Results 31,721-31,740 of 33,289 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Levy (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that section 124B of the Stamp Duties Consolidation Act 1999 provides for a Stamp Duty levy of 1% to be levied in respect of certain life insurance premiums paid to insurers. The levy is payable by the insurers to Revenue on a quarterly basis. It was introduced in 2009. The levy is applied to the premiums paid under certain classes of life insurance policies to the...

Written Answers — Department of Finance: Tax Data (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the Stamp Duties Consolidation Act 1999 (SDCA 1999) provides for the following stamp duties in relation to life insurance policies:Section 124B provides for a levy on certain premiums of life assurance. Under this section 1% of the premium is payable by the insurer.Section 2 and Schedule 1 provide for Stamp Duty on conveyance or transfer on sale of a policy of...

Written Answers — Department of Finance: Motor Industry (5 Feb 2025)

Paschal Donohoe: Motor finance provided through Hire Purchase including Personal Contract Plans (or 'PCPs') became a fully regulated activity in Ireland in May 2022 when the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 came into force and made the activities of consumer hire and hire purchase a fully regulated activity by the Central Bank. The Consumer Protection...

Written Answers — Department of Finance: Financial Instruments (5 Feb 2025)

Paschal Donohoe: I have been informed by the Central Bank of Ireland, that it collects and publishes data on Financial Vehicle Corporations (FVCs) as defined in Regulation (EU) No 1075/2013 of the European Central Bank of 19 18 October 2013 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (recast). The full quarterly data series for...

Written Answers — Department of Finance: Departmental Contracts (5 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 301 and 302 together. I wish to advise the Deputy that my Department does not outsource service officer/security officer roles. In terms of cleaning services, the Department uses a private cleaning company. This contract has been in place since November 2022 following a competitive tendering process for a duration of two years with the option of two...

Written Answers — Department of Finance: Tax Code (5 Feb 2025)

Paschal Donohoe: The term “Exchange Traded Fund” or “ETF” is a general investment industry term that refers to a wide range of investments. ETF investments can take many different legal and regulatory forms even where they are established within the same jurisdiction. An ETF is an investment fund that is traded on a regulated stock exchange. A typical ETF can be compared to a...

Written Answers — Department of Finance: Departmental Data (5 Feb 2025)

Paschal Donohoe: I wish to inform the Deputy that Minister of State Neale Richmond claimed €6,154.25 in 2024. I wish to inform the Deputy that Minister of State Jennifer Carroll MacNeill claimed €10,896.62 in 2023, and €3,503.44 in 2024. In 2023 the cost of Overnight Allowances for Civilian Drivers in my Department was €2,672. In 2024 the cost of Overnight Allowances for...

Written Answers — Department of Finance: Departmental Staff (5 Feb 2025)

Paschal Donohoe: I wish to inform the Deputy that the composition of staff in my office comprises three staff assigned to the constituency office and nine staff in the Ministers private office. The grade and assignment of each staff member is listed in Table A. Civil Service salary scales apply to these posts and increment point is in line with the officers service. Table A Grade ...

Written Answers — Department of Finance: Tax Reliefs (5 Feb 2025)

Paschal Donohoe: Section 470 of the Taxes Consolidation Act 1997 provides for tax relief in respect of payments made to authorised insurers under relevant contracts in respect of medical insurance and dental insurance. Income tax relief is granted up to the standard rate of tax (currently 20%), subject to certain limitations outlined below, on the amount of the premium, that covers benefits being the...

Written Answers — Department of Finance: Tax Reliefs (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that there are a number of tax reliefs which support farmers who wish to acquire land for the purpose of their farming trade. These include reliefs from both Capital Gains Tax (CGT)and Stamp Duty. Capital Gains Tax Section 604B of the Taxes Consolidation Act 1997 (TCA 1997) provides relief from CGT in respect of gains arising on transactions undertaken to achieve...

Written Answers — Department of Finance: Illicit Trade (6 Feb 2025)

Paschal Donohoe: I propose to take Questions No. 44, 57 and 58 together. Across the EU, the taxation of tobacco products is governed by the Tobacco Products Tax Directive (2011/64/EU) which sets out EU rules on the structure and rates of excise duty applied to manufactured tobacco. The Directive defines and classifies various manufactured tobacco products according to their characteristics and lays down the...

Written Answers — Department of Finance: Tax Reliefs (6 Feb 2025)

Paschal Donohoe: The Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also has as a key aim of the encouragement of additional supply of new houses by supporting demand. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to...

Written Answers — Department of Finance: Tax Avoidance (6 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 46 to 54, inclusive, together. The specific anti-avoidance rules (SAARs) prohibit the misuse of certain losses, reliefs or exemptions when a particular type of transaction, or series of transactions, are undertaken. Revenue may use targeted anti-avoidance rules for more specific transactions than those to which the general anti-avoidance rule (GAAR) applies....

Written Answers — Department of Finance: Tax Credits (6 Feb 2025)

Paschal Donohoe: Finance Act 2018 introduced a short-term, tapered regional uplift under the section 481 film tax credit for productions being made in areas designated under the State aid regional guidelines (among other criteria). The purpose of the regional uplift was to support the development of new, local pools of talent in areas outside the current main production hubs, to support the geographic spread...

Written Answers — Department of Finance: Tax Yield (6 Feb 2025)

Paschal Donohoe: The Deputy should note that with limited exceptions such as the treatment of the carbon tax receipts, hypothecation is not a feature of the Irish tax system as it reduces the flexibility of the Government to prioritise and allocate funds as necessary at a particular time. Such reduced flexibility could act as a constraint on expenditure decisions and could also distort the allocation of...

Written Answers — Department of Finance: Tax Code (6 Feb 2025)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. In Budget 2025, the Group A threshold...

Written Answers — Department of Finance: Tax Avoidance (6 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 60 to 62, inclusive, together. The Pensions Authority does not receive any declarations and does not approve any transfers to overseas arrangements for individual scheme members and individual PRSA contributors. The requirements to be in a position to process such a transfer payment to an overseas arrangement are on the trustees of the pension scheme or the...

Written Answers — Department of Finance: Artificial Intelligence (6 Feb 2025)

Paschal Donohoe: For operational and security reasons, we have previously been advised by the National Cyber Security Centre (NCSC) not to disclose details of systems and processes which could in any way compromise departmental security. In particular, it is not considered appropriate to disclose information which might assist criminals to identify potential vulnerabilities in departmental cybersecurity...

Written Answers — Department of Finance: Tax Code (6 Feb 2025)

Paschal Donohoe: In recent years, Government policy has focused on strengthening the environmental rationale behind company car taxation. Finance Act 2019 introduced an environmental rationale for the calculation of Benefit-in-Kind (BIK) on employer provided cars. The introduction of an environmental rationale for BIK was a commitment in the Climate Action Plan and aligns with vehicle BIK policy in several...

Written Answers — Department of Finance: Departmental Contracts (6 Feb 2025)

Paschal Donohoe: I wish to advise the Deputy that the following contracts with consultants were entered into in 2023 and 2024. Please note that the surveys completed by Behaviour and Attitudes marked with * are fully recoupable from the Banks. The survey completed by OECD marked with # is partially recoupable from the CCPC. They pay 50% of the costs, and the department covers the other 50%. ...