Results 3,861-3,880 of 32,547 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 will have to get a note on that matter for the Deputy. I will deal with it more fully either later on Committee Stage or on Report Stage. I want to get some more information on it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: Section 15 of this Bill makes provision for the insertion of a new section to provide for the tax treatment of pension lump sums arising from foreign pension arrangements. The current tax treatment is set out in section 790 of the Taxes Consolidation Act, 1997, however this is confined to pension lump sum payments from relevant pension arrangements as defined in this section. Currently, a...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: Up to this point, Revenue was making the argument that it should be taxed as income and was therefore applying income tax. This has been disputed, as I said, and the changes that are being applied here are to make clear what the legislative footing is for how Revenue deals with these claims.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: As this is an important but particularly technical matter of tax law, with the leave of the Chairman, as opposed to trying to relay a technical answer and getting it wrong, can we go into private section for a moment and I will ask my officials to respond directly the answer Deputy Doherty?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: It is not anticipated that there will be any additional cost on foot of the introduction of the proposed amendments. Employers may receive tax relief on contributions to an employee’s PRSA or pan-European personal pension product, PEPP, which is currently the case. It is possible that employers will make greater contributions to PRSAs than they are currently making, particularly in...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: A proprietary director will be able to benefit from the scheme. The answer to the question is that, yes, they will be able to benefit from it. I am not sure that naturally leads to the risk that people will then game the system, but a proprietary director can benefit from the scheme.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: They can do it at the moment for a one-member scheme. What I am referring to here is a pension scheme that is in place for a proprietary director which they have set up for their own benefit. They can vary the terms of that scheme anyhow at the moment.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: That is correct. At the moment, one-member arrangements are exempt from borrowing investment requirements under a derogation from the institutions for occupational retirement provision, IORP, I directive. This means they can borrow and invest funds with a large degree of discretion. One-member arrangements must comply with the requirements. This sets minimum standards for the management...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: Only the employee contributions are.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: Revenue informs me that that risk is not there. The reason is that there was no limit to the size of the fund anyhow during the investment and growth phases. All funds are subject to the standard fund threshold which, as the Deputy knows, is currently €2 million. The Revenue assessment is that that risk is there at the moment anyhow and the change that we are making here does not...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I notice there was no reference at all to the question I put to the Deputy as to whether he is aware of what happened in Berlin.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: When the Deputy refers to "supported tenancies"-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: Once the person has paid €2,500 euros in rent during the year that would then allow the person to claim back the €500 credit.
- 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 that some tax practitioners have challenged the taxation of these arrangements. This change is to make completely clear what the situation is and to erase any doubt about it in the future. My officials inform me that there has not been a material ruling by the Tax Appeals Commission that has influenced what we are doing. The earlier part of the Deputy’s question...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: It will take effect from 1 January next. My officials are not aware of any cases relating to this matter that are in front of the Tax Appeals Commission at the moment.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: My understanding is that that risk is already there anyhow.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: There is no limit on the employer contribution.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: No.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I am getting quite a detailed answer from my colleague.