Results 20,281-20,300 of 33,392 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Fiscal Data (19 Apr 2018)

Paschal Donohoe: Apart from the net increase explained in the following table, the Exchequer gross voted allocations in Table 3.1 of the National Development Plan (NDP) are consistent with previous allocations as per Table 8 in the Economic and Fiscal outlook document for Budget 2018, when account is taken of the technical adjustments arising from the passing of the Water Services Act 2017.  A key...

Written Answers — Department of Finance: Departmental Schemes (19 Apr 2018)

Paschal Donohoe: The Deputy will be aware that a vehicle scrappage scheme was previously in place from January 2010 to June 2011. From January 2010 and December 2010, Vehicle Registration Tax (VRT) relief of up to €1,500 was provided where a car of 10 years or older was scrapped and a new car in CO2 emissions bands A or B was purchased. A reduced VRT relief of €1,250 was in place...

Written Answers — Department of Finance: EU Budget Contribution (19 Apr 2018)

Paschal Donohoe: As the Deputy may be aware, the European Commission is yet to publish its proposal on the post-2020 Multiannual Financial Framework (MFF), which is due to be released in early May. Once the proposal has been published, officials from across all Departments will study it in-detail to assess its implications for Ireland. The MFF will then be subject to intense negotiations over the...

Written Answers — Department of Finance: Financial Services Regulation (19 Apr 2018)

Paschal Donohoe: I propose to take Questions Nos. 118, 121 to 123, inclusive, and 127 together. As the Deputy will be aware Personal Contract Plans (PCP) are a form of Hire Purchase and both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the provision of hire-purchase agreements. In the State PCP finance is...

Written Answers — Department of Finance: Stamp Duty (19 Apr 2018)

Paschal Donohoe: I assume the Deputy is referring to the stamp duty farm consolidation relief which was introduced in Finance Act 2017, and which provides for a reduced rate of stamp duty on certain farm consolidation transactions. This measure is subject to a commencement order after a full consideration of any administrative or EU state-aid requirements. For the relief to operate, there must be both a...

Written Answers — Department of Finance: Tax Agreements (19 Apr 2018)

Paschal Donohoe: The Irish Government was deeply disappointed by Brazilian Federal Revenue Service's decision to include Ireland on the List of Countries with Favoured Taxation and Tax Regimes. Inclusion on the list fundamentally misrepresents Ireland and the Irish tax system.   Ireland's interaction with Brazil on this important issue is being led by the Irish Ambassador to Brazil.  Department...

Written Answers — Department of Finance: Banking Sector Regulation (19 Apr 2018)

Paschal Donohoe: I propose to take Questions Nos. 124 and 125 together. As the deputy is aware the Central Bank of Ireland is responsible for the regulation of the financial services sector. The Central Bank has confirmed that it continues to have ongoing engagement with the UK Financial Conduct Authority in relation to Ulster Bank Global Restructuring Group (GRG). However it is not in a position to comment...

Written Answers — Department of Finance: Banking Sector Remuneration (19 Apr 2018)

Paschal Donohoe: As the Deputy is aware AIB’s annual general meeting is due to take place next Wednesday, 25th April. The bank has put forward a non-binding resolution which puts a formal executive share scheme before shareholders for their consideration. I announced today that it is my intention to carry out a review of  banking remuneration policy but as I am not announcing any change in...

Written Answers — Department of Finance: Tax Reliefs Data (19 Apr 2018)

Paschal Donohoe: I propose to take Questions Nos. 128 and 129 together. Employment and Investment Incentive (EII) relief is granted in two tranches: the first portion of the relief (currently 30/40 and previously 30/41) is given at the time of investment (on foot of a completed Form EII 1), while the second portion (currently 10/40 and previously 11/41) is given if, after 3 years, the company has increased...

Written Answers — Department of Finance: NAMA Property Construction (19 Apr 2018)

Paschal Donohoe: At the outset, it is important to note that NAMA does not build residential property. Instead, where commercially viable, it funds residential delivery on sites controlled by its debtors and receivers. In late 2013, NAMA indicated that it aimed to fund the delivery of 4,500 homes on lands controlled by NAMA debtors and receivers over the period to end-2016. By end-2016 this target had...

Written Answers — Department of Finance: Tax Rebates (19 Apr 2018)

Paschal Donohoe: I am advised by Revenue that it cannot determine if a refund of tax is correctly due in situations where statutory tax returns remain outstanding. The person in question has not filed their Income Tax returns for the years 2015 and 2016. Once the returns are filed, Revenue will be in a position to quantify the person's overall tax position and determine if any refund is due....

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I welcome the opportunity to be here today to discuss the draft stability programme update. As the Chairman said, this sets out our forecasts for Ireland and is the first update of our projections since budget 2018. It is presented in draft form. I look forward to hearing the views of the committee members. The final version will be submitted to Brussels later this month. I wish to...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: The summer economic statement will be in early July. At that point we will be in a position to provide an indication on how we believe the economy will perform next year. What I will be doing at that point is not just talking about what kind of resources may or may not be available, but I will also be speaking about what I believe will be the right budgetary policy for the economy for next...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I will take the last question first. Climate change fines do not form part of any liability that I expect to develop for next year. I will have to come back to the committee with potential scenarios beyond that, which I will do. It is correct to say that the potential for liabilities to be created via potential fines is a factor that I am considering, but I have not put figures against it...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I will have Commission figures on that in two weeks. If I use the benchmark of the figures that were available last year in the economic statement, then we are talking about a gross figure of €3.7 billion dropping to €3.2 billion because of the rainy day fund, to which I am still committed. If I look at the fiscal smoothing effect of the figures that I communicated yesterday,...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: That is very approximate but all of this will change as we move through the year.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: Potentially, yes, but all of these things also depend on what kind of budgetary policy one wants to take at that point. It is conceivable, for example, that if all of that money were to be spent, there would be a need for the State to borrow more to do it. The question is, with those kinds of resources available, whether it is correct to put that into additional capital expenditure when...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: Regarding overall tax performance, I note that for the first quarter of this year we collected €12 billion overall, which is an increase of 3.5% on the same quarter a year ago. It is a gap versus profile of €140 million. A sum of €140 million is a lot of money of course, but there is a gap of -1.2% compared with what we were due to collect. That is well within the kind...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: At this point it is unlikely that there will be any significant change in that budget. If we were going to make a very big change we would have to allow some lead-in time.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: The overall amount that we have factored in for additional public pay next year is €400 million. Do we have a figure factored in for dealing with new entrant pay? We do not have an additional figure beyond that €400 million. That is entirely consistent with the wage agreement that we published in which we said we would put a process in place, which we are doing. Indeed, we...