Results 27,121-27,140 of 33,214 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Reliefs (28 Apr 2022)

Paschal Donohoe: The present position is that agricultural contractors are not entitled to avail of relief from increases in the carbon tax on farm diesel under section 664A of the Taxes Consolidation Act 1997. This is because farming, which is defined in section 654 of the Taxes Consolidation Act, requires the occupation of farmland. Agricultural contracting does not involve the occupation of farmland. The...

Written Answers — Department of Finance: Financial Services (28 Apr 2022)

Paschal Donohoe: Monetary policy for the euro area is formulated by the Governing Council of the European Central Bank (ECB) and implemented by the Eurosystem. The Governing Council sets its key lending and deposit rates with regard to its monetary policy objective of price stability. Any change in monetary policy will depend on how the economy evolves and how the Governing Council assess the outlook....

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: Ireland has one of the most progressive personal income tax systems in the world, which plays a crucial role in the process of income redistribution. Our redistributive tax system has been acknowledged by the IMF, the OECD and the ESRI. A broad-based, progressive income tax system, where the majority of income earners make some contribution but according to their means, is the most fair and...

Written Answers — Department of Finance: Vacant Properties (28 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 47, 55 and 77 together. The Government’s strategy ‘Housing For All’ includes an action for my Department to collect data on vacancy with a view to introducing a Vacant Property Tax. The timeframe for delivery on this commitment is the second quarter of 2022. The Finance (Local Property Tax) (Amendment) Act 2021 enabled Revenue to collect...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: Officials in my Department are currently reviewing the options now available to Ireland in setting VAT rates. This will include consideration of the new options available to Member States as a result of the recently updated EU VAT rules when setting VAT rates as well as the new limitations introduced on how reduced rates may be applied. Decisions about tax changes are generally taken in...

Written Answers — Department of Finance: EU Meetings (28 Apr 2022)

Paschal Donohoe: The most recent Eurogroup was held on 4 April in Luxembourg. Eurogroup opened with a discussion on economic developments related to the military aggression in Ukraine. The European Commission and the European Central Bank updated Ministers on the economic outlook for the euro area, and the European Stability Mechanism presented market updates. We acknowledged that we entered this crisis...

Written Answers — Department of Finance: Insurance Industry (28 Apr 2022)

Paschal Donohoe: While, under EU law, neither the Minister for Finance nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups, including the hospitality sector. The whole-of-Government approach, being...

Written Answers — Department of Finance: Small and Medium Enterprises (28 Apr 2022)

Paschal Donohoe: The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s national promotional institution. The purpose of the SBCI is to deliver effective financial supports to Irish SMEs that address failures in the Irish SME finance market as well as encouraging and promoting competition and innovation, and the efficient and effective use of EU resources and financial instruments. The...

Written Answers — Department of Finance: Economic Data (28 Apr 2022)

Paschal Donohoe: My Department published updated macroeconomic projections for 2022 in the draft Stability Programme Update (SPU) on 13th April. These projections are prepared against a backdrop of the war in Ukraine and the associated economic and financial sanctions. The main channel through which the war is impacting the economy is through higher energy and commodity prices. Higher energy prices have...

Written Answers — Department of Finance: Tax Data (28 Apr 2022)

Paschal Donohoe: I am advised by Revenue that the amounts raised through Excise Duty to the end of March in 2021 and 2022 are €1,283 million and €1,368 million respectively.

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: Where a couple is cohabiting, rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purposes of income tax. Each partner is a separate entity for tax purposes, therefore, cohabiting couples cannot file joint assessment tax returns or share their tax credits and tax bands in the same manner as married couples. The basis for the...

Written Answers — Department of Finance: Inflation Rate (28 Apr 2022)

Paschal Donohoe: Inflation picked up sharply over the course of the last year and in March stood at 6.9 per cent. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 7.4 per cent in March. The rise in wholesale energy prices is the key contributor and reflects the rapid rebound in global demand and, more recently, the war in Ukraine. Looking...

Written Answers — Department of Finance: Tax Reliefs (28 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 59 and 68 together. The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons who also meet one of six specified medical criteria, as a driver...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: Officials in my Department are currently reviewing the options now available to Ireland in setting VAT rates. This will include consideration of the new options available to Member States as a result of the recently updated EU VAT rules when setting VAT rates as well as the new limitations introduced on how reduced rates may be applied. Decisions about tax changes are generally taken in...

Written Answers — Department of Finance: Insurance Industry (28 Apr 2022)

Paschal Donohoe: Insurance reform is a key priority for this Government as identified in the Programme for Government and reflected in the Action Plan for Insurance Reformwhich was published in December 2020. Furthermore, the Cabinet Committee Sub-Group on Insurance Reform is overseeing the implementation of this reform agenda, and meets regularly in this regard. The Action Plansets out 66 actions to...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: Section 110 of the Taxes Consolidation Act 1997 is the section of the corporate tax code which creates a tax neutral regime for bona-fide securitisation and structured finance purposes. Ireland is not unique in having a specific regime for securitisations. The importance of securitisation has been recognised by the European Commission through their work on the Capital Markets Union. This is a...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: The Deputy should note that any decision in relation to extending the timeframe for the reduction in VAT on gas and electricity to nine per cent will be made in the context of the Budget and, as part of our normal annual Budget preparations. In this context, various options for tax policy changes will be considered by the Tax Strategy Group prior to Budget 2023.

Written Answers — Department of Finance: Tax Reliefs (28 Apr 2022)

Paschal Donohoe: 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 or director. Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: On 8 October 2021, Ireland, along with 136 jurisdictions, signed up to a two-pillar International agreement at the OECD/G20 Inclusive Framework on BEPS to address the tax challenges arising from the digitalisation of the economy. Pillar One will see a reallocation of 25% of residual profits to the jurisdiction of the consumer. The scope is confined to multinational groups with turnover...

Written Answers — Department of Finance: Fiscal Data (28 Apr 2022)

Paschal Donohoe: My Department updated its fiscal projections in the Stability Programme Updateearlier this month. An Exchequer deficit of €1.1 billion is now forecast for this year; this compares with the Budget 2022projection of €7.7 billion. The main driver of the improvement is stronger projections for tax revenue. My Department now expects tax revenue to amount to almost €76...