Results 26,141-26,160 of 33,207 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Economic Policy (16 Dec 2021)

Paschal Donohoe: I propose to take Questions Nos. 267 and 268 together. I take it that your questions relate to Ireland joining the 8 October OECD/G20 Inclusive Framework agreement to address tax challenges arising from the digitalisation of the economy. There are two pillars to the OECD agreement. Pillar One will see a reallocation of a proportion of profits to the jurisdiction of the consumer. This...

Written Answers — Department of Finance: Foreign Direct Investment (16 Dec 2021)

Paschal Donohoe: Since the onset of the Covid-19 crisis, businesses have been faced with unprecedented challenges and uncertainty. The latest data from the CSO confirms that following a steep decline at the start of 2021, the domestic economy has subsequently made a rapid recovery. Against the backdrop of the pandemic, inward FDI flows to Ireland still amounted to around one-fifth of GDP in 2020 according...

Written Answers — Department of Finance: Eurozone Issues (16 Dec 2021)

Paschal Donohoe: At both the ECOFIN and Eurogroup meetings, my fellow Ministers and I work alongside the European Commission and the European Central Bank to take stock of the latest economic situation, including the challenges facing the European economy. The recovery throughout this year has been robust, with the European economy essentially having regained its pre-pandemic level of output in the third...

Written Answers — Department of Finance: Insurance Industry (16 Dec 2021)

Paschal Donohoe: The Irish insurance sector is diverse, comprising life, non-life and reinsurance firms providing a range of products and operating across a number of geographic markets.  As Minister for Finance, I am responsible for the development of the legal framework governing regulation of this sector.  This framework is mainly governed by the EU Solvency II Directive, which provides for three...

Written Answers — Department of Finance: Mortgage Interest Rates (16 Dec 2021)

Paschal Donohoe: I am aware that the general level of new lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that certain mortgage rates have been falling in Ireland.  For example, the interest rates on new mortgages (excluding renegotiations) have fallen from 4.05% in December 2014 to 2.73% in October...

Written Answers — Department of Finance: Small and Medium Enterprises (16 Dec 2021)

Paschal Donohoe: As Minister for Finance, one of my main concerns is to ensure that SMEs have access to sufficient liquidity, and that access to credit for SMEs is maintained. My Department commissions a survey biannually to monitor SME credit levels which are published on www.Gov.ie. Furthermore, since the onset of COVID-19 restrictions the Government has introduced a range of measures to assist companies...

Written Answers — Department of Finance: Consumer Prices (16 Dec 2021)

Paschal Donohoe: Developments in domestic economic conditions over the pandemic period closely tracked the introduction and relaxation of public health restrictions and are clearly seen in the volatile pattern of consumer spending.  While the relationship between consumer spending and the stringency of restrictions has weakened over time, the two variables remain strongly correlated, with the...

Written Answers — Department of Finance: Tax Code (16 Dec 2021)

Paschal Donohoe: As the outset the Deputy should note that as per my previous replies, I have no plans to make any changes to the CGT rate in the way suggested by him.. However, he should be aware that all taxes are subject to ongoing review which includes the consideration and assessment of rates along with any associated reliefs and exemptions. Tax policy in relation to CGT is reviewed by the Tax...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (16 Dec 2021)

Paschal Donohoe: I want to begin by apologising to the Acting Chairman and the Deputies for the fact that I will need to leave early because I have an engagement at the European Council this evening. I have already conveyed apologies to Deputy Pearse Doherty and Mairéad Farrell, and I thank the Minister of State, Deputy Fleming, who will take over from me in a few moments. I will quickly answer the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (16 Dec 2021)

Paschal Donohoe: The commitment to a vacant property tax is clear in Housing for All. The 2018 Indecon report reflected the housing market as it stood then but we are now in a situation where we need to make even more urgent use of properties and land available for housing and accommodation purposes. That is why the Housing for All strategy contains a different commitment to the introduction of a vacant...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (16 Dec 2021)

Paschal Donohoe: I completely reject any claims that the information and guidance my officials prepare for me is in any way massaged or in any way excludes important information that I need to make decisions. I receive full, impartial and comprehensive input and advice from my officials on this and every other matter. The information notes I receive and the evaluations that are given to me are part of how...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: I propose to take Questions Nos. 90 and 91 together. The objective of the wage subsidy scheme is to support employment and maintain the link between the employer and the employee insofar as is possible. The EWSS has been a key component of the Government's response to the Covid-19 crisis. It is an economy-wide scheme that operates across all sectors. In monetary terms, the overall...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: The answer to the Deputy's first question is "Yes". In order for a company to participate in this scheme from next year, it must be participating in the scheme for the month of December. I am aware of concerns that have been raised by a number of hotels that have a very high seasonal dimension to their business. For a hotel or any business to be excluded from the scheme at the moment,...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: The overwhelming majority of companies that have participated in the EWSS went into it because they genuinely believed they would need it at that point. They did so based on the effect of the pandemic on their business. The near overwhelming experience both Revenue and I have had is that of employers participating in the scheme in good faith. It is the case that a number of companies that...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: I thank the Deputy for raising this issue. I acknowledge that he has raised this with me on a number of occasions. I appreciate that a number of businesses we value and that provide very valuable employment to our country find themselves in a position that they are slightly outside the entry threshold of a 30% decline in their business. This figure of 70% has now been consistently in place...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: I am not interfering with any business; I am supporting business. While I appreciate the companies to which the Deputy has referred are facing many difficulties and challenges and they have like many other businesses had a tough couple of years, I reiterate that fundamentally the reason they are outside the scheme at the moment is their trading performance is better than a 30% decline versus...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Departmental Reviews (16 Dec 2021)

Paschal Donohoe: I thank the Deputy. I do not see any reason as to why the good cheer would evaporate and it certainly will not for me-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Departmental Reviews (16 Dec 2021)

Paschal Donohoe: I want to return the festive wishes to the Deputy. The short answer to her question is that I just finished the Finance Bill last night in the Dáil, including with her good self. We have just completed the Finance Bill for this year. The review will be completed well in advance of next year's finance Bill. As of yet, I have not set the terms of reference, initiated the process as to...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Departmental Reviews (16 Dec 2021)

Paschal Donohoe: The scheme is helping many to get on the properly ladder and it is helping many who need support when they are buying their first home. More than 29,000 first-home purchasers have benefited from the scheme since it was set up. On the reviews that we have had, while the Deputy is correct that the most recent independent cost-benefit analysis of this was in 2018, this process is subject to a...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Departmental Reviews (16 Dec 2021)

Paschal Donohoe: On the additional points that the Deputy has made, 11% of the purchases that were made of homes in our country over the past 12 months or so were covered by the help-to-buy scheme. I do not accept that a scheme that supports the purchase of approximately one in ten homes is itself the cause of the significant house price inflation that we are facing. The cause of where we are at the moment...