Results 24,361-24,380 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Avoidance (30 Jun 2021)

Paschal Donohoe: I am advised by Revenue that the general anti-avoidance rule is contained in section 811 of the Taxes Consolidation Act 1997. Section 811 applied for transactions commenced up to 23 October 2014 and section 811C applies to transactions commenced after 23 October 2014. The general principles as to what constitutes a tax avoidance transaction are broadly the same under both sets of...

Written Answers — Department of Finance: Tax Data (30 Jun 2021)

Paschal Donohoe: I am advised by Revenue that payments from the Department of Social Protection are taxable sources of income unless they are specifically exempt from income tax. Both the State Contributory Pension and the State Non-Contributory Pension are chargeable to income tax, but not to Universal Social Charge (USC) or Pay Related Social Insurance (PRSI). The Social Welfare Consolidation Act 2005...

Written Answers — Department of Finance: Vehicle Registration Tax (30 Jun 2021)

Paschal Donohoe: I am advised that Revenue’s tax and duty manuals set out the rules, guidelines, procedures, and practices for different areas of activity. They are provided as guidance only and do not seek to provide professional advice or a definitive answer in every case. I am advised that Revenue’s VRT enforcement officers are expected to follow the operational instructions as set out in...

Written Answers — Department of Finance: Vehicle Registration Tax (30 Jun 2021)

Paschal Donohoe: The Revenue Commissioners may, in their discretion, restore goods that have been seized as liable to forfeiture under section 144(2) of the Finance Act 2001. In exercising their discretionary power to restore goods, the Revenue Commissioners may seek such conditions as they deem appropriate including payment of a compromise sum from the owner of the goods. I am advised that Revenue’s...

Written Answers — Department of Finance: Tax Data (30 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 86 to 89, inclusive, together. I am advised by Revenue that the estimated yield generated from a rate of 40% on capital gains made on disposals by individuals with income greater than €400,000, €300,000 and €200,000 is €44m, €63m and €83m per year respectively. This is based on chargeable gains included on Income Tax...

Finance (Covid-19 and Miscellaneous Provisions) Bill 2021: Second Stage (1 Jul 2021)

Paschal Donohoe: The Minister of State, Deputy Fleming, gave a very comprehensive overview of the legislation so I will confine myself to responding back to the different comments made by Opposition and Government Deputies during the debate. I want to begin by addressing some of the points made by Deputy Connolly where she invoked the darkness of Kafka in her analysis of the Department and the Government's...

Future of Banking in Ireland: Statements (1 Jul 2021)

Paschal Donohoe: I wish to share time with the Minister of State, Deputy Fleming, in order that we may cover off the different issues for which we are responsible.

Future of Banking in Ireland: Statements (1 Jul 2021)

Paschal Donohoe: We are all deeply aware of the uncertainty we face across many parts of our society and economy. That assessment is particularly applicable to where we stand with the future of banking here in Ireland. It has been a difficult year. I want to open by asserting my fundamental view on the future of banking, which is that, ultimately, the banking system should serve as the means to help...

Written Answers — Department of Finance: Revenue Commissioners (1 Jul 2021)

Paschal Donohoe: I am advised by Revenue that while membership of a professional accountancy body is among the eligibility requirements in its recruitment to senior management tax specialist posts, there has been no requirement for targeted recruitment of forensic accountants to Revenue. Of the c. 250 Revenue staff who are qualified accountants, three have undertaken the Diploma in Forensic Accounting...

Written Answers — Department of Finance: Charitable and Voluntary Organisations (1 Jul 2021)

Paschal Donohoe: I am advised by the Revenue Commissioners that the rules on VAT are subject to EU VAT law, with which Irish VAT law must comply. VAT is charged on the supply of goods and services, and taxable entities must register for the tax, and pay VAT in respect of the goods and services that they supply to their customers, with a deduction for the VAT on their inputs and purchases. It is a...

Written Answers — Department of Finance: Vehicle Registration Tax (1 Jul 2021)

Paschal Donohoe: I am informed by Revenue that Statutory Instrument No. 353 of 1994, Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1992, provides for relief from Vehicle Registration Tax (VRT), Value Added Tax (VAT) and Motor Tax where a vehicle has been specially constructed or adapted for use by a passenger with disabilities and where the VRT and VAT has been paid by the passenger...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (1 Jul 2021)

Paschal Donohoe: I am aware of concerns that have been raised regarding the pace of recovery for the aviation sector. As an economy wide support, the Employment Wage Subsidy Scheme has the objective of supporting all employment and maintaining the link between the employer and employee insofar as is possible. The EWSS is open to all businesses, including those in the aviation sector, provided the business...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (1 Jul 2021)

Paschal Donohoe: The Covid Restrictions Support Scheme (CRSS) is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. The support is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities, the profits from which are chargeable...

Written Answers — Department of Finance: Credit Availability (1 Jul 2021)

Paschal Donohoe: The purpose of the SBCI is to deliver effective financial supports to Irish SMEs to address gaps and potential failures in the Irish SME finance market as well as encouraging competition and innovation and facilitating the efficient and effective use of EU resources and financial instruments. The SBCI achieves this through the provision of low-cost liquidity and risk-sharing guarantee...

Written Answers — Department of Finance: Revenue Commissioners (1 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the application in question has been processed and a Letter of Assessment has issued to the person. The delay in completing the process arose due to a temporary backlog of applications in the relevant Revenue office and a misplacement of hard copy supporting documents that were provided by the person in addition to his online application. Revenue also advised...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (6 Jul 2021)

Paschal Donohoe: The Covid Restrictions Support Scheme (CRSS) is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. The support is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities, the profits from which are chargeable...

Written Answers — Department of Finance: Tax Forms (6 Jul 2021)

Paschal Donohoe: Since 2012 all Relevant Contracts Tax (RCT) compliance, filings and payments, is conducted online using the Revenue Online Service (ROS). An important feature of the online RCT system is the submission of contract notifications to Revenue. These contract notifications provide Revenue with information regarding the contract between the principal and the subcontractor. Prior to the...

Written Answers — Department of Finance: Insurance Coverage (6 Jul 2021)

Paschal Donohoe: At the outset it is important to note that neither I, nor the Minister for Finance or the Central Bank, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member...

Written Answers — Department of Finance: Departmental Schemes (6 Jul 2021)

Paschal Donohoe: I understand that the question relates to the Stay and Spend tax credit scheme. The purpose of the scheme was to provide targeted support to businesses within the hospitality sector whose operations are likely to be most affected by continued restrictions on public health grounds. The scheme ended on 30 April. Since 1 October 2020, a total of 66,725 receipts have been uploaded to...

Written Answers — Department of Finance: Tax Code (6 Jul 2021)

Paschal Donohoe: In Budget 2021, I introduced a temporary reduced rate of VAT, 9%, to apply to tourism and hospitality related services from 1 November 2020 to 31 December 2021, and the Finance (Covid 19 and Miscellaneous Provisions) Bill currently before the House proposes that this temporary rate continue until 31 August 2022. The Deputy is asking that this arrangement be applied to the music and...