Results 27,421-27,440 of 33,214 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (15 Jun 2022)

Paschal Donohoe: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of excise...

Written Answers — Department of Finance: Tax Rebates (15 Jun 2022)

Paschal Donohoe: I acknowledge the cost pressures on parents with young children. In recognition of these pressures, a number of support measures are already in place to ease the burden on working parents. These include various tax-exempted financial supports provided by the Minister for Children, Equality, Disability, Integration and Youth to assist parents to offset the costs of early...

Written Answers — Department of Finance: Rental Sector (15 Jun 2022)

Paschal Donohoe: In relation to the Deputy's question, overall policy responsibility for housing policy, including the rented residential sector, is a matter in the first instance for my colleague the Minister for Housing, Local Government and Heritage.   I am only in a position to respond in respect of taxation measures. Also, as the Deputy will be aware, the Government's strategy to address...

Written Answers — Department of Finance: Tax Code (15 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, the 9% rate for these industries was reintroduced in Budget 2021 from 1 November 2020 to 31 December 2021 at an estimated cost of €401m. This measure was initially extended in Budget 2022 to 31 August 2022 at a further estimated cost of €251m. I have now extended this measure for a further six months. The 9% VAT rate will therefore remain for these...

Written Answers — Department of Finance: Tax Yield (15 Jun 2022)

Paschal Donohoe: I am informed by Revenue that the net receipts from Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT), at the applicable rate, are set out in the table below. The table also sets out the estimated receipts if an alternative CAT and CGT rate of 25% had applied from 2012. The Deputy should note that these estimates are straight line calculations and do not take account of any...

Written Answers — Department of Finance: Insurance Industry (15 Jun 2022)

Paschal Donohoe: Firstly, it is important to point out that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This is a commercial matter for individual companies to assess on a case-by-case basis and in accordance with their own calculation of various factors, including risk. This position is reinforced by the EU Single Market framework for insurance (the...

Written Answers — Department of Finance: Tax Strategy Group (15 Jun 2022)

Paschal Donohoe: The Deputy will be aware that the Tax Strategy Group  (TSG) is in place since the early 1990's and is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually for the Group by Department of Finance...

Written Answers — Department of Finance: Tax and Social Welfare Codes (15 Jun 2022)

Paschal Donohoe: The Commission on Taxation and Welfare was established in June 2021.  It has been asked to independently consider how best the taxation and welfare systems can support economic activity and promote increased employment and prosperity in a resilient, inclusive and sustainable way, while ensuring that there are sufficient resources available to meet the costs of the public services and...

Written Answers — Department of Finance: Mortgage Interest Rates (16 Jun 2022)

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. However, the price lenders charge for their loans is a commercial matter for individual lenders. As Minister for Finance I cannot determine the lending policies of individual banks including the interest rates they charge for loans including mortgages. ...

Written Answers — Department of Finance: Flexible Work Practices (16 Jun 2022)

Paschal Donohoe: The Programme for Government includes a commitment to facilitate and support remote working. The National Remote Work Strategy aims to make remote work a permanent feature of the Irish working experience in a way that maximises the economic, social and environmental benefits. As part of the national remote working strategy: Making Remote Work, in 2021 the Tax Strategy Group (TSG)...

Written Answers — Department of Finance: Credit Unions (16 Jun 2022)

Paschal Donohoe: This Government recognises the importance of credit unions. The Programme for Government contains commitments to: - Review the policy framework within which credit unions operate; - Enable and support the credit union movement to grow; - Support credit unions in the expansion of services, to encourage community development; and - Enable the credit union movement to grow as a key provider of...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 15 and 25 together. Inflation picked up sharply over the course of the last year and in May stood at 8.3 per cent, a multi-decade high. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 8.1 per cent in May. The key driver behind the elevated level of inflation at present is the sharp rise in...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

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 general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Finance: Economic Policy (16 Jun 2022)

Paschal Donohoe: The first quarter of this year was a weak one for the domestic economy. This was a result of numerous headwinds at the start of the year, including the Omicron wave of the virus, inflationary pressures, and the high level of uncertainty stemming from the war in Ukraine. Modified domestic demand, my preferred measure of domestic economic activity, declined by -1 per cent in the first quarter....

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: Housing policy is a matter in the first instance for my colleague the Minister for Housing, Local Government and Heritage. The Deputy's question is focused on a number of specific categories of stakeholder in the property market. However, I would like to highlight that the Government's ‘Housing for All’ strategy sets out the Government comprehensive policy to address housing...

Written Answers — Department of Finance: Covid-19 Pandemic (16 Jun 2022)

Paschal Donohoe: The Debt Warehousing Scheme was introduced to provide a vital liquidity support to businesses suffering a downturn due to the Covid-19 pandemic. Under the scheme, businesses can temporarily ‘park’ certain tax debts on an interest free basis until the end of this year (or until 30 April 2023 for businesses most impacted by the most recent public health restrictions and who are...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, Minister Donohoe has already engaged with Commissioner Gentiloni on this issue. The Deputy should note that in his correspondence the Minister outlined the various actions he had taken to mitigate the cost of energy for households and businesses in Budget 2022, as well as the additional €505m support package introduced in February. He also outlined the...

Written Answers — Department of Finance: Insurance Industry (16 Jun 2022)

Paschal Donohoe: Motor insurance is mandatory, in that every person intending to use a vehicle on a public road must have third-party cover at a minimum. Therefore, it is important that motor insurance is affordable, which is why this Government has continued to prioritise efforts to reduce costs for motorists as part of the Action Plan for Insurance Reform.In that regard, I am pleased to note that data from...

Written Answers — Department of Finance: Tax Yield (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 24, 50 and 58 together. I am concerned about the exposure of the public finances to corporation tax receipts. There are two issues: firstly, concentration risk and, secondly, international corporate tax policy changes. In relation to concentration risk, the latest data show that around €1 in every €8 collected arises in just 10 large corporate...

Written Answers — Department of Finance: Vacant Properties (16 Jun 2022)

Paschal Donohoe: For the Local Property Tax (LPT) valuation period 2022-2025, residential property owners were asked to indicate in their LPT returns the occupancy status of their properties on 1 November 2021 and, where vacant, the duration of and reason for the vacancy. These information requirements were included in LPT returns in accordance with section 39A of the Finance (Local Property Tax) Act 2012...