Results 19,781-19,800 of 33,049 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: On a fixed basis, up to 15 years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: It is up to 15 years. My team has informed me that it can also be claimed over an accounting period on an amortised basis but that could be between three and 15 years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: The net point is that it is a long period.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: We have figures on a national basis and they are available. I may have shared those figures with the committee in the past but I can do so again. I do not have that information available on a company-by-company basis.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: That information is available in a tabular format up to the end of 2017. I can share that with the committee.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I have given this matter the most serious consideration. The Deputy has acknowledged that the Finance Bill contains a number of measures designed to address how we tax this sector. On budget night I introduced some very significant and justified compliance measurements on the basis of issues, of which I am now fully aware and on which I have been briefed. Capital gains tax is not the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I am aware of the scale to which the Deputy referred. During the debate on the matter last night, I indicated that one aspect I had asked my Department to examine was the scale of the assets and the effect they have on the property market. I am fully aware of some of the issues to which the Deputy refers. Just because such entities have grown in a certain way in the past does not mean they...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I have been reminded of a feature to which I would like to draw the committee's attention. Deputy Pearse Doherty raised an issue with events declared that lead to a tax liability. Within the Bill, separately to the measures introduced as financial resolutions, we have brought in a measure whereby the filing requirement for IREFs will be placed on a mandatory footing and the details on the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I will restate a few things and say a few additional things. I want to ensure that what I said a moment ago about the filing of returns is clear. A feature of the debate on the Finance Bill every year is that most of it tends to focus on amendments rather than the sections of the Bill as presented. For the purposes of absolute clarity, I want to make it clear that a measure that is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: As we go forward, an IREF will have to file a return regardless of whether it believes an event has happened that requires it to pay tax. I am sure the Deputy is probably clear on that. It is worthwhile to put it on the record that this change is being made. I would like to speak about the contribution that is made by the funds that are active in our State. We are debating the funds in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I recollect the discussion we had on this issue a year ago. As the Deputy will recall, I gave a commitment to examine the issue and I believe I wrote to him with a copy of this review as part of the TSG process. I can, of course, send that review to him again. I have concerns about the potential impact of introducing changes or expanding the operation of principal private residence...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: The Deputy has raised this issue with me on a number of occasions. My decision not to make the change in recent budgets has been driven by cost as reducing the exit tax rate to 33% would have a full year cost of €25 million. Notwithstanding this potential Exchequer cost, there are other issues that I have had to take into account. As the Deputy will be aware, in 2018 a review was...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Dealing with the forecast that we have, forecasting yields is becoming increasingly difficult, with continued irregularities and fluctuations in tobacco clearances and tax receipts. The impact of increased tobacco products regulation is also a challenge in forecasting yield. I am aware of the possibility that an increase in the price of cigarettes could result in a change in consumer...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: To deal with Deputy Michael McGrath's question first, we brought in the minimum excise price in last year's budget. I decided not to make a further change to it because the initial change was so recent. In 2018 the minimum excise duty was increased for the first time to equate to a trigger price point of €11 for a pack of 20 cigarettes. A pack that costs less than €11, as the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: As I was discussing illicit cigarettes, the question of how they are calculated crossed my mind as well. I am informed that it is done by MRBI polling work, in conjunction with the HSE, which obtains an understanding of the kind of products citizens are consuming. Deputy Doherty said that we need to look at this issue in a different way in future budgets and I agree. In the course of my...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I have not yet answered Deputy Michael McGrath's question.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: We have those figures. The Deputy asked about the implementation of the minimum excise duty from last year. We do not have any indication that it is not being passed on. The Revenue Commissioners believe it is being implemented, but on foot of the point raised by the Deputy, they will look at it again. If he has some data, they would prompt Revenue to examine the matter. That can be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Section 39 deals with the increase in the carbon tax rate applicable to mineral oils. Deputies are aware of the changes I have made, with the increase in the rate of carbon pricing from €20 to €26 per tonne of CO2 emissions. The increase applied from midnight on budget day to auto fuels, with a commencement date of 1 May 2020 for all other fuels. The Deputy has acknowledged...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I do not suggest for a moment that all those who are on low incomes receive the fuel allowance. It is still the case that 22% of households in receipt of the fuel allowance will be protected from this move and the fuel allowance is a social welfare policy targeted at those who are on low incomes and who are most at risk of fuel poverty. The contention I read into the record, that those who...