Results 32,721-32,740 of 33,289 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (28 May 2025)

Paschal Donohoe: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law is obliged to comply. The Directive requires each Member State to maintain a standard rate of VAT, and permits a Member State to apply up to two reduced rates of VAT. On this basis, Ireland applies a standard rate of 23%, and two reduced rates of 13.5% and 9%. In general, the EU VAT Directive provides...

Written Answers — Department of Finance: Tax Code (28 May 2025)

Paschal Donohoe: I propose to take Questions Nos. 125, 126 and 127 together. The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law is obliged to comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within the certain listed categories to which Member States may apply a lower rate. Motor...

Written Answers — Department of Finance: Tax Code (28 May 2025)

Paschal Donohoe: I propose to take Questions Nos. 128 and 132 together. I am advised by Revenue that Vehicles with an Open Market Selling Price (OMSP) of up to €40,000 are granted VRT relief of up to €5,000 while Vehicles with an OMSP of greater than €40,000 but less than €50,000 receive a reduced level of VRT relief. Electric vehicles above €50,000 are not eligible for...

Written Answers — Department of Finance: Tax Code (28 May 2025)

Paschal Donohoe: I propose to take Questions Nos. 129, 130 and 131 together. I am informed by Revenue that they do not hold any data in relation to airline ticket sales or flight data. There is no requirement for Revenue to collect this type of information for tax or compliance purposes and therefore they have no basis on which to estimate the revenue that would be raised by the introduction of a levy on...

Written Answers — Department of Finance: Vacant Properties (28 May 2025)

Paschal Donohoe: The Vacant Homes Tax (VHT) was announced in Budget 2023 and legislated for in Finance Act 2022. The main objective of this tax is to increase the supply of homes for rent or purchase by encouraging the owners of vacant, habitable, residential properties to bring those properties back into use. A residential property will be within the scope of the tax if it has been occupied as a dwelling for...

Written Answers — Department of Finance: Tax Code (28 May 2025)

Paschal Donohoe: I am informed by Revenue that the data systems available to provide responses to queries on specific ownership of residential properties do not contain information on declarants in an integrated fashion that readily facilitates statistical analysis in the nature requested in this instance. Therefore, it has not been possible in the time available to finalise all of this data. Revenue is...

Written Answers — Department of Finance: Financial Services (28 May 2025)

Paschal Donohoe: I propose to take Questions Nos. 135 and 136 together. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the 2015 Act) and the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (the 2018 Act) applies to the activity of credit servicing in relation to relevant credit agreements. The Consumer Protection (Regulation of Retail Credit and Credit...

Written Answers — Department of Finance: Financial Services (28 May 2025)

Paschal Donohoe: As noted in response to Parliamentary Question No. 36 of 21 May 2025, Finance Act 2016 made certain changes to the taxation of qualifying companies, within the meaning of section 110 Taxes Consolidation Act 1997 (“TCA 1997”). The changes, which included the introduction of a new subsection (5A) in section 110, relate to the taxation of profits derived from the business of...

Written Answers — Department of Finance: Insurance Industry (28 May 2025)

Paschal Donohoe: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. I am aware of the issue of under-insurance, which occurs when the sum insured on a property is less than the amount it would cost to rebuild or reinstate the property. According to the Central Bank of Ireland, this can...

Written Answers — Department of Finance: National Asset Management Agency (28 May 2025)

Paschal Donohoe: As the Deputy will be aware, a Resolution Unit is to be established and resourced by the NTMA, with responsibility for managing any residual activity of NAMA following its dissolution and any residual activity of IBRC (in Special Liquidation). It is currently anticipated by the NTMA that the Resolution Unit will require approximately 10 staff members, including a Head of Unit, the role...

Written Answers — Department of Finance: Tax Credits (28 May 2025)

Paschal Donohoe: Section 481 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 the Irish culture. Finance Act 2018 introduced a short-term, tapered regional uplift for...

Written Answers — Department of Finance: Tax Code (29 May 2025)

Paschal Donohoe: I propose to take Questions Nos. 14, 18 and 27 together. In making any decision in relation to VAT rates or other taxation measures, the Government must balance the costs of the measures in question against their impact and the overall budgetary framework. The Government is very conscious of the pressures being faced by businesses in the hospitality sector which is why it provided for...

Written Answers — Department of Finance: Insurance Industry (29 May 2025)

Paschal Donohoe: I recognise the concerns felt by businesses across the country about the cost and availability of public insurance cover. The most recent Central Bank National Claims Information Database (NCID) report on employers’ and public liability and commercial insurance shows that in 2023, 56 per cent of policies had a premium of less than €1,000, and 90 per cent had a premium under...

Written Answers — Department of Finance: Banking Sector (29 May 2025)

Paschal Donohoe: I thank the Deputy for the question. As you are aware, this Government is committed to meeting the needs of our society by building more homes, of all tenure types, across the country. Embedding a sustainable property industry in Ireland is also an important factor in maintaining our economic development and growth. Last year, Government approved new national housing targets, aiming...

Written Answers — Department of Finance: Financial Services (29 May 2025)

Paschal Donohoe: Financial literacy and education are an important part of financial consumer protection. Financial literacy works alongside many other consumer protections in place to help consumers make the most of their money, make informed decisions and improve their financial resilience and wellbeing. I published Ireland’s first National Financial Literacy Strategy in February this year. This...

Written Answers — Department of Finance: Tax Yield (29 May 2025)

Paschal Donohoe: I propose to take Questions Nos. 19 and 78 together. Income tax receipts to end-April stood at €11.7 billion, an increase of €0.5 billion (c. 4½ per cent) on the same period last year. This is a clear signal of the strength of our labour market. For the year, income tax is projected at €36.7 billion, an increase of 4½ per cent. Regarding corporation tax,...

Written Answers — Department of Finance: Tax Code (29 May 2025)

Paschal Donohoe: The Small Gift Exemption of €3,000 is an annual Capital Acquisitions Tax (CAT) relief available to all recipients of gifts. It should be noted that there is no limit on the number of small gifts a person can receive in a year from different donors. Finance Act 2003 increased the small gift exemption threshold from £1,270 to the current threshold of €3,000. Furthermore, a...

Written Answers — Department of Finance: An Ghaeltacht (29 May 2025)

Paschal Donohoe: Níl aon ról ag mo Roinn maidir leis an liúntas Gaeltachta. Tá pá agus coinníollacha na héarnála poiblí faoi chúram mo chomhghleacaí, an tAire Caiteachais Phoiblí, Infreastruchtúir, Athchóirithe na Seirbhíse Poiblí agus Digiteachú.

Written Answers — Department of Finance: Economic Policy (29 May 2025)

Paschal Donohoe: While our economy – in aggregate terms – is undoubtedly in a strong position at present, the near-term outlook is clouded in considerable uncertainty. In particular, regarding the future of the rules-based, multilateral trading system. Earlier this month, the Government published Ireland’s Annual Progress Report , which sets out my Department's macroeconomic and fiscal...

Written Answers — Department of Finance: Insurance Coverage (29 May 2025)

Paschal Donohoe: As Minister of State with special responsibility for Insurance matters, I am very conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and businesses. Current Government policy is focused on the development of a sustainable, planned and risk-based approach to managing flooding. Accordingly, €1.3 billion has been committed to...