Results 19,661-19,680 of 32,999 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Budget Consultation Process (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 139 to 141, inclusive, together. Table 3 on page 22 of the Summer Economic Statement (SES) 2017 set out an indicative amount of €3.2 billion, based on the parameters available at that time, in respect of the estimate of net fiscal space for 2019. In arriving at the net amount the fiscal space impact of certain pre-committed voted expenditure was...

Written Answers — Department of Finance: National Development Plan Expenditure (15 May 2018)

Paschal Donohoe: Forecasts beyond 2021 have not been compiled or published by my Department. There is no impact resulting from the National Development Plan (NDP) in 2018. The impact for 2019 - 2021 was set out in my response to PQ number 160 on 27 February 2018 and is reproduced here for the Deputy's convenience. The specific impact of the NDP out to 2021 on the Exchequer Borrowing Requirement (EBR), based...

Written Answers — Department of Finance: Budget Measures (15 May 2018)

Paschal Donohoe: In Budget 2018, I announced my intention to capitalise the Rainy Day Fund with €1.5 billion from the Ireland Strategic Investment Fund. The budgetary projections published last month in the Stability Programme Update 2018 (Table 8) include provision for €500 million to the Rainy Day Fund for each year from 2019 to 2021 (the end of the time horizon projected in the update). My...

Written Answers — Department of Finance: State Claims Agency Data (15 May 2018)

Paschal Donohoe: The State Claims Agency (SCA) is part of the National Treasury Management Agency (NTMA), which is a body under the aegis of the Minister for Finance. The SCA have supplied the information included in this report, and confirmed that it is correct as of 14thMay 2018. This report shows the number of active claims managed by the State Claims Agency in relation to historical child sexual abuse...

Written Answers — Department of Finance: State Claims Agency Data (15 May 2018)

Paschal Donohoe: The State Claims Agency (SCA) is part of the National Treasury Management Agency (NTMA), which is a body under the aegis of the Minister for Finance. The SCA have supplied the information included in this report, and confirmed that it is correct as of 14 May 2018. This report shows the number of claims finalised between 2008 to date by the SCA in relation to historical child sexual abuse...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: It is important to note that the imposition of a cap on capital allowances for intangible assets only affects the timing of relief in the form of capital allowances and related interest expenses for intangible assets but would not affect the overall quantum of relief. This is because any amounts restricted in one accounting period as a result of a cap would be available for carry forward and...

Written Answers — Department of Finance: Corporation Tax Regime (15 May 2018)

Paschal Donohoe: Corporation Tax Loss Relief is provided for by Section 396 of the Taxes Consolidation Act (TCA) 1997. It allows for losses incurred in the course of business to be accounted for when calculating tax liabilities. Loss relief for corporation tax is a long standing feature of the Irish Corporate Tax system and is a standard feature of Corporation Tax systems in all OECD countries. ...

Written Answers — Department of Finance: VAT Exemptions (15 May 2018)

Paschal Donohoe: In line with my Budget 2018 announcement, a VAT compensation scheme for charities will be introduced in 2019 in respect of VAT expenses incurred in 2018. Charities will be entitled to a refund of a proportion of their VAT costs based on the level of non-public funding they receive, from a total capped fund of €5m. Work on this scheme by officials of my Department and the Office of...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: In Budget 2016, the Minister for Finance committed to extending the bank levy (a form of stamp duty paid by financial institutions) until 2021, subject to a review of the calculation methodology. This took place during 2016, including a public consultation to ascertain the views of stakeholders. Following on from this, it was decided to retain the existing DIRT-based calculation...

Written Answers — Department of Finance: Financial Services Regulation (15 May 2018)

Paschal Donohoe: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law. Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the financial...

Written Answers — Department of Finance: Tax Collection (15 May 2018)

Paschal Donohoe: I am advised by Revenue that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c.100 staff an additional exchequer yield of €50m per annum could be achieved. It was estimated that by increasing staff on compliance projects such as oils, tobacco and alcohol by 100 could raise €20m per annum. On this basis it is...

Written Answers — Department of Finance: Tax Credits (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 152 and 153 together. I am advised by Revenue that the cost of increasing the earned income tax credit to the levels set out by the Deputy, in addition to introducing a taper of this increase such that those with incomes in excess of €100,000 would only be able to avail of the existing level of the earned income tax credit of €1,150 is set out in...

Written Answers — Department of Finance: Help-To-Buy Scheme (15 May 2018)

Paschal Donohoe: Help to Buy (HTB) has a sunset clause (31/12/2019). Concluding the scheme a year early would not result in additional budgetary resources, rather it would bring forward budgetary resources that have been assigned to 2020. HTB is a demand led incentive and, as such, it is not possible to give a precise estimate of cost for 2019. However, at the time of Budget 2017, my department...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 155 and 157 together. Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. The function of the REIT framework is not to provide an overall tax exemption but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 156 and 158 together. The Irish Real Estate Fund (IREF) regime was introduced by Finance Act 2016. In general terms, the regime provides that profits arising to Irish funds from Irish property remain within the charge to Irish tax. An IREF is an investment undertaking where 25 per cent or more of the value of the assets of the undertakings is derived...

Written Answers — Department of Finance: Universal Social Charge Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 159 and 163 together. I am advised by Revenue that the available information is in the detailed income distribution statistics published by Revenue for 2015, the most recent year for which complete tax returns data are available, at the link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/income-distributions/it-ct-distributions.aspx. In...

Written Answers — Department of Finance: Universal Social Charge Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 160 to 162, inclusive, together. I am informed by the Revenue Commissioners that the estimated number of earners subject to USC, the number of earners exempt from USC and the number of earners paying USC in 2018 are available on page 3 of Revenue’s Ready Reckoner, which can be accessed at: www.revenue.ie/en/corporate/documents/statistics/ready-recko...

Written Answers — Department of Finance: Knowledge Development Box (15 May 2018)

Paschal Donohoe: The Knowledge Development Box (KDB) applies for accounting periods commencing on or after 1 January 2016. A claimant company has a period of up to 24 months to make a claim for KDB relief. I am informed by Revenue that a small number of companies (less than 10) with accounting periods ended on or before 31 December 2016 have claimed KDB relief to date. As indicated in Revenue’s...

Written Answers — Department of Finance: Property Tax Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 165 and 166 together. Local Property Tax (LPT) is forecast to collect €470 million in 2018. These receipts would be lost if LPT was abolished. In regard to Question 21193/18, I am informed by Revenue that the Ready Reckoner, available at , shows the estimated revenue which could be raised by a charge on second and subsequent homes. The Ready Reckoner...

Written Answers — Department of Finance: Tax Reliefs Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 167, 168 and 171 together. I am advised by Revenue that the Ready Reckoner available on the Revenue Statistics webpage at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx, on page 11 shows the estimated cost or yield from changing combinations of (i) the maximum tax relief available on private pension contributions...