Results 9,441-9,460 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: VAT Rate Application (5 Jul 2017)

Paschal Donohoe: I understand that the Democratic Unionist Party Manifesto for the 2017 Westminster Election advocates a cut in the VAT rate for tourism services in Northern Ireland.  The policy paper annexed to the Confidence and Supply Agreement between the Conservative Party and the DUP provides for a detailed consultative report to be commissioned into the impact of VAT and Air Passenger Duty on...

Written Answers — Department of Finance: Brexit Staff (5 Jul 2017)

Paschal Donohoe: I wish to inform the Deputy that across Government, relevant Departments, agencies and overseas missions have been strengthened to deal with Brexit. The Irish Government has a team of Ministers who know the business of Europe well, as well as a team of diplomats and officials with extensive experience of challenging international negotiations, for example, the Good Friday Agreement, the...

Written Answers — Department of Finance: Tax Compliance (5 Jul 2017)

Paschal Donohoe: Revenue carries out continuous compliance checks on lenders to ensure the correct operation of the mortgage interest relief scheme. As part of the process, each main lender is required to submit a monthly electronic download to Revenue setting out the amount of qualifying interest paid by each borrower and the amount of mortgage interest relief allowed in respect of each qualifying loan...

Written Answers — Department of Finance: Tax Compliance (5 Jul 2017)

Paschal Donohoe: I am aware of the report which was published by Oxfam on 27 March.  The report makes a number of comments about the level of tax paid by certain banks in respect of their operations in each country of operation, including Ireland.  I understand that the report relies on publicly available data published by banks under the capital requirements directive, CRD IV.  The...

Written Answers — Department of Finance: Tax Exemptions (5 Jul 2017)

Paschal Donohoe: Finance Act 2016 provided for the introduction of a tax regime for Irish Real Estate Funds or IREFs.  The section was introduced to address the use of certain collective investment vehicles to invest in Irish property by non-resident investors.  The IREF regime provides for taxation of investment undertakings, where 25% of the value of that undertaking is made up of Irish real...

Written Answers — Department of Finance: NAMA Transactions (5 Jul 2017)

Paschal Donohoe: The Deputy will be aware that Section 9 of the NAMA Act 2009 provides that NAMA is independent in the performance of its functions and that I, as Minister for Finance, have no role in relation to its commercial decisions.  I am advised by NAMA that it is satisfied that it obtained the best achievable financial return from this transaction.  The Deputy will also...

Written Answers — Department of Finance: Central Bank of Ireland Transactions (5 Jul 2017)

Paschal Donohoe: The Central Bank publishes information in this regard in its Annual Report. In 2013, the Bank acquired eight Floating Rate Notes amounting to €25 billion as part of the exchange of assets on the liquidation of IBRC. The Floating Rate Notes form part of the Bank’s Special Portfolio. The disposal policy for this portfolio remains unchanged, with the intention being to...

Written Answers — Department of Finance: Budget 2018 (5 Jul 2017)

Paschal Donohoe: At the outset, I want to highlight that the Government is responsible for policy and, as such, it is the Government's objective (and not that of my Department) to balance the budget in structural terms in 2018. My Department, however, is responsible for the technical analysis, including the production of economic and fiscal forecasts.  On the basis of my Department’s latest...

Written Answers — Department of Finance: Betting Regulations (5 Jul 2017)

Paschal Donohoe: As the Deputy is aware, during the 2016 Finance Bill Committee Stage Debates in both the Dáil and the Seanad, a commitment was given that betting duty would be examined as part of the 2017 Tax Strategy Group process.  I can inform you that officials in my Department have been examining the area with a view to including the Review for inclusion in the...

Written Answers — Department of Finance: Economic Growth (5 Jul 2017)

Paschal Donohoe: My Department's most recent economic forecasts were published in the 2017 Stability Programme Update. Real GDP growth of 4.3 per cent was projected for this year while growth is forecast to average 3 per cent over the period 2018 – 2021. These forecasts have been endorsed by the Irish Fiscal Advisory Council. The information flow since the publication of the SPU broadly confirms my...

