Results 24,281-24,300 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Cycling Policy (15 Jun 2021)

Paschal Donohoe: As the Deputy will be aware, section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the Cycle to Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee and was introduced in 2009. The cycle to work scheme operates on a self-administration basis. Relief is...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: Local Property Tax (LPT) is a self-assessed tax that requires property owners to meet their statutory obligations to file returns and pay the liabilities due on a timely basis. Revenue provides a wide range of payment options to help property owners meet these obligations, including debit/credit card payments, direct debit payments, annual debit authority payments, deduction at source from...

Written Answers — Department of Finance: Inflation Rate (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 396 and 413 together. Following the outbreak of the Covid-19 pandemic, the fall in aggregate demand exceeded the fall in aggregate supply such that the net impact on prices was deflationary. For 2020 as a whole, the headline Harmonised Index of Consumer Prices (HICP) declined by -0.5 per cent. Core inflation, which excludes the volatile components of energy...

Written Answers — Department of Finance: Economic Growth (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 397, 402 and 411 together. Approaching the pandemic, Irish economic fundamentals were healthy. Strong economic growth had been recorded for a number of years, the labour market was close to full employment, and surpluses had been recorded on the current account and the government budget balance. The outbreak of the Covid-19 crisis turned the economy on...

Written Answers — Department of Finance: Interest Rates (15 Jun 2021)

Paschal Donohoe: There has been an extraordinary level of monetary support over the course of the pandemic. This support has included low interest rates, extensive asset purchases, and various refinancing operations, all of which have led to favourable financing conditions. This in turn has supported bank lending to firms and households, and has made it easier for people and companies to borrow funds. It has...

Written Answers — Department of Finance: EU Agreements (15 Jun 2021)

Paschal Donohoe: As Minister for Finance for Ireland, I represent Ireland’s views at EU meetings where taxation is discussed. These meetings take place in a format where all EU Member States participate, known as ECOFIN, where the rotating Presidency of the Council of the European Union chairs the meetings. The Presidency is currently held by Portugal; from 1 July 2021 Slovenia will take over. Tax...

Written Answers — Department of Finance: Budget 2021 (15 Jun 2021)

Paschal Donohoe: Budget 2021 contained two contingency funds totalling €5.4 billion. At the time the Budget was drafted, these funds were designed to be flexible in light of the considerable uncertainty around the evolution of both the Covid-19 pandemic and Brexit, allowing Government to react swiftly and decisively to a constantly evolving environment without impacting on the baseline budgetary...

Written Answers — Department of Finance: Brexit Issues (15 Jun 2021)

Paschal Donohoe: The Trade and Cooperation Agreement (TCA) between the EU and UK remains a positive conclusion to the transition period. However, the new agreement still represents a break from previously existing arrangements, and thus a permanent shock to the Irish economy. Therefore, Brexit will still have a negative economic impact on the Irish economy and living standards compared to the previous...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: The Government and the Central Bank expects that lenders will continue to engage effectively and sympathetically with distressed borrowers to deliver appropriate and sustainable solutions and to treat borrowers at all times, including in response to COVID-19, in line with Central Bank’s robust consumer protection framework, specifically the Code of Conduct on Mortgage Arrears, the...

Written Answers — Department of Finance: Mortgage Interest Rates (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 407 and 408 together. There have been certain developments to promote the closer integration of banking and credit markets in the EU. For example, credit institutions authorised in one EU Member State can, with minimal additional requirements, provide banking services in other EU states. In addition, there have been developments, such as the Mortgage...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: The Government recognises that SMEs are vital to the Irish economy. As Minister for Finance one of my key concerns is to ensure that SMEs have access to sufficient liquidity, and that access to credit for SMEs is maintained. The Government has announced a range of measures to assist companies deal with the consequences of the COVID-19 restrictions. These include tax measures, as well as loan...

Written Answers — Department of Finance: Brexit Issues (15 Jun 2021)

Paschal Donohoe: My Department has been participating in whole of Government preparations for Brexit since before the UK referendum in 2016 and, in line with the Government’s overall approach, this work intensified during 2020 ahead of the end of the transition period. The new Trade and Cooperation Agreement between the EU and UK is a positive conclusion to the transition period. However, the new...

Written Answers — Department of Finance: Small and Medium Enterprises (15 Jun 2021)

Paschal Donohoe: While the reintroduction of restrictions at the end of last year led to a further contraction of the domestic economy in the first quarter of 2021, the decline in activity was not as severe as that seen during the first lockdown last spring. Modified Domestic Demand, which provides the best measure of domestic economic activity, fell by 5 per cent on an annual basis in the first quarter of...

Written Answers — Department of Finance: Services Sector (15 Jun 2021)

Paschal Donohoe: The reintroduction of Covid-19 related restrictions at the end of last year had a significant impact on the domestic economy in the first quarter. While much of the manufacturing sector remained open throughout the quarter, many domestic services activities were largely closed. As a result, the impact of these restrictions across sectors has been uneven. Gross Value Added (GVA) in...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 56, 68 and 74 together. I have noted the communique from the G7 Finance Ministers which was published on 5th June 2021 and includes a reference to a minimum effective tax rate of 15% for multi-national enterprises. I attended the G7 meeting in London in the context of my role as President of the Eurogroup, and I do not speak on EU taxation matters in my...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jun 2021)

Paschal Donohoe: Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provides for the operation of the Employment Wage Subsidy Scheme (EWSS), which is an economy-wide enterprise support for eligible businesses in respect of eligible employees. It provides a flat-rate subsidy to qualifying employers based on the numbers of paid and eligible employees on the employer’s...

Written Answers — Department of Finance: Tax Code (16 Jun 2021)

Paschal Donohoe: The Financial Resolution passed by the Dáil on 19 May last provides for a new higher stamp duty rate of 10% where at least 10 residential units (excluding apartments) are acquired by an individual or a corporate entity such as a company in any 12-month period. This new measure is ‘triggered’ when a residential unit is acquired on or after 20 May 2021, with the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jun 2021)

Paschal Donohoe: The Debt Warehousing Scheme remains available to support businesses that are experiencing tax payment difficulties arising from the COVID-19 pandemic. The scheme applies to VAT debts, PAYE (Employer) debts, self-assessed income tax debts (balance of 2019 income tax liability and 2020 preliminary tax) and Temporary Wage Subsidy Scheme (TWSS) overpayments. The Government recently agreed to the...

Written Answers — Department of Finance: Tax Code (16 Jun 2021)

Paschal Donohoe: While it is difficult to estimate the cost of the extension, as it is difficult at this time to predict the level of activity in 2022, it is estimated that the extension will cost the Exchequer approximately €350m.

Written Answers — Department of Finance: Insurance Industry (16 Jun 2021)

Paschal Donohoe: I note that the details supplied relate to a query about the provision of motor insurance rebates in the context of the COVID-19 pandemic. As the Deputy will be aware, in line with the EU Solvency II Directive insurance framework, I cannot compel any insurer operating in the Irish market to provide refunds to their customers, as this is a commercial matter. As the Minister for Finance, I am...