Results 10,221-10,240 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Industry Regulation (26 Sep 2017)

Paschal Donohoe: The European Commission on 04 July 2017 carried out an unannounced inspection at the premises of companies active in motor insurance in the State. The basis for this inspection was a concern by the Commission that the companies involved may have engaged in anti-competitive practices in breach of EU antitrust rules that prohibit cartels and restrictive business practices and/or abuse of a...

Written Answers — Department of Finance: Revenue Commissioners Resources (26 Sep 2017)

Paschal Donohoe: I am informed by Revenue that the relevant Income Tax and Universal Social Charge (USC) figures in the pre-budget 2018 Ready Reckoner include all cases registered with Revenue for self-assessment Income Tax or as PAYE employees (employees for this purpose includes those in receipt of occupational pensions). The income data published in the Ready Reckoner relates to gross income. The...

Written Answers — Department of Finance: Mortgage Interest Rates (26 Sep 2017)

Paschal Donohoe: The Central Bank is aware of various information about the operations of regulated firms as their supervisor. The Central Bank is subject to strict confidentiality requirements under section 33AK of the Central Bank Act 1942, which prevent the disclosure of firm-specific information gathered in that role. My Department sought information from the Banks in which the State has...

Written Answers — Department of Finance: Financial Services Regulation (26 Sep 2017)

Paschal Donohoe: I am aware that banks may request documentation of the type described from any account holder, including voluntary and community groups, as part of ongoing efforts to combat both money laundering and terrorist financing. The Central Bank oversees regulated financial services providers in Ireland and an important part of its supervisory remit is to ensure that credit and financial institutions...

Written Answers — Department of Finance: Poultry Industry (26 Sep 2017)

Paschal Donohoe: I propose to take Questions Nos. 77 to 79, inclusive, together. The Deputy will be aware that the Revenue Commissioners advised my Department that a business model had emerged in the poultry sector that could result in a systematic excess of flat rate addition payments to farmers over VAT incurred on their inputs. While the business structures and contractual arrangements employed in...

Written Answers — Department of Finance: NAMA Reports (26 Sep 2017)

Paschal Donohoe: A stipulation of the European Commission's decision of 26 February 2010 on the "Establishment of a National Asset Management Agency (NAMA): Asset relief scheme for banks in Ireland", (Ref: State aid N725/2009 - Ireland), was a requirement that the Irish authorities "report on a yearly basis on the use of such post acquisition powers to both the Commission and the Irish...

Written Answers — Department of Finance: Film Industry Tax Reliefs (26 Sep 2017)

Paschal Donohoe: I propose to take Questions Nos. 81 and 82 together. I am advised by the Revenue that the film tax credit, found in section 481 Taxes Consolidation Act 1997, provides for a tax incentive for companies which produce films in Ireland.  The tax incentive may apply to any portion of the production, or post production work, carried on in Ireland.  The design of the film tax credit...

Written Answers — Department of Finance: Insurance Industry (26 Sep 2017)

Paschal Donohoe: Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law. As you are aware, the Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’...

Written Answers — Department of Finance: Tax Exemptions (26 Sep 2017)

Paschal Donohoe: Section 43 of the Taxes Consolidation Act 1997 provides that any securities issued by the Minister for Finance may contain a condition that neither the interest nor the capital on that security are liable to income tax or capital gains tax provided they are held by a non-resident. This is in keeping with the general scheme of the taxation of the returns on financial products where...

Written Answers — Department of Finance: Help-To-Buy Scheme Data (26 Sep 2017)

Paschal Donohoe: The Help-to-Buy incentive aims to both assist those first-time buyers struggling to save for the deposit required to purchase a house, as well as incentivising additional building and the provision of extra housing stock. At the time of Budget 2017 my Department estimated that the Help-to-Buy incentive would cost €40 million per annum for 2018 and 2019 and €50 million in 2017...

Written Answers — Department of Finance: Central Statistics Office (26 Sep 2017)

Paschal Donohoe: Statistical classification issues are a matter for the Central Statistics Office (CSO). At the request of Eurostat, the CSO is currently engaged in an assessment of whether the universities be included in, or excluded from, the general government sector. The CSO is engaging with Eurostat regarding the progress and outcome of these deliberations. Should any university be re-classified...

Written Answers — Department of Finance: Tax Code (26 Sep 2017)

Paschal Donohoe: There are a number of tax incentives in place to encourage the adoption of alternative and electric vehicles which are an environmentally cleaner mode of transport. A relief from Vehicle Registration Tax is provided up to a maximum €5,000 for electric vehicles, €2,500 plug-in hybrid electric and €1,500 for hybrid electric vehicles. The annual rate of motor tax for...

Written Answers — Department of Finance: Tax Code (26 Sep 2017)

Paschal Donohoe: As the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: VAT Rate Reductions (26 Sep 2017)

Paschal Donohoe: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive provides that Member States may apply either one or two reduced rates of VAT to certain goods and services listed in Annex III of the VAT Directive. In addition, the VAT Directive allows for historic VAT...

Written Answers — Department of Finance: Tax Code (26 Sep 2017)

Paschal Donohoe: As the Deputy is aware a legislative measure was introduced in Finance Act 2016, which enables me to exclude by Ministerial Order, from the Flat Rate Scheme, any specified agricultural sector where the business structures or models employed result in a systematic excess of flat-rate addition payments over input costs borne by flat-rate farmers within that sector. This legislative measure...

Written Answers — Department of Finance: Tax Data (26 Sep 2017)

Paschal Donohoe: I am informed by the Revenue Commissioners that the farmer flat rate methodology is based on detailed estimates across the major items of the Agricultural Accounts, these are produced by the Central Statistics Office to meet both national and EU requirements and are part of the Economic Accounts of Agriculture (EAA) framework. The published estimates provide information such as output, input...

Written Answers — Department of Finance: Customs and Excise Controls (26 Sep 2017)

Paschal Donohoe: I propose to take Questions Nos. 92 and 93 together. I am advised by Revenue that a broad range of data, intelligence and analytics is used to evaluate risk and to identify and target sea-going vessels for specific interventions, including rummage and other searches. The specific intervention, if any, in any particular instance will be informed by the risk assessment and the nature of...

Written Answers — Department of Finance: GDP-GNP Levels (26 Sep 2017)

Paschal Donohoe: My Department’s estimates of potential output for the years 2002 to 2021 are set out in Table 1. These estimates were prepared in the context of SPU 2017 published in April. They are prepared using the EU’s harmonised methodology. Table 1 Year Potential GDP Growth Rate (%)* 2002 6.7 2003 5.6 2004 5.1 2005 4.6 2006 4.0 2007 2.9 2008 0.7 2009 -0.8 2010 -0.5 2011 0.1...

Written Answers — Department of Finance: Fiscal Data (26 Sep 2017)

Paschal Donohoe: Having reduced the deficit below 3% of GDP in 2015, Ireland exited the corrective arm of the Stability and Growth Pact and became subject to the requirements of the preventive arm including the expenditure benchmark in 2016. The annual reference rate over the period 2016-2021 is set out in the table, and is sourced from the Summer Economic Statement, July 2017. 2016 2017 2018 2019 2020...

Written Answers — Department of Finance: Fiscal Policy (26 Sep 2017)

Paschal Donohoe: I am aware of the proposal referred to by the Deputy. The analysis proposes that fiscal space estimates for the next number of years incorporate the extraordinary 26 per cent GDP growth figure recorded in 2015. My Department has advised that this approach is inappropriate and risks repeating the pro-cyclical mistakes of the past. I agree with this advice - the 26 per cent growth rate was...