Results 10,621-10,640 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Community Banking (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 70 and 78 together. The Programme for a Partnership Government commits the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, now the Department of Rural and Community Development, and the Department of Finance to conduct a thorough investigation of the German Sparkassen model for the development of local public banks that operate within...

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

Paschal Donohoe: I am advised that there is no accurate estimate available of the potential scale of the loss to the Exchequer from bogus self employment based on the information available to Revenue. As the Deputies will be aware, in January 2016, the then Ministers for Finance and Social Protection launched a joint consultation on the ‘Use of Intermediary-type Structures and Self-employment...

Written Answers — Department of Finance: Stability and Growth Pact (24 Oct 2017)

Paschal Donohoe: The fiscal rules are designed to promote budgetary discipline and underpin sustainable economic growth. While Ireland's economy is growing and debt is on a downward trajectory, the debt level is still comparably high and caution must be exercised due to the potential of roll-over risk should interest rates increase. We are a small and very open economy in a world that has more risks than...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Negotiations (24 Oct 2017)

Paschal Donohoe: The European Commission's proposal for a Common Consolidated Corporate Tax Base (CCCTB) was published in October 2016 and discussed at the November 2016 ECOFIN meeting where initial impressions of the proposal were exchanged. At the December 2016 ECOFIN, Council Conclusions were approved in respect of the Commission's wider package which included the CCCTB proposal but there was no specific...

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

Paschal Donohoe: I propose to take Questions Nos. 75, 100, 102 and 104 together. Recent economic indicators have generally been positive. Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter. Strong GDP growth is being confirmed by developments in the labour market. Employment growth remains strong...

Written Answers — Department of Finance: Help-To-Buy Scheme Data (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 76 and 90 together. The Help to Buy incentive (HTB) is scheduled to end on 31 December 2019. For each of  the years 2018 and 2019, the estimated cost of the incentive is €40 million. As the Deputies will be aware, I published an independent impact assessment of HTB on Budget day. The report was compiled by Indecon Economic Consultants....

Written Answers — Department of Finance: National Debt (24 Oct 2017)

Paschal Donohoe: General Government Debt (GGD) is a measure of the total gross consolidated debt of the State compiled by the Central Statistics Office (CSO). It is the measure used for comparative purposes across the European Union. It is commonly measured as a percentage of Gross Domestic Product (GDP). Given the Deputy has asked for the debt to be expressed as a percentage of GDP and also as a percentage...

Written Answers — Department of Finance: Ministerial Meetings (24 Oct 2017)

Paschal Donohoe: I met with Chancellor Philip Hammond during his recent visit to Dublin on 31 August 2017. I was glad to have the opportunity to continue our bilateral discussions, following on from my meeting with him on 14 July in London. This is, of course, in addition to our regular contacts at monthly meetings of EU Finance Ministers at ECOFIN. The meeting provided an opportunity for an exchange of...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that, in the absence of consanguinity relief (i.e. for property transferred between certain relatives) or the exemption on transfers of land to young trained farmers, stamp duty on a sale of farmland is treated as a transfer of non-residential property. A transfer of such property is charged at 6% of the consideration for conveyances executed on or after 11 October...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that stamp duty is chargeable on a conveyance or transfer on sale of a property. This happens when the interest in a property is transferred to or vested in a purchaser. The stamp duty is payable to Revenue 30 days after the execution of the instrument of sale or transfer. Execution of the instrument would be expected to happen at the final stage of the sale when the...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: The Finance Bill 2017 provides that the age limit applying to consanguinity relief for qualifying land transfers will be removed, allowing for greater freedom when transferring a family farm. Subject to enactment, this means that it will be possible for all gifts and sales of farmlands to closely related family members to benefit from consanguinity relief at a stamp duty rate of 1%. I can...

Written Answers — Department of Finance: Irish Collective Asset Management Vehicles (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that the profits of these regulated fund vehicles are taxed on a gross roll-up basis. That is, taxation is not levied at the fund level but at the investor level. Such funds may be subject to: 1. the Irish Real Estate Fund regime, which applies to distributions to non-residents made by funds who invest in Irish property, or 2. the exit-tax regime, which applies to...

Written Answers — Department of Finance: Budget 2018 (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 84 and 85 together. I take it that the Deputy is referring to an article by the Economic and Social Research Institute (ESRI) assessing the distributional impact of Budget 2018 which was published in the Irish Times on Thursday, 12th October 2017. This analysis of the Budget is undertaken and published every year by the ESRI. The article this year was...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: The Revenue Ready Reckoner (,on page 18) shows the effect of a 0.5% increase in the Stamp Duty rate on non-residential property (€47m). This is multiplied up to €94m for a 1% increase, or €376m for a 4% increase. I am informed by Revenue that the estimated yield from the increase in Stamp Duty on non-residential property as announced in Budget 2018 measure is based on...

Written Answers — Department of Finance: Budget 2018 (24 Oct 2017)

Paschal Donohoe: As the Deputy will be aware, the Tax Strategy Group (TSG) is in place since the early 1990s and is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually by Department of Finance officials. The TSG is not a decision...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that the Stamp Duties Consolidation Act 1999 does not contain a definition of commercial property as such. Instead, the Act defines “residential property” and property either comes within this definition or is treated by default as ‘non-residential’ property. A residential property is essentially a dwelling house (including an apartment), or...

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

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, however I cannot interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework...

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

Paschal Donohoe: The current estimates of net fiscal space for the years 2019 to 2021 are set out below. It is important to stress that the figures, as always, are work-in-progress estimates and will evolve over time. - 2019 2020 2021 Net fiscal space (€ billions) 3.2 3.5 3.6 I want to highlight, however, that the economy is now on a path towards full-employment. In these circumstances, I will not...

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

Paschal Donohoe: Efforts are continuing to seek Ireland’s removal from the Brazilian black list. A technical delegation from the Department of Finance and Revenue met with Brazilian officials in March 2017 to seek a resolution to this issue. Since March there has been continuing contact with the Brazilian authorities at official and diplomatic level. We continue to raise the issue with Brazil to...

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

Paschal Donohoe: The Home Carer's Allowance (as it was then) was introduced in Finance Act 2000, in the context of a move to the partial individualisation of the income tax system. Such a system limits the transferability of tax bands and credits from a non-earning spouse to the earning spouse, with the stated economic objectives of increasing labour force participation among secondary earners and reducing...