Results 19,001-19,020 of 32,983 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: The Home Renovation Incentive (HRI) is a scheme that allows home owners, landlords and local authority tenants to claim tax relief on qualifying works. The works must be completed by a tax-compliant contractor and be subject to 13.5% VAT. The HRI relief is paid in the form of a tax credit at 13.5% of qualifying expenditure, which can be set against Income Tax evenly over two years,...

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: Income is classified under a number of categories for taxation purposes and there are distinct rules for each category. As the Deputy notes, rental income from Irish property is taxed under Case V of Schedule D. The rules for Case V provide that landlords can carry forward rental losses for offset against future rental profits, but cannot offset rental losses against other net...

Written Answers — Department of Finance: Tax Deduction Systems (26 Jun 2018)

Paschal Donohoe: In Budget 2018 I introduced a new deduction for pre-letting expenses of a revenue nature incurred on a property that has been vacant for a period of 12 months or more. I introduced this measure in order to encourage owners of vacant residential property to bring such properties into the rental market. A cap on allowable expenses of €5,000 per property applies, and the...

Written Answers — Department of Finance: Tax Deduction Systems (26 Jun 2018)

Paschal Donohoe: The Report of the Working Group on the Tax and Fiscal Treatment of Rental Accommodation Providers (2017) identified the measure suggested by the deputy as a possible medium-term option. The report does not cost the measure but notes that three factors relevant for the costing would be: - the reduction in current income tax revenues; - in the longer term, the claw-back of the deduction as...

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: To cost the measures requested by the Deputy, certain information would need to be available, including the number of eligible landlords, estimates for the relevant element of the capital costs and the numbers of properties purchased with a tenant in situ. In the absence of this information it is not possible to cost the proposal.

Written Answers — Department of Finance: Living City Initiative (26 Jun 2018)

Paschal Donohoe: The Special Regeneration Areas for the Living City Initiative were designated following consultation with the relevant city councils and an independent review by a third party advisor. Specific qualifying criteria were set down that were required to be taken into account by the city councils when putting forward the proposed Special Regeneration Areas for each city. In particular,...

Written Answers — Department of Finance: Tax Exemptions (26 Jun 2018)

Paschal Donohoe: I propose to take Questions Nos. 108 and 128 together. Section 130 of the Finance Act 1992 (as amended by Section 102 of the Finance Act 2010) introduced, from 1 January 2011, a revised classification system for the assessment of VRT which reflects the categories used for classification of vehicles at European level under various EC Directives.  Passenger Vehicles (EU Category M) and...

Written Answers — Department of Finance: Legislative Reviews (26 Jun 2018)

Paschal Donohoe: Section 135(3A) of the Taxes Consolidation Act 1997 was introduced to counter a specific avoidance scheme identified by Revenue  whereby taxpayers were seeking to extract profits from companies in a manner which avoided a charge to income tax. The scheme involved individuals avoiding a liability to income tax where the individual disposed of shares and arranged for the consideration for...

Written Answers — Department of Finance: Tax Exemptions (26 Jun 2018)

Paschal Donohoe: I propose to take Questions Nos. 110 and 118 together. I am informed by Revenue that the costs for increasing the annual exemption limits for persons aged 65 years and over can be found by consulting the Revenue Ready Reckoner, available at https://www.revenue.ie/en/corporate/documents/statistics/rea dy-reckoner.pdf. The cost requested is as follows; Cost of Increasing Aged 65 and over...

Written Answers — Department of Finance: Financial Services Sector (26 Jun 2018)

Paschal Donohoe: In March 2015, the Government launched the ‘International Financial Services 2020 Strategy’ (IFS2020), which is led by Minister of State Michael D’Arcy TD. One of the main deliverables is to create 10,000 net new jobs across the Enterprise Ireland and IDA Ireland portfolios in international financial services over five years from 2015 – 2020. To end-2017 the...

Written Answers — Department of Finance: Legislative Programme (26 Jun 2018)

Paschal Donohoe: As the Deputy knows, the Funds Industry has been a successful and significant element of the Irish financial services landscape for many years.  This success has been underpinned by various periodic relevant changes in the legislative landscape that have made Ireland an attractive domicile for promoters in Asia, across Europe, the U.S., and further afield. In addition, we also have a...

