Results 14,361-14,380 of 32,961 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: The Commission has indicated that ideas such as rainy day funds are part of what it sees as the future budgetary resilience framework for economies, especially in the eurozone. I am confident that anything that will build up the economy will be assessed as being inside the fiscal rules.

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: The Commission has not yet given an explicit guarantee. I would not be this far down the road unless I was confident that this will not create any foreseen risks in regard to the fiscal rules.

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I have had engagement with the CIF and other representative bodies on this matter, but I have always met them with other organisations like the Irish Congress of Trade Unions. Much of the engagement we had in the past couple of years involved these organisations calling for increases in capital expenditure to be placed in a planning framework. I believe the CIF now accepts we have planned...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: As the Deputy will be aware, there are two ways to do that. Either we tax new areas or, if it is justified by where the economy stands and we need the revenue to do something in our country, we increase taxation on areas where there are currently very low levels of taxation. In last year's Finance Bill, we introduced a sugar tax, which commenced at the end of April, and we increased stamp...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: As to whether I believe that spending more on health is consistent with not getting better outcomes, the fact is that the State will need to spend more on the health service in 2019 because of the impact of demographics and the decisions that I anticipate the Government will make on the funding of Sláintecare. We will also have to spend more to deal with issues like new drugs. The...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: As to how we can safeguard our economy in the context of a change that still has to happen, there are two crucial elements on which the Government is doing its best. First, Brexit will happen next year; as matters stand, the UK will leave the EU. Things could then happen that have not been forecasted. It will be the first time an event like this has occurred. It is possible that the...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: Broadly, as I said earlier, economic growth is a vital prerequisite to what we need to do in our communities and society, and I am careful not to see economic growth or profit maximisation as an end in itself. We must grow our economy to create resources to do good things in our society and to create jobs. That is my approach to the role of economic growth. With regard to climate change...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I have tried to respond to what he has asked me to do. I am aware of the challenges we face. Like the Deputy, I know the figures. I have moved as quickly as I can to try to accede to the requests that have been put to me. On the question of what we are doing to support carers, from a social welfare point of view there are a significant number of programmes in place to support citizens...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I thank the Deputy and will deal with the various points he has raised. I do not have available to me from the Revenue Commissioners an estimate of the amount of tax revenue that is leaking out of our country. One has not been shared with me over the past year. The only point on which I would caution is there might be different things at play here. The loss of tax revenue due to illegal...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: The end of July.

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I accept I am in a privileged position in terms of the office I hold. I am constantly aware of the solemn responsibility I have in discharging it. As to what I said about health, I never said that health did not need more money. While answering the questions Deputy Bailey put to me, I acknowledged the Department of Health will need more money next year, and I outlined some of the reasons....

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I do not anticipate any housing being built soon that is surplus to requirements given the current level of demand. Second, on my views on the building-----

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I do not believe any homes will be built in the near term that will be surplus to requirements.

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I believe any homes that are built will be purchased but that opens up another question regarding mix and the delivery of homes, to which I will now turn. I want to see a better mix of homes being delivered. I am working with the Minister for Housing, Planning and Local Government, Deputy Eoghan Murphy, on a further contribution the State can make in that regard. We cannot end up in a...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: We need to look at what further interventions the State can make in this area, which is what I am doing. I have no plans to put in place additional tax reliefs for the construction sector which would lead to outcomes I could then not control. I will not be doing so. On the mix of expenditure, we are ramping up expenditure on social housing at a quick pace. I know that the Deputy would...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: It does not happen in the run-up to budgetary decisions, but it does happen on budgetary policy. For example, in the aftermath of the budget I said I would not implement the sugar tax if we were disadvantaged. We had a lot of contact with the authorities in Northern Ireland to ensure that in introducing the tax, we would not disadvantage Irish businesses and consumers. On whether there is...

Committee on Budgetary Oversight: Summer Economic Statement: Discussion (11 Jul 2018)

Paschal Donohoe: I will not be before the committee again this term. In saying that I hope I will not regret it tomorrow. I thank all members of the committee for their huge input into its work. While we do differ vigorously at times, I have never doubt the input of members and take the opportunity to acknowledge it. They might remember these words if the committee considers bringing me before it again...

Written Answers — Department of Finance: Motor Insurance (12 Jul 2018)

Paschal Donohoe: As the Deputy is aware, the Cost of Insurance Working Group was established in July 2016. The initial focus of the Working Group was the issue of rising motor insurance premiums and the Report on the Cost of Motor Insurance was published in January 2017, containing 33 recommendations with 71 associated actions. In its second phase, the Working Group examined the cost of business...

Written Answers — Department of Finance: Motor Insurance Costs (12 Jul 2018)

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can 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...

Written Answers — Department of Finance: VAT Registration (12 Jul 2018)

Paschal Donohoe: I am advised by Revenue that the company in question recently applied to register for employer’s PAYE/PRSI and Value Added Tax (VAT). The company was immediately registered as an employer but the VAT application was selected for a routine pre-registration inspection in line with Revenue’s risk management protocols for VAT registration. The company did not demonstrate...