Results 23,461-23,480 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Economic Growth (5 Jul 2017)

Paschal Donohoe: My Department's most recent economic forecasts were published in the 2017 Stability Programme Update. Real GDP growth of 4.3 per cent was projected for this year while growth is forecast to average 3 per cent over the period 2018 – 2021. These forecasts have been endorsed by the Irish Fiscal Advisory Council. The information flow since the publication of the SPU broadly confirms my...

Written Answers — Department of Finance: Tax Yield (5 Jul 2017)

Paschal Donohoe: Following clarification with the Deputy’s office, I understand that the question concerns the cost of reducing the marginal rate of tax to under 50% for all taxpayers. Following the changes announced in Budget 2017, the top marginal tax rate for incomes up to €70,044 is 49%, comprised of 40% income tax, 5% USC and 4% PRSI. It should be remembered that as recently as December...

Written Answers — Department of Finance: Film Industry Tax Reliefs (5 Jul 2017)

Paschal Donohoe: I am advised by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry.   With effect from 2015, the scheme provides direct support to film producer companies in the form of a tax credit.  The provisional number of claimants of the tax...

Written Answers — Department of Finance: European Investment Bank (5 Jul 2017)

Paschal Donohoe: I am aware that, during the recent appearance of the Mr Andrew McDowell, Vice President of the EIB, before the Select Committee on Budgetary Oversight, the Deputy raised the issue of the European Council's request to the EIB that it examine ways of stepping-up its contribution in support of the EU's Security and Defence Agenda. As Mr McDowell indicated in his response, the issue is currently...

Written Answers — Department of Finance: Departmental Staff (5 Jul 2017)

Paschal Donohoe: Arising from the decision of the United Kingdom to leave the European Union, the Department of Finance has been working on promoting Ireland as the new location for the European Banking Authority (EBA). The objective of promoting Ireland as a location for the EBA is outlined in the current IFS 2020 strategy. Since the Government's public declaration of...

Written Answers — Department of Finance: Capital Expenditure Programme (5 Jul 2017)

Paschal Donohoe: The fiscal rules to which Ireland is subject to have direct application through a number of EU regulations.  Changes to these regulations would have to follow the normal EU approach starting with a proposal from the Commission before consideration by Member States and the European Parliament.  The issue of facilitating greater flexibility in the application of the fiscal...

Written Answers — Department of Finance: Tax Reliefs Costs (5 Jul 2017)

Paschal Donohoe: I am advised by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry. The information in respect of the tax cost and number of investors who claimed relief under section 481 for the years 2004 to 2014 is available on the Revenue Commissioners...

Written Answers — Department of Finance: National Debt Servicing (5 Jul 2017)

Paschal Donohoe: The State last week sold 25% of AIB's ordinary share capital at a price of €4.40 per share for consideration of almost €3 billion.  The State also granted an additional over-allotment option over a further 3.75% of AIB's ordinary share capital as part of this transaction. Hence, unless some of these shares are bought back in the market by our stabilisation agent in the...

Written Answers — Department of Finance: Sale of State Assets (5 Jul 2017)

Paschal Donohoe: As the Deputy is aware budgetary policy is a matter for each Member State subject to compliance with its obligations under the Stability and Growth Pact. As such, there is no discussion, negotiation, or agreement required in relation to individual budgetary items or policy. The proceeds from the sale of ordinary share capital held by the government in AIB does not result in a beneficial...

Written Answers — Department of Finance: State Banking Sector (5 Jul 2017)

Paschal Donohoe: The Deputy will recall that the Finance Bill 2016 included provisions to extend the Bank Levy to 2021. I would therefore expect it to raise approximately €150 million from the sector per year over this period. In relation to the receipt of dividends from banks in which the State is a shareholder, it is important to note that the payment of any dividend is exclusively a matter for...

Written Answers — Department of Finance: Budget 2018 (5 Jul 2017)

Paschal Donohoe: As the Deputy is aware this 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 promote budgetary discipline and underpin sustainable...

Written Answers — Department of Finance: Economic Competitiveness (5 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 84 and 87 together. Over the past few years consumer price inflation has been near zero in Ireland and in the euro area more generally. In 2016 annual inflation in Ireland – as measured by the Harmonised Index of Consumer Prices (HICP) was slightly negative at -0.2 per cent. Despite the boost earlier in the year – when inflation was...

Written Answers — Department of Finance: Economic Growth (5 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 85, 90 and 95 together. My Department's most recent economic forecasts were published in the 2017 Stability Programme Update. Real GDP growth of 4.3 per cent was projected for this year while growth is forecast to average 3 per cent over the period 2018 – 2021. These forecasts have been endorsed by the Irish Fiscal Advisory Council. However,...

Written Answers — Department of Finance: Economic Growth Rate (5 Jul 2017)

Paschal Donohoe: Ireland was the fastest growing economy in the EU in 2016.  Real GDP growth in Ireland was 5.2 per cent in 2016 compared with real GDP growth in the EU economy and euro area economy of 1.9 per cent and 1.8 per cent, respectively.  In 2016 Ireland was the second fastest growing economy among the OECD member countries, which includes both EU and non EU countries. Total economic...

Written Answers — Department of Finance: Brexit Issues (5 Jul 2017)

Paschal Donohoe: The Department of Finance has been assessing and preparing for the impact of a UK exit from the European Union since well before the referendum on 23 June 2016. Work was carried out in the Department to assess the potential economic and financial sector implications arising, including through the ESRI-Department of Finance research programme study published in November 2015 titled 'Scoping...

Written Answers — Department of Finance: Brexit Negotiations (5 Jul 2017)

Paschal Donohoe: The Government’s priorities for the EU-UK negotiations have been clearly stated. They are minimising the impact on Ireland's trade and economy, protecting the Northern Ireland Peace Process, maintaining the Common Travel Area, and influencing the future of the European Union. A critical part of the Government’s strategy and preparations for the negotiations has been to...

Written Answers — Department of Finance: Eurozone Issues (5 Jul 2017)

Paschal Donohoe: As Minister for Finance, I attend the Economic and Financial Affairs Council of the European Union (ECOFIN) which is responsible for EU policy in areas including economic policy.  I also attend meetings of the Eurogroup, where the ministers of the euro area member states discuss matters concerning their shared responsibilities related to the euro. Its main task is to ensure...

Written Answers — Department of Finance: Credit Availability (5 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 92 to 94, inclusive, together. As the Deputy is aware, supporting SMEs, including those in the agricultural and business community, in terms of access to finance has been a cornerstone policy for Government in our efforts to rebuild the economy and bring back jobs. Government policy is focused on ensuring that all viable SMEs have access to an appropriate...

Written Answers — Department of Finance: VAT Rate Application (5 Jul 2017)

Paschal Donohoe: I am advised by the Revenue Commissioners that VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. A basic principal of VAT is that the final consumer bears the cost of the VAT charge; registered traders recover VAT on their input costs and charge VAT on their supplies. Where a taxable person is engaged in making taxable supplies...

Written Answers — Department of Finance: Official Engagements (5 Jul 2017)

Paschal Donohoe: The Department of Finance and the Department of Public Expenditure and Reform hosted the National Economic Dialogue on 28 and 29 June 2017 in Dublin Castle. The Dialogue was an opportunity to consider how to make best use of the available resources in the interests of all citizens. The aim was to foster discussion on how best to sustain and strengthen the recovery in the interests of all...