Employment Wage Subsidy Scheme (EWSS) has been deliberately designed as an economy wide enterprise support that is open to all sectors on the basis of a turnover test that can be applied across the whole economy while at the same time remain targeted at employers who are considered to be most in need of support. The EWSS turnover test has been specifically calibrated so as to target...

Written Answers — Department of Finance: Consumer Protection (18 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 61 to 63, inclusive, together. The Deputy will be aware that the Central Bank is independent in its functions and decisions in relation to taking enforcement actions are for the Central Bank alone.  I am advised by the Central Bank that it has utilised its broad range of enforcement powers in an effective manner since 2016 to address breaches that...

Written Answers — Department of Finance: Tax Code (18 Nov 2020)

Paschal Donohoe: I would like to assure the Deputy that, in addition to the basic personal tax credit, pensioners are entitled to claim the Employee or PAYE Tax Credit in respect of their pension income because it is taxable under Schedule E.  The maximum Employee Tax Credit available for 2020 is €1,650.   The Earned Income Tax Credit is available to an individual whose income in a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: Section 53 amends section 46 of the Capital Acquisitions Tax Consolidation Act 2003, which section provides for the submission of tax returns to Revenue. Section 46 requires the submission of a capital acquisitions tax return where the taxable value of gifts or inheritances within the same group threshold exceeds 80% of the value of that group threshold. This 80% threshold value is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: It might be useful to set out exactly what is meant by a hybrid financial instrument. This is an instrument that is characterised differently for tax purposes under the laws of two or more territories. For example, a financial instrument that is characterised as debt under the laws of one territory but as equity under the laws of another will be regarded as a hybrid financial instrument. A...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: It may well be the case that information is available on the Stock Exchange but I imagine there would be a timing issue there as well on when it becomes available. We simply will not have the information the Deputy is looking for inside the time period she is looking for it. If information becomes available under Stock Exchange rules, I would imagine there would be a similar timing issue....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I made the point to the Deputy a moment ago about the incompleteness of information that might be disclosed to the Stock Exchange. Even if information was made available through a Stock Exchange disclosure inside the six-month period, what we need is to be able to compare transactions across tax jurisdictions. That information will properly sit with the Revenue Commissioners and the issue...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: Section 110 of the Taxes Consolidation Act of 1997 sets out a regime for the taxation of special purpose vehicles set up to securitise assets. This regime is an important part of Ireland's offering as a location for the conduct of financial services. Ireland is not unique in having a securitisation regime. A number of other EU countries have such a regime in place as part of a competitive...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: It is recognised that the transition to alternatively-fuelled vehicles is a significant challenge for the road haulage sector. The movement of goods by road remains the second biggest source of transport emissions after private car use. At an EU level, the critical need to reduce emissions from transport has led to agreement on implementing increasingly stringent emissions standards for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: Before addressing the substance of these amendments I would like to take the opportunity to advise the committee that I am considering bringing forward an amendment on Report Stage on the matter of accelerated capital allowances for farm safety and adaptive equipment. The employment and investment incentive, EII, is a state aid measure operating within the EU's general block exemption...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: The analogy the Deputy drew as to what would happen if Google were to withdraw out of Dublin, and his point that there would be a task force and plans put in place to try to deal with the withdrawal of a large employer from a city, is correct. It is just that, even in that context, the plans to fill a building and to replace jobs would not come through the kinds of targeted tax incentives he...