Results 24,561-24,580 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 am not aware of this being an issue. Certainly, the Revenue Commissioners have not raised this with me as a matter that needs to be investigated or as a cause for changing LPT policy. I have not been informed by the Revenue Commissioners that it is an issue. Properties owned by investment funds are liable for local property tax.

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: Again, that has not been raised with me as an issue that is a cause of concern to the Revenue Commissioners. I am certainly happy to ask them the question and come back to the Deputy on it.

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 thank the Chairman. I would never want to suggest or imply that the staff of the committee have not shared or passed on the information. We will investigate what has happened here. However, I know that if the information had been received by the staff of the committee, that it would of course have been shared with the committee members.

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

Paschal Donohoe: I will ask my colleagues to share with me the details of other countries we have written to. While they are doing that, I will deal with the Deputy's first question as to why we are dealing with our colleagues in Germany through a protocol. As he will be aware, most of our double tax agreements will be modified using a multilateral convention to implement tax treaty-related measures to...

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

Paschal Donohoe: I would love to be in a position such that members of the committee will be able to talk about something they have seen. Similarly, however, I have to ensure that the same right is afforded to members of Government. That is an equal imperative for me. I think the Deputy will understand that I have a duty to brief Government on an economic statement when it is concluded. As soon as I have...

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

Paschal Donohoe: I assume it is, yes.

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

Paschal Donohoe: I thank the Chairman. I am very much aware of his interest in the matter. He has raised it with me on a couple of occasions. As I said, that engagement is now happening.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the committee for the invitation to appear here today to discuss the summer economic statement. I will focus on the current economic and fiscal outlook, and I look forward to hearing the committee’s views regarding some of the key issues in the medium term. After a difficult and unprecedented 16 months, we are beginning to see light at the end of the tunnel. The vaccination...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: There are two advantages that I think are very important. First, the massively changed levels of skill, productivity and education in our economy and society in recent decades have had a gigantic influence on our ability to attract and retain foreign direct investment and to grow good businesses at home. Second, Ireland's place in the European Union post Brexit, our position as full members...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: That is a fair point. I would offer two points in response. Regarding energy and homes, as the Deputy will be aware, there is an extensive array of grants available through the Sustainable Energy Authority of Ireland to help with the affordability of the things needed to retrofit homes. The Deputy makes a fair point that in order to gain tax relief, people have to be in a position to pay...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: As regards the Deputy's first question about the revenue forecasts, the forecast we had began with a €500 million loss in 2022, building up by €500 million per year out to 2025. What has changed in these forecasts is that we are moving that to 2023, with €500 million lost at that point and not before. We are not in a position to revise our revenue forecasts as to what...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy for his question. I am well aware of the responsibility that is on my shoulders as I deal with this critical issue on behalf of our country. The Deputy cannot have it both ways. He cannot question my commitment to where I will be on the rate in the future and then infer that the commitment is not there when I am willing to step outside of the current consensus. My...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: Before we hand over to the Minister for Public Expenditure and Reform to answer the question on the allocation of expenditure, I again remind the Deputy that I am engaged in a negotiation. My commitment to securing our rate and protecting it under our tax code is attested to by my unwillingness to sign up to the consensus that is there at the moment. That is proof of my commitment to where...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank Deputy Durkan for his question. There is an appreciation within the European Union regarding the competitive challenges Ireland faces given our location and size. That feeds into the recognition and protection we have been able to deliver for our rate within the European Union. Therefore, that is there, but it is also the case there are other countries that have higher rates that...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy for his question. Ireland has a low nominal rate of corporation tax. Critically, however, that rate is applied across a very wide base of economic activity in our country and there is very little difference between our nominal rate and the rate at which companies actually pay. As the Deputy knows, the information released by the Revenue Commissioners shows we have an...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: With regard to the Deputy's point about gross profits, companies pay tax on what they earn after expenses are deducted. To use the issue of gross taxes, the Deputy knows well is wrong. You pay tax on your total level of profitability minus your expenses and you then pay tax on that, as the Deputy well knows. The information I am referring to-----

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: -----is information that is available through the Revenue Commissioners. We have discussed this in different finance Bills. I do not have it to hand at present but it is publicly available and it shows that the effective rate of tax varies between 10% and 11%. With regard to the Deputy's point regarding certainty or uncertainty, the agreement currently on the table does not offer...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: In the plans we have, the significant majority of resources are going into the increasing of expenditure. As the Minister, Deputy McGrath, outlined in his presentation, both current and capital expenditure, but especially capital expenditure, are due to increase significantly across the coming period. With regard to taxation, the Deputy is the biggest tax cutter in the house. He wants to...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy very much. When I published the stability programme update, I made very clear it was published on a no policy change basis. Nothing has changed from a process point of view. On a number of occasions, in Oireachtas appearances and in the media, I made it clear I expected our borrowing requirement to increase. In conjunction with the Minister, Deputy McGrath, we have...