Results 23,541-23,560 of 32,961 for speaker:Paschal Donohoe

Written Answers — Department of Finance: NAMA Loans Sale (5 Jul 2017)

Paschal Donohoe: I am advised by NAMA that the company structures set up by purchasers for purchasing or managing loans or assets are a matter for the bidder and/or purchaser acting on their own tax and legal advice. NAMA has no role in examining or approving the tax affairs of market counterparties. NAMA operates in accordance with the National Asset Management Agency Act 2009 and has a...

Written Answers — Department of Finance: Universal Social Charge Yield (5 Jul 2017)

Paschal Donohoe: Cumulative Exchequer income tax receipts at end-June 2017, were slightly below profile, by 0.5% or €110 million.  Specifically, in relation to Universal Social Charge receipts at end-June were approximately 4.8% or €83 million below expectations. As the Deputy may be aware, officials from my Department and the Revenue Commissioners have been reviewing the USC...

Written Answers — Department of Finance: Personal Contract Plans (5 Jul 2017)

Paschal Donohoe: 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. While hire-purchase providers are not required to be authorised by the Central Bank, they are subject to a number of legislative and...

Written Answers — Department of Finance: NAMA Operations (5 Jul 2017)

Paschal Donohoe: The Deputy will be aware that NAMA was one of a number of additional agencies designated as Freedom of Information bodies, when the Freedom of Information Act 2014 ("FOI" Act") was enacted on October 14, 2014. As set out in the FOI Act, NAMA became subject to the legislation on April 14, 2015. I am advised by NAMA that the Agency complies fully with its...

Written Answers — Department of Finance: NAMA Operations (5 Jul 2017)

Paschal Donohoe: I do not propose to change NAMA’s mandate andI am satisfied that NAMA continues to make a significant contribution to housing provision, where such provision is compatible with NAMA’s overriding commercial objectives in line with the NAMA Act.  It is important to recognise from the outset that NAMA does not own property, rather, NAMA owns loans secured by property...

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

Paschal Donohoe: The Programme for Partnership Government recognises the need to invest in public services and capital infrastructure to meet increasing demographic demands; to provide targeted expenditure increases for improvements focusing upon health, housing, education, disability, child care and development. It also recognises that capital investment in key physical and social infrastructure can support...

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

Paschal Donohoe: My Department, in conjunction with the National Treasury Management Agency (NTMA) are constantly looking to avail of any appropriate opportunity for savings on the cost of our EU-IMF Programme loans and the matter is kept under active review. The debt-to-GDP ratio has declined significantly in recent years although we must recognise the limitations of GDP in an Irish context. For a...

Written Answers — Department of Finance: Motor Insurance Costs (5 Jul 2017)

Paschal Donohoe: The former Minister for Finance, Michael Noonan T.D., established the Cost of Insurance Working Group in 2016, in consultation with the Central Bank and other Departments and Agencies. The initial focus of the Working Group was the issue of rising motor insurance and its Report on the Cost of Motor Insurance was published in January 2017.  The Report makes 33...

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

Paschal Donohoe: I understand that the Democratic Unionist Party Manifesto for the 2017 Westminster Election advocates a cut in the VAT rate for tourism services in Northern Ireland.  The policy paper annexed to the Confidence and Supply Agreement between the Conservative Party and the DUP provides for a detailed consultative report to be commissioned into the impact of VAT and Air Passenger Duty on...

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

Paschal Donohoe: I wish to inform the Deputy that across Government, relevant Departments, agencies and overseas missions have been strengthened to deal with Brexit. The Irish Government has a team of Ministers who know the business of Europe well, as well as a team of diplomats and officials with extensive experience of challenging international negotiations, for example, the Good Friday Agreement, the...

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

Paschal Donohoe: Revenue carries out continuous compliance checks on lenders to ensure the correct operation of the mortgage interest relief scheme. As part of the process, each main lender is required to submit a monthly electronic download to Revenue setting out the amount of qualifying interest paid by each borrower and the amount of mortgage interest relief allowed in respect of each qualifying loan...

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

Paschal Donohoe: I am aware of the report which was published by Oxfam on 27 March.  The report makes a number of comments about the level of tax paid by certain banks in respect of their operations in each country of operation, including Ireland.  I understand that the report relies on publicly available data published by banks under the capital requirements directive, CRD IV.  The...

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

Paschal Donohoe: Finance Act 2016 provided for the introduction of a tax regime for Irish Real Estate Funds or IREFs.  The section was introduced to address the use of certain collective investment vehicles to invest in Irish property by non-resident investors.  The IREF regime provides for taxation of investment undertakings, where 25% of the value of that undertaking is made up of Irish real...

Written Answers — Department of Finance: NAMA Transactions (5 Jul 2017)

Paschal Donohoe: The Deputy will be aware that Section 9 of the NAMA Act 2009 provides that NAMA is independent in the performance of its functions and that I, as Minister for Finance, have no role in relation to its commercial decisions.  I am advised by NAMA that it is satisfied that it obtained the best achievable financial return from this transaction.  The Deputy will also...

Written Answers — Department of Finance: Central Bank of Ireland Transactions (5 Jul 2017)

Paschal Donohoe: The Central Bank publishes information in this regard in its Annual Report. In 2013, the Bank acquired eight Floating Rate Notes amounting to €25 billion as part of the exchange of assets on the liquidation of IBRC. The Floating Rate Notes form part of the Bank’s Special Portfolio. The disposal policy for this portfolio remains unchanged, with the intention being to...

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

Paschal Donohoe: At the outset, I want to highlight that the Government is responsible for policy and, as such, it is the Government's objective (and not that of my Department) to balance the budget in structural terms in 2018. My Department, however, is responsible for the technical analysis, including the production of economic and fiscal forecasts.  On the basis of my Department’s latest...

Written Answers — Department of Finance: Betting Regulations (5 Jul 2017)

Paschal Donohoe: As the Deputy is aware, during the 2016 Finance Bill Committee Stage Debates in both the Dáil and the Seanad, a commitment was given that betting duty would be examined as part of the 2017 Tax Strategy Group process.  I can inform you that officials in my Department have been examining the area with a view to including the Review for inclusion in the...

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...