Results 29,061-29,080 of 33,214 for speaker:Paschal Donohoe

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

Paschal Donohoe: The Deputy’s question relates to the applicability of the ‘Cycle to Work’ scheme to elected representatives at local government level. Cycle to Work Scheme Section 118(5G) of the Taxes Consolidation Act (TCA) 1997 provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a new bicycle...

Written Answers — Department of Finance: Data Protection (15 Nov 2022)

Paschal Donohoe: First, neither I nor the Central Bank of Ireland has a role in providing exemptions to data protection legislation. The application of the data protection legislative framework is a matter for the Data Protection Commission. As the Deputy is aware, KBC and Bank of Ireland have entered an agreement where Bank of Ireland would acquire the majority of KBC Bank Ireland’s loan assets...

Written Answers — Department of Finance: Real Estate Investment Trusts (15 Nov 2022)

Paschal Donohoe: A Real Estate Investment Trust (REIT) is a quoted company, used as a collective investment vehicle to hold rental property. The function of the REIT framework is to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment via a corporate vehicle. The Department of Finance has not undertaken research into...

Written Answers — Department of Finance: Financial Services (15 Nov 2022)

Paschal Donohoe: I am advised by the Financial Services and Pensions Ombudsman (FSPO) that it resolves most of the complaints it receives through methods other than adjudication, such as mediation in its Dispute Resolution Service, or early-stage assessment. So far this year, complaints resolved by way of a legally binding decision have accounted for only 9% of all complaints closed. For example, in October...

Written Answers — Department of Finance: Post Office Network (15 Nov 2022)

Paschal Donohoe: As the Deputy may be aware, my Department published a report in December 2019 by Indecon Consulting on an Evaluation of the Concept of Community Banking in Ireland. This was a follow on to a previous paper on Local Public Banking published by my Department in 2018. The Indecon report concluded that there is no business case for the State to establish a community banking system in Ireland;...

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

Paschal Donohoe: I am advised by Revenue that there is a Local Property Tax (LPT) balance on the property concerned of €666.00, excluding interest, for the years 2018 to 2021. Revenue previously advised the liable owner that a phased payment arrangement option is available, whereby an individual can pay a set amount each month over an agreed period. Alternatively, they may apply to defer payment...

Written Answers — Department of Finance: Credit Availability (15 Nov 2022)

Paschal Donohoe: Through the implementation of the Housing for All strategy, the Government plans to increase the supply of housing to an average of 33,000 per year over the next decade. This is an ambitious plan which will provide increased housing supply and affordability. While the plan is backed by unprecedented State investment, the Government cannot deliver on this programme alone. The only way we...

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

Paschal Donohoe: The Finance Act 2021 introduced Part 22A Residential Zoned Land Tax (RZLT) into the Taxes Consolidation Act 1997. The RZLT is designed to prompt residential development by landowners, including farmers, of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax, calculated at a rate of 3% of the market value of the land...

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

Paschal Donohoe: As the Deputy may be aware, the working group he refers to is a recommendation of the Commission on Taxation and Welfare who published their report Foundations for the Future earlier this year. The Commission considered how the overall balance of taxation might shift in order to sustainably fund public services over the longer-term, and made a range of recommendations aimed at improving the...

Written Answers — Department of Finance: Primary Medical Certificates (15 Nov 2022)

Paschal Donohoe: I committed to a comprehensive review of the DDS to include a broader review of mobility supports. In order to achieve this objective, Minister O’Gorman agreed in September 2021 that the DDS review should be incorporated into the work of the National Disability Inclusion Strategy (NDIS) Transport Working Group (TWG). The Working Group, under the Chairpersonship of Minister of State...

Written Answers — Department of Finance: Primary Medical Certificates (15 Nov 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 Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a...

Written Answers — Department of Finance: Primary Medical Certificates (15 Nov 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 Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a...

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

Paschal Donohoe: As the Deputy will be aware, the Central Bank of Ireland is the competent authority responsible for the authorisation of financial service providers and as such the Minister for Finance does not have a role in carrying out this function. The Central Bank of Ireland is bound by a statutory duty of confidentiality, therefore it cannot comment on its engagement with individual firms. ...

Written Answers — Department of Finance: Departmental Meetings (15 Nov 2022)

Paschal Donohoe: Ireland and Cyprus enjoy an excellent bilateral relationship, underpinned by our shared values and common EU membership. As part of my ongoing international engagements, I meet with my Cypriot counterpart, Minister Petrides, on a monthly basis at Eurogroup and ECOFIN meetings, alongside my other EU counterparts. At present, there are no arrangements in place for a bilateral meeting with...

Written Answers — Department of Finance: National Treasury Management Agency (23 Nov 2022)

Paschal Donohoe: The investment objective of the National Reserve Fund is to preserve, to the extent possible, the full nominal value of the fund having regard to the credit rating of the financial institution or issuer of the investments. The NTMA has informed me that in line with that objective, the Fund is currently invested in Exchequer notes at commercial rates. Irish Exchequer Notes are currently the...

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

Paschal Donohoe: I propose to take Questions Nos. 67, 73 and 74 together. For clarity, I did not make any changes in Budget 2023 to existing benefit-in-kind (BIK) provisions that would negatively impact on the application of benefit-in-kind for workers. Rather, I amended two specific measures to further enhance the BIK treatment applicable to employees. Firstly, the relief provided for in section 112B...

Written Answers — Department of Finance: Business Supports (23 Nov 2022)

Paschal Donohoe: The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues. As the Deputy notes the Review states that "As financial conditions tighten, the vulnerabilities of more-indebted sovereigns, households and corporates are at...

Written Answers — Department of Finance: Insurance Coverage (23 Nov 2022)

Paschal Donohoe: Current Government policy in relation to increasing flood insurance coverage is focused on the development of a sustainable, planned and risk-based approach to managing flooding problems. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan (NDP) to 2030. This will protect approximately 23,000 properties...

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

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of 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 the categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member...

Written Answers — Department of Finance: National Asset Management Agency (23 Nov 2022)

Paschal Donohoe: In the context of its overriding commercial mandate, I can advise the Deputy that NAMA seeks to manage its secured property portfolio in a manner that complements the objectives of other public bodies. This includes facilitating the sale of properties for social purposes where commercially practical to do so. NAMA works closely with Government departments, state agencies and local...