Results 23,821-23,840 of 34,379 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: The Finance Bill 2017 provides that the age limit applying to consanguinity relief for qualifying land transfers will be removed, allowing for greater freedom when transferring a family farm. Subject to enactment, this means that it will be possible for all gifts and sales of farmlands to closely related family members to benefit from consanguinity relief at a stamp duty rate of 1%. I can...

Written Answers — Department of Finance: Irish Collective Asset Management Vehicles (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that the profits of these regulated fund vehicles are taxed on a gross roll-up basis. That is, taxation is not levied at the fund level but at the investor level. Such funds may be subject to: 1. the Irish Real Estate Fund regime, which applies to distributions to non-residents made by funds who invest in Irish property, or 2. the exit-tax regime, which applies to...

Written Answers — Department of Finance: Budget 2018 (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 84 and 85 together. I take it that the Deputy is referring to an article by the Economic and Social Research Institute (ESRI) assessing the distributional impact of Budget 2018 which was published in the Irish Times on Thursday, 12th October 2017. This analysis of the Budget is undertaken and published every year by the ESRI. The article this year was...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: The Revenue Ready Reckoner (,on page 18) shows the effect of a 0.5% increase in the Stamp Duty rate on non-residential property (€47m). This is multiplied up to €94m for a 1% increase, or €376m for a 4% increase. I am informed by Revenue that the estimated yield from the increase in Stamp Duty on non-residential property as announced in Budget 2018 measure is based on...

Written Answers — Department of Finance: Budget 2018 (24 Oct 2017)

Paschal Donohoe: As the Deputy will be aware, the Tax Strategy Group (TSG) is in place since the early 1990s and is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually by Department of Finance officials. The TSG is not a decision...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that the Stamp Duties Consolidation Act 1999 does not contain a definition of commercial property as such. Instead, the Act defines “residential property” and property either comes within this definition or is treated by default as ‘non-residential’ property. A residential property is essentially a dwelling house (including an apartment), or...

Written Answers — Department of Finance: Insurance Industry Regulation (24 Oct 2017)

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, however I cannot interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework...

Written Answers — Department of Finance: Fiscal Data (24 Oct 2017)

Paschal Donohoe: The current estimates of net fiscal space for the years 2019 to 2021 are set out below. It is important to stress that the figures, as always, are work-in-progress estimates and will evolve over time. - 2019 2020 2021 Net fiscal space (€ billions) 3.2 3.5 3.6 I want to highlight, however, that the economy is now on a path towards full-employment. In these circumstances, I will not...

Written Answers — Department of Finance: Corporation Tax Regime (24 Oct 2017)

Paschal Donohoe: Efforts are continuing to seek Ireland’s removal from the Brazilian black list. A technical delegation from the Department of Finance and Revenue met with Brazilian officials in March 2017 to seek a resolution to this issue. Since March there has been continuing contact with the Brazilian authorities at official and diplomatic level. We continue to raise the issue with Brazil to...

Written Answers — Department of Finance: Tax Credits (24 Oct 2017)

Paschal Donohoe: The Home Carer's Allowance (as it was then) was introduced in Finance Act 2000, in the context of a move to the partial individualisation of the income tax system. Such a system limits the transferability of tax bands and credits from a non-earning spouse to the earning spouse, with the stated economic objectives of increasing labour force participation among secondary earners and reducing...

Written Answers — Department of Finance: Tracker Mortgage Examination (24 Oct 2017)

Paschal Donohoe: As the Deputy is aware, the Central Bank is conducting an industry wide examination of tracker mortgage related issues and arising from this it has and is pursuing enforcement investigations into a number of mortgage lenders. It is also important to note that the Central Bank, in its role as independent financial regulator, has statutory reporting obligations...

Written Answers — Department of Finance: General Government Debt (24 Oct 2017)

Paschal Donohoe: Forecasts for the general government gross debt to GDP ratio for the period 2018 to 2021 are set out in the Budget 2018 Economic and Fiscal Outlook book and re-produced as follows. - 2018 2019 2020 2021 Gross debt (€billions) 208.2 211.5 208.2 209.0 Gross debt ratio per cent of GDP 69.0 67.1 63.5 61.2 Projections beyond 2021 have not been compiled or published.  However,...

Written Answers — Department of Finance: Fiscal Data (24 Oct 2017)

Paschal Donohoe: The details that the Deputy has requested are set out in the following table. €billion 2019 2020 2021 Net fiscal space 3.2 3.5 3.6 Budget 2018 Carry over costs: Expenditure measures .2 Public Service Stability Agreement .37 .34 .23 Tax measures .01 -.04 -.04 Net fiscal space less carryover 2.6 3.2 3.4 Page 37 of the Expenditure Report 2018outlines the carryover impact of...

Written Answers — Department of Finance: EU Budget Contribution (24 Oct 2017)

Paschal Donohoe: EU Budget payments and public sector receipt data are published annually by the Department of Finance in the Budget Statistics publication. For ease of reference, Ireland's contributions to the EU budget for the years 2011 to 2016 are set out in the following table: YEAR Payments to the EU budget €m 2011 1349.7 2012 1393.2 2013 1726.2 2014 1685.5 2015 1952.1 2016 2022.8 In...

Written Answers — Department of Finance: Revenue Commissioners Resources (24 Oct 2017)

Paschal Donohoe: In Budget 2018 I provided an additional €4 million to Revenue for an extra 100 staff (full time equivalent). These staff will be deployed mainly on audit and investigation activities, particularly PAYE Employer Compliance in advance of PAYE modernisation. It also provides for recruitment of additional international tax and transfer pricing specialists and resources to enhance ICT...

Written Answers — Department of Finance: Stamp Duty (24 Oct 2017)

Paschal Donohoe: I am advised by Revenue that the transfer of a family home to a son or daughter constitutes a conveyance on sale for the purposes of the Stamp Duties Consolidation Act (SDCA) 1999. Stamp duty is payable by the transferee, in this case the son or daughter whether or not it was transferred by way of sale or gift. Where a property is sold or otherwise transferred for less than market value,...

Written Answers — Department of Finance: Tax Agreements (24 Oct 2017)

Paschal Donohoe: Ireland has never accepted the Commission’s analysis in the Apple State Aid Decision. An appeal has therefore been brought before the European Courts. Such an appeal takes the form of an application to the General Court of the European Union, asking it to annul the Decision of the Commission. The Attorney General prepared the legal grounds in support of the annulment proceedings...

Written Answers — Department of Finance: Motor Insurance (24 Oct 2017)

Paschal Donohoe: As you will be aware, the Cost of Insurance Working Group – which is now chaired by Minister of State Mr. Michael D'Arcy T.D. – published its Report on the Cost of Motor Insurance on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, set out in an action plan within the Report. Work is ongoing on...

Written Answers — Department of Finance: Inflation Rate (24 Oct 2017)

Paschal Donohoe: 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. While inflation has picked up in the rest of the euro area, inflationary pressures have remained muted in Ireland in 2017....

Written Answers — Department of Finance: Banking Sector (24 Oct 2017)

Paschal Donohoe: Government policy remains focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. In this regard the Government has developed a number of initiatives to ensure that the supply of credit in the market is sufficient to meet the existing and future needs of SMEs, including those in the retail and commercial...