Results 21,441-21,460 of 33,049 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Credits (28 Jul 2020)

Paschal Donohoe: The estimated cost of increasing the Earned Income Credit from its current value of €1,500 to €1,650 so that it is equal to the PAYE credit can be found on page 6 of the Revenue Ready Reckoner, published at the link: . The cost is estimated at €13 million and €23 million on a first and full year basis, respectively.

Written Answers — Department of Finance: Real Estate Investment Trusts (28 Jul 2020)

Paschal Donohoe: 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 investment via a corporate vehicle. REITs are publicly...

Written Answers — Department of Finance: Irish Real Estate Fund (28 Jul 2020)

Paschal Donohoe: An Irish Real Estate Fund (IREF) is an investment undertaking where 25% or more of the value of that undertaking is made up of Irish real estate assets. The legislation was introduced to address concerns raised regarding the use of collective investment vehicles by non-residents to invest in Irish property.  Generally IREFs must deduct a 20% withholding tax on distributions to...

Written Answers — Department of Finance: Tax Reliefs (28 Jul 2020)

Paschal Donohoe: The rent relief tax credit was abolished in Budget 2011 and is no longer available to those that commenced renting for the first time from 8 December 2010.  This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage interest relief increases...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 260 and 266 together. I am advised by Revenue that the costs of various changes to Capital Acquisition Tax (CAT) thresholds and rates are published on pages 15-16 of the Revenue Ready Reckoner available at link . While not all of the changes proposed by the Deputy are included, these can be extrapolated on a straight line or pro-rata basis from those shown. I...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: As the Deputy is aware, the 80% cap on capital allowances for intangible assets applies to all intangible assets acquired on or after 11 October 2017. It was re-introduced in Finance Bill 2017 to effect a smoothing of corporate tax receipts over time. It also supports sustainability of CT receipts by extending the period over which the allowances are used.   It is important to...

Written Answers — Department of Finance: Corporation Tax (28 Jul 2020)

Paschal Donohoe: As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in most OECD countries. If the restrictions suggested by the Deputy were introduced, the Exchequer impact would depend on the future profitability of banks as this would determine their capacity to utilise their losses...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act 1999 imposes an annual levy on certain financial institutions on the basis of the amount of deposit interest retention tax (DIRT) payable by them in a specified ‘base’ year. The levy is intended to raise a fixed annual amount of €150M. The amount of the levy paid by a particular financial institution must therefore...

Written Answers — Department of Finance: Financial Services Regulation (28 Jul 2020)

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...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at the following link: . This Ready Reckoner shows a wide range of detailed information, including on page 23, estimates of yield from changes in duties on cigarettes. These estimates also assume pro-rata increases in other tobacco products.

Written Answers — Department of Finance: Value Added Tax (28 Jul 2020)

Paschal Donohoe: As the Deputy will be aware, on 23 July the Government announced the July Jobs Stimulus, a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence while continuing to manage the impact of Covid-19. These measures included a temporary reduction in the standard rate of VAT from 23% to 21%.

Written Answers — Department of Finance: Insurance Industry (28 Jul 2020)

Paschal Donohoe: I am aware that there have been many concerns expressed about how the insurance industry is responding to the needs of its business policyholders in these difficult times, including in terms of honouring business interruption claims. At the outset, I should remind the Deputy that neither I, nor the Central Bank of Ireland can direct or require that insurers cover claims, including those...

Written Answers — Department of Finance: Tax Clearance Certificates (28 Jul 2020)

Paschal Donohoe: I am advised by Revenue that the issues to which the Deputy is referring are resolved. Following direct discussions between the companies’ tax agent and Revenue, tax clearance certification was issued through the e-tax clearance system. The relevant access numbers have also been provided to the companies, which can be used by any third party to verify their tax clearance status.

Financial Provisions (Covid-19) (No. 2) Bill 2020: Order for Second Stage (29 Jul 2020)

Paschal Donohoe: I move: "That Second Stage be taken now."

Financial Provisions (Covid-19) (No. 2) Bill 2020: Second Stage (29 Jul 2020)

Paschal Donohoe: I move: "That the Bill be now read a Second Time." I am pleased to have the opportunity to introduce the Financial Provisions (Covid-19) (No. 2) Bill 2020 to the House this morning. This Bill provides the legislative basis to introduce the tax measures that the Government announced as part of the €7.2 billion July jobs plan last week. This plan is the next stage in our response...

Financial Provisions (Covid-19) (No. 2) Bill 2020: Second Stage (Resumed) (29 Jul 2020)

Paschal Donohoe: The Deputy should read the Bill.

Financial Provisions (Covid-19) (No. 2) Bill 2020: Committee and Remaining Stages (29 Jul 2020)

Paschal Donohoe: Will I make a comment on each section as we move through the Bill? I am happy to do so.

Financial Provisions (Covid-19) (No. 2) Bill 2020: Committee and Remaining Stages (29 Jul 2020)

Paschal Donohoe: Section 1 is a definitions section.

Financial Provisions (Covid-19) (No. 2) Bill 2020: Committee and Remaining Stages (29 Jul 2020)

Paschal Donohoe: I am glad I-----

Financial Provisions (Covid-19) (No. 2) Bill 2020: Committee and Remaining Stages (29 Jul 2020)

Paschal Donohoe: With regard to Deputy Boyd Barrett's intervention, I was very willing to respond to the points raised on Second Stage. I was here for all of the Second Stage debate, as I should be when legislation of this importance is discussed. I listened to every Deputy and took note of what they said. I would have been in a position to respond. I want to put on the record of the House that I did not...