Results 25,001-25,020 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Yield (28 Sep 2021)

Paschal Donohoe: Discretionary Trust Tax (DTT) is payable by trustees or by an agent acting for trustees. An initial once-off 6% charge applies to the value of all the assets in a trust. An annual 1% charge applies on 31 December each year to the value of all the assets in the trust on that date. The yield from DTT (in €m) for the years 2016 to 2020 is provided in the table below. 2016 ...

Written Answers — Department of Finance: Customs and Excise (28 Sep 2021)

Paschal Donohoe: My colleagues in Revenue inform me that while the rates of Customs Duty are standard and are set at EU level, the administration fees charged by carrier / delivery companies are a matter for the individual companies and for the consumers who use these companies. The fees vary but so does the service offered by the various companies. Queries about these charges should be directed to the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (28 Sep 2021)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) was provided for in section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020. The scheme operated from 26 March 2020 to 31 August 2020 and was replaced by the Employment Wage Subsidy Scheme (EWSS) from 1 September 2020. The TWSS was introduced as an emergency measure, providing vital financial support to employers and employees...

Written Answers — Department of Finance: Departmental Expenditure (28 Sep 2021)

Paschal Donohoe: I refer to information previously supplied in relation to attendance at courses provided by a specific training provider. Attendance at these training courses by four staff in my Department over the period 2015-2017 was funded as "ad hoc" training, whereby individuals discussed an interest completing the training course with their managers and the Human Resources Unit. As it was a specific...

Written Answers — Department of Finance: Tax Data (28 Sep 2021)

Paschal Donohoe: 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 contribution relief are: - ‘Employees’...

Written Answers — Department of Finance: Tax Yield (28 Sep 2021)

Paschal Donohoe: As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in most OECD countries. It recognises the fact that a business cycle runs over several years and that it would be unfair to tax income earned in one year and not allow relief for losses incurred in another. Loss relief works by...

Written Answers — Department of Finance: Banking Sector (28 Sep 2021)

Paschal Donohoe: Under EU law, credit institutions in EEA Member States only need to seek authorisation to provide services in one member state which is referred to as the Home Country Supervisor (in Ireland, the Central Bank). Authorisations are then valid for the entire EU, under the principle of single authorisation. Passporting of services and activities is made possible as the standard of regulation and...

Written Answers — Department of Finance: Tax Rebates (28 Sep 2021)

Paschal Donohoe: I am advised by Revenue that the Drivers and Passengers with Disabilities (DPD) scheme provides for the repayment or remission of VAT and Vehicle Registration Tax (VRT) on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. Qualification for the scheme also provides access to the Fuel Grant scheme and for a waiver of motor...

Written Answers — Department of Finance: Departmental Funding (28 Sep 2021)

Paschal Donohoe: I can advise the Deputy that the Department of Finance has no record of any funding being provided for the event in question. I wish to note that my response refers only to Department of Finance records and I cannot comment on behalf of other Government Departments.

Written Answers — Department of Finance: Tax Reliefs (28 Sep 2021)

Paschal Donohoe: Finance Act 2012 introduced section 825C to the Taxes Consolidation Act, 1997. This section, as amended, provides Income Tax relief for certain individuals assigned during any of the tax years 2012 to 2022 to work in the State. The relief is commonly known as SARP (Special Assignee Relief Programme). The aim of the relief is to reduce the cost to employers of assigning skilled individuals...

Written Answers — Department of Finance: Tax Code (28 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 295 and 296 together. Section 97 Taxes Consolidation Act 1997 (TCA) sets out the deductions allowable in computing rental income chargeable to income tax or corporation tax under Case V of Schedule D. Income chargeable under Case V is computed on the gross amount of rent receivable less allowable expenses incurred in earning that rent, as specified in...

Written Answers — Department of Finance: Tax Data (28 Sep 2021)

Paschal Donohoe: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods or services on their VAT returns. However, a tentative estimate (using a combination of data sources) of the cost of a 4.5% reduction on the VAT collected on domestic energy supplies is as follows. Fuel Type Cost (€m) Solid...

Written Answers — Department of Finance: Tax Code (28 Sep 2021)

Paschal Donohoe: I have stated on a number of occasions that 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 introducing such a tax it is of course vital to have a sound understanding of the quantity, locations and characteristics of long term vacant properties, and...

Written Answers — Department of Finance: Customs and Excise (29 Sep 2021)

Paschal Donohoe: I am advised by Revenue that across the European Union electronic customs import declarations are now required for all parcels/packages coming from non-EU countries including those coming through the postal system regardless of the value of the goods being sent. This includes parcels/packages coming from the UK. While goods valued at less than €150 may not be liable to a customs duty...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (29 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 82, 85 and 86 together. Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provides for the operation of the Employment Wage Subsidy Scheme (EWSS), which is an economy-wide enterprise support for eligible businesses in respect of eligible employees. It provides a flat-rate subsidy to qualifying employers based on the numbers...

Written Answers — Department of Finance: Tax Collection (29 Sep 2021)

Paschal Donohoe: Revenue is currently contacting 1.4 million residential property owners to advise them of their statutory requirements in respect of the next Local Property Tax (LPT) ‘valuation period’ (2022 to 2025). This includes determining the value of their properties at 1 November 2021, submitting their LPT Return by 7 November 2021 and confirming a payment option for 2022. This...

Written Answers — Department of Finance: State Claims Agency (29 Sep 2021)

Paschal Donohoe: Prometheus Insurance Company Ltd (‘Prometheus’), formally known as Tradewise Insurance, is domiciled in Gibraltar and regulated by the Financial Services Commission there.  It operated in Ireland under the EU freedom to provide services provisions. On 31 December 2019, Prometheus, ceased writing new business and went into run-off. On 27 January 2021 the Supreme Court...

Written Answers — Department of Finance: Departmental Expenditure (29 Sep 2021)

Paschal Donohoe: I am taking the Deputy's use of the wording 'total spend on external contractors, consultancy services and other outsourcing' to refer to my Department's annual consultancy expenditure which includes payments in respect of consultancy services, professional fees, and legal advice. I can advise the Deputy that the amounts my Department incurred in respect of such...

Written Answers — Department of Finance: Financial Services (29 Sep 2021)

Paschal Donohoe: The European Commission proposal for a Pan-European Personal Pension Product (PEPP) was adopted by Council in 2019. Separately, the Level II Regulatory Technical Standards were approved by Council and published in March 2021. Accordingly, the Regulation will enter into application in Quarter 1 2022. My Department had domestic responsibility for negotiating this file...

Written Answers — Department of Finance: Tax Reliefs (29 Sep 2021)

Paschal Donohoe: As the Deputy will be aware, the Minister for Housing, Local Government and Heritage, has established an Independent Working Group to examine the issue of defective housing. Officials from my Department participate in this Working Group. The objectives of the group are to identify the scope of relevant significant defects in housing, to evaluate the scale of housing...