Results 28,861-28,880 of 33,214 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I move amendment No. 41: In page 73, line 1, to delete “(13)” and substitute “(14)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I move amendment No. 42: In page 73, to delete lines 5 and 6 and substitute the following: “(5) Subsection (4)applies in respect of accounting periods the specified return date (within the meaning of Part 41A) of which is on or after 23 September 2023.”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I will come back to the Deputy with an answer on that in a moment but I want to check with the Chairman that amendment No. 28 was disposed of.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I thank the Chairman. On Deputy Doherty's question about how we can offer assistance to small and micro enterprises, the Finance Bill introduces measures to support companies undertaking smaller research and development projects and to encourage new claimants to engage with the research and development tax credit regime for the first time. The first €25,000 of a claim that represents...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: Yes. If it is for amounts more than €100,000 that it will be payable over a three-year period. There will be €50,000 payable in year 1, €30,000 in year 2 and €20,000 in year 3. That is the way it will work. I believe the changes we have made will be of help. I, or the Minister for Finance of the day, will assess whether any further changes are merited and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: May I respond very quickly? I know we are coming to a quick break. I have three points. The Deputy called for more research to be done regarding the operation of the research and development tax credit. The Department published a paper evaluating the operation of this credit in September, which is publicly available, because the Deputy is right, this is a large amount of taxpayers' money....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I move amendment No. 43: In page 73, line 14, to delete “or section 766C(2)” and substitute “or 766C(1)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I move amendment No. 44: In page 73, line 16, to delete “or section 766C(2)” and substitute “or 766C(1)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: Yes, it did. We asked in our survey. We should bear in mind that we are talking about a local property tax that already has a very high rate of compliance. There is a 93% compliance rate from a return point of view and a 97% compliance rate in respect of payment. I understand the point the Deputy is making that there could be reasons people might declare their properties not subject to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: If a property is not occupied in the way we suggest, it will fit and the vacant property tax will have to be paid.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: With regard to holiday homes, the vacant homes tax aims to address vacancy by imposing a tax on habitable residential properties that are not in use. For the purposes of the tax, it is irrelevant whether a property is considered to be a holiday home. If a holiday home is in use as a dwelling for a period of 30 days over the course of a year, there will be no liability to the vacant homes...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: The phrase "in use as a dwelling" is not defined in the legislation so I will address its ordinary meaning. It will simply mean that, on a given day, with each day comprising the 24-hour period ending at midnight, a person uses the property as his or her home or main residence. Such use does not need to be on a permanent basis. This would mean that a person attends to matters such as meal...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: In addition to interest charged at 8% if a chargeable person pays VHT late and a late filing surcharge of either 5% or 10%, depending on how late the filing is, the legislation also provides for the application of penalties for failures to file returns or for filing incorrect returns. A penalty of €3,000 or €5,000 would be levied, depending on the circumstances of the case....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: If Revenue requests information from a property owner and that property owner does not supply it, a penalty of €100 per day will be levied, up to a maximum of €3,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: Sorry. Would the Deputy be good enough to repeat his question to me? I got distracted there. Pardon.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: We will get an answer to that question for the Deputy. I do not think we have it at the moment. I have just been asked to clarify an answer I gave the Deputy a moment ago. The €100 I referred to refers to a relevant person, and the definition of a relevant person is set out in the local property tax legislation. I just wanted to make that clear. As for the Deputy's information...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: As I said, we will have to get that information for the Deputy. I cannot answer the question off the top of my head.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I came up with the 8% on the advice of my officials as to what would be an appropriate interest charge to have for the late filing of a vacant homes tax return.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I am happy to come back to the Deputy with a comparison of that charge. I will get that information for him. I go back, however, to the answer I gave a few moments ago. Looking at the total number of homes that were surveyed in the self-assessed vacant property tax project we did, there are many legitimate reasons a home could be vacant, reasons for which I believe it is appropriate not to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: If they are liable to pay local property tax, they will have to pay the vacant property tax. A homeowner here in Ireland will be liable to this tax.