Results 32,981-33,000 of 33,289 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Credits (19 Jun 2025)

Paschal Donohoe: Section 1025 of the Taxes Consolidation Act (“TCA”) 1997 provides that there is no tax relief available for the paying spouse in respect of child maintenance payments. Maintenance payments in respect of children are also not taxable in the hands of the children or the receiving spouse. Section 1031J TCA 1997 provides for similar tax treatment in respect of maintenance...

Written Answers — Department of Finance: Fiscal Policy (19 Jun 2025)

Paschal Donohoe: In accordance with the Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024, interim investment strategies have been adopted for both the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. These strategies restrict investments to the following permitted assets: Permitted Assets Euro denominated assets, limited to: (i) ...

Written Answers — Department of Finance: Departmental Staff (19 Jun 2025)

Paschal Donohoe: I wish to inform the Deputy that the pattern and number of days working from home and in the office is agreed at a local level and can vary from week to week depending on business needs. Blended working is available to most staff, except for a small number in roles that are customer facing where office attendance is necessary to undertake the duties of the role. In line with my Department's...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I thank the Cathaoirleach and members for the opportunity to be here today, with the Minister, Deputy Chambers, to discuss the annual progress report for 2025. I offer my congratulations to Deputies O'Donoghue and Timmins on their election as Cathaoirleach and Leas-Chathaoirleach, respectively, of this very important committee. By way of background, the publication of the annual progress...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I will get the ball rolling. The Deputy asked about the scenarios and the impact on the job market. The Minister for public expenditure is doing a lot of work on the impact of our infrastructure plan on creating an environment in which more homes can be built. On tariffs, we modelled on the basis of a 10% rate between the EU and the US. Since then, we have seen figures that are a lot...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: Much of that will have to do with refinancing government debt. We financed a large amount of government debt at moments in which interest debt were very low. The Deputy is aware of all of the changes in interest rates across the world in the past year or 18 months in particular. We assume then that the interest rate at which we will refinance existing debt will be higher. That is why it...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: In terms of last year, 2024?

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: We underperformed by €1 billion.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: Again, when we exclude the one-off Apple payments, we are behind profile on our corporate tax receipts. I will give the Deputy the exact figure later in our exchange.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: Yes, that is what we expect at the moment. That is based on assumptions regarding how much of our corporate tax receipts could be at risk in any one given year. The reason that underlying deficit will be going up next year is driven by an increase in planned capital expenditure, which is the right thing to do for our economy, and a reasonably moderate level of planned current expenditure...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: That 5.1% came from the budget submission we made. That is the expenditure ceiling we agree for the budget. We then issue that to the European Commission. That happened last year in the context of the medium-term fiscal plan. That figure comes from us. That 5.1% includes a provision in particular within current spending for population growth.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: That is correct. Each country will have a different figure, based on their national budget submission.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: Yes.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: They are absolute figures but the figures in the current medium-term fiscal plan for the latter year of that five-year period was done on a technical basis. The Government will have to return to that later in the year to put in a new fiscal plan.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: Yes. Deputy Chambers will be aware of the detail of it.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: To complement what Deputy Chambers said there, as we look to the future, we have had a very significant increase in labour market participation already. We have never had more young people at work in Ireland than we have now. We have never had more women at work in Ireland than we have now. Overall, as important as all the individual policies from Government are, I believe what drives up...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: This year it is the same.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I absolutely know the impact of the increase in prices in recent years has had a real effect on households and businesses. I could see, particularly during the moments when inflation soared so quickly, the effect it had on people's ability to get by and live, and the ability of businesses to trade. I understand completely the effect it can have on many. It is raised with me regularly in my...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: The Government will always monitor economic conditions. I am not in a position to give hypothetical commitments because I do not believe it is fair, but we will be dealing with the finance Bill tomorrow afternoon in the Dáil. It would extend the VAT measure on gas and electricity up to October. We are doing that – the Deputy asked me a question about the cost of living –...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: At the moment, I would see it as just a timing issue regarding when large taxpayers are due to pay us. It will be in the second half of the year before I know if there is anything different in this regard.