Results 3,661-3,680 of 32,432 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I thank the Deputy for his question. While my officials are preparing the information for me, I might, with the consent of the committee, indicate a Report Stage amendment. I refer back to a discussion we had on Thursday afternoon last on section 3 of the Bill, relating to the tax treatment of the incorrect birth registration payment. I wish to correct the record. I indicated to Deputy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: We are not aware of that as an issue. There is nothing to stop people bringing forward vouchers of a low value. It has not been flagged to our Department that there are any security or cybersecurity issues around that. If the Deputy wants to give me a copy of the email or send it on to me, we will certainly have a look at it and furnish her with a response. We are not aware of any issue...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I take the Deputy's point. He is accurate in describing what would happen if someone were to lose their job and the payment that would need to be made back to the employer. It does happen and can happen. It has not been raised with me as being a regular matter but I accept the point the Deputy is making. On section 8, this is something that should be looked at in the future. In terms of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I thank the Deputy for tabling these amendments. On amendment No. 6, the cycle to work scheme provides, as the committee will know, that employees can avail of the scheme once in a four-year period. The reduction from five years was provided for in the Financial Provisions (Covid-19) (No. 2) Act 2020. The scheme covers the cost of bicycle locks and other safety equipment to deter bicycle...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I am advised by Revenue that the number of those who will benefit from the increase is 1.07 million taxpayer units, which is 33% of our taxpayer base. That represents all taxpayers who are liable to income tax at the higher rate. On the €30,000 figure, Deputy Doherty will be aware that the average effective tax rate on someone paying €30,000 is 14.2%. While no doubt they...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: The Deputy is right in his first question. Someone on €35,000 will benefit from the electricity credit that has been brought in and the rent credit that we will come to in a moment but at that level of income they are also outside the means-tested benefits that have been changed by the Minister for Social Protection. I accept the Deputy's point but I would still make the case that it...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: The figures are accurate, but the difference between the ones I am making the case for and the ones the Deputy is making the case for is the impact of the credit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I do not have the median income forecast with me, but I will get it for the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: But they benefit from the credits.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: We are discussing the change in the standard rate cut-off point. The median income is below the level at which the change in the standard rate cut-off point applies, which is why we have made the change in the tax credits. I also dispute the Deputy's figure for the number of people who will benefit. I am making the case to the committee, because I believe it to be the case, that more than...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: Yes, it is the case.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: In cash terms, they will not see a difference.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: It is not "in Paschal's head", Deputy. I am talking about the people I meet who are plumbers, gardaí or early in their careers who are on €39,000 or €40,000 and are paying the higher rate of income tax.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: That is not a figment of my imagination. It is a structural issue that we should change. The Deputy and I have different views on it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: What I am proposing-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: The Deputy made a point about median earnings. Does he accept that the average income in our economy is €46,000 per person?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: But the Deputy would-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: Just as I accept the Deputy's good faith in the quoting of numbers, does he accept my good faith when I tell him that the average wage in our economy in the first quarter of 2022 was €46,000?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: Does the Deputy believe it appropriate that someone on the average wage already pays the higher rate of income tax?