Results 32,041-32,060 of 33,289 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (20 Mar 2025)

Paschal Donohoe: I am informed by the Central Bank of Ireland that the main categories of marketable assets accepted under the Eurosystem's general (permanent) collateral framework are central government securities, corporate bonds, covered bonds, unsecured bank bonds, regional government securities, and asset-backed securities. For non-marketable assets, the Eurosystem accepts certain types of credit...

Written Answers — Department of Finance: Departmental Staff (20 Mar 2025)

Paschal Donohoe: I wish to inform the Deputy that there were no secondments from consulting firms to my Department in the period from 2020 to present.

Written Answers — Department of Finance: State Assets (20 Mar 2025)

Paschal Donohoe: The State invested €20.8bn in AIB between 2009 and 2011. The State has made good progress in reducing its shareholding in AIB from 71.12% at the beginning of 2022 to just under 12% today while recovering c. €17.9m as part of that process. The State's remaining shareholding in AIB (as at close of business on 17/3/2025) is worth approximately €1.87bn. I have outlined...

Written Answers — Department of Finance: Tax Code (20 Mar 2025)

Paschal Donohoe: I am advised by Revenue that the intervention levels in its Compliance Intervention Framework enable it to deliver a consistent graduated response to taxpayer behaviour and compliance risk. Level 1 interventions are aimed at supporting taxpayers by reminding them of their obligations and providing them with the opportunity to correct errors. A Level 1 intervention is only used where...

Written Answers — Department of Finance: Tax Avoidance (20 Mar 2025)

Paschal Donohoe: I am advised by Revenue that section 1079 Taxes Consolidation Act 1997 (TCA) imposes obligations on all auditors and tax advisers who become aware, in the course of their normal work, of material tax evasion or non-compliance committed by a client company, to report this to the company and request that the matter be rectified or that the company should report the offence to Revenue. The...

Written Answers — Department of Finance: Departmental Policies (20 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 260 and 261 together. I am advised by Revenue that any person properly authorised by a taxpayer to do so can act as an intermediary on behalf of that taxpayer, i.e. make returns on that person’s behalf or make representations on their behalf to Revenue. Revenue require that a taxpayer provide written confirmation of any such authorisation and...

Written Answers — Department of Finance: Departmental Data (20 Mar 2025)

Paschal Donohoe: As the Deputy will be aware, Ireland is a common law jurisdiction, therefore trusts are used for a variety of purposes, many of which are of a personal nature, for example, a grandparent may create a trust for their grandchild's education. In addition, trusts in Ireland also apply inter alia to trade unions, charities, sports clubs, and student unions. Consequently, there are trusts with no...

Written Answers — Department of Finance: Sovereign Debt (20 Mar 2025)

Paschal Donohoe: Exchequer short-term paper outstanding at year-end 2024 amounted to €19.4bn and consisted of Exchequer Notes and Central Treasury Notes. Neither the Future Ireland Fund nor the Infrastructure, Climate and Nature Fund had investments in Exchequer short-term paper at year-end 2024. The Social Insurance Fund was the largest single holder of short-term paper at end 2024 – with...

Written Answers — Department of Finance: Tax Reliefs (20 Mar 2025)

Paschal Donohoe: Section 469 of the Taxes Consolidation Act 1997 (TCA) provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only "health expenses" incurred in the provision of “health care”, which has been carried out or advised by (in certain circumstances) a practitioner, will qualify for tax relief. Health care is...

Written Answers — Department of Finance: Tax Yield (20 Mar 2025)

Paschal Donohoe: I am advised by Revenue that it is not possible to separately identify insurance companies providing risk cover specifically to persons located in the State. However, the Deputy may wish to note that the aggregate amounts of corporation tax paid by all entities operating in this sector are provided under “Financial & Insurance Activities” in the ‘Revenue net...

Written Answers — Department of Finance: Departmental Data (20 Mar 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 usually an investment fund whose units are held in a recognised clearing system and are traded on a...

Written Answers — Department of Finance: Departmental Contracts (20 Mar 2025)

Paschal Donohoe: I am advised that neither my Department, nor any of the bodies under the aegis of my Department have entered into contract with the named hotel or had any discussions, or received any specific offers, in respect of using the premises for any reason, since 1 November 2024.

Written Answers — Department of Finance: Insurance Coverage (4 Mar 2025)

Paschal Donohoe: At the outset, it is important to note that neither the Minister for Finance nor the Central Bank of Ireland can intervene in the provision or pricing of insurance products, nor compel any insurer operating in the Irish market to cover specific individuals or organisations. This position is reinforced by the EU framework for insurance, specifically the Solvency II Directive, which prohibits...

Written Answers — Department of Finance: Tax Credits (4 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 290 and 318 together. Section 481 TCA 1997 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish culture. Currently, the...

Written Answers — Department of Finance: Tax Credits (4 Mar 2025)

Paschal Donohoe: As announced as part of Budget 2025, the section 481 film tax credit has been amended to provide for an uplift of 8% to the existing rate of 32% for small to medium sized productions with a maximum qualifying expenditure of €20 million. As you are aware, this uplift does not apply to all section 481 projects, however, it does apply to both animated and live action feature films...

Written Answers — Department of Finance: Tax Code (4 Mar 2025)

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law is obliged to comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within the categories of goods and services listed in Annex III, in respect of which Member States may apply a lower rate. On this...

Written Answers — Department of Finance: Departmental Reviews (4 Mar 2025)

Paschal Donohoe: 'Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ was a wide-ranging review of the funds and asset management sector. The report was published on 22 October 2024. The report made forty-two recommendations in total, including eight recommendations on the topic of retail investment. The Programme for Government has committed to progress and publish...

Written Answers — Department of Finance: Universal Social Charge (4 Mar 2025)

Paschal Donohoe: The origins of the 3% USC surcharge, that applies on non-PAYE income in excess of €100,000 per annum, go back to Budget 2011 when the USC was first introduced, where significant changes to PRSI took place in parallel with the introduction of the USC and the abolition of the Health and Income Levies. The 3% surcharge was introduced to ensure that the relative position as regards the...

Written Answers — Department of Finance: Legislative Measures (4 Mar 2025)

Paschal Donohoe: The Local Property Tax (LPT) was introduced in 2013 to provide a stable and sustainable source of funding for local authorities. For the valuation period 2022-2025, the tax is payable annually on the self-assessed market value of residential properties as at 1 November 2021. The Local Property Tax legislation was last amended by the Finance (Local Property Tax) (Amendment) Act 2021. The...

Written Answers — Department of Finance: Tax Data (4 Mar 2025)

Paschal Donohoe: The Tax Debt Warehousing (TDW) scheme was introduced in May 2020 to provide vital liquidity support to businesses impacted by COVID-19 trading restrictions, thereby helping to support their long-term economic viability and survival. The scheme allowed businesses to temporarily ‘park’ eligible taxes on an interest-free basis, the vast majority of which related to VAT and payroll...