Results 3,881-3,900 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: Exactly. I will turn it into a note for the Deputy and share it with him tomorrow, before we get to Report Stage.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I understand the issue the Deputy-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: We will answer it tomorrow-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: -----on Committee Stage.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I thank Deputy Mattie McGrath for tabling the amendment. I should begin by saying that I was a sales representative myself in the early parts of my career, before I entered into public life. Therefore, I have full appreciation of the importance of a car. I spent the first two years of my working life on the road in the United Kingdom selling various products to various retailers. I have a...
- 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. In terms of the tax treatment of supplementary pensions, as the Deputy is aware, Ireland operates an exempt-exempt-taxed, EET, system that is very similar to the majority of OECD countries. This means contributions to pensions are exempted from income tax, subject to certain limitations, and that pension fund gains are exempted from income tax but income from pension...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: The Deputy requested a report on the introduction of refundable tax credits to the income tax system, options for their design, associated costs and impact in addressing social and policy objectives such as reducing in-work poverty. By a refundable tax credit, I assume the Deputy means that where an income earner has insufficient income to use all of his or her tax credits, the unused...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: As the Deputy and I have discussed over many exchanges, wealth can be taxed in a variety of ways, some of which are already levied in Ireland. Capital gains tax and capital acquisitions tax are, in effect, taxes on wealth in that they are paid by an individual or company on the disposal of an asset or the acquisition of an asset through gift or inheritance. Deposit interest retention tax is...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I thank Deputy Boyd Barrett for his question and his long-standing interest in the matter. I will deal with some of the different issues the Deputy raised there. We have a fundamental difference in that the Deputy believes that taxation should be applied to the gross trade profits a company can make and he has made that clear to me on a number of occasions whereas the argument I have tried...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I accept there has been a step change in corporate profitability in the Irish economy and the global economy. I am aware of the changes to which the Deputy referred and the different companies that have done really well, particularly since 2019. However, if there has been a step change in corporate profitability, there has also been a step change in the amount of corporate tax that is paid...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: If it is okay with the Chairman, I am going to take amendments Nos. 21 and 51 together because it has been indicated to me that there is an amendment from Deputy Nash on the same topic.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: That is fine. It is on the same topic.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: No problem. I did not notice that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: Energy policy, including increasing costs of energy supply and the taxation of profits, is a matter of great concern to the Government. In April, the Government approved and published the national energy security framework, which sets the overarching response to the impacts of the war in Ukraine on the energy system in Ireland. In late September, Ireland, along with our fellow EU member...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: If the Deputy were to send me his CV, I am not sure what I would be able to do with it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: The Deputy's CV is well known to me anyway.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: The disposal of a patent is regarded under general tax principles as a capital disposal. Any gain arising is subject to capital gains tax at 33%. The disposal of a patent right, for example a licence granted to use a patent, can be subject to capital gains tax. Where a capital sum is received, the net proceeds are charged to income tax under case 4, which is currently 25% for corporates or...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: The reason it might increase revenue is that the rate of capital gains tax is 33%, as the Deputy knows, whereas at the moment the disposal of a patent right is taxed at either 25% for a corporate or 20% to 40% for an individual. All other things being equal, the rate itself is going up so that is why it could give rise to a gain.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)
Paschal Donohoe: I will explain why that might then lead to a loss. There are reliefs available under capital gains tax that would offset the benefit that could be received by the increase in the rate.