Results 10,881-10,900 of 32,864 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: I do not anticipate this will generate a significant revenue stream because we expect the number of people affected to be low, although we cannot guarantee it at the moment. We expect it to be low because it is just a particular employer in a particular sector. As an employee of a company not in the sector is liable to benefit-in-kind taxation, we need to ensure there is a level playing...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: The reason is that the section of the Bill requires the employer to incur a cost which in turn generates the tax. Companies in this sector are supplying the product. My understanding is that the supply of this product is seen as free because they are working in that sector.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: It is based on the generation of a cost. Because we are talking about people who work within the sector, it is possible that people have not seen there being a cost in relation to the supply of this policy and we are dealing with that matter here.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: It depends on the kind of contract an employer will have with the employee. Of course, the converse applies. Somebody working in another company located beside the office the Deputy mentioned, who is provided with a health insurance policy, is paying tax on it. In the interest of a level playing field in our tax code, the employees of both companies should be paying tax on the benefit of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: I do not have the information on VHI.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: The Deputy raised a number of examples, some of which could be subject to BIK and others of which will not be. The Revenue Commissioners are broadly confident that the BIK policy, as currently defined, is being implemented consistently across the economy. During their review of it, though, they identified this gap, which is what we are looking to address. We have no evidence of there being...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: This section makes a technical amendment to section 458 of the Taxes Consolidation Act 1997 to clarify that the earned income tax credit and the fisher tax credit are non-refundable tax credits. The effect of section 458 is to ensure that the value of a tax credit cannot exceed the tax due, as such a scenario would result in a refund to the taxpayer from Revenue. These two tax credits...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: The Deputy's proposal would see the current two-rate income tax system expand to become a five or six-rate system. This would be in addition to a USC system with five separate rates and a PRSI system with further distinct features. It is my view that our current three-part system of personal taxation is already complex and can be difficult for taxpayers and employers to understand. If...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: As I was making my response to the Deputy, I thought to myself that he probably would not have much concern about very high marginal rates of taxation for people earning more than €250,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (7 Nov 2017)

Paschal Donohoe: I move amendment No. 10:In page 14, line 31, to delete “is incorporated and resident in the State, or” and substitute the following:“is incorporated in the State, or in an EEA state other than the State, and is resident in the State, or”. Amendments Nos. 10 to 12, inclusive, relate to the new key employee engagement programme, KEEP, which was introduced in budget...

Written Answers — Department of Finance: Housing Data (8 Nov 2017)

Paschal Donohoe: As announced in my Budget speech on 10 October 2017, it is my intention to establish Home Building Finance Ireland (HBFI) to provide funding on market terms to viable residential development projects whose owners are experiencing difficulty in obtaining debt funding. HBFI will be a standalone entity which will provide funding directly into the market. It is important to note that HBFI...

Written Answers — Department of Finance: State Savings Schemes Administration (8 Nov 2017)

Paschal Donohoe: The NTMA have advised me that An Post acts as an agent of the NTMA in the administration of State Savings. The incident the Deputy refers to, related to An Post operational issue. No NTMA systems were impacted. Due to the operational issue in An Post, there was an error in issuing maturity notices for one State Savings product that lasted approximately 2 weeks. All customers affected...

Written Answers — Department of Finance: Alcohol Pricing (8 Nov 2017)

Paschal Donohoe: I believe the issue the Deputy is referring to is that of below cost selling of alcohol products. The remit of my Department extends to the taxation placed on alcohol products. The issue of below cost selling is a matter in the first instance for my colleague the Minister for Business, Enterprise and Innovation. The prohibition on below cost selling was removed when the Groceries...

Written Answers — Department of Finance: Banking Sector (8 Nov 2017)

Paschal Donohoe: As the Deputy will be aware, the Programme for a Partnership Government commits the Government to thoroughly investigating the German Sparkassen model for the development of local public banks that operate within well-defined regions. The purpose of the consultation process and report is to assist the Government in its analysis of local public banking in an Irish context. My Department and...

Written Answers — Department of Finance: Tracker Mortgage Examination (8 Nov 2017)

Paschal Donohoe: The Deputy's question was referred to the bank by officials in the Department who were provided with the following response: "Bank of Ireland is currently conducting its examination of tracker mortgage related issues which covers, amongst other things, transparency of communications with and contractual rights of tracker mortgage customers. This is an industry wide review required by the...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (8 Nov 2017)

Paschal Donohoe: Section 477C of the Taxes Consolidation Act 1997 provides that for a first time purchaser to be eligible for the Help-to-Buy (HTB) scheme, he or she must enter into a contract with a qualifying contractor. If first-time purchasers do not purchase from a qualifying contractor, it is not an eligible house purchase. However, I am advised by Revenue that to consider the matter further, if...

Written Answers — Department of Finance: Financial Services Ombudsman Remit (8 Nov 2017)

Paschal Donohoe: Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his duties. I have no role in the day to day workings of the office or in the decisions which he takes. One of the main roles of the Financial Services Ombudsman (FSO) is to investigate, mediate and adjudicate complaints about the conduct of regulated financial service providers....

Written Answers — Department of Finance: Financial Services Ombudsman Staff (8 Nov 2017)

Paschal Donohoe: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. It would not be appropriate for me to comment on how he performs his duties. I have been advised by the Financial Services Ombudsman that he keeps the adequacy of staffing levels in the Office under constant review. The Office has just completed a public recruitment...

Written Answers — Department of Finance: Stamp Duty (8 Nov 2017)

Paschal Donohoe: I am informed by the Central Bank that a recommendation of the National Payments Plan targeted a significant increase in the number of €10 and €20 banknotes dispensed from Irish ATMs, with a view to making lower denomination notes more available to cash users. Building on that recommendation, the Central Bank has set targets for the banks to achieve in terms of issuance of...

Written Answers — Department of Finance: Stamp Duty (8 Nov 2017)

Paschal Donohoe: The rate of Stamp Duty on commercial property was increased to 6% by way of Budget Day Resolution and applies in relation to all relevant conveyances executed after midnight on Budget day. In order to avoid changing the cost structures of contracts entered into prior to that date, I have introduced measures in the Finance Bill that will allow for the lower rate of 2% to continue to apply to...