Results 9,581-9,600 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Financial Services Regulation (11 Jul 2017)

Paschal Donohoe: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law. Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the financial...

Written Answers — Department of Finance: Revenue Commissioners Staff (11 Jul 2017)

Paschal Donohoe: I am advised by Revenue that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c.100 staff an additional Exchequer yield of €50m per annum could be achieved. It was estimated that by increasing staff on compliance projects such as oils, tobacco and alcohol by 100 could raise €20m per annum. On this basis it is...

Written Answers — Department of Finance: Mortgage Arrears Proposals (11 Jul 2017)

Paschal Donohoe: A comprehensive framework is now in place to address the mortgage arrears problem. One important part of the strategy is the ongoing Central Bank action to require banks to engage with their borrowers in mortgage difficulty and to formulate sustainable solutions to address cases of mortgage arrears. Within the remit of the Central Bank’s responsibilities for safeguarding stability...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: Both the fishers tax credit and the seafarers allowance are already available to qualifying persons whose journeys either begin or end in the State. In the case of the fishers tax credit, relief is also already available to qualifying persons whose journeys begin andend in the State. Section 472BA of the Taxes Consolidation Act 1997, which provides for the fishers tax credit, requires that a...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: I am advised by Revenue that the relevant legislation setting out the treatment of PRSAs is contained in Chapter 2A of Part 30 of the Taxes Consolidation Act (TCA) 1997. Except in limited circumstances, benefits can not be drawn down until the individual is at least 60 years of age, as set out in section 787K of the TCA 1997. The amount of lump sum that can be taken on retirement...

Written Answers — Department of Finance: Tax Reliefs Data (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 128 and 129 together. I am informed by Revenue that due to the timing of tax returns, 2014 is the most recent year for which complete data are available. Revenue received over 420,000 health expenses claims for 2014 at an estimated cost to the Exchequer of €146 million, which relates to a claims value of approximately €730m. The information for...

Written Answers — Department of Finance: Fiscal Policy (11 Jul 2017)

Paschal Donohoe: As part of the 2016 Summer Economic Statement, the Government announced its intention to establish a contingency reserve/rainy day fund with effect from 2019. The crisis years clearly demonstrated that volatility in the economic cycle can be much more pronounced in Ireland due to the open nature of the Irish economy. As such, the rainy day fund would provide a prudent counter-cyclical...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: Following a commitment given in Budget 2015, a public consultation was conducted by my Department in 2015 on the issue of unused zoned and serviced land with a view to examining what taxation measures might be taken to penalise land owners who do not develop such land. The Urban Regeneration and Housing Act 2015 (No 33 of 2015) gives Local Authorities new powers to incentivise the...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: I am informed by Revenue that the estimated first and full year cost to the Exchequer of increasing the Earned Income Credit (EIC) to levels proposed by the Deputy and tapering the increase by 5% per €1,000 between €80,000 and €100,000, with no additional credit entitlement (above the current €950) when income exceeds €100,000, is outlined in the following...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: The 2018 and full year costs and yields for the tax measures announced in Budget 2017 are set out as follows. 1. REVENUE RAISING MEASURES Yield 2018 €m Yield Full Year €m EXCISE Tobacco Products Tax Excise duty on a pack of 20 cigarettes is increased by 50c, with a pro-rata increase on other tobacco products. It will raise the price of cigarettes in the most popular...

Written Answers — Department of Finance: Property Tax Assessments (11 Jul 2017)

Paschal Donohoe: The Department of Finance engaged Dr. Don Thornhill in 2015 to conduct a review to consider and make recommendations on the operation of the Local Property Tax, in particular any impacts on LPT liabilities due to recent property price developments. Dr. Thornhill made a number of recommendations in his report on his review of the Local Property Tax. His central recommendation was for a revised...

Written Answers — Department of Finance: Tax Reliefs Application (11 Jul 2017)

Paschal Donohoe: Revenue is statutorily independent in the exercise of its functions in implementing taxation legislation. Accordingly, my Department has no role in investigating compliance with tax legislation. However, Revenue also has a role in providing me and my Department with advice and data on the operation of the taxation system and I am informed by Revenue that, if any policy issues arise in...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: I take it the Deputy is referring to the National Economic Dialogue 2017 which took place in Dublin Castle last month. The Programme for Partnership Government contains a commitment that budget measures will involve at least a 2:1 split between public spending and tax reductions. This commitment is also contained in the confidence and supply agreement with Fianna Fáil. The most...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: As the Deputy will be aware, on a foot of a review of share based remuneration conducted in 2016, it was announced in the last Budget that work had commenced on the development of a new, SME-focussed, share-based incentive scheme, to be introduced in Budget 2018. It was noted that such an incentive would require the approval of the European Commission and that officials would be engaging with...

Written Answers — Department of Finance: Living City Initiative (11 Jul 2017)

Paschal Donohoe: I am advised by Revenue that there is no data available to Revenue in respect of qualifying premises, or the likely additional uptake, to estimate the cost of extending the Living City Initiative scheme as outlined by the Deputy. It should be noted that the Special Regeneration Areas for the Living City Initiative were designated following consultation with the relevant city councils and...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. Under the VAT Directive, the letting of residential property is exempt from VAT and therefore developers of such property are not entitled to VAT deductibility on their development costs where they let the property. Their rental income from these lettings is exempt from VAT. A...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 140 and 151 to 153, inclusive, together. I am advised by Revenue that there are no data available to estimate the cost of the various measures proposed by the Deputy. Under section 18 of the Taxes Consolidation Act (TCA) 1997, rental income earned by companies and individuals from a property situated in the State is taxable under Case V of Schedule D of the...

Written Answers — Department of Finance: Tax Reliefs Application (11 Jul 2017)

Paschal Donohoe: In order to determine the treatment of maintenance payments for taxation purposes it must first be established if the maintenance payments are legally enforceable or if the payments are on a voluntary basis. Voluntary maintenance paid on the basis of an informal arrangement between former partners would not be legally enforceable. Such payments are not chargeable as income for taxation...

Written Answers — Department of Finance: Help-To-Buy Scheme (11 Jul 2017)

Paschal Donohoe: As the Deputy may be aware, during the Committee Stage debate on Finance Bill 2016, my predecessor agreed to commission an independent impact assessment on the effects of the Help to Buy incentive for completion prior to Budget 2018. Following a competitive tender process, Indecon Economic Consultants were appointed in April to undertake this assessment. This purpose of the project, in...

Written Answers — Department of Finance: Social and Affordable Housing Provision (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 143 and 144 together. The 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 ensure budgetary...