Results 14,481-14,500 of 32,961 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (7 Sep 2018)

Paschal Donohoe: Section 396C of the Taxes Consolidation Act 1997 previously restricted the amount of losses, as incurred by a NAMA participating institution from its trading operations in prior years, which could be set off against trading profits in the current year. The relief was limited to a maximum of 50% of the trading profits for each accounting period. This restriction was removed in Finance Bill...

Written Answers — Department of Finance: Budget 2019 (7 Sep 2018)

Paschal Donohoe: As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Stamp Duty (7 Sep 2018)

Paschal Donohoe: The current rate of Stamp Duty on residential property is 1% on first €1 million of consideration and 2% on any excess. The current rate on non-residential property is 6% on the full consideration. It is therefore assumed that the Deputy is referring to residential property in his Question. I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage...

Written Answers — Department of Finance: Help-To-Buy Scheme Data (7 Sep 2018)

Paschal Donohoe: The Help to Buy incentive (HTB) was introduced in January 2017 (backdated to July 2016) and is subject to a sunset clause which is scheduled to take effect on 31 December 2019. I am advised by Revenue that statistics on HTB are available on the Revenue Statistics webpage at: . These statistics, which are updated on a monthly basis (most recently at end July), provide a range of...

Written Answers — Department of Finance: Tax Data (7 Sep 2018)

Paschal Donohoe: It is assumed that the Deputy's proposed tax rates and bands would be integrated into the current tax system together rather than in isolation. On the above basis, I am advised by Revenue that the estimated yield to the Exchequer from the introduction of the suggested rates and bands would be in the order of €1.6 billion and €2.1 billion on a first year and full year basis,...

Written Answers — Department of Finance: Tax Code (7 Sep 2018)

Paschal Donohoe: The 2012 report of the Inter-departmental Group on the Design of a Local Property Tax (the "Thornhill Group") comprehensively examined the basis of assessment for the Local Property Tax (LPT), including both the taxable value of the property option and a site value tax (SVT). The report favoured the use of market value of residential properties as the basis of assessment and...

Written Answers — Department of Finance: Tax Reliefs Data (7 Sep 2018)

Paschal Donohoe: I am informed by Revenue that on the basis of Corporation Tax returns filed for the year 2016, the estimated tax saved by all financial institutions, including insurance companies, due to their ability to use historic losses to reduce tax liabilities was in the region of €925 million. This includes the tax cost associated with capital allowances that are claimed as losses forward if...

Written Answers — Department of Finance: Corporation Tax (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that a detailed paper on Corporation Tax statistics in respect of 2016 returns and 2017 payments is available on the Revenue website at . This paper shows that for the tax year 2016, the latest year available, the effective rate of Corporation Tax on aggregate net taxable profits, after taking account of various deductions, allowances, charges and reliefs was 10 per...

Written Answers — Department of Finance: Excise Duties (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that a breakdown of the Excise Duty on alcohol, based on final sale to the customer in the requested categories, is not available. The available information is a breakdown by commodity (beer, cider, wine, spirits) and this is published at:

Written Answers — Department of Finance: Credit Union Regulation (7 Sep 2018)

Paschal Donohoe: As the Deputy is aware the Central Bank has statutory responsibility for the registration, regulation and supervision of credit unions in Ireland. While it would not be appropriate to comment on a specific regulatory matter concerning a specific credit union, I have been advised by the Central Bank that, in accordance with its statutory responsibility, it regulates and...

Written Answers — Department of Finance: Loan Books Purchasers (7 Sep 2018)

Paschal Donohoe: As the Deputy will be aware since the onset of the financial crisis, significant progress has been made by the Irish banks in reducing Non-Performing Loans (NPLs) from their peak. A major contributor to this progress has been the number of mortgage restructures the banks have agreed with their customers. There are currently over 137,000 mortgage restructures in place covering both owner...

Written Answers — Department of Finance: European Bank for Reconstruction and Development (7 Sep 2018)

Paschal Donohoe: Currently Ireland’s Director of the EBRD is a senior Department of Finance Official who is holding the post on a temporary basis in advance of the completion of the process to appoint a new Director.  Ireland's nominee for Director of the European Bank of Reconstruction and Development (EBRD) has been selected through an open competitive process.  An advertisement inviting...

Written Answers — Department of Finance: VAT Rate Increases (7 Sep 2018)

Paschal Donohoe: As the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions

Written Answers — Department of Finance: Stamp Duty (7 Sep 2018)

Paschal Donohoe: I have been advised by Revenue of the position in relation to the transfer of a family home insofar as capital acquisitions tax, stamp duty and capital gains tax are concerned. Capital acquisitions tax Section 86 of the Capital Acquisitions Tax Consolidation Act 2003 provides for an exemption, subject to certain conditions, in relation to dwelling houses that allows for property to...

Written Answers — Department of Finance: Personal Contract Plans (7 Sep 2018)

Paschal Donohoe: The Competition and Consumer Protection Commission and the Central Bank both produced papers on the PCP market in Ireland in March of this year. These reports demonstrated that PCP finance has grown considerably in recent years and is becoming an increasingly important source of finance for the purchase of new cars. While the availability of such credit is important...

Written Answers — Department of Finance: Tax Reliefs Data (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that, as the Key Employee Engagement Programme (KEEP) only came into effect on 1 January 2018, details of the costs and numbers availing of this programme will only be available once the relevant employer tax returns for 2018 have been received and processed. The first KEEP return is due 31 March 2019.

Written Answers — Department of Finance: Tax Data (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that information on the earnings distributions for tax years from 2004 to 2016 is available at: . The Table titled “RVA01 - Distribution of Income Tax by Type of Gross Income, Range of Gross Income, Marital Status, Year and Statistic” provides data on gross income range broken down by marital status, as sought by the Deputy.

Written Answers — Department of Finance: Universal Social Charge Data (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that the 3% USC levy for non-PAYE income over €100,000 is paid by approximately 12,400 taxpayer units. Abolishing this surcharge would have an estimated full year cost to the Exchequer of the order of €125 million. These estimates have been generated by reference to projected 2019 incomes, calculated on the basis of actual data for 2016, the latest...

Written Answers — Department of Finance: Tax Yield (7 Sep 2018)

Paschal Donohoe: It is assumed that the Deputy is referring to introducing a 32% flat tax rate on dividend income from Irish resident companies to replace all Income Tax, USC and PRSI currently collected. I am advised by Revenue that based on tax returns for 2016 and the yield from Dividend Withholding Tax for the same year, a tentative estimate of the potential tax gain from imposing a flat tax...

Written Answers — Department of Finance: Tax Yield (7 Sep 2018)

Paschal Donohoe: I propose to take Questions Nos. 175, 177 and 178 together. I am informed by Revenue that estimates of the Exchequer impact from changes to the rate of Capital Gains Tax (CGT) can be found in the Revenue Ready-Reckoner at .  While the Ready Reckoner does not show the cost of reducing the rate to 20% as requested by the Deputy, it can be estimated on a pro-rata or straight-line basis with...