Results 11,581-11,600 of 32,864 for speaker:Paschal Donohoe

Finance Bill 2017: Financial Resolution (13 Dec 2017)

Paschal Donohoe: I move:THAT Chapter 2 of Part 5 of the Stamp Duties Consolidation Act 1999 (No. 31 of 1999), which contains provisions applicable to conveyances on sale, be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: This matter was dealt with in the Seanad but I said on Report Stage in the Dáíl that a further change to the Bill was needed. The change was accepted by the Seanad and is now before the Dáil for approval. As Members are aware, the rate of stamp duty on non-residential property was increased to 6% on budget day. That rate applies to all related conveyances executed after 12...

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: The measure is essentially aimed at entities that deal in land or develop land for non-residential purposes. Not all entities deriving value from property will be affected. For example, a hotel business, car park business or office rental business might be carried on by a company. Although the greater part of the value of such businesses might be attributable to their property assets, the...

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: I thank all Deputies for their comments on this section. I will address each in turn, and I will begin with Deputy Doherty's comments. I take his point about the stage of the process at which we are introducing the amendment. It is a fair point. On Committee Stage I had indicated that a further measure would be necessary. It took my Department some time to make sure we could bring in an...

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: I will respond to the three questions that have been put to me. First, in relation to the timing and as I have said on a number of occasions during the passage of the Bill, if the binding contract was entered into or signed prior to budget day and a conveyance is executed before the end of the year, the rate is 2%. Otherwise, it is 6%. We made that clear in the immediate aftermath of the...

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: If I were to say I was bringing in the measure now and that it would not take effect until 1 January, I would have many interests involved in the holding and selling of property making a swathe of transactions at the lower tax rate.

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: Deputy Mattie McGrath and others would, justifiably, accuse me in that case of creating a huge loophole which many would seek to take advantage of. I am in the business of trying to close those kinds of loopholes down rather than to open them up.

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: I have just answered that question.

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: I draw the Chair's attention to two corrections which I wish to request under Standing Order 163. The first correction is to the reference in the Regional Technical Colleges Act 1992 which inadvertently referred to the Act of 1991, which does not exist. I, therefore, request that the reference on page 60, line 12 be changed to read "the Regional Technical Colleges Act 1992." The second...

Finance Bill 2017: From the Seanad (13 Dec 2017)

Paschal Donohoe: This has been a very long process, as the passing of the Finance Bill should be. I thank all of the officials who have been involved in supporting me getting to this point. I also acknowledge Deputies Michael McGrath, Pearse Doherty, Michael Fitzmaurice, Joan Burton and Mattie McGrath because an enormous amount of work has gone into scrutinising this Bill. I acknowledge this and...

Written Answers — Department of Finance: Tax Code (13 Dec 2017)

Paschal Donohoe: The proposed changes in the US tax code currently being debate by the US Congress are relevant to all countries that trade with the United States.  The importance of US tax rules is reflected in the fact that the proposed changes were discussed by European Finance Ministers at the recent ECOFIN meeting.  The proposed legislation has not yet been finalised or signed into law at...

Written Answers — Department of Finance: Excise Duties Yield (13 Dec 2017)

Paschal Donohoe: I am advised by Revenue that 390 licences were issued to traders declaring an annual turnover in excess of €1.27m during the 2016/2017 licensing year, which ended on 30 September 2017.  The total Excise Licence Duty payable by these traders was €1,483,950 (€3,805 x 390). If the Excise Licence Duty payable had been €5,125 in the same period the total Excise...

Written Answers — Department of Finance: Revenue Commissioners Expenditure (13 Dec 2017)

Paschal Donohoe: I am advised by Revenue that recruitment of analytical staff, such as economists, statisticians or other data analysts, in Revenue is generally addressed through specialist recruitment. As well as direct recruitment or internal promotion of staff with relevant background or experience in these areas, Revenue also benefits from economist recruitment panels established by the Irish Government...

Written Answers — Department of Finance: Stamp Duty (13 Dec 2017)

Paschal Donohoe: The rate of stamp duty on commercial land was increased to 6% on Budget Day, this rate applies in relation to all relevant conveyances executed after midnight on 10 October 2017. I subsequently introduced transitional measures in the Finance Bill that will allow for the previous rate of 2% to continue to apply where the parties to a contract entered into a binding contract before 11 October...

Written Answers — Department of Finance: Real Estate Investment Trusts (13 Dec 2017)

Paschal Donohoe: Real Estate Investment Trusts (REITs) are purpose designed vehicles for real estate investment. A requirement placed on REITs is that, in general, 85% of their property income is distributed as a dividend to investors each year. This 85% obligation does not apply in years where the REIT cannot, for example because of an insufficiency of distributable reserves, make a distribution....

Written Answers — Department of Finance: Tracker Mortgage Examination (13 Dec 2017)

Paschal Donohoe: As the Deputy is aware, the Central Bank’s most recent Tracker Mortgage Examination status update report was issued on 17 October last and it indicated that, as at the end of September, approximately 13,000 mortgage accounts have been identified as impacted through the examination.  This is additional to the 7,100 mortgage accounts which were rectified and...

Written Answers — Department of Finance: NAMA Assets Sale (13 Dec 2017)

Paschal Donohoe: I am advised that NAMA did not own the property in question. Its role in relation to the property was as the secured lender. The property was owned and managed by the debtor, who had responsibility for the management of the sales process. I am advised by NAMA that the property in question was not sold during the period when the loans were owned by NAMA. Nor was there a binding legal...

Written Answers — Department of Finance: Insurance Compensation Fund (13 Dec 2017)

Paschal Donohoe: The Deputy will be aware that under the Insurance Act 1964, as amended, monies may be paid out of the Insurance Compensation Fund (ICF), with the approval of the High Court, in relation to an insolvent insurer, to meet claims up to a limit of 65% or €825,000 of the claim, whichever is the lesser. Section 3B(1)(a) of the Insurance Act 1964, as inserted by Section 4 of the...

Written Answers — Department of Finance: Tax Reliefs Data (13 Dec 2017)

Paschal Donohoe: I propose to take Questions Nos. 89 to 91, inclusive, together. I am advised by Revenue that the Cost of Tax Expenditures Table is available on the Revenue Statistics webpage at . This sets out, in tabular form, data on a wide range of reliefs, credits and allowances including health expenses, nursing home related health expenses and expenses relating to employing a person to take care of...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (13 Dec 2017)

Paschal Donohoe: The Ireland Strategic Investment Fund (“ISIF”) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.   All ISIF investments are considered in terms of their potential risk - adjusted commercial return prospects and the potential economic impact.  The Fund targets those areas for...