Written Answers — Department of Finance: Stability and Growth Pact (26 Jun 2018)

Paschal Donohoe: The estimates prepared by the European Commission, in its Spring Forecast, and my Department, in the Stability Programme Update 2018, both project a structural deficit of 0.4 per cent of GDP for next year. If an additional €500 million were to be spent this would, in the first instance, increase the deficit, and have a corresponding impact on the structural position. On the assumption...

Written Answers — Department of Finance: Stability and Growth Pact (26 Jun 2018)

Paschal Donohoe: A Member State in the preventive arm of the Stability and Growth Pact is legally required to be at, or making sufficient progress towards, its Medium Term budgetary Objective (MTO). Ireland's MTO is a structural deficit of 0.5 per cent of GDP. The European Commission sets the required annual fiscal adjustment based on inter alia the cyclical position of the economy.  In 'normal'...

Written Answers — Department of Finance: Stability and Growth Pact (26 Jun 2018)

Paschal Donohoe: Under the Stability and Growth Pact, Member States must attain a country-specific Medium Term budgetary Objective (MTO) which is set in structural terms. For Ireland this is currently set as a structural deficit of 0.5 per cent of GDP. When a Member State is not at its MTO, a convergence margin applies. The process of calculating this convergence margin is detailed in the 2018 Edition of the...

Written Answers — Department of Finance: Contract Manufacturing (26 Jun 2018)

Paschal Donohoe: Ireland’s national accounts data, including GDP, are prepared by the Central Statistics Office which is independent. They are prepared in accordance with EU and international standards currently in place. Contract manufacturing is a form of outsourcing whereby an Irish-resident firm engages a company abroad to manufacture goods on its behalf (and vice versa).  Crucially, for...

Written Answers — Department of Finance: Foireann Roinne (26 Jun 2018)

Paschal Donohoe: Is ar mo chomhghleacaí, An tAire Josepha Madigan TD, An tAire Cultúir, Oidhreachta agus Gaeltachta, atá an fhreagracht maidir le hAcht na dTeangacha Oifigiúla 2003 agus Scéimeanna Gaeilge.  Is féidir liom a chur in iúl don Teachta go ndéantar foráil i Scéim Gaeilge na Roinne Airgeadais 2018-2021  Oifigeach Gaeilge a bheith ag mo...

Written Answers — Department of Finance: VAT Yield (26 Jun 2018)

Paschal Donohoe: I am informed by the Revenue  Commissioners that the information recorded on VAT returns does not separately identify particular products or activities. Therefore, it is not possible to provide the amount of VAT paid in relation to concerts performed by foreign resident music artists.   In general, where a concert takes place in Ireland, the artist’s performance fee is...

Written Answers — Department of Finance: Mortgage Lending (26 Jun 2018)

Paschal Donohoe: The Central Bank advises that Provision 6.12 of the Consumer Protection Code 2012 states that, where a regulated entity offers an incentive to a personal consumer on an existing mortgage, the regulated entity must provide the personal consumer, on paper or on another durable medium, with the information needed to consider the incentive offered. This information must:Quantify the implications...

Written Answers — Department of Finance: Mortgage Lending (26 Jun 2018)

Paschal Donohoe: The Central Bank advises that it recently undertook a review of mortgage related advertising, with a focus on cash back incentives, to assess clarity and transparency for consumers.  A risk to consumer protection exists where consumers are not informed of all of the consequences of choosing a mortgage that offers short-term financial relief, including that it may cost the consumer more...

Written Answers — Department of Finance: Personal Contract Plans (26 Jun 2018)

Paschal Donohoe: PCPs – or Personal Contract Plans - are a type of hire purchase financing agreement used for the purchase of motor vehicles.  It is normally comprises three parts:- - an up-front deposit payment; - ongoing monthly payments for an agreed period of time; - a final balloon payment at the end of the contract term.   Both the Central Bank and the...