Results 10,581-10,600 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Data (24 Oct 2017)

Paschal Donohoe: As at end-June 2017, the Central Bank figures state that 120,398 outstanding (PDH) mortgage accounts were restructured; 15,371 restructures (12.8%) were term extensions only, without any other restructure arrangement in place. In accounts where restructures include term extension as a part of the modification (i.e. multiple restructure types), 30,029 outstanding accounts incorporated a...

Written Answers — Department of Finance: Insurance Coverage (24 Oct 2017)

Paschal Donohoe: At the outset, the Deputy should note that all insurers operating in the Irish market are regulated under conduct of business rules by the Central Bank. Consequently they are required to comply with the Consumer Protection Code which sets out the rights of consumers including how claims are handled. In relation to the bringing to the attention of policyholders their rights in relation to...

Written Answers — Department of Finance: NAMA Staff Data (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 20 and 21 together. I wish to advise the Deputy that disclosures furnished by NTMA employees who are assigned to NAMA, pursuant to section 42(3) of the NAMA Act 2009, are considered by the NTMA in conjunction with NAMA, prior to their assignment, to ensure compliance with section 42(2) of the Act. This section requires the NTMA to ascertain, to its...

Written Answers — Department of Finance: Tax Code (24 Oct 2017)

Paschal Donohoe: I am aware of the Taxback.com survey as reported in a number of media articles. My officials have requested Taxback.com to share any underlying survey document and results.  The available information indicates that the survey was based on a sample of 800 people who were customers of Taxback.com. The question these customers were asked was “Would you agree with the...

Written Answers — Department of Finance: Tax Exemptions (24 Oct 2017)

Paschal Donohoe: Irish Real Estate Funds(IREF's) are investment undertakings (excluding UCITS) where 25% of the value of that undertaking is made up of Irish real estate assets.  The legislation was introduced in Finance Act 2016 to address concerns raised regarding the use of collective investment vehicles to invest in Irish property.  Investors had been using the structures to minimise...

Written Answers — Department of Finance: Tax Credits (24 Oct 2017)

Paschal Donohoe: The R&D Tax Credit is a very important feature of the Irish Corporation Tax system. The central purpose of the R&D tax credit is to encourage companies to undertake high-value added R&D activity in Ireland, thereby supporting jobs and investment here. Reflecting these considerations, the Government’s Innovation 2020 Strategy aims to achieve the EU 2020 target...

Written Answers — Department of Finance: Insurance Costs (24 Oct 2017)

Paschal Donohoe: Following the publication of the Report on the Cost of Motor Insurance in January 2017, the Cost of Insurance Working Group commenced its examination of the cost of business insurance, in particular employer liability (EL) and public liability (PL). This work is being done in parallel with the implementation of the motor report. The Working Group is chaired by Minister of State D'Arcy....

Written Answers — Department of Finance: Tax Collection Forecasts (24 Oct 2017)

Paschal Donohoe: In 2016, the most recent year for which full information is available, Revenue collected €48 billion in net receipts, including €555 million from audit and compliance interventions. Revenue’s collection of receipts is essential to the Exchequer and the funding of public services for the State. Budget 2018 includes an additional €100 million to be raised from...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (24 Oct 2017)

Paschal Donohoe: The Deputy will be aware that the Code of Conduct on Mortgage Arrears (CCMA) sets out statutory requirements for mortgage lenders and credit servicing firms dealing with borrowers in or facing arrears on the mortgage loan secured by their primary residence. Lenders may only commence legal proceedings for repossession of the borrower's primary residence after it follows a number of steps....

Written Answers — Department of Finance: Mortgage Interest Relief Data (24 Oct 2017)

Paschal Donohoe: I announced in Budget 2018 that I would extend Mortgage Interest Relief (MIR) for the remaining recipients of the relief on a tapered basis for a further three years, through to 31st of December 2020. It has been established since Budget 2010 that MIR would expire on the 31st of December 2017 for all remaining recipients, and the Deputy will be aware that no new mortgages taken...

Written Answers — Department of Finance: Universal Social Charge Application (24 Oct 2017)

Paschal Donohoe: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and Health Levy.  It was a necessary measure to widen the tax base, remove poverty traps and maintain revenue to reduce the budget deficit.  It is a more sustainable charge than those it replaced and is applied at a low rate on a wide base. However, the base for USC does not include payments...

Written Answers — Department of Finance: Insurance Compensation Fund (24 Oct 2017)

Paschal Donohoe: The Government is very conscious of the difficulties that the delays in the Setanta liquidation process is causing for claimants who are due compensation. The Government remains committed to progressing payments of the 65% portion of settled claims to third party Setanta claimants as quickly as possible. As you are aware, the Supreme Court delivered its judgment on 25 May 2017 and...

Written Answers — Department of Finance: Tracker Mortgage Examination (24 Oct 2017)

Paschal Donohoe: The Central Bank’s Tracker Mortgage Examination is focused on ensuring that lenders provide fair outcomes for all customers impacted by their failings. Lenders’ reviews are required to be conducted in accordance with the Central Bank’s framework for completion of the Examination (the “Framework”) issued in December 2015. The Framework requires lenders to...

Written Answers — Department of Finance: Tax Settlements (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that there are currently 220 appeals to be determined where the amount of tax in dispute is greater than €1 million. The total amount in dispute in respect of these appeals is €1.4 billion. Revenue’s estimate of the outstanding liability in respect of these appeals is €817 million. This figure is lower than the disputed liability figure...

Written Answers — Department of Finance: Tax Code (24 Oct 2017)

Paschal Donohoe: The recent ‘Review of Ireland’s Corporation Tax Code’, recommended that in order to ensure some smoothing of corporation tax revenues over time, that the limitation on the quantum of relevant income against which capital allowances for intangible assets and any related interest expense may be deducted in a tax year be reduced to 80%.  Therefore, on foot of this...

Written Answers — Department of Finance: Motor Insurance Regulation (24 Oct 2017)

Paschal Donohoe: While I cannot comment on individual cases, you will be aware that 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’ Bureau of Ireland (MIBI) is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance. The consequence of...

Written Answers — Department of Finance: Tax Code (24 Oct 2017)

Paschal Donohoe: A Real Estate Investment Trust or REIT is a quoted company, used as a collective investment vehicle to hold rental property. A REIT is exempt from corporation tax on qualifying income and gains from rental property, subject to a high profit distribution requirement to. A REIT provides the same after-tax returns to investors as direct investment in rental property, by eliminating the double...

Written Answers — Department of Finance: EU-IMF Programme of Support (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 36 and 43 together. In responding to the Deputy I want to make him aware that while I have announced my intention to repay in full the outstanding loans from the IMF together with the Swedish and Danish bilateral loans, none of these loans have, as yet, been repaid. Early repayment will require the agreement of the European lenders, the...

Written Answers — Department of Finance: Property Tax Administration (24 Oct 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 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...

Written Answers — Department of Finance: Corporation Tax Regime (24 Oct 2017)

Paschal Donohoe: The Irish corporation tax regime contains a small number of specifically targeted tax reliefs.  The focus of these reliefs is on the creation of additional employment, as is consistent with current government policy, and on innovation, with a view to generating high value-added economic activity in the country.   Some other countries have a high headline rate of corporation...