Results 27,521-27,540 of 33,214 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless they fall within categories of goods and services specified in the Directive, in respect of which Member States may apply a lower rate or exemption...

Written Answers — Department of Finance: Tax Credits (21 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 174, 175, 184 and 185 together. I am advised by Revenue that as their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as taxpayer units), it is not possible to estimate changes to tax credits on an individual basis for a projected tax year. However, incomes recorded...

Written Answers — Department of Finance: Research and Development (21 Jun 2022)

Paschal Donohoe: It is assumed that the Deputy is referring to accelerating the second and third payable credit associated with the research and development tax credit for small and micro-companies. I am advised by Revenue that, while the suggested measure would not entail any sustained overall increase to the cost of the credit, the estimated additional cash flow cost associated with making the research...

Written Answers — Department of Finance: Tax Yield (21 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 would be in the order of €70 million.  This full-year estimate is based on 2019 data, the latest year for which fully analysed data are available, with the...

Written Answers — Department of Finance: Departmental Schemes (21 Jun 2022)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the...

Written Answers — Department of Finance: Tax Yield (21 Jun 2022)

Paschal Donohoe: I am advised by Revenue that income tax liabilities are calculated on a taxpayer unit basis, where married people and those in a civil partnership who have elected to be jointly assessed are treated as one unit, and their incomes are combined when arriving at the taxable income. As such, it is not possible to determine the potential yield that might arise from introducing...

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: In broad terms, where an individual invests in rental property via a collective investment vehicle, a tax exemption may apply within the vehicle (subject to conditions) and the investor is subject to tax when they receive distributions of profits or gains.  Where an individual holds property directly, they are subject to tax on income or gains as they arise, subject to the normal...

Written Answers — Department of Finance: Vacant Properties (21 Jun 2022)

Paschal Donohoe: 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 certain information in relation to the occupancy status of...

Written Answers — Department of Finance: Cost of Living Issues (21 Jun 2022)

Paschal Donohoe: Consumer price (HICP) inflation picked up sharply over the course of last year and stood at 8.3% in May – a multi-decade high. Almost every advanced economy in the world is in the same position, with euro area inflation reaching a record 8.1% in May. The key driver of the elevated level of inflation at present is the sharp rise in wholesale energy, food and other commodity prices...

Written Answers — Department of Finance: Primary Medical Certificates (21 Jun 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Scheme 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 car must be purchased before applying for VRT and VAT relief, as applicable to the category of adaptations made to the vehicle. The Scheme is open to severely and permanently disabled persons...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (23 Jun 2022)

Paschal Donohoe: The scale of the fine that has been imposed by the Central Bank on these two banks shows the strength of our regulatory system and how seriously the unacceptable behaviour in respect of tracker mortgages is being taken by the Central Bank and the State. The legislation Deputy Doherty is referring to has taken some time to draft. It required pre-legislative scrutiny as was correct, and...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (23 Jun 2022)

Paschal Donohoe: I thank Deputy Moynihan for raising this matter. As he will be aware, in 2008, the price of oil was at a very low point because of the impact of the global financial crisis and other factors that meant the price was at a very low level. The House will be aware the Government has done an awful lot to reduce the price of fuel, and the excise reduction we put in place of 15 cent and 20 cent is...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (23 Jun 2022)

Paschal Donohoe: I acknowledge that Deputy Devlin has raised this issue with me on a number of occasions. He is raising an important matter regarding how consumers can be protected as they take out loans that could stretch across the duration of their life, given the cost can be uncertain and can grow. I recognise the very legitimate point he is raising. He is also correct that the Central Bank regulates...

Written Answers — Department of Transport, Tourism and Sport: Departmental Schemes (22 Jun 2022)

Paschal Donohoe: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997 (S447C TCA). Applicants for HTB must be first-time...

Written Answers — Department of Transport, Tourism and Sport: Tax Code (22 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 Transport, Tourism and Sport: Tax Code (22 Jun 2022)

Paschal Donohoe: Ireland is very supportive of the two-pillar solution for the taxation of the digital economy reached globally at the OECD, an agreement to which we signed up to along with over 130 other countries in October 2021. My long-standing position is that the international tax system needs to adapt to keep pace with changes in how business is conducted internationally. This is a global issue...

Written Answers — Department of Finance: Tax Data (23 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 188 and 189 together. I am advised by Revenue that the number of individuals making pension contributions through employment in 2019, broken down by income range is published on the Revenue website at www.revenue.ie/en/corporate/documents/research/pmod-statisti cs-paper.pdf (Table 7). I am also advised by Revenue that deductions to taxable income...

Written Answers — Department of Finance: Tax Code (23 Jun 2022)

Paschal Donohoe: The Deputy should note at the outset that, while I acknowledge that there is a range of perspectives on the issue of exit taxes, I currently have no plans to make any change to either the exit tax or capital gains tax regime. Capital gains tax (CGT) is a tax you pay on any capital gain (profit) made when you dispose of an asset. It is the chargeable gain that is taxed, not the whole...

Written Answers — Department of Finance: Credit Unions (23 Jun 2022)

Paschal Donohoe: The Credit Union Act (the Act) currently requires credit unions to deliver a copy of the annual accounts, along with the notice of the AGM, to every eligible member which must be delivered to each member, unless the member has specifically opted in to receive the notice electronically. Notice of general meetings Section 80(2)(d) of the Act provides that notice of a general meeting must be...

Written Answers — Department of Finance: Tax Code (23 Jun 2022)

Paschal Donohoe: I am advised by Revenue that for Capital Acquisitions Tax (CAT) purposes the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person receiving it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold (currently €335,000) applies, inter alia,...