Results 23,901-23,920 of 33,175 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: It is a little early to be declaring that we have a credit crisis. We still have large domestic banks that are well capable of competing with one another to meet the credit needs that our economy will have. Credit unions will be able to play a larger role in meeting the economy's credit needs in the years to come, particularly in the context of the changes in branch networks. Those...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: It is US President Biden who is bringing forward these proposals. Irrespective of the impact we will have to deal with, he is the Head of State and Government of the United States. The Deputy referred to him as "Biden", but we should respect the offices other people hold. I do, even though the proposals he is bringing forward will create consequences for us. The election of President...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: It is up to me and the Government to make the case for that. The truth is it will not be automatically given to us. This is the most intensely competitive area of negotiation one can imagine, and other countries will not wish to afford undue recognition to small and medium sized economies as they make the case for the kind of change they want to see happen. That is their prerogative and I...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: Certainly, in small and medium sized member states of the European Union, there is a really good understanding of the case we are putting forward. Solidarity tends to be in relatively short supply in the context of foreign direct investment and of investment that can build tax revenues within the jurisdiction of each country. On the case we are making for small and medium sized countries...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: Absolutely. I will definitely make the case that the issues such as those for which the Deputy has made the case for many decades, as a member of our party and a Member of the House, should be advantageous and should not disadvantage us in the negotiations under way. We made a significant statement last week on corporation tax policy and the negotiations under way. The statement was...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: I have not seen the report the Deputy mentioned, and I would be very interested to see it. We need to make the case within the European Union for those areas in which we might be able to get further funding. When the Deputy sends me a copy of the report, I will certainly consider it and see if the Government can be of help on the matter.

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: The only reason I am not informed about it in the way the same way as the Deputy is that this area is more formally the responsibility of the Department of Public Expenditure and Reform rather than the Department of Finance. When, as Minister for Public Expenditure and Reform, I worked with the Deputy, I would have been aware of and would have been dealing with issues like that, but it now...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: That is a great note on which to end our exchange. Despite the challenges we are facing, Irish companies are innovating, employing people and growing. In these debates and discussions, we inevitably focus on the difficulties and areas on which we disagree. However, one of the reasons the very worst has not come to pass for our economy over the past year has been down to the resilience and...

Committee on Budgetary Oversight: Draft Stability Programme Update: Engagement with Minister for Finance (27 Apr 2021)

Paschal Donohoe: I cannot comment on the specific case the Deputy has mentioned. We do not make the money available. That money comes through the Strategic Banking Corporation of Ireland, SBCI. The money is not made available for free to our banks, but at a very low interest rate. However, the banks then price up on the loan they make available to companies to reflect two things. The first is the cost to...

Written Answers — Department of Finance: Customs and Excise (28 Apr 2021)

Paschal Donohoe: From 1 January 2021, Irish businesses must comply with customs formalities when moving goods to, from or through the UK (excluding Northern Ireland). The legal basis for these formalities are set out in the Trade and Cooperation Agreement agreed between the EU and the UK in December last year, in the Union Customs Code which governs the customs requirements for trade with non-EU countries and...

Written Answers — Department of Finance: Tax Code (28 Apr 2021)

Paschal Donohoe: The estimated yield from the annual increase in the carbon tax is not included in the tax revenue forecast in the Draft Stability Programme Update (SPU). There are two reasons for this. Firstly, the expenditure estimates in the SPU were compiled on a technical basis with expenditure ceilings assumed to rise by 3.5 per cent annually. There were no further adjustments other than an assumed...

Written Answers — Department of Finance: Departmental Staff (28 Apr 2021)

Paschal Donohoe: I wish to advise the Deputy that arrangements for the filling of the Secretary General, Department of Finance post are a matter for the Government. The post will not come within the remit of the Top Level Appointments Committee (TLAC) but appointment to this post will take account of the key competencies that have been developed for use by TLAC for Secretary General Posts. Leadership...

Written Answers — Department of Finance: Insurance Coverage (28 Apr 2021)

Paschal Donohoe: I note that the details supplied relate to difficulties in acquiring insurance for a hackney. While I have regard for the circumstances in question, as the Deputy will appreciate, I cannot comment on individual cases. Furthermore, neither I, nor the Central Bank of Ireland, can compel any insurer operating in the Irish market to provide cover to specific individuals or groups. This position...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (28 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 261 to 264, inclusive, together. The Disabled Drivers & Disabled Passengers Scheme provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain organisations....

Written Answers — Department of Finance: Tax Reliefs (28 Apr 2021)

Paschal Donohoe: Section 473A of the Taxes Consolidation Act 1997 provides for income tax relief in respect of qualifying tuition fees paid by an individual for a third level education course (including a postgraduate course), subject to the conditions set out in that section. The relief is granted at the standard rate of income tax (currently 20%), where an individual pays “qualifying fees” for...

Written Answers — Department of Finance: Banking Sector Staff (28 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 266, 269 and 275 together. It is important to highlight that, as Minister for Finance, I have no role to play in negotiations between KBC Group and Bank of Ireland which could see the latter party acquiring substantially all of KBC’s Irish business. Nor do I have a role in approving any deal that may be agreed between the two parties. Although...

Written Answers — Department of Finance: Tax Data (28 Apr 2021)

Paschal Donohoe: The Carbon Tax rate will increase each year for the next 10 years based on a programme of changes in the amount charged for carbon emissions, starting from the current level of €33.50 per tonne of CO2 and concluding at €100 per tonne of CO2 in 2030. Revenue’s Ready Reckoner shows a wide range of detailed information in relation to potential tax changes, including on page...

Written Answers — Department of Finance: Pensions Reform (28 Apr 2021)

Paschal Donohoe: The European Commission proposal for a Pan-European Personal Pension Product (PEPP) was adopted by Council in 2019. Separately, the Level 2 Regulatory Technical Standards were approved by Council and published on 22 March 2021. Accordingly, the Regulation will enter into application by 22 March 2022 - a year following the technical standards publication. The Pensions Policy Unit within...

Written Answers — Department of Finance: Pension Provisions (28 Apr 2021)

Paschal Donohoe: I am aware of a number of reports into charges applied to pension plans. However, while I understand a document on charges has been recently reported on, to date such a document has not been submitted to my Department and as such I cannot comment on its content. Having said that, as Minister for Finance my role in the pension policy space primarily relates to the provision of tax relief...

Written Answers — Department of Finance: Tax Data (28 Apr 2021)

Paschal Donohoe: Excise Receipts by Commodity are published on the website of the Office of the Revenue Commissioners. The Carbon Tax paid in respect of Marked Gas Oil (green diesel) in each of the years 2015 to 2019 is available under this publication which can be accessed at the address below: The provisional Carbon Tax receipt amount for 2020 is €65.1 million. This amount may be subject to adjustment.