Results 24,521-24,540 of 33,175 for speaker:Paschal Donohoe

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: I do not believe that it will, when these changes are implemented. In fact, one of the changes that we have made in the LPT structure and the banding of the LPT, is that we have increased the breadth of the entry band for local property tax up to €200,000. One of the reasons I have done that is the risk that was there of homes that had a lower value than the national average could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: Currently, the definition of residential property leaves open the question of the part of the allowable acre that is to be valued. This is currently at variance with the treatment applied in relation to the capital gains tax exemption for the disposal of a person's principal private residence. That is under the Taxes Consolidation Act 1997 and the definition of residential property for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: I will come back to the Deputy with a note regarding that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: The six-year period is the period of exemption that we made available when dealing with similar issues in other parts of the country. I expect that the Government will have to act in a way to have the matter dealt with for as many homeowners as we can within a six-year period. That six-year exemption period is exactly the same as we have granted for a similar issue in other parts of the country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: I will get that for the Deputy in two minutes. If he would be good enough to go on to his next question I will come back to him with the information very quickly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: I am not sure what the link is between that and pre-legislative scrutiny of the local property tax Bill. Because I understood that was the issue I was coming in to address, I am not in a position to give the Deputy an up-to-date answer to the question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: To deal with the question the Deputy put to me earlier, the current value of the deferrals in 2021 was €8.7 million. It made reference to 45,800 claims and out of those claims the rationale that the vast majority put forward for it was that their income was below a certain level.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: None that I am aware of.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: This particular option was only due to be available until the end of 2019 and was a recommendation that came from the Thornhill report. This is a recommendation that came from the central review of local property tax. Mortgage interest relief was brought in at a time in which interest rates on mortgages, particularly for new applicants, were much higher than they are at the moment. I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: Could the Senator clarify that a bit more?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021: Discussion (7 Jul 2021)

Paschal Donohoe: I understand the Senator's question. They will be fixed for the next four years. Inside that four year period, the only way of reviewing it again would be through legislative change.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I may invite the Revenue Commissioners to come in as Mr. Eamon O'Dea is with me to give a more technical answer to the Deputy's question if he so wishes. The change we are making with regard to the taxation of dividends refers to the minimum holding period. The change we are making is in line with the recommended best practice of the OECD in this area. If the Deputy would like a bit more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: We can certainly do that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: The commitments I have given are all consistent with Ireland's corporate tax roadmap which I published in January and which is publicly available. It refers to a number of areas. These include applying enhanced control foreign company rules to the list of non-co-operative jurisdictions, with effect from 1 January 2021. I am aiming to do this in the Finance Act 2020. I also committed to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I am not sure how Deputy Doherty can derive the analysis of spectacularly failing in any way given that other finance ministers will make a decision regarding what is in the interests of their people and economies. That has what has happened with more than 130 countries. I can engage with them. If we are going to recognise that I have a prerogative here I also have to recognise that other...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: There will be an opportunity to form a view in October regarding where that process stands. If the Deputy is still where he is now at that point, he will be able to form a view on it as well when we get to October. Of course I am aware of the commentary about Ireland, as I have been for a number of years. I have always made the case that we have made far more positive and proactive change...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I assure the Deputy that we very much have our act together, to use his language, with regard to what we are doing. That is seen, for example, in the number of homes that are being built directly by local authorities, through the Government, throughout the country. Given the importance of laying out our budgetary framework, there is a great deal of engagement going on at the moment in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I thank the Deputy for his questions. The measures we have brought forward aim to make progress against some of the issues he raised. In particular, on the issue of evasion or aggressive tax planning opportunities, there are two aims of the changes we are making that are relevant to his concern. The first is that double taxation agreements provide for the exchange of information between...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I thank the Deputy for his question. He is right in that I said there were other countries that had a similar view to Ireland on this issue but I did not say there was also a very large group of countries which share that view. I accept, and it is a matter of public record, that the majority of countries have indicated they will be part of the consensus. As to what that means for us, as I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Minister for Finance (14 Jul 2021)

Paschal Donohoe: I am focused on making our case and considering the different scenarios open to me. If, on the other hand, I had indicated last week we would go into this agreement, a whole range of issues and concerns would have been created by that, for which I would be held to account as well. I must be aware of that in the context of decisions I make. In assessing where we are currently, it is...