Results 24,921-24,940 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Inflation Rate (21 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 223 and 226 together. While Covid-19 had a deflationary impact both in Ireland and internationally last year, inflation has picked up since the beginning of this year. The annual rate of HICP inflation rose to 3 per cent in August – the highest rate since 2008. Similar trends have been observed across advanced economies, with inflation rates of 5.3,...

Written Answers — Department of Finance: Inflation Rate (21 Sep 2021)

Paschal Donohoe: While Covid-19 had a deflationary impact last year, inflation has picked up since the beginning of this year. The annual rate of HICP inflation rate rose to 3 per cent in August – the highest rate since 2008. Similar trends have been observed across advanced economies, with inflation rates of 5.3, 3.2 and 3 per cent recorded in the US, UK and euro area in August. The increase in...

Written Answers — Department of Finance: Tax Avoidance (22 Sep 2021)

Paschal Donohoe: I am aware of recent media report regarding a publication concerning the tax arrangements of an individual taxpayer. From the outset, I must state that it is not appropriate for the Minister for Finance to comment on the tax affairs of individual businesses. I am informed by the Revenue Commissioners that Revenue uses a range of resources to identify instances of tax avoidance, which would...

Written Answers — Department of Finance: Tax Data (22 Sep 2021)

Paschal Donohoe: The 80% cap on capital allowances for intangible assets was re-introduced in Finance Act 2017 and it applies to all intangible assets on-shored from 11 October 2017. The cap only affects the timing of relief in the form of capital allowances and related interest expenses for intangible assets and does not affect the overall quantum of relief. This is because any amounts restricted in one...

Written Answers — Department of Finance: Cybersecurity Policy (22 Sep 2021)

Paschal Donohoe: I wish to confirm to the Deputy that my Department’s IT Infrastructure has a breadth of infrastructure monitoring in place and provides a 24/7 service, however for operational security reasons, my Department is not in a position to provide further details of its cyber security systems as it would be inappropriate to disclose information that may in any way assist those with malicious...

Written Answers — Department of Finance: Tax Code (22 Sep 2021)

Paschal Donohoe: I am advised by the Revenue Commissioners that a tentative estimate on the cost of reducing VAT on residential electricity supply based on the current Ready Reckoner would be in the region of €20m.

Written Answers — Department of Finance: Tax Yield (22 Sep 2021)

Paschal Donohoe: I am advised by the Revenue Commissioners that it’s not possible to obtain an exact figure for VAT raised from electricity as traders are not required to identify specific activities on their VAT returns. However, they do compile estimates based on the most recently available CSO / SEAI data. Below are estimates for the VAT yield for 2019 and 2020; 2019 - 224 (€m estimate) 2020...

Written Answers — Department of Finance: Flexible Work Practices (22 Sep 2021)

Paschal Donohoe: I wish to indicate to the Deputy that Departments and Offices are currently working in line with Government COVID-19 guidance, which provides for home working to continue where possible. My Department is an active participant on the interdepartmental working group that is developing a central policy framework for Blended Working in the Civil Service. It is expected that this will be...

Written Answers — Department of Finance: Flexible Work Practices (22 Sep 2021)

Paschal Donohoe: The following is the position in relation to those bodies under the aegis of my Department that have employees: The Central Bank of Ireland, which also provides staffing and facilities for the Investor Compensation Company DAC, is continuing to evolve its ways of working so that it is a fulfilling workplace for its staff and an effective organisation that can deliver on its mandate in the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (22 Sep 2021)

Paschal Donohoe: The temporary wage subsidy scheme (TWSS) closed at the end of August 2020, and I am advised that Revenue has been carrying out a programme of compliance checks on all employers who participated in the TWSS scheme to confirm eligibility and that the supports were properly paid out to qualifying employees. Revenue has confirmed that to date, compliance checks have been completed in respect of...

Written Answers — Department of Finance: Tax Reliefs (22 Sep 2021)

Paschal Donohoe: Finance Act 2008 introduced the Accelerated Capital Allowance (ACA) scheme for Energy Efficient Equipment (EEE). The scheme provides a tax incentive for companies and sole traders who invest in highly EEE. The ACA scheme allows taxpayers to deduct the full cost of expenditure on eligible equipment from taxable profits in the year of purchase. This differs to the standard treatment of capital...

Written Answers — Department of Finance: Tax Reliefs (22 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 35 to 37, inclusive, together. I am advised by Revenue that the cost of tax relief on pension contributions for the years 2004 to 2018 (the latest year currently available) are available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf. For 2018 the published items in relation to pension...

Written Answers — Department of Finance: Tax Reliefs (22 Sep 2021)

Paschal Donohoe: Section 118(5A) of the Taxes Consolidation Act (TCA 1997) provides an exemption from benefit-in-kind (BIK) where an employer purchases a travel pass for an employee. Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which the employee agrees to sacrifice part of his or her salary, in exchange for a travel pass. Where a travel pass is...

Written Answers — Department of Finance: Tax Avoidance (22 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 39 to 42, inclusive, together. I am aware of recent media report regarding a publication concerning the tax arrangements of an individual taxpayer. From the outset, I must state that it is not appropriate for the Minister for Finance to comment on the tax affairs of individual businesses. I am informed by the Revenue Commissioners that Revenue uses a range of...

Written Answers — Department of Finance: Tax Data (22 Sep 2021)

Paschal Donohoe: Section 11 of the Finance (Local Property Tax) Act 2012 (as amended) sets out the rules used to determine the ‘liable person’ of a residential property for LPT purposes. Generally, the ‘liable person’ is the owner of the residential property on the basis that he or she has the right to immediate possession or is entitled to receive the rent where occupied by a...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the committee for the opportunity to participate in the meeting this afternoon. I will make a short opening statement and I look forward to the questions from members of the committee. Looking at where we are now, this week marked a critical moment in our public and economic health, with many people returning to their workplaces for the first time in a year and a half. In about a...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy for the questions. I will deal with each of them in turn. On the role of private savings within our economy, it is the case that those private savings are playing a role in the purchase of homes and decisions around the purchase of large items. We may well see that come through in, for example, the VAT returns and the figures we have in regard to the purchase of...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: It will be possible. Our ability to do that is reflected in the plan we have published for our public finances. We are not looking to eliminate all of our borrowing in a single year. Where we do reduce borrowing, particularly from 2023 onwards, the aim is to get to a point where at least some of our capital expenditure can be funded by tax revenue that we are collecting. We have the...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I will be sticking to the figures outlined in the summer economic statement. The Irish Fiscal Advisory Council's commentary of the budget package and the parameters that we outlined can be described as cautious. As we move into, and conclude, the Estimates process, it is my absolute aim that we would stay in line with the parameters we outlined before the summer.

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy. We have not revised the economic forecasts we have as of today. In the run-up to the budget, we will make a final run-through of our economic and tax revenue forecasts for this year and next year. On other occasions, particularly when our September tax receipts and fiscal monitor are complete, I have done a press conference to indicate where I believe our tax revenue is...