Results 3,041-3,060 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Company Law (13 Dec 2022)

Paschal Donohoe: The ruling of the Court of Justice of the European Union is that a provision of the EU anti-money-laundering directive, under which information on the beneficial ownership of corporate and other legal entities, held in central registers, must be provided to the general public, is invalid. The court has found that the provision interferes with the rights recognised in Articles 7 and 8 of the...

Written Answers — Department of Finance: Interest Rates (8 Dec 2022)

Paschal Donohoe: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). The recent rise in inflationary pressures, driven largely by energy prices, is not only a feature of the Irish economy but is one that has become evident across most advanced economies, with euro area inflation reaching a record 10.7 per cent in October. It is in this...

Written Answers — Department of Finance: Banking Sector (8 Dec 2022)

Paschal Donohoe: The NTMA have informed me that the proceeds of borrowing, as well as revenues such as tax revenue are lodged to the Exchequer account. In general terms, no specific tranches of borrowing were undertaken solely for the purpose of re-capitalising the banking sector. Therefore, it is not possible to accurately quantify that part of the National Debt interest bill that relates to the borrowing...

Written Answers — Department of Finance: Banking Sector (8 Dec 2022)

Paschal Donohoe: The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS (IBRC) and €29.4bn in AIB, BOI and PTSB. To date, €21.1bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability guarantee fees (breakdown by year in tabular form...

Written Answers — Department of Finance: Tax Code (8 Dec 2022)

Paschal Donohoe: I understand that the Deputy’s query relates to the tax treatment of an individual who, along with their spouse or civil partner, is not resident in the State for tax purposes, but has income which is chargeable to tax in the State. I am informed by Revenue that in cases where neither spouse is resident in the State, but one spouse is in receipt of income which is chargeable to tax in...

Written Answers — Department of Finance: Departmental Funding (8 Dec 2022)

Paschal Donohoe: I wish to advise the Deputy that my Department did not provide any funding to Limerick in 2022. The roles and functions of the Department of Finance would generally not involve allocations of funding to any county for any reason.

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

Paschal Donohoe: I thank Senators for their contributions. As part of the plans of 2020, the help-to-buy scheme was amended so that the level of support available to first-time buyers was enhanced to the lesser of €30,000, 10% of the purchase price of a new home or the amount of income tax and DIRT paid in the four years before the application date. The duration of the scheme in this enhanced form...

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

Paschal Donohoe: I, of course, accept the point that Senator Warfield has made that over a number of years, the scheme has been of the cost he indicated. However, even with the changes that were made in 2020, the cost of the scheme is approximately €110 million per year. The capital programme for the Department of Housing, Local Government and Heritage alone is approximately €4 billion. It is...

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

Paschal Donohoe: We make all the information available every month and it is all available on the website of the Revenue Commissioners. That is how we are in a position to track the use of the scheme so closely. The only reason I do not propose a further report relates to the fact that I just published the most recent report on the scheme on budget day a couple of months ago. If the scheme had not been...

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

Paschal Donohoe: The Department will look at the implementation of the changes we have made over the coming period, although I do not have further plans to broaden the scheme. In the engagement we have had on this with representative bodies, the main ask of us was to increase the allowable frequency and value of the payment rather than the breadth of it, and that is what we have done. In the context of...

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

Paschal Donohoe: The short answer is "No". To qualify, the frame has to be a permanent part of the bike.. That will apply to bikes used by An Post that the Senator mentioned because the set-up is part of the bicycle. Where a bicycle has a trailer attached to it that is capable of being separated from it , that will not qualify for this enhanced relief.

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

Paschal Donohoe: I appreciate that. It is my hope that, over time, the change in pay and conditions will be such that a credit such as this one will be no longer needed, but it is of relatively low cost to the Exchequer overall and is of some help to those who perform this very valuable work on behalf of our State. That is why it is being extended in this form in the Bill. I thank the Senator for his comments.

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

Paschal Donohoe: I thank the Senators for tabling the recommendations on this very important topic. I sometimes think the best argument for making the case for what we have done is looking at what would have happened if we had not taken these measures. If we had not put in place these measures what would have happened is that as workers on average incomes within our country had received wage increases from...

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

Paschal Donohoe: With the permission of the Acting Chairperson, I want to draw the House's attention to an issue that came to light too late for a response to be made to it in the context of the Finance Bill 2022. It concerns the operation of the proposed rent tax credit, which is provided for in section 13 of the Bill, and the interaction of the credit with the existing statutory provisions relating to...

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

Paschal Donohoe: I appreciate the issues of equity that exists in the operation of the special assignee relief programme, SARP, because it is understandable in the Oireachtas that taxpayers should question why somebody, who is on a very high level of income within our State, should receive additional tax support which, in effect, means they pay less tax. There are two reasons for this. The first is that if...

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...