Results 22,001-22,020 of 34,135 for speaker:Paschal Donohoe

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: That risk would be there if we took such action. In response to Deputy Broughan, I am aware of the work of the parliamentary body on the future of LPT. I am also aware of the debate in the Committee on Budgetary Oversight afterwards where it proved very difficult to find consensus on what the new tax model should be. Some members of the committee said we should move to floor-area basis...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State. The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40% of national income to national debt. As a result of this, as well as the mismanagement of the public finances, total Government debt now stands...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: We are in constant engagement with the European Commission on how we define a structural reform. To date it has been my view that such gains should be used to reduce our debt. However, if we look at where we are in the economic cycle, our national debt is now far higher than it was before we entered into the last crisis, which means that were we to find ourselves facing similar difficulties...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: There is ample imagination in the Department of Finance when it comes to dealing with these kinds of matters. That is why this morning the Cabinet agreed to move forward with the concept of House Building Finance Ireland, which will have personnel from NAMA but will not be of NAMA because we have to avoid any potential conflicts of interest. We will fund that through money that is currently...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: Of course, I am aware of the status of the local property tax, LPT, the proposed changes and the debate that is ensuing regarding it. This is why I recently announced a review of the LPT which will look in particular at the impact on LPT liabilities of property price developments. It will include an examination of the outstanding recommendations of the 2015 Thornhill review of the LPT. It...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: The Deputy opened up by quoting Karl Marx. I think it was Marx who said that history repeats itself first as tragedy and then as farce. It is a relevant point in the debate we are having here regarding tax policy. In the last Dáil, many of the inquiries that were put in place to look at how we ended up in a place of multiple economic crises - all at the same time - pointed to the fact...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: Deputy Boyd Barrett proposes that we introduce some form of landlord's tax. Let us play that out. Let us play out what would happen if we were to increase taxation on landlords to find the additional revenue to offset the elimination of the local property tax, as Deputy Boyd Barrett proposes. In order to do that we would need to find an additional €500 million of tax revenue from the...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: Most loan agreements include a clause that allows the original lender to sell the loan on to another firm. Under the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, if a firm who bought loans from an original lender is unregulated, then the loans must be serviced by a credit servicing firm which is authorised and regulated by the Central Bank. The legislation ensures...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: I am not in a position to give Deputy Burton an answer to her question on the MARP but I will look into the matter. It is overseen by both my Department and the Department of Justice and Equality and I will write to the Deputy with an answer in the coming days. Deputies Durkan and McGrath asked about the roles of the different entities. If companies are active in Ireland, they should...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: As I said in my reply to the Deputy, a code of conduct is in place and there is a very clear set of laws which I expect to be complied with. I believe the code of practice has made a contribution to dealing with the great pressure people have been under in recent years. I have asked my Department to give me an assessment as to whether the code will continue to have the effect I want it to...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: It is very much my intention and objective that the work of the OECD and the European Union should be aligned. This was reflected in the conclusions of the European Council and the recent conclusions on the matter of the Eurogroup and ECOFIN. On whether there will be unilateral action by other member states, that is an issue on which I cannot give the Deputy a commitment. As he will be...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: On the Deputy's question about the common consolidated corporate tax base policy, I will continue to oppose such a policy move and will oppose any change in the decision-making process in that policy area. My objective overall is, as I said, to ensure the work of the European Union and the OECD is aligned. I say this because I believe the best way to avoid trading difficulties or tax...

Other Questions: Tax Agreements (30 Jan 2018)

Paschal Donohoe: Ireland is a strong supporter of international tax reform. In recent years the OECD has played the leading role in developing new, globally accepted international tax standards. To ensure all countries participate on an equal footing, the BEPS inclusive framework was established to lead global tax reform efforts. The framework has over 110 members from all over the world, including...

Other Questions: Tax Agreements (30 Jan 2018)

Paschal Donohoe: I do not accept the analysis put forward by some organisations which described Ireland as a tax haven. Ireland does not meet any of the criteria as laid down by the OECD to be described as a haven. I have said I will meet Christian Aid to have a discussion with it because while I disagree with it, I am in favour of debate and dialogue. I intend to meet it in the coming week. On the...

Other Questions: Tax Agreements (30 Jan 2018)

Paschal Donohoe: As I said, I disagree with the assessment the organisations have offered, but I still think it is a good idea to meet to have a discussion and I intend to do so some time in February. I have outlined the reasons I think the chances of the United Nations expanding its power in this area are low. I certainly do not think we should put our efforts into setting up a new multilateral body on a...

Priority Questions: Pension Provisions (30 Jan 2018)

Paschal Donohoe: I agree with much of the Deputy's analysis. The levels of private pension coverage are not what we want them to be because many citizens face the prospect of only having the State non-contributory pension on which to depend in the future. The other major difference between them and previous generations is that an increasing number of individuals will be renting. Therefore, unlike their...

Priority Questions: Pension Provisions (30 Jan 2018)

Paschal Donohoe: The Deputy makes two fair points. First, if we are to set up a structure to incentivise citizens to leave more aside for the future, we must avoid a situation where the funds they will leave aside will be eroded by the fees and charges levied by those who will manage the funds. I am aware of that matter. If we are to ask people to set aside what could be a noticeable amount of their...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: A number of EU member states are seeking new approaches to taxing large digital businesses that operate across borders. Concerns focus on the ability of a company to have many users or customers in a country without being liable to corporation tax in that country. Leaders at the European Council recognised the importance of a global approach to the issue of digital taxation. Finance...

Priority Questions: Banking Sector (30 Jan 2018)

Paschal Donohoe: Permanent TSB is playing an important role in providing much needed finance to our housing market. While the management and board of the bank have further work to do in addressing legacy issues, the bank is making good progress and has a strong franchise that can prosper in a growing economy. The good progress made is demonstrated by the bank’s trading performance in 2017...

Priority Questions: Banking Sector (30 Jan 2018)

Paschal Donohoe: As I said a moment ago it is not my objective to be the long-term owner of Permanent TSB on behalf of the Irish taxpayer. In the first instance, it is a matter for the board to adjudicate on whether any potential purchaser is in the best long-term interests of the company. The objective I want to pursue from a banking policy point of view is the strengthening of competition within the...