Results 12,041-12,060 of 32,924 for speaker:Paschal Donohoe

Written Answers — Department of Finance: European Central Bank (25 Jan 2018)

Paschal Donohoe: By way background, I can confirm for the Deputy that the Department was actively involved in the Subgroup on Non-Performing Loans (NPLs) of the European Council’s Financial Services Committee (FSC). Arising from the work of this sub-group, an Action Plan was agreed to help reduce the stock of NPLs in European banks and their future emergence. The representation of the...

Written Answers — Department of Finance: Primary Medical Certificates Applications (25 Jan 2018)

Paschal Donohoe: I am advised by Revenue that the person concerned, who was a first time applicant, was deemed by them not to have qualified for the Disabled Drivers and Disabled Passengers Scheme and as such was not eligible to access the benefits of the scheme. I am further advised that Revenue informed the family member of the person who submitted the application of this fact.

Priority Questions: Tax Compliance (30 Jan 2018)

Paschal Donohoe: As the Deputy will be aware, I am not at liberty, nor is it appropriate for me, to discuss the tax affairs of individual companies. With regard to the tax provision mentioned, section 291A of the Taxes Consolidation Act 1997 was introduced in 2009 to provide relief in the form of capital allowances against trading income on the capital expenditure incurred by companies on the provision...

Priority Questions: Tax Compliance (30 Jan 2018)

Paschal Donohoe: It would not be appropriate to comment on what the court may do in respect of adjudication on this matter. We have made it clear that we disagree with the Commission's assessment but while we disagree with its assessment and will defend ourselves in court, we will collect the money that the Commission says is due. We are in the final stages of a procurement process in respect of who will...

Priority Questions: Tax Compliance (30 Jan 2018)

Paschal Donohoe: The Deputy is conveniently ignoring the fact that I have changed the allowances in respect of how intellectual property assets should be accounted for. I made the change on budget day and it has been legislated for through the Finance Act. I categorically reject any suggestion that the Revenue Commissioners or I are engaged in the kind of activity the Deputy is alleging and if there are...

Priority Questions: Banking Sector (30 Jan 2018)

Paschal Donohoe: Permanent TSB is playing an important role in providing much needed finance to our housing market. While the management and board of the bank have further work to do in addressing legacy issues, the bank is making good progress and has a strong franchise that can prosper in a growing economy. The good progress made is demonstrated by the bank’s trading performance in 2017...

Priority Questions: Banking Sector (30 Jan 2018)

Paschal Donohoe: As I said a moment ago it is not my objective to be the long-term owner of Permanent TSB on behalf of the Irish taxpayer. In the first instance, it is a matter for the board to adjudicate on whether any potential purchaser is in the best long-term interests of the company. The objective I want to pursue from a banking policy point of view is the strengthening of competition within the...

Priority Questions: Banking Sector (30 Jan 2018)

Paschal Donohoe: I agree with the Deputy. I also want a long-term viable future for Permanent TSB. I believe it is on the path to achieving such a future. Its recent trading performance indicates that very clearly. As the Minister who represents the shareholding the Irish taxpayer has in the bank, which as I said a moment ago is still valued at €800 million, it is not appropriate for me to give an...

Priority Questions: Pension Provisions (30 Jan 2018)

Paschal Donohoe: Perhaps I will answer the two specific questions which the Deputy put to me as part of my supplementary replies. In respect of the broad question which the Deputy tabled, she will be aware that a number of State bodies have a role in the broad area of pension policy. The Minister for Employment Affairs and Social Protection is responsible for State pension policy. As Minister for...

Priority Questions: Pension Provisions (30 Jan 2018)

Paschal Donohoe: I agree with much of the Deputy's analysis. The levels of private pension coverage are not what we want them to be because many citizens face the prospect of only having the State non-contributory pension on which to depend in the future. The other major difference between them and previous generations is that an increasing number of individuals will be renting. Therefore, unlike their...

Priority Questions: Pension Provisions (30 Jan 2018)

Paschal Donohoe: The Deputy makes two fair points. First, if we are to set up a structure to incentivise citizens to leave more aside for the future, we must avoid a situation where the funds they will leave aside will be eroded by the fees and charges levied by those who will manage the funds. I am aware of that matter. If we are to ask people to set aside what could be a noticeable amount of their...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: A number of EU member states are seeking new approaches to taxing large digital businesses that operate across borders. Concerns focus on the ability of a company to have many users or customers in a country without being liable to corporation tax in that country. Leaders at the European Council recognised the importance of a global approach to the issue of digital taxation. Finance...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: It is very much my intention and objective that the work of the OECD and the European Union should be aligned. This was reflected in the conclusions of the European Council and the recent conclusions on the matter of the Eurogroup and ECOFIN. On whether there will be unilateral action by other member states, that is an issue on which I cannot give the Deputy a commitment. As he will be...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: On the Deputy's question about the common consolidated corporate tax base policy, I will continue to oppose such a policy move and will oppose any change in the decision-making process in that policy area. My objective overall is, as I said, to ensure the work of the European Union and the OECD is aligned. I say this because I believe the best way to avoid trading difficulties or tax...

Other Questions: Tax Agreements (30 Jan 2018)

Paschal Donohoe: Ireland is a strong supporter of international tax reform. In recent years the OECD has played the leading role in developing new, globally accepted international tax standards. To ensure all countries participate on an equal footing, the BEPS inclusive framework was established to lead global tax reform efforts. The framework has over 110 members from all over the world, including...

Other Questions: Tax Agreements (30 Jan 2018)

Paschal Donohoe: I do not accept the analysis put forward by some organisations which described Ireland as a tax haven. Ireland does not meet any of the criteria as laid down by the OECD to be described as a haven. I have said I will meet Christian Aid to have a discussion with it because while I disagree with it, I am in favour of debate and dialogue. I intend to meet it in the coming week. On the...

Other Questions: Tax Agreements (30 Jan 2018)

Paschal Donohoe: As I said, I disagree with the assessment the organisations have offered, but I still think it is a good idea to meet to have a discussion and I intend to do so some time in February. I have outlined the reasons I think the chances of the United Nations expanding its power in this area are low. I certainly do not think we should put our efforts into setting up a new multilateral body on a...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: Most loan agreements include a clause that allows the original lender to sell the loan on to another firm. Under the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, if a firm who bought loans from an original lender is unregulated, then the loans must be serviced by a credit servicing firm which is authorised and regulated by the Central Bank. The legislation ensures...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: I am not in a position to give Deputy Burton an answer to her question on the MARP but I will look into the matter. It is overseen by both my Department and the Department of Justice and Equality and I will write to the Deputy with an answer in the coming days. Deputies Durkan and McGrath asked about the roles of the different entities. If companies are active in Ireland, they should...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: As I said in my reply to the Deputy, a code of conduct is in place and there is a very clear set of laws which I expect to be complied with. I believe the code of practice has made a contribution to dealing with the great pressure people have been under in recent years. I have asked my Department to give me an assessment as to whether the code will continue to have the effect I want it to...