Results 13,301-13,320 of 32,960 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Corporation Tax Regime (15 May 2018)

Paschal Donohoe: Corporation Tax Loss Relief is provided for by Section 396 of the Taxes Consolidation Act (TCA) 1997. It allows for losses incurred in the course of business to be accounted for when calculating tax liabilities. Loss relief for corporation tax is a long standing feature of the Irish Corporate Tax system and is a standard feature of Corporation Tax systems in all OECD countries. ...

Written Answers — Department of Finance: VAT Exemptions (15 May 2018)

Paschal Donohoe: In line with my Budget 2018 announcement, a VAT compensation scheme for charities will be introduced in 2019 in respect of VAT expenses incurred in 2018. Charities will be entitled to a refund of a proportion of their VAT costs based on the level of non-public funding they receive, from a total capped fund of €5m. Work on this scheme by officials of my Department and the Office of...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: In Budget 2016, the Minister for Finance committed to extending the bank levy (a form of stamp duty paid by financial institutions) until 2021, subject to a review of the calculation methodology. This took place during 2016, including a public consultation to ascertain the views of stakeholders. Following on from this, it was decided to retain the existing DIRT-based calculation...

Written Answers — Department of Finance: Financial Services Regulation (15 May 2018)

Paschal Donohoe: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law. Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the financial...

Written Answers — Department of Finance: Tax Collection (15 May 2018)

Paschal Donohoe: I am advised by Revenue that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c.100 staff an additional exchequer yield of €50m per annum could be achieved. It was estimated that by increasing staff on compliance projects such as oils, tobacco and alcohol by 100 could raise €20m per annum. On this basis it is...

Written Answers — Department of Finance: Tax Credits (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 152 and 153 together. I am advised by Revenue that the cost of increasing the earned income tax credit to the levels set out by the Deputy, in addition to introducing a taper of this increase such that those with incomes in excess of €100,000 would only be able to avail of the existing level of the earned income tax credit of €1,150 is set out in...

Written Answers — Department of Finance: Help-To-Buy Scheme (15 May 2018)

Paschal Donohoe: Help to Buy (HTB) has a sunset clause (31/12/2019). Concluding the scheme a year early would not result in additional budgetary resources, rather it would bring forward budgetary resources that have been assigned to 2020. HTB is a demand led incentive and, as such, it is not possible to give a precise estimate of cost for 2019. However, at the time of Budget 2017, my department...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 155 and 157 together. Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. The function of the REIT framework is not to provide an overall tax exemption but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 156 and 158 together. The Irish Real Estate Fund (IREF) regime was introduced by Finance Act 2016. In general terms, the regime provides that profits arising to Irish funds from Irish property remain within the charge to Irish tax. An IREF is an investment undertaking where 25 per cent or more of the value of the assets of the undertakings is derived...

Written Answers — Department of Finance: Universal Social Charge Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 159 and 163 together. I am advised by Revenue that the available information is in the detailed income distribution statistics published by Revenue for 2015, the most recent year for which complete tax returns data are available, at the link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/income-distributions/it-ct-distributions.aspx. In...

Written Answers — Department of Finance: Universal Social Charge Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 160 to 162, inclusive, together. I am informed by the Revenue Commissioners that the estimated number of earners subject to USC, the number of earners exempt from USC and the number of earners paying USC in 2018 are available on page 3 of Revenue’s Ready Reckoner, which can be accessed at: www.revenue.ie/en/corporate/documents/statistics/ready-recko...

Written Answers — Department of Finance: Knowledge Development Box (15 May 2018)

Paschal Donohoe: The Knowledge Development Box (KDB) applies for accounting periods commencing on or after 1 January 2016. A claimant company has a period of up to 24 months to make a claim for KDB relief. I am informed by Revenue that a small number of companies (less than 10) with accounting periods ended on or before 31 December 2016 have claimed KDB relief to date. As indicated in Revenue’s...

Written Answers — Department of Finance: Property Tax Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 165 and 166 together. Local Property Tax (LPT) is forecast to collect €470 million in 2018. These receipts would be lost if LPT was abolished. In regard to Question 21193/18, I am informed by Revenue that the Ready Reckoner, available at , shows the estimated revenue which could be raised by a charge on second and subsequent homes. The Ready Reckoner...

Written Answers — Department of Finance: Tax Reliefs Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 167, 168 and 171 together. I am advised by Revenue that the Ready Reckoner available on the Revenue Statistics webpage at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx, on page 11 shows the estimated cost or yield from changing combinations of (i) the maximum tax relief available on private pension contributions...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 169 and 172 together. The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million in...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 170 and 173 together. I am advised by Revenue that as there is no requirement to include data in tax returns in relation to tax free lumps of less than €200,000 (the current life-time limit on tax-free retirement lump sums), they have not been able to quantify the estimated yield for the Exchequer of the reduction of the tax free lump sum entitlement to...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: The principal tax measures for which legislation is in place and which will take effect in 2019 with an expected impact on the fiscal space are as follows: - Finance Act 2017 legislated for the tapered extension of Mortgage Interest Relief through to the end of 2020. Mortgage Interest Relief is a tax relief based on the amount of interest paid in a tax year on a qualifying mortgage loan...

Written Answers — Department of Finance: Tax Yield (15 May 2018)

Paschal Donohoe: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx. This Ready Reckoner shows a wide range of detailed information, including changes to the Betting Duty rate (page 23). While the Ready Reckoner does not show all of the specific costings requested by the...

Written Answers — Department of Finance: Tax Yield (15 May 2018)

Paschal Donohoe: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx.This Ready Reckoner shows a wide range of detailed information, including estimates for the yield from changes in duties on tobacco (page 22). These estimates assume pro-rata increases in other tobacco products.

Written Answers — Department of Finance: Universal Social Charge Yield (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 177 to 180, inclusive, together. I am advised by Revenue that the estimated yield from the introduction of an additional rate of USC at the range of rates and the levels of income as set out by the Deputy are provided in the following tables: Incomes greater than €100,000 subject to an additional USC rate of: First Year €m Full Year €m...