Results 29,041-29,060 of 33,214 for speaker:Paschal Donohoe

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: Whether it is San Francisco or Berlin, or even in the debate taking place regarding the implementation of a rent freeze in Scotland, the warnings are clear. Of course it delivers a benefit to those in rental accommodation who need support but it will deter the supply of more rental accommodation in future. This is why, even though I can understand its attraction, such a measure would lead...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: The Government and I have shown the commitment we have to make a difference to the huge challenges many are facing by increasing the funding in our capital building programmes for local authorities all over the country to build more social and affordable houses and by our efforts to support the private sector to deliver more homes. I refer to the role and impact of the help to buy scheme,...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: A deduction, as has just been described, provides relief from income tax on up to €35,000 for employees who are tax resident in Ireland but travel out of the State to temporarily carry out duties of their office or employment in certain qualifying countries. In this way, it acts as incentive to Irish businesses seeking to develop and expand into emerging markets in any of the 30...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: As the Deputy and the House will be aware, mortgage interest relief for principal private residences was phased out on a gradual basis over the period between 2009 and 2020. The decision to abolish this relief was taken in the wake of the financial crisis, with the cost of the relief being one of the influencing factors. For example, in 2008 the scheme cost in excess of €700 million...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I am going to ask my officials to look at the issue of refundable tax credits in the context of the tax strategy group, TSG, process which will be done next year and will lead to reports being made available to the public before budget 2024. I listened to the issues that Deputy Doherty raised on Committee Stage. It is worth making the point that the very high income earners to whom he...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: Excuse me. I apologise to the Dáil and to the Deputy in that regard. As he will be aware we operate a pension system where contributions and pension fund gains are exempt from income tax but income from pension drawdown is taxed. Where data is available in regard to the Exchequer cost of tax relief for pensions, it is publicly available and included in the Revenue Commissioners...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I have made the key points on this. The average level of income that is set aside as per differing levels of income within our economy is reasonably consistent at 3% to 6%. Many of the individuals to whom the Deputy is referring as the 1% play an important role in the generation of income, employment and important public services in our country and who through our progressive tax code pay a...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: As I indicated earlier, the issue of refundable tax credits is something my Department looked at a number of years ago but I believe it now merits further consideration. On Committee Stage, I said that this would be done through the Tax Strategy Group, TSG, process. I do not believe the implementation of this will be as simple as Deputy Doherty is saying, but I accept it is a matter that...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I thank the Deputies for raising this important topic. I will answer some of the questions put to me, by Deputy Barry, in particular. We do not have information or guidance at present from the ECJ regarding when the final hearing relating to the Apple case will happen. I imagine that at this point in the year it will probably be some time in 2023 but that-----

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I do not have information relating to the case. As I said, I imagine that at this point it will probably be next year but that is just my judgment. We do not have guidance regarding when it will happen. Deputy Boyd Barrett made reference to the note I shared with him regarding trying to provide a range on the impact of corporations and large employers on our economy in 2022 and 2023....

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I thank the Deputies. Starting with Deputy Barry, the opening of our economy since 1958, the role of foreign direct investment, FDI, in Ireland and our relationship with the Single Market has been a huge success. It has led to an extraordinary transformation in living standards in our country. If the period up to 1958 and the early 1960s showed that an inward-looking model of investment...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: Energy policy, including the increasing costs of energy supply and taxation and profit, is a matter of key concern to the Government. In April, the Government approved and published the National Energy Security Framework, which sets the overarching response to the impact of the war in Ukraine on the energy system here in Ireland. In late September, Ireland, along with our fellow member...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I will begin by addressing the amendment concerning copyright and the intellectual property rights of performers and actors. Copyright law falls under the remit of the Department of Enterprise, Trade and Employment. I am, however, aware that the issue of copyright is important for Irish culture and arts and for the media sector. I am also aware that there have been issues regarding...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: The Deputy is making extraordinary allegations. He is saying structures have been put in place that are leading to the breaking of the law in relation to the claiming of state aid and the use of taxpayers' money. If he or the people who are raising this matter with him have evidence, they should report it to the Revenue Commissioners or the Health and Safety Authority or raise it directly...

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: I understand completely, but the Deputy is making allegations on the operation of a valuable credit and that merits investigation.

Finance Bill 2022: Report Stage (23 Nov 2022)

Paschal Donohoe: The Government has recognised the pressures families are under. I heard Deputy Michael Healy-Rae talk about the need for politicians in here to be servants of the people. I serve the people. It is equally important to be honest with the people and make the case for what we can afford to do and the level of challenge and risk we could face in the future. We brought forward €4...

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

Paschal Donohoe: I propose to take Questions Nos. 191, 192, 196, 207, 209, 213 and 214 together. 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. There are three national legislative frameworks which provide for the...

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

Paschal Donohoe: I propose to take Questions Nos. 193 and 194 together. Given the critical role that newspapers play in our society at both local and national level, and the very challenging environment they have to operate in, I made the decision that the VAT rate on newspapers and electronically supplied newspapers be reduced from 9% to zero from 1 January 2023. This measure has an estimated annual cost...

Written Answers — Department of Finance: Pension Levy (15 Nov 2022)

Paschal Donohoe: I am advised by Revenue that an annual levy was charged on pension schemes from 2011 to 2015 in accordance with section 125B of the Stamp Duties Consolidation Act 1999. The levy was introduced in the wake of the financial crash, at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in each year, at a rate...

Written Answers — Department of Finance: Tax Reliefs (15 Nov 2022)

Paschal Donohoe: As the Deputy will be aware, 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, the Tax...