Results 25,601-25,620 of 33,175 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Section 35 amends section 835 of the Taxes Consolidation Act 1997, which provides for defensive measures, including the disapplication of exemptions available to controlled foreign companies resident in jurisdictions listed in Annex 1 of the EU list of non-cooperative jurisdictions for tax purposes for an accounting period. Controlled foreign company, CFC, rules are an anti-abuse measure,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: For me, the success of this procedure is demonstrated by the fact it is in flux. The way I think something like this should work is that if standards are agreed and if countries meet those standards, they should not be on this list. If they do not meet those standards, they should be on the list, but if they take action to remedy the issue the Commission raised, they should get the...

Written Answers — Department of Finance: Tax Data (18 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 162 and 163 together. I am advised by Revenue that the breakdown of the tax liabilities, at current Mineral Oil Tax (MOT), Carbon Duty and VAT rates, on a litre of petrol, diesel and Auto-LPG retailing at €1.10 or alternatively at €1.50 are as follows. Petrol Price (tax inclusive) per Litre € MOT Component of Price...

Written Answers — Department of Finance: Tax Data (18 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 164, 165 and 166 together. I am advised by Revenue that the table below shows the provisional breakdown of tax receipts for petrol, diesel and Auto-LPG for the months of February and October 2021. As a significant proportion of VAT collected on diesel sales is refunded to VAT registered businesses, the table provides for the net (VAT) receipts based on...

Written Answers — Department of Finance: Inflation Rate (18 Nov 2021)

Paschal Donohoe: 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 5.1 per cent in October – the highest rate since 2003. The emergence of inflationary pressures is not unique to Ireland however, with inflation rates of 6.2 and 4.1 per cent recorded in the US and...

Written Answers — Department of Finance: Tax Exemptions (18 Nov 2021)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply.  In accordance with the Directive legal services, including legal services supplied in the course of making a will, are liable to VAT at the standard rate, currently 23%. There is no discretion under the Directive for Ireland to remove VAT on these supplies.

Written Answers — Department of Finance: Tax Code (18 Nov 2021)

Paschal Donohoe: As the Deputy may be aware, Capital Acquisitions Tax (CAT), including gifts and inheritances, is a tax on unearned wealth. It is recognised that effective taxation of capital is an important tool for addressing income and wealth inequality. Therefore, gift and inheritance taxes, including the efficient use of relief thresholds, are fundamental elements of using our tax...

Written Answers — Department of Finance: Tax Exemptions (18 Nov 2021)

Paschal Donohoe: I am informed by Revenue that the Taxes Consolidation Act 1997 (TCA) provides the following reliefs for sporting bodies, including community sports clubs: - Section 235 TCA provides for an exemption from Income Tax or Corporation Tax, as appropriate, for bodies established for the sole purpose of the promotion of athletic or amateur games or sports (“approved sporting...

Written Answers — Department of Finance: Covid-19 Pandemic (18 Nov 2021)

Paschal Donohoe: I am advised by Revenue that Section 469 of the Taxes Consolidation Act 1997 provides for tax relief in respect of qualifying health expenses.  Only “health expenses” incurred in the provision of “health care”, which has been carried out or advised by a “practitioner”, will qualify for tax relief. Health care is defined as the “prevention,...

Written Answers — Department of Finance: Tax Yield (18 Nov 2021)

Paschal Donohoe: The most recent projection provided by my Department for the period 2021 to 2030 is €9.2 billion in additional carbon tax revenues.  The annual breakdown of these receipts was provided in the PQ reply of 10 November 2021. As stated in the same PQ reply, projections are point in time exercises, and are revised periodically to take account of factors such as changes in the...

Written Answers — Department of Finance: Employment Support Services (23 Nov 2021)

Paschal Donohoe: The objective of the Employment Wage Subsidy Scheme (EWSS) is to support employment and maintain the link between the employer and employee insofar as is possible. The EWSS has been a key component of the Government’s response to the Covid-19 crisis. The cost to date (18th November) of the EWSS is over €6.3 billion comprising of direct subsidy payments of €5.505...

Written Answers — Department of Finance: Departmental Strategies (23 Nov 2021)

Paschal Donohoe: I understand that the Deputy is referring to the Strategy for Financial Inclusion developed in 2011. In March 2011, the previous Minister for Finance announced plans to restructure the Irish banking system. As part of the European Commission decision on the restructuring of Bank of Ireland, the State undertook to review the options available to achieve financial inclusion, drawing on...

Written Answers — Department of Finance: Grant Payments (23 Nov 2021)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Fuel Grant is regulated by S.I. 635/2015 and provides for payment of a fuel grant based on a the value of excise chargeable per litre rate of fuel. The current value is €0.619 for petrol, €0.515 for diesel and €0.118 for liquefied petroleum gas (LPG) in respect of the mineral oil taxes applying to these products. An annual...

Written Answers — Department of Finance: Employment Support Services (23 Nov 2021)

Paschal Donohoe: The Business Resumption Support Scheme (BRSS) is a targeted support for companies, self -employed individuals, partnerships as well as certain charities and sporting bodies that carry on a trade that was significantly impacted by COVID-19 public health restrictions, including where the impact has continued after the easing of the restrictions. The Scheme is available to businesses that...

Written Answers — Department of Finance: Departmental Communications (23 Nov 2021)

Paschal Donohoe: I am advised by Revenue that the rationalisation and integration of General Service and Departmental Taxes grading structures in Revenue followed an extensive industrial relations negotiation and communications process more than 18 years ago, in the lead-up to Integration Day on 1 January 2003. Revenue has informed me that the final integration proposal offer was published on RevNet,...

Written Answers — Department of Finance: Departmental Schemes (23 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 236, 237, 238 and 239 together. Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the Cycle-to-Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee. Under section 118B TCA 1997 an employer and employee may also enter into...