Results 2,961-2,980 of 32,432 for speaker:Paschal Donohoe

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: This recommendation seeks a report on the introduction of a so-called wealth tax, to be provided within six months of the passing of this Bill into law. As the Senator should be and is well aware, wealth can be taxed in many ways, and some of these taxes are already levied here in Ireland. These include capital gains tax and capital acquisitions tax, which are in effect taxes on wealth in...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I thank the Senator for making those important points to which I have a number of responses. First, the system we have in place at the moment supports workers to make a private pension contribution. The tax relief that is available for them to do that offers support to 775,000 people in our State, which is 30% of those at work. Any changes to the marginal rate of tax support that is...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: Yes, in cash terms they do but the reality is that the majority of the 775,000 people to whom we are referring are low to middle-income workers. What we need to do is encourage greater pension coverage, not less, which is why the auto-enrolment scheme is so important. In terms of the support that is being made available for those who are on higher incomes, the average share of income set...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: The FED provides relief from income tax on up to €35,000 for employees who are tax resident in Ireland but travel out of the State temporarily to carry out duties of their office or employment in certain qualifying countries. In this way, FED acts as an incentive to Irish businesses seeking to develop and expand into emerging markets in any of the 30 qualifying countries. To qualify...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I strongly believe that, given the rising rents many are facing, further support from the State in a rental tax credit is merited and needed. The scheme we are bringing in will make a difference of €500 per taxpayer and there is an overall cost to the scheme of €200 million, which is a very significant new scheme to be brought in. It is being brought in because I accept it is...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: As the Senators will be aware, mortgage interest relief, MIR, for principal private residences was phased out on a gradual basis over the period from 2009 to 2020. The decision to abolish it was taken in the wake of the financial crisis with the cost of the relief being one of the influencing factors. For example, at its peak, in 2008, the scheme costed in excess of €700 million per...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I broadly agree with the points many Senators made. This is a well designed and targeted scheme. It is focused on a particular form of property and a particular form of investment in that property in very targeted parts of our cities. While I welcome the fact that many Senators said they feel it is working well, I believe it can work better. We have tried to recognise two particular...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: We do not propose a change in the map at this point. Among the issues that were raised with me, the map was not a prominent one. Maybe it could be an issue for Senator Cummins in Waterford city, but in the engagement my Department had on the scheme, the map was not a prominent issue. The issue was the length of the extension and the time over which the relief could be made available....

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: This section deals with the relief for capital expenditure on slurry storage, which is somewhat different from the issue Senator Burke raised. However, I am aware of the issue so I am happy to say a word about it. It has been raised a little more with me recently than it has been for some time, and the reason for that is very clear, that is, that solar panels and investment in them is now a...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I am happy to agree to the principle of what Senators are proposing but I cannot agree to this particular recommendation, which relates to a timely matter. I fully agree with their analysis of the issues. In my constituency of Dublin Central, I represent many people who live in rental accommodation that is old and has not seen the investment that is needed not only to make it fit for the...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: Institutional investment has had a role to play in the supply of both commercial and residential property. In particular, it has played a role in the increased provision of apartments in recent years. Rebuilding Ireland identified the encouragement of the build-to-rent sector as a key priority in improving the supply of accommodation in urban areas and encouraging professionalisation of our...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: This matter has been the subject of much debate in the Dáil and Seanad in recent years. I am confident we are not seeing oligopolistic tendencies under way in the property market but I want to ensure the tax structure that has been in place for some time is given a thorough review. That will be done next year and it will be done in the same transparent and predictable manner in which...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I thank the Senators for raising this matter. The reason I am not proposing to have a further report carried out on this matter is that, in the aftermath of much debate about section 481 over recent years, we have just published a very lengthy report on it in September. It proposed and concluded that this is a section that is performing very well and is playing a very valuable role in the...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: Before the scheme comes to a full end, and by scheme I mean the regional tax credit as opposed to section 481, I will announce that this matter will be given consideration again. I am certain that will happen. I also appreciate what Senator Buttimer said about the digital gaming credit. It is a part of our economy which has great potential in the time ahead. While I do not have the time...

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I propose to respond to recommendations No. 17 to 21, inclusive, together. Recommendation No. 17 refers to reducing the rate of motor oil tax currently in place on diesel and petrol to the minimum rate allowable under the energy tax directive on 1 March. The recommendation also proposes to reduce the rate of motor oil tax on non-propellant use of kerosene to 0% until 1 March 2023....

Written Answers — Department of Finance: Tax Avoidance (7 Dec 2022)

Paschal Donohoe: As the Deputy is aware, I am unable to comment on the tax affairs of individual taxpayers, including companies. The obligation to protect taxpayer confidentiality is provided for by section 851A of the Taxes Consolidation Act, 1997. However, I can assure the Deputy that Ireland has a transparent tax code, with the liability to Irish corporation tax being primarily determined by a...

Written Answers — Department of Finance: Financial Services (7 Dec 2022)

Paschal Donohoe: The Central Bank’s consumer protection mandate is prescribed in the Central Bank Act 1942 and includes the ‘proper and effective regulation of financial institutions and markets, while ensuring that consumers of financial services are protected’.  Under the 1942 Act, the Central Bank’s functions include ‘monitoring the provision of financial services to...

Written Answers — Department of Finance: Insurance Coverage (7 Dec 2022)

Paschal Donohoe: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. It should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for those providers and is based on an assessment of the risks they are willing to accept. Therefore,...

Written Answers — Department of Finance: Banking Sector (7 Dec 2022)

Paschal Donohoe: For the purpose of the Retail Banking Review Report ‘market failure’ was defined as those instances where competition, if left to its own devices, is unlikely to produce efficient outcomes in terms of prices, output, use of resources. Markets fail when the market (based on private actors) does not provide a product or service even though the economic benefits outweigh the...

Written Answers — Department of Finance: Banking Sector (7 Dec 2022)

Paschal Donohoe: The retail banking sector has the responsibility to ensure that there continues to be a fit for purpose retail banking sector for the years to come. The sector needs to ensure that interests of consumers and of businesses are its key priority and do the right things to deliver the best outcomes. It is clear that intervention is needed to better manage the impact of the change that is...