Results 3,621-3,640 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: Recent Government policy has focused on strengthening the environmental rationale behind company car taxation. Until the changes I brought in as part of the Finance Act 2019, Ireland’s vehicle benefit-in-kind regime was unusual in that there was no overall CO2 rationale in the regime. This is despite a CO2 based vehicle BIK regime being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: National Asset Management Agency (13 Dec 2022)

Paschal Donohoe: The Special Liquidators have advised me that Goodbody provided sales advisory services to Irish Bank Resolution Corporation Limited (In Special Liquidation) (“IBRC”) in relation to IBRC’s holding of NAMA subordinated bonds in 2014. They were not engaged in 2015 as all of IBRC’s holdings of the bonds were sold in 2014. I am advised by the Special Liquidators that...

Written Answers — Department of Finance: National Asset Management Agency (13 Dec 2022)

Paschal Donohoe: The Special Liquidators have informed me, as Minister for Finance, that the identity of the purchasers of IBRC’s holding of the NAMA subordinated bonds in 2014 is commercially sensitive and confidential.

Written Answers — Department of Finance: National Asset Management Agency (13 Dec 2022)

Paschal Donohoe: The Special Liquidators have advised me, as Minister for Finance, that Goodbody advised the Special Liquidators of Irish Bank Resolution Corporation Limited (In Special Liquidation) of the bids received on the NAMA subordinated bonds following the sales process on 23 September 2014. The total realisation amount was communicated to the Department of Finance shortly thereafter.

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: The EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within the categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of VAT. The EU VAT Directive also allows for historic VAT treatment to be maintained under certain conditions on certain goods and...

Written Answers — Department of Finance: Insurance Coverage (13 Dec 2022)

Paschal Donohoe: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many community groups across the country around the cost and availability of insurance cover. Accordingly, Government has prioritised insurance reform through the Action Plan for Insurance Reform. As the Deputy may be aware, the third Action Plan Implementation Report was published last month, showing that 90...

Written Answers — Department of Finance: Tax Exemptions (13 Dec 2022)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate (currently 23% in Ireland), unless they fall within the categories of goods and services specified in Annex III of the VAT Directive, in...

Written Answers — Department of Finance: Tax Reliefs (13 Dec 2022)

Paschal Donohoe: I propose to take Questions Nos. 251 and 252 together. In relation to donations, I assume that the Deputy has in mind a “relevant donation” in the context of the Charitable Donations Scheme, provided for in section 848A and Schedule 26A Taxes Consolidation Act 1997 (TCA). I am advised by Revenue that a relevant donation is a donation with a minimum value of €250...

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: I am informed by Revenue that in cases such as these (that is, where neither spouse or civil partner is resident in the State, but one party is in receipt of employment income which is chargeable to tax in the State) the statutory position is that joint assessment is not available during the tax year. The individual is correctly assessed to tax under separate treatment. However, there may be...

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: As the Deputy will be aware, the 9% rate for the tourism and hospitality sectors was reintroduced in Budget 2021 from 1 November 2020 to 31 December 2021 at an estimated cost of €401m. This measure was initially extended in Budget 2022 to 31 August 2022 at a further estimated cost of €251m. It was then extended again for another six months until 28 February 2023 at an...

Written Answers — Department of Finance: Financial Services (13 Dec 2022)

Paschal Donohoe: The Office of the Financial Services and Pensions Ombudsman (FSPO) has advised me that it received 14,751 complaints in the three years up to the end of November 2022. 356 of those complaints were deemed ineligible for being outside the time limits set out in the Financial Services and Pensions Ombudsman Act 2017 (the Act). The table below provides a breakdown of complaints in each period. ...

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...