Results 24,841-24,860 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Fiscal Data (21 Sep 2021)

Paschal Donohoe: My Department publishes two sets of (granular) fiscal forecasts each year: in the spring (set out in the Stability Programme Update) and in the autumn (alongside the annual Budget). Clearly, and as the Deputy is aware, tax revenue has performed strongly over the summer; some of this is permanent - in the sense that it remains in the base - while some is temporary and reflects one-off gains....

Written Answers — Department of Finance: Banking Sector (21 Sep 2021)

Paschal Donohoe: My officials and I regularly meet with the main retail banks, both in-person, and more recently, using virtual platforms. In particular, we engage with each of the banks in which the state has a shareholding (i.e. AIB, Bank of Ireland and PTSB) on a regular basis. This engagement has been in place since the State first invested in the banks and it includes regular meetings where a wide...

Written Answers — Department of Finance: Vacant Properties (21 Sep 2021)

Paschal Donohoe: Within the tax system, the Help to Buy (HTB) incentive is the main instrument through which support is provided to first-time buyers. HTB is a scheme to assist such buyers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits...

Written Answers — Department of Finance: Tax Strategy Group (21 Sep 2021)

Paschal Donohoe: The Tax Strategy Group (TSG) is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually by Department of Finance officials. The TSG is not a decision making body and the papers produced by the Department are simply a...

Written Answers — Department of Finance: Official Engagements (21 Sep 2021)

Paschal Donohoe: These engagements were undertaken in my capacity as President of the Eurogroup. I travelled to Slovenia for the Eurogroup and informal ECOFIN meetings, and there was an opportunity to engage in an additional bilateral with Croatia, as a neighbouring country. Exchanging views with my Eurogroup colleagues and the European institutions is an essential dimension of the Presidency, whether...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: The Budget is three weeks away and, as the Deputy will appreciate, it would be inappropriate for me to comment on what may or may not be included in its provisions at this time. However, the Deputy can take it that, as would apply each year in putting together the Budget elements in conjunction with the Minister for Public Expenditure and Reform, regard will be had to all relevant factors and...

Written Answers — Department of Finance: Insurance Industry (21 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 32, 49 and 74 together. As committed to in the 2020 Programme for Government, Government is prioritising reform of the insurance sector with particular emphasis on motor, public liability, and employer liability insurance. The whole-of-Government approach being taken through the Action Plan for Insurance Reformtherefore sets out 66 actions which aim to improve...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: The previous tax relief in respect of rent paid was abolished in Budget 2011 and it is no longer available to those that commenced renting for the first time from 8 December 2010. This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of the independent Commission was that, in the same manner in which mortgage interest...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: I assume that the Deputy’s question may relate to the taxation of cross-border workers who are Irish resident but commute to work in another jurisdiction and claim relief in accordance with section 825A Taxes Consolidation Act 1997, which is commonly referred to as Trans-Border Workers’ Relief. The relief effectively removes the foreign employment income from a liability to...

Written Answers — Department of Finance: Insurance Industry (21 Sep 2021)

Paschal Donohoe: The provision of flood cover is a commercial matter for insurance companies, based on an assessment of the risks they are willing to accept. At a general level, it is my understanding that firms examine the claims history of the individual risk, the risk of flooding in the area and consider any flood protection measures when deciding what underwriting action to take. Saying that, I have...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: I welcome the advice from both the Irish Fiscal Advisory Council and from the Governor of the Central Bank of Ireland. Both documents outline the economic context against which budgetary policy is being formulated. My Department is currently updating its forecasts - these will underpin Budget 2022- and our assessment is that the economy is recovering strongly as the various public health...

Written Answers — Department of Finance: Official Engagements (21 Sep 2021)

Paschal Donohoe: Minister for State Fleming and I have had regular contact with the Financial Services Union (FSU) in the last year, particularly in relation to the withdrawal of Ulster Bank and KBC Bank Ireland (KBC) from the Irish market. I met with the FSU after the Ulster Bank announcement by NatWest and I have committed to further engagement with the FSU in relation to this issue. Whilst the management...

Written Answers — Department of Finance: Credit Unions (21 Sep 2021)

Paschal Donohoe: Credit Unions can and do provide mortgages. Following a review of the lending framework, the Central Bank introduced new lending regulations on 1 January 2020. This provided credit unions with a combined capacity to provide up to approximately €1.1 billion in additional mortgage and SME loans, with further additional lending capacity available to credit unions who can comply with...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: The Deputy will be aware that in Budget 2020, I provided for the introduction of a number of targeted enhancements to the R&D tax credit for micro and small companies and noted that these were being introduced subject to a commencement order, pending State aid approval from the European Commission. Officials in my Department began engagement with the Commission on this matter in March...

Written Answers — Department of Finance: Insurance Industry (21 Sep 2021)

Paschal Donohoe: The Cabinet Committee Sub-Group on Insurance Reform oversees implementation of the Action Plan for Insurance Reform. This Plan sets out 66 actions across several departmental policy areas, including that of the Department of Finance, to improve the insurance environment for consumers, businesses and community groups. This cross-Governmental reform agenda has been adopted in recognition of the...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: I am aware of the opinion expressed by the Budget Oversight Committee on pension-related tax expenditures as set out in its Interim Pre-Budget Report 2022. This issue is but one strand of a complex area of public policy that has been the focus of a number of initiatives, reviews and examinations over the last decade or so. In my view, we should seek to make overall progress in the...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Research and Development (21 Sep 2021)

Paschal Donohoe: The research and development (R&D) tax credit allows a company to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. In making a claim for the R&D tax credit, companies must satisfy two tests: the activity must be a qualifying activity (a science test); and the amount of the claim must be based on R&D expenditure incurred (an accounting...

Written Answers — Department of Finance: Banking Sector (21 Sep 2021)

Paschal Donohoe: In answer to the first part of the Deputy’s question, the European Banking Authority (EBA), conducts a European wide stress test on supervised banks () at least once every two years. Similarly the European Central Bank (ECB) conduct an annual stress test, the results of which provide important input to other reviews such as the Supervisory Review and Evaluation (SREP) process. On 30...

Written Answers — Department of Finance: Vacant Properties (21 Sep 2021)

Paschal Donohoe: The recently announced strategy, ‘Housing For All’ states that my Department will collect data on vacancy with a view to introducing a Vacant Property Tax. As I have stated before, the primary objective of any vacant residential property tax would be to increase the supply of homes for rent or purchase to meet demand rather than increasing tax revenues. However, before...