Results 3,581-3,600 of 32,547 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I will deal first with the refurbishment issue Deputy Boyd Barrett has referred to. It is an issue I gave considerable thought to in designing the Bill. For that reason, a clear definition of "substantial repairs" is contained within the new vacant property tax. As the Deputy said, if substantial repairs or a substantial refurbishment is carried out in a chargeable period, an exemption...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: In theory, what the Deputy is saying is correct. The gain somebody might get from the increased value of the home, from a capital point of view, might be bigger than the vacant property tax they will pay. For a levy or tax like this to be equivalent to the capital gain a property may experience, there would have to be a huge increase in the vacant homes tax rate. The Deputy may indeed want...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I emphasise to the committee that I will keep this under review. I believe this tax will make a difference. Its operation will be continually reviewed by me and the Revenue Commissioners.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: It is 1 January 2024.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I thank the Deputies for their questions. I am struck by a contradiction I feel is there. On the one hand, both Sinn Féin and People Before Profit are against the local property tax, LPT, because they believe the level of the LPT is unaffordable for many people. Yet, when I bring forward a measure that triples a tax they feel is currently unaffordable, then it is not high enough. If...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: As the Deputy clarified in his question, there is a minimum amount. This minimum amount is €270, which is three times €90. I believe this is an effective minimum level for the tax.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: We have not yet set the reduction of vacancy over a multi-year period. The Department and I will turn our minds to this as we evaluate the performance of the tax. I will look at the reduction of vacancy we have seen with the implementation of the vacant property tax in other jurisdictions. I will see what reduction has happened there. We can compare that with the reduction in vacancy I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I have just outlined to the Deputy two different methodologies by which it can be measured.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I have just outlined what they are and how it can be done. Have we set a target for it yet? No, we have not, but we will be able to do that work shortly after the Finance Bill. We will then review progress on those targets as part of the normal evaluation we do on tax policy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I would expect and want the level of vacancy to decrease by more than 10%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: Given that I have just said that I would want the level of vacancy to decrease by more than 10%, if it has not the scheme should be reviewed at that point. Have I set targets for what the reductions should be over a multi-year period? No, not yet.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I have some time left to complete the Finance Bill. Given that its implementation will take place across next year, I will do so if I am still the Minister for Finance and if I am not, I hope the next person will.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: Earlier, the Deputy made the point that his amendments are focused on tax. When I bring forward measures in a Finance Bill and the budget, they focus on revenue and how much revenue we expect them to raise. We have brought forward a revenue target for the vacant property tax, albeit one set a low level. Revenue yield is the standard measurement for whether a tax has delivered against a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: I completely disagree with the Deputy. When bringing forward a tax, the appropriate measure for the early phase of a tax is how much money it will raise and that is contained in the budget day documentation. Shortly after the Finance Bill is implemented, we will be able to work out, with the Department of Housing, Local Government and Heritage, what is the appropriate measure for a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: If I have the opportunity to do it, I will certainly do so. The tax only became chargeable from 1 November and only a number of weeks have elapsed since the budget was done. The opportunity is there. We will certainly do it but I imagine it will require some consultation and work with the Minister for Housing, Local Government and Heritage. I and my Department will do that. I reiterate...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: For those people who have been affected by the huge difficulties we have with the supply of housing, and with its affordability for the rent that they are paying, I would point to all the other measures in the budget that will make a difference. I would point to the fact that during my time as Minister for Finance, our investment in housing has multiplied and is up to €4 billion for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Paschal Donohoe: We expect that this measure will raise up to €3 million to €4 million in year one. I will get the information during this meeting on how many properties will pay it.