Results 28,281-28,300 of 33,214 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (18 Oct 2022)

Paschal Donohoe: For expenses to be deductible they must be wholly and exclusively laid out or expended for the purposes of the trade or profession. This is in accordance with section 81 of the Taxes Consolidation Act 1997, which sets out the general rules for deductions for the computation of profits or gains arising in respect of trades and professions. I am advised by Revenue that, as a general rule,...

Written Answers — Department of Finance: European Central Bank (18 Oct 2022)

Paschal Donohoe: I wish to advise the Deputy that I am aware of the recent media reports regarding bond purchases made by the ECB. I am advised that the ECB is also aware of reports concerning corporate bond purchases under the Corporate Sector Purchase Programme (CSPP). The list of corporate bond securities held under the CSPP/PEPP as of October 2022 is available on the ECB website at the location in this...

Written Answers — Department of Finance: Tax Data (18 Oct 2022)

Paschal Donohoe: The Irish Real Estate Fund (IREF) tax regime was introduced in Finance Act 2016. An IREF is an investment undertaking, or a sub-fund, which derives 25% or more of its market value (either directly or indirectly) from real estate assets in the State. IREFs are not subject to dividend withholding tax, they are subject to an IREF Withholding Tax (WHT) of 20% on distributions to non-resident...

Written Answers — Department of Finance: Departmental Staff (18 Oct 2022)

Paschal Donohoe: I wish to inform the Deputy that the information for special advisor’s, for the Minister and Minister of State, for the Department of Finance, are as per below; Name Minister Salary Grade Salary Scale Ms. Fiona O'Connor Minister Donohoe Principal Officer Standard PPC €95,301 - €110,811 ...

Written Answers — Department of Finance: Tax Data (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that information in respect of the years 2019 to 2021 is available on the Revenue website at: www.revenue.ie/en/corporate/documents/research/ct-analysis-2 022.pdf The information is contained in Table 17, and 2021 is the latest year for which data are available. The information for the years 2014 to 2018 is shown in the table below. Year ...

Written Answers — Department of Finance: Budget 2023 (18 Oct 2022)

Paschal Donohoe: The distributional analysis published by my Department shows that the overall impact of the budgetary measures is strongly progressive. The analysis provides a breakdown of the measures included in the October to December Cost of Living (CoL) package, i.e. measures impacting incomes in 2022, and of the Budget 2023package, i.e. measures impacting incomes in 2023. Overall, household disposable...

Written Answers — Department of Finance: Question Heading for question(s) 273 (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that the benefits concerned in this case relate to Personal Retirement Savings Accounts (PRSA) funds. In general, where an individual dies before benefits are taken, any PRSA funds will pass to the estate of the deceased with no Income Tax liability arising. Details on the treatment to apply are provided in Revenue’s Tax and Duty Manual on PRSA’s, which...

Written Answers — Department of Finance: Tax Collection (18 Oct 2022)

Paschal Donohoe: It is assumed that the Deputy is referring to the additional tax revenues anticipated to arise from enhanced Revenue compliance activities during 2023 as set out in ‘Budget 2023 – Tax Policy Changes’ which was published on Budget Day. I am advised by Revenue that a number of specific risk areas will be targeted as part of Revenue’s activities next year that...

Written Answers — Department of Finance: Departmental Schemes (18 Oct 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The cost to the Exchequer of the scheme, (excluding Motor Tax) was €62 million in 2021 and is currently at €59m Y.T.D., reflecting reductions in fuel grant claims arising from COVID-19 travel...

Written Answers — Department of Finance: Tax Credits (18 Oct 2022)

Paschal Donohoe: As the Deputy may be aware, in light of recent international tax changes, a number of amendments were made in Budget 2023 regarding the R&D Tax Credit. These are timing changes and do not affect the quantum of credit that a company is entitled to claim. As a result, the changes are net neutral in budgetary terms. - The current system which offset the R&D tax credit against...

Written Answers — Department of Finance: Tax Collection (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that Large Cases – High Wealth Individuals Division (LC-HWID) has responsibility for the following business areas: - Management of the tax affairs of High Wealth Individuals, - Approval and administration of certain pension schemes, and - Identification of and challenge to tax avoidance transactions. The details requested by the Deputy are set out in Table 1 for...

Written Answers — Department of Finance: Vacant Properties (18 Oct 2022)

Paschal Donohoe: As the Deputy is aware, the Vacant Homes Tax (VHT) is a new measure announced on Budget Day, which aims to increase the supply of homes for rent or purchase to meet demand. Further detail on this measure will be made available on the publication of the Finance Bill later this week. The introduction of this tax follows from my Department's commitment under Housing for All to collect data...

Written Answers — Department of Finance: Revenue Commissioners (18 Oct 2022)

Paschal Donohoe: I am informed by Revenue that there are seven members of staff nationally who have been notified of overpayments of salary due to the granting of a Franking Allowance where the allowance was not due. Revenue has informed each member of staff concerned of the overpayment of salary arising and apologised for the error. Revenue is aware of the concerns that this matter has caused to the...

Written Answers — Department of Finance: Mortgage Interest Rates (18 Oct 2022)

Paschal Donohoe: Decisions in relation to mortgage lending and the management of existing loans, including the particular type of mortgage product offered to existing or new borrowers, are commercial matters for individual mortgage creditors. Neither I nor the Central Bank have a role in setting the rates that mortgage creditors charge on their loans or in relation to the particular mortgage products that...

Written Answers — Department of Finance: Banking Sector (18 Oct 2022)

Paschal Donohoe: I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. The bank's independence is protected by a...

Written Answers — Department of Finance: Fuel Prices (18 Oct 2022)

Paschal Donohoe: The price of fuel is determined by a number of factors such as global market dynamics, costs of labour, exchange rates, taxation as well as wholesale and retail pricing policy practices which may include additional pricing to cover transport and distribution costs. Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the...

Written Answers — Department of Finance: Customs and Excise (18 Oct 2022)

Paschal Donohoe: Revenue informs me that there are a number of factors that influence the cost of importing a vehicle from Northern Ireland including the value of the vehicle and its emissions. There are three areas which need to be considered as costs of importing a vehicle into the State from Northern Ireland. These are Vehicle Registration Tax (VRT), Value-Added Tax (VAT) and Customs Duty. 1. VRT For the...

Written Answers — Department of Finance: Banking Sector (18 Oct 2022)

Paschal Donohoe: It should be noted that the Minister for Finance has no direct function in the operations of commercial banks. The company in question announced in February 2022 that they would serve their Irish customers using their European banking license, authorised in Lithuania, going forward. The company is now passport banking services, such as a current account and range of credit products, to...

Written Answers — Department of Finance: Defective Building Materials (18 Oct 2022)

Paschal Donohoe: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. In terms of forbearance for such households that have a mortgage, as the Deputy is aware the Central Bank is responsible for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements. Through its consumer protection...

Written Answers — Department of Finance: Customs and Excise (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that they use a standardized system of classification of goods, which is also used by all Customs administrations within the EU to classify goods which are imported into the EU from any non-EU country, including the UK or exported from the EU. The TARIC database is based on the World Customs Organization (WCO) Harmonized System and is maintained by the European...