Written Answers — Department of Finance: Tax Yield (5 Jul 2017)

Paschal Donohoe: Following clarification with the Deputy’s office, I understand that the question concerns the cost of reducing the marginal rate of tax to under 50% for all taxpayers. Following the changes announced in Budget 2017, the top marginal tax rate for incomes up to €70,044 is 49%, comprised of 40% income tax, 5% USC and 4% PRSI. It should be remembered that as recently as December...

Written Answers — Department of Finance: Film Industry Tax Reliefs (5 Jul 2017)

Paschal Donohoe: I am advised by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry.   With effect from 2015, the scheme provides direct support to film producer companies in the form of a tax credit.  The provisional number of claimants of the tax...

Written Answers — Department of Finance: European Investment Bank (5 Jul 2017)

Paschal Donohoe: I am aware that, during the recent appearance of the Mr Andrew McDowell, Vice President of the EIB, before the Select Committee on Budgetary Oversight, the Deputy raised the issue of the European Council's request to the EIB that it examine ways of stepping-up its contribution in support of the EU's Security and Defence Agenda. As Mr McDowell indicated in his response, the issue is currently...

Written Answers — Department of Finance: Departmental Staff (5 Jul 2017)

Paschal Donohoe: Arising from the decision of the United Kingdom to leave the European Union, the Department of Finance has been working on promoting Ireland as the new location for the European Banking Authority (EBA). The objective of promoting Ireland as a location for the EBA is outlined in the current IFS 2020 strategy. Since the Government's public declaration of...

Written Answers — Department of Finance: Capital Expenditure Programme (5 Jul 2017)

Paschal Donohoe: The fiscal rules to which Ireland is subject to have direct application through a number of EU regulations.  Changes to these regulations would have to follow the normal EU approach starting with a proposal from the Commission before consideration by Member States and the European Parliament.  The issue of facilitating greater flexibility in the application of the fiscal...

Written Answers — Department of Finance: Tax Reliefs Costs (5 Jul 2017)

Paschal Donohoe: I am advised by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry. The information in respect of the tax cost and number of investors who claimed relief under section 481 for the years 2004 to 2014 is available on the Revenue Commissioners...

Written Answers — Department of Finance: National Debt Servicing (5 Jul 2017)

Paschal Donohoe: The State last week sold 25% of AIB's ordinary share capital at a price of €4.40 per share for consideration of almost €3 billion.  The State also granted an additional over-allotment option over a further 3.75% of AIB's ordinary share capital as part of this transaction. Hence, unless some of these shares are bought back in the market by our stabilisation agent in the...

Written Answers — Department of Finance: Sale of State Assets (5 Jul 2017)

Paschal Donohoe: As the Deputy is aware budgetary policy is a matter for each Member State subject to compliance with its obligations under the Stability and Growth Pact. As such, there is no discussion, negotiation, or agreement required in relation to individual budgetary items or policy. The proceeds from the sale of ordinary share capital held by the government in AIB does not result in a beneficial...

Written Answers — Department of Finance: State Banking Sector (5 Jul 2017)

Paschal Donohoe: The Deputy will recall that the Finance Bill 2016 included provisions to extend the Bank Levy to 2021. I would therefore expect it to raise approximately €150 million from the sector per year over this period. In relation to the receipt of dividends from banks in which the State is a shareholder, it is important to note that the payment of any dividend is exclusively a matter for...

Written Answers — Department of Finance: Budget 2018 (5 Jul 2017)

Paschal Donohoe: As the Deputy is aware this Government must ensure that budgetary policy is in compliance with the fiscal rules - formally known as the Stability and Growth Pact (SGP) – which have direct application through a number of EU regulations as well as domestically via the Fiscal Responsibility Act 2012. These rules are designed to promote budgetary discipline and underpin sustainable...