Results 1,321-1,340 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Credits (13 Feb 2025)

Paschal Donohoe: The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am informed by Revenue that 313,980 taxpayer units claimed the RTC in respect of 2022, the latest year for which fully analysed data across both PAYE and...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is a beneficiary-orientated tax that is payable by the recipient of a gift or inheritance as opposed to the person providing that gift or inheritance. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: The Deputy should note that the EU VAT Directive, with which Irish VAT Law must comply, contains provisions under Annex III which allows for a reduced rate of VAT on specific goods and services. While hairdressing is included in Annex III to allow for a reduced rate, beauty salons are not listed. Therefore it is not possible to apply the 9% rate to beauty salons. In spite of the fact that...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2025)

Paschal Donohoe: The Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also has as a key aim of the encouragement of additional supply of new houses by supporting demand. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to...

Written Answers — Department of Finance: Cycling Policy (13 Feb 2025)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 provides for the Cycle to Work Scheme. This scheme offers an exemption from benefit-in-kind where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment may include items such as helmets, lights, bells, mirrors...

Written Answers — Department of Finance: Programme for Government (13 Feb 2025)

Paschal Donohoe: During the Programme for Government negotiations, it was agreed to continue with the planned carbon tax increases which align with recommendations from the Climate Change Advisory Council and scientific experts, and to continue to use the additional revenues to fund social welfare measures, agri-environmental schemes and retrofitting. This approach encourages a shift away from fossil...

Written Answers — Department of Finance: Tax Yield (13 Feb 2025)

Paschal Donohoe: In order to comply with the 2016 State aid decision of the Commission, €14.285 billion was recovered over the course of 2018 and placed into the Escrow Fund. This included the State aid required to be recovered and EU interest. The recovery amount was calculated by Revenue on the basis of the Decision. In general, the Escrow Fund could not be accessed or distributed until a final...

Written Answers — Department of Finance: Revenue Commissioners (13 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the overall objective of the compliance assurance programme is to validate Revenue’s risk analysis and intervention targeting systems by examining a small number of cases not otherwise selected. Revenue has operated such an assurance programme for many years. Revenue is currently working on the refinement of the scope and sampling approach for its 2025...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: A sustainable funding landscape for housing development that benefits both individual purchasers and renters requires diverse pools of capital, with each playing a complementary role in the funding ecosystem. This pool includes development funding from our domestic banks, non-bank and alternative lenders, institutional investors, private equity providers and State sources, working together to...

Written Answers — Department of Finance: Tax Avoidance (13 Feb 2025)

Paschal Donohoe: The avoidance surcharge is an additional penalty applied under Section 811C of the Taxes Consolidation Act 1997 to deter taxpayers from engaging in tax avoidance transactions. A tax avoidance surcharge applies where a person seeks to obtain the benefit of any tax advantage which is withdrawn by Section 811C or one of the Specific Anti Avoidance Rules. The surcharge can be up to 30%. I am...

Written Answers — Department of Finance: Tax Avoidance (13 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the number of declarations received by Revenue in relation to the transfer of a pension arrangement to each EU Member State in each year since 2016 is in the table below. The number of declarations expressed in the table as less than 10 are to ensure taxpayer confidentiality is not compromised. 2016 2017 2018 2019 ...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2025)

Paschal Donohoe: The Help to Buy (“HTB”) incentive, is a scheme to assist first-time purchasers with the deposit they require to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. The legislation governing the HTB scheme is set...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: For the purpose of this reply it is assumed the Deputy is referring to the income tax age exemption limits for those aged 65 and over. The age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax,...

Written Answers — Department of Finance: Trade Relations (13 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 168 and 169 together. I note the position of the US administration in relation to the OECD agreement and the Presidential Memorandum issued on 20 January. As ever, we will engage constructively with the new US administration. Indeed, I believe that it will be important for all parties to engage constructively over the coming months to examine mutually...

Written Answers — Department of Finance: Economic Sanctions (12 Feb 2025)

Paschal Donohoe: As the Deputy is aware, the UN maintains a database of business enterprises involved in certain specified activities relating to settlements in the Occupied Palestinian Territories (OPT). At the end of 2023, ISIF’s direct investments in companies on the UN database totalled approximately €4.2 million in 11 companies. ISIF’s indirect investments included 8 companies...

Written Answers — Department of Finance: Tax Yield (12 Feb 2025)

Paschal Donohoe: While legislation is not currently in place for Carbon Taxes to be ring-fenced, the proceeds from Carbon Taxes are allocated for measures related to the Just Transition and climate action. This includes part-funding the roll out of a national retrofitting programme, targeted welfare intervention measures and funding for greener farming practices. Budget 2025 provided for a €951...

Written Answers — Department of Finance: Economic Policy (12 Feb 2025)

Paschal Donohoe: The Infrastructure, Climate and Nature Fund is currently invested by the NTMA under an interim Investment Strategy, which is published on the NTMA website (www.ntma.ie). The NTMA is currently developing a long-term strategy for the Infrastructure, Climate and Nature Fund, which will be subject to consultation with the Minister for Finance and the Minister for Public Expenditure,...

Written Answers — Department of Finance: Climate Action Plan (12 Feb 2025)

Paschal Donohoe: The information requested by the Deputy in relation to the payments made by the Department of Finance to the Climate Action Fund as required under Circular 01/2020 (Procedures for Offsetting the Emissions Associated with Official Air Travel) for 2020, 2021, 2022 and 2023 is provided in tabular form. The annual payment to the Climate Action fund is due on February 28th of the following...

Written Answers — Department of Finance: Tax Reliefs (12 Feb 2025)

Paschal Donohoe: There is currently income tax relief available for oxygen tanks and oxygen under Section 469 of the Taxes Consolidation Act (TCA) 1997, subject to certain conditions being met, which have been set out below. Section 469 TCA 1997 provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health expenses”...

Written Answers — Department of Finance: International Agreements (12 Feb 2025)

Paschal Donohoe: Ireland was among almost 140 jurisdictions that signed up to a political agreement in October 2021, through the OECD/G20 Inclusive Framework on BEPS, on a new tax framework to address the tax challenges arising from the digitalisation of the economy. Pillar Two of the agreement provided for the adoption of a new global minimum effective tax rate of 15% applying to multinationals with...