Results 21,761-21,780 of 32,864 for speaker:Paschal Donohoe

Ceisteanna - Questions - Priority Questions: State Pensions (9 Nov 2017)

Paschal Donohoe: This is a matter for which I have no statutory function. Responsibility for this area sits with my colleague, the Minister for Employment Affairs and Social Protection, Deputy Regina Doherty. In this context, I understand the Minister comprehensively addressed the substance of the question the Deputy has raised in the House on Tuesday, 7 November. In her reply to Deputy Willie O'Dea, she...

Ceisteanna - Questions - Priority Questions: State Pensions (9 Nov 2017)

Paschal Donohoe: I acknowledge the Deputy's point. When dealing with this matter in the Dáil last week, the Minister, Deputy Doherty, made the point that while she also acknowledges the issue, it estimated that the annual cost of reverting to the pre-2012 bands would be well over €70 million for next year and that the annual cost of giving this extra money to people would increase by between...

Ceisteanna - Questions - Priority Questions: State Pensions (9 Nov 2017)

Paschal Donohoe: I am not in a position to do that here today. Of course, I am well aware of the very strong and understandable feelings which citizens have in respect of this matter. I have met a number of them on this issue and I can understand why they feel as strongly as they do. It is an area which the Minister, the Taoiseach and I are well aware of. We want to see if we can make progress on it, but...

Ceisteanna - Questions - Priority Questions: Public Spending Code (9 Nov 2017)

Paschal Donohoe: As set out in public spending code, robust and rigorous project appraisal is central to securing value for money from public capital investment.  Value for money, VFM, relates not just to the efficiency of investment but to its effectiveness.  The public spending code maintained by my Department therefore contains detailed technical guidance on the methodology for carrying out...

Ceisteanna - Questions - Priority Questions: Public Sector Pensions Legislation (9 Nov 2017)

Paschal Donohoe: This question refers to the position on pensions and the status of the public service pension reduction, PSPR, which was introduced on 1 January 2011 under the terms set out in the Financial Emergency Measures in the Public Interest Act 2011. The PSPR reduces the value of those public service pensions which have pre-PSPR values above specified thresholds. It does so in a...

Ceisteanna - Questions - Priority Questions: Public Sector Pensions Legislation (9 Nov 2017)

Paschal Donohoe: I will return to the Deputy by the end of the week with the figure for how many pensioners will be affected, but the vast majority will have their pensions restored. On the costs that will be incurred in the period, I have announced that, on a full year basis from 2018 onwards, the figure will be €90 million. That will be the figure until the end of 2018. I will provide the Deputy...

Ceisteanna - Questions - Priority Questions: Public Sector Pensions Legislation (9 Nov 2017)

Paschal Donohoe: I met the Alliance of Retired Public Servants on a number of occasions, including immediately after the conclusion of the negotiations which led to ratification of the public service stability agreement. I do not believe it would be appropriate for it to be given union or formal status. As I said, I have met it and my Department has done its utmost to meet its representatives to hear their...

Ceisteanna - Questions - Priority Questions: Capital Expenditure Programme Review (9 Nov 2017)

Paschal Donohoe: As previously outlined to the Deputy in the response to his parliamentary question on this matter at the end of September, the capital review was published on 14 September. I understand all Members of the Oireachtas received a hard copy on that date. To recap, the review of the capital plan highlighted some key themes which will closely inform and be incorporated into the analysis...

Ceisteanna - Questions - Priority Questions: Capital Expenditure Programme Review (9 Nov 2017)

Paschal Donohoe: With regard to transport infrastructure, it is my objective to place a higher value on investment in public transport in the coming period. That is because it is a key way by which we will respond to the climate change challenges we face. On the number of projects and the timing of their announcement, we will strike a balance. Given that Ministers are in the process of announcing...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: Loss relief is a standard feature of corporate tax regimes worldwide. Under the Irish corporate tax regime, losses incurred in the course of a business are allowed to be taken into account in calculating the appropriate amount of tax due by companies. Loss relief recognises the fact that business cycles run over a longer period than just a single year and that it would be inequitable to tax...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: At this point in time I am referring to the bank levy, for now. On the second question, I will ask my Department to prepare a paper laying out the consequences of such a course of action. However, I wish to make it clear that the policy outlook I will adhere to is the maintenance of the bank levy. I believe that is the best course of action open to me at present to allow me to realise...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: It is important to acknowledge that there is a difference between these two amendments, even though they are being grouped together. Deputy Doherty's perspective is interesting because he is saying that before I supply the information, he has already decided the policy outcome.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: That is not what Deputy Doherty said.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: Deputy Doherty said a moment ago that he has decided what the policy outcome is on the basis of his views and the information available to him, including his engagement with a single bank. I have other considerations to bear in mind as well apart from the view of a particular bank. Given Deputy Doherty's understandable focus – it is one I share – in trying to have evidence,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: I will make two points in response to Deputy Burton. We have debated this before. I have exchanged views on the matter with the other Deputies here this morning. The banks to which the Deputy is referring and that are the subject of this debate are banks in which the Irish taxpayer has an investment or equity of between €11 billion and €11.5 billion, as she well knows. One...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: Section 110 of the Taxes Consolidation Act 1997 sets out the Irish regime for the taxation of special purpose companies set up to securitise assets. The tax provisions are intended to create a tax neutral regime for securitisation and structured finance purposes. Loan originations involve a section 110 company fronting for a foreign bank and either lending directly to larger more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: The reason loan origination is being dealt with in a different way to property is that Ireland in both its domestic legislation and double tax treaties maintains the right to tax land in the State. Loans which derive their value from land in the State are an interest in land, so we also maintain the right to tax profits associated with these loans. We do not maintain the same taxing rights...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: I have answered the question. I am not answering a question that relates to an individual company. It would not be appropriate for me to do so. I am answering the question generally. In Irish legislation, as it stands, and our double taxation treaties, which we have with many countries, we maintain the right to tax land differently to how we tax loans and other forms of activity. That is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: The Deputy is basing his argument on a particular company. I am not doubting the bona fides of the figures he is putting forward but I am not in a position to comment on them. I have explained to the Deputy the general reasons for the approach we take. It is a long-standing approach which is enshrined in our tax legislation and our double taxation treaties and, at this point in time, I am...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Paschal Donohoe: We are indeed taking decisions on these matters and implementing them. I am well aware of the consequences of the growing public debate over the international and domestic taxation of massive companies. I am also well aware of the legitimacy challenges that this poses for individual taxpayers and of the consequences for our national reputation. As one might expect given the gravity of the...