Results 23,241-23,260 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Fiscal Policy (11 Jul 2017)

Paschal Donohoe: As part of the 2016 Summer Economic Statement, the Government announced its intention to establish a contingency reserve/rainy day fund with effect from 2019. The crisis years clearly demonstrated that volatility in the economic cycle can be much more pronounced in Ireland due to the open nature of the Irish economy. As such, the rainy day fund would provide a prudent counter-cyclical...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: Following a commitment given in Budget 2015, a public consultation was conducted by my Department in 2015 on the issue of unused zoned and serviced land with a view to examining what taxation measures might be taken to penalise land owners who do not develop such land. The Urban Regeneration and Housing Act 2015 (No 33 of 2015) gives Local Authorities new powers to incentivise the...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: I am informed by Revenue that the estimated first and full year cost to the Exchequer of increasing the Earned Income Credit (EIC) to levels proposed by the Deputy and tapering the increase by 5% per €1,000 between €80,000 and €100,000, with no additional credit entitlement (above the current €950) when income exceeds €100,000, is outlined in the following...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: The 2018 and full year costs and yields for the tax measures announced in Budget 2017 are set out as follows. 1. REVENUE RAISING MEASURES Yield 2018 €m Yield Full Year €m EXCISE Tobacco Products Tax Excise duty on a pack of 20 cigarettes is increased by 50c, with a pro-rata increase on other tobacco products. It will raise the price of cigarettes in the most popular...

Written Answers — Department of Finance: Property Tax Assessments (11 Jul 2017)

Paschal Donohoe: The Department of Finance engaged Dr. Don Thornhill in 2015 to conduct a review to consider and make recommendations on the operation of the Local Property Tax, in particular any impacts on LPT liabilities due to recent property price developments. Dr. Thornhill made a number of recommendations in his report on his review of the Local Property Tax. His central recommendation was for a revised...

Written Answers — Department of Finance: Tax Reliefs Application (11 Jul 2017)

Paschal Donohoe: Revenue is statutorily independent in the exercise of its functions in implementing taxation legislation. Accordingly, my Department has no role in investigating compliance with tax legislation. However, Revenue also has a role in providing me and my Department with advice and data on the operation of the taxation system and I am informed by Revenue that, if any policy issues arise in...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: I take it the Deputy is referring to the National Economic Dialogue 2017 which took place in Dublin Castle last month. The Programme for Partnership Government contains a commitment that budget measures will involve at least a 2:1 split between public spending and tax reductions. This commitment is also contained in the confidence and supply agreement with Fianna Fáil. The most...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Paschal Donohoe: As the Deputy will be aware, on a foot of a review of share based remuneration conducted in 2016, it was announced in the last Budget that work had commenced on the development of a new, SME-focussed, share-based incentive scheme, to be introduced in Budget 2018. It was noted that such an incentive would require the approval of the European Commission and that officials would be engaging with...

Written Answers — Department of Finance: Living City Initiative (11 Jul 2017)

Paschal Donohoe: I am advised by Revenue that there is no data available to Revenue in respect of qualifying premises, or the likely additional uptake, to estimate the cost of extending the Living City Initiative scheme as outlined by the Deputy. It should be noted that the Special Regeneration Areas for the Living City Initiative were designated following consultation with the relevant city councils and...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. Under the VAT Directive, the letting of residential property is exempt from VAT and therefore developers of such property are not entitled to VAT deductibility on their development costs where they let the property. Their rental income from these lettings is exempt from VAT. A...

Written Answers — Department of Finance: Tax Credits (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 140 and 151 to 153, inclusive, together. I am advised by Revenue that there are no data available to estimate the cost of the various measures proposed by the Deputy. Under section 18 of the Taxes Consolidation Act (TCA) 1997, rental income earned by companies and individuals from a property situated in the State is taxable under Case V of Schedule D of the...

Written Answers — Department of Finance: Tax Reliefs Application (11 Jul 2017)

Paschal Donohoe: In order to determine the treatment of maintenance payments for taxation purposes it must first be established if the maintenance payments are legally enforceable or if the payments are on a voluntary basis. Voluntary maintenance paid on the basis of an informal arrangement between former partners would not be legally enforceable. Such payments are not chargeable as income for taxation...

Written Answers — Department of Finance: Help-To-Buy Scheme (11 Jul 2017)

Paschal Donohoe: As the Deputy may be aware, during the Committee Stage debate on Finance Bill 2016, my predecessor agreed to commission an independent impact assessment on the effects of the Help to Buy incentive for completion prior to Budget 2018. Following a competitive tender process, Indecon Economic Consultants were appointed in April to undertake this assessment. This purpose of the project, in...

Written Answers — Department of Finance: Social and Affordable Housing Provision (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 143 and 144 together. The Government must ensure that budgetary policy is in compliance with the fiscal rules – formally known as the Stability and Growth Pact (SGP) – which have direct application through a number of EU regulations as well as domestically via the Fiscal Responsibility Act 2012. These rules are designed to ensure budgetary...

Written Answers — Department of Finance: Stamp Duty (11 Jul 2017)

Paschal Donohoe: My predecessor’s reply to Deputy Murphy’s Parliamentary Question number 231 of 20 June 2017 (alternatively numbered 26932/17) set out the stamp duty treatment that applies to leases of residential property. The Deputy has now asked about the 1% stamp duty charge where a lease exceeds 35 years, or is for an indefinite term, and where the rent exceeds €30,000 per annum (or...

Written Answers — Department of Finance: Help-To-Buy Scheme (11 Jul 2017)

Paschal Donohoe: At the time of Budget 2017, it was estimated that the Help-to-Buy incentive cost €50 million in 2017 and €40 million in a full year. Therefore, it would be expected that approximately €40 million in fiscal space per annum will accrue when the scheme ends. My predecessor agreed to commission an independent impact assessment on the effects of the Help to Buy incentive...

Written Answers — Department of Finance: Tax Data (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 147 and 149 together. I am informed by Revenue that as a result of the low number of REITs established under Irish Law (part 25A of TCA 1997, as amended), they are unable to provide this information due to their obligation to preserve the confidentiality of taxpayer information. Additionally, information in respect of potential future capital gains...

Written Answers — Department of Finance: Tax Data (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 148 and 150 together. Section 23 of the 2016 Finance Act introduced the Irish Real Estate Fund legislation(IREF) to address concerns regarding the use of funds in Irish property based transactions. The IREF legislation was the subject of lengthy discussions at both Committee and Report stages of Finance Bill 2016, during which it was emphasised that the IREF...

Written Answers — Department of Finance: Living Wage Expenditure (11 Jul 2017)

Paschal Donohoe: I wish to inform the Deputy that the cost of implementing a living wage of €11.70 per hour for all employees directly employed by my Department would be €20,133.89 annually. With regard to the cost of implementing a living wage of €11.70 per hour for all employees in agencies funded by my department, the Disabled Drivers Medical Board of Appeal is the only body funded...

Written Answers — Department of Finance: Illicit Trade in Fuel and Tobacco Products (11 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 155 and 156 together. The serious threat that fuel fraud and the illicit tobacco trade pose to legitimate business, to consumers and the Exchequer is recognised and I am advised by the Revenue Commissioners that tackling this criminal activity has been one of their priorities over recent years. Revenue’s comprehensive strategy for combatting the...