Results 261-280 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (3 Apr 2025)

Paschal Donohoe: The Government acknowledges credit unions as community centric financial institutions integral to their local communities, small businesses and farmers. This Government has a dedicated Minister for Financial Services, Credit Unions and Insurance, Minister Robert Troy T.D. The Government has a multi strand approach to help support the development of the credit union sector. The Retail...

Written Answers — Department of Finance: Tax Yield (3 Apr 2025)

Paschal Donohoe: I propose to take Questions Nos. 67 and 69 together. My Department and the ESRI recently published an analytical paper which included the modelling of potential tariff scenarios and the impacts on the Irish economy. The analysis focuses on the impact of tariffs and does not estimate the impact of certain broader protectionist measures, including potential changes to the US tax code. While...

Written Answers — Department of Finance: Banking Sector (3 Apr 2025)

Paschal Donohoe: As the Deputy is aware, €29.4bn was invested in AIB, BOI and PTSB over the period 2009 to 2011. To date, c. €27.4bn has been recovered in cash by way of disposals, investment income and liability guarantee fees. The remaining investments in the banks are currently valued at c. €2.2bn (as at close of business on 28 March 2025) meaning the State is c. €200m above...

Written Answers — Department of Finance: Departmental Consultations (3 Apr 2025)

Paschal Donohoe: Given its economic and fiscal implications, my Department prepares regular monthly updates on the housing market in order to keep me fully informed regarding the latest developments in this crucial sector. In the interests of transparency, these updates are posted on my Departments website. The update for March will be posted on the website this week. The most notable features in the...

Written Answers — Department of Finance: Climate Change Policy (3 Apr 2025)

Paschal Donohoe: As the Deputy may know, taxation policy with regard to greenhouse gas emissions is largely based on the polluter-pays principle, whereby high emission energy products, fuels or vehicles are subject to the highest levels of taxation. National taxation measures are reviewed and examined as part of the annual budgetary cycle and the policy options considered are published in the Tax Strategy...

Written Answers — Department of Finance: Tax Reliefs (3 Apr 2025)

Paschal Donohoe: I am advised by the Department of Housing, Local Government and Heritage that Local authorities are under a statutory obligation to levy rates on any property used for commercial purposes in accordance with the details entered in the valuation lists prepared by Tailte Éireann under the Valuation Acts 2001 to 2020. Rates income is a very important contribution to the cost of...

Written Answers — Department of Finance: Insurance Industry (3 Apr 2025)

Paschal Donohoe: At the outset, it is important to clarify that neither I nor the Central Bank of Ireland can interfere with the provision or pricing of insurance products, as these are commercial decisions made by individual companies, governed by the EU Single Market framework for insurance (the Solvency II Directive). However I want to assure the Deputy that the Government is committed in the new Programme...

Written Answers — Department of Finance: Credit Unions (3 Apr 2025)

Paschal Donohoe: It is important to note that there are no limits on personal lending which continues to comprise the vast majority of credit union lending (approximately 86% as at end December 2024). In January 2020, revised Central Bank Lending Regulations were put into effect on credit union house and business lending only. The Central Bank has recently completed a review and analysis of credit union...

Written Answers — Department of Finance: Fiscal Policy (3 Apr 2025)

Paschal Donohoe: I propose to take Questions Nos. 77 and 85 together. My Department and the ESRI recently published an analytical paper which included the modelling of potential tariff scenarios and the impacts on the Irish economy. The analysis shows that Modified Domestic Demand – the most meaningful metric for the Irish economy – would be between 1-2 per cent below its no-tariff baseline...

Written Answers — Department of Finance: Tax Collection (3 Apr 2025)

Paschal Donohoe: The tax treatment associated with cross-border working has been subject to ongoing discussions in recent years, particularly given the increase in remote working as a result of the Covid-19 pandemic. However, cross-border working gives rise to complex issues involving shared taxing rights between different jurisdictions. It should be noted that workers who reside in Northern Ireland and...

Written Answers — Department of Finance: Insurance Industry (3 Apr 2025)

Paschal Donohoe: The Government remains actively engaged with the insurance industry to address the cost of public liability insurance. While I, as Minister for Finance, cannot intervene directly in insurance pricing under the EU’s Solvency II Directive, significant reforms are being implemented to foster competition and reduce costs. Over the past two months, the Minister of State with special...

Written Answers — Department of Finance: Tax Code (3 Apr 2025)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. In Budget 2025, the Group A threshold...

Written Answers — Department of Finance: Fiscal Policy (3 Apr 2025)

Paschal Donohoe: The climate change risk matrix recently published on the Department of Finance website provides a framework or high level overview of how climate change physical and transitional risks are interlinked to the economy and financial system through a range of transmission channels. This framework is part of work that my Department is conducting to model and refine our understanding of...

Written Answers — Department of Finance: Insurance Industry (3 Apr 2025)

Paschal Donohoe: At the outset, I wish to reassure the Deputy that I recognise the challenges faced by businesses in securing affordable insurance cover. Under the EU’s Solvency II Directive, neither the Minister for Finance nor the Central Bank of Ireland can intervene directly in insurance pricing or the provision of cover. As the Deputy is also aware, direct business supports fall under the remit of...

Written Answers — Department of Finance: Financial Services (3 Apr 2025)

Paschal Donohoe: I would like to assure the Deputy that the Government remains fully committed to implementing this important piece of insurance legislation. The Government’s approach will be guided by the need for a balanced and evidence-based framework that delivers meaningful protections for consumers while ensuring the stability of the insurance market. The Insurance Ireland Code of Practice for...

Written Answers — Department of Finance: Tax Code (3 Apr 2025)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. While the thresholds were reduced...

Written Answers — Department of Finance: Insurance Industry (3 Apr 2025)

Paschal Donohoe: The Government is committed to fostering a competitive, transparent, and consumer-friendly insurance landscape through ongoing reform efforts. The Programme for Government- Securing Ireland’s Future commits to a range of actions to encourage further competition in the market and to work with key stakeholders to enhance transparency and affordability across all types of insurance. A key...

Written Answers — Department of Finance: Tax Reliefs (3 Apr 2025)

Paschal Donohoe: As the Deputy may be aware, the tax code provides for income tax relief for oxygen tanks and oxygen subject to certain conditions being met, which have been set out below. Section 469 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health...

Written Answers — Department of Finance: Legislative Measures (3 Apr 2025)

Paschal Donohoe: Upon the introduction of the Local Property Tax (LPT), the Government decided that a liability to the tax should apply to all owners of residential properties with a limited number of exemptions and no deductions. Limiting the exemptions and deductions available allows the rate to be kept low for liable persons who do not qualify for an exemption. The proceeds of the LPT are largely used...

Written Answers — Department of Finance: Housing Schemes (3 Apr 2025)

Paschal Donohoe: The Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. The level of support available to first time buyers under the HTB...