Results 4,021-4,040 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (23 Nov 2022)

Paschal Donohoe: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions in relation to liquid fuels used for motor or heating purposes are transposed into national law in Finance Act 1999. This law provides for...

Written Answers — Department of Finance: Fuel Prices (22 Nov 2022)

Paschal Donohoe: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. There are three national legislative frameworks which provide for the charging of excise duty on different fuel types in the State. Firstly, ETD...

Written Answers — Department of Finance: Official Travel (22 Nov 2022)

Paschal Donohoe: Ireland is represented at the COP27 climate conference in Sharm el-Sheikh by a national delegation led by the Minister for Environment, Climate, and Communications, Mr. Eamon Ryan T.D. and comprised of officials from six Government Departments. Two officials from the Department of Finance attended, and no officials from any of the State bodies under the aegis of my Department travelled....

Written Answers — Department of Finance: Insurance Coverage (22 Nov 2022)

Paschal Donohoe: While neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups across the State. The whole-of-Government approach being taken through the Action Plan for Insurance Reform sets...

Written Answers — Department of Finance: Business Supports (22 Nov 2022)

Paschal Donohoe: Details of the new Temporary Business Energy Support Scheme (TBESS) are set out in Finance Bill 2022.  The scheme will provide support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023 and will be available to tax compliant businesses carrying on a trade or profession the profits of which are chargeable to tax under Case...

Written Answers — Department of Finance: Tax Code (22 Nov 2022)

Paschal Donohoe: For clarity, I did not make any changes in Budget 2023 to existing benefit-in-kind (BIK) provisions that would negatively impact on the application of benefit-in-kind for workers. Rather, I amended two specific measures to further enhance the BIK treatment applicable to employees. Firstly, the relief provided for in section 112B of the Taxes Consolidation Act 1997 (TCA), which is commonly...

Written Answers — Department of Finance: Agriculture Supports (22 Nov 2022)

Paschal Donohoe: Stock relief is available to any person carrying on the trade of farming, the profits from which are chargeable to tax under Case I of Schedule D. The person may be an individual or a company, carrying on the trade either solely or in partnership. The amount of stock relief is equal to 25% of the amount by which the value of farm trading stock at the end of an accounting period exceeds the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (22 Nov 2022)

Paschal Donohoe: Pandemic Unemployment Payments (PUP) are classified in legislation as income supports and as such are subject to income tax but are exempt from the Universal Social Charge (USC) and Pay Related Social Insurance (PRSI). This is the case whether the recipient of the PUP was either a former PAYE worker or a person who was previously self-employed.  The PUP was not taxed in the normal...

Written Answers — Department of Finance: State Savings Schemes (22 Nov 2022)

Paschal Donohoe: I note the Deputy's query in relation to the introduction of a scheme in Ireland similar to the UK ISA scheme. In this regard, I would highlight that the National Treasury Management Agency (NTMA), through State Savings products, already offers a wide range of tax free savings products to the general public, including Prize Bonds and fixed rate savings bonds/certificates. ...

Written Answers — Department of Finance: Departmental Priorities (22 Nov 2022)

Paschal Donohoe: I assume the capital gain tax allowance the Deputy is referring to is the annual exemption for individuals in respect of the first €1,270 of chargeable gains in a calendar year that is provided for by Section 601 of TCA 1997.  In Northern Ireland, the UK capital gains tax free allowance applies, which for the tax year 2022-2023 is £12,300, which is deducted from the gain...

Written Answers — Department of Finance: Departmental Priorities (22 Nov 2022)

Paschal Donohoe: As the Deputy will be aware, Finance Act 2000 introduced the gross roll-up taxation regime for investments in domestic funds (in section 58) and for investments in life policies (in section 53). While Finance Act 1990 had introduced anti-avoidance rules that are known as the “offshore funds” regime, Finance Act 2001 (in section 72) amended the offshore funds regime to provide...

Written Answers — Department of Finance: Insurance Industry (22 Nov 2022)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can dictate the pricing or provision of insurance products, as this is a commercial matter assessed on a case-by-case basis. This position is reinforced by the EU legislative framework for insurance (the Solvency II Directive). Consequently, I am not in a position to direct insurance companies as to the...

Written Answers — Department of Finance: Tax Code (22 Nov 2022)

Paschal Donohoe: I am advised by Revenue that the estimated additional full-year revenue that would be generated if the local property tax rate increased to 0.50% for properties valued at over €1.05m and 1% for properties valued in excess of €1.4m would be in the region of €45 million.

Written Answers — Department of Finance: Revenue Commissioners (17 Nov 2022)

Paschal Donohoe: I am advised by Revenue that it works closely with other relevant authorities on the implementation of legislation relating to movements of live animals into and out of the State, focusing in particular on the movement of agricultural animals under customs control. However, if Customs Officers at ports or airports, as part of routine or intelligence led operations, detect dogs that have been...

Written Answers — Department of Finance: Tax Code (17 Nov 2022)

Paschal Donohoe: 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 respect of which Member...

Written Answers — Department of Finance: Tax Code (17 Nov 2022)

Paschal Donohoe: I am advised by Revenue that it is not possible to provide a definitive response to the Deputy’s question, in the absence of specific details. However, an overview of the possible CAT treatment of the gift he has referred to is set out hereunder. The Capital Acquisitions Tax Consolidation Act 2003 (CATCA 2003) provides for a charge to capital acquisitions tax to be imposed on...

Written Answers — Department of Finance: Vehicle Registration Tax (17 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 154 and 155 together. Officers of the Revenue Commissioners have a statutory power under section 141 Finance Act 2001 to seize a vehicle as liable to forfeiture where there has been a breach of VRT legislation. Where goods have been seized as liable to forfeiture, Part 2 of the Finance Act 2001 sets out the procedures that apply as a consequence of seizure,...

Written Answers — Department of Finance: Rental Sector (17 Nov 2022)

Paschal Donohoe: As the Deputy will be aware, at Committee Stage of the Finance Bill 2022, I introduced a new section into the Bill to provide for a new tax incentive for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of attracting and retaining small-scale landlords in the private rental sector. The provision is intended to provide for a...

Written Answers — Department of Finance: Economic Policy (17 Nov 2022)

Paschal Donohoe: As the Deputy will be aware, the Fiscal Responsibility Act 2012 imposes a duty on the Government to endeavour to comply with the EU fiscal rules, known as the Stability and Growth Pact (SGP). Expenditure from the National Reserve Fund (NRF) would be classified as General Government expenditure and, therefore, fall within the scope of the Pact. However, it is important to note that the Fund...

Written Answers — Department of Finance: Departmental Data (17 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 158, 159, 160, 161 and 162 together. I am advised by Revenue that the amount of rental income on residential properties and commercial properties as declared on Form 11 tax returns by non tax-resident persons for the years 2016 to 2019 (the latest year for which data are currently available) is set out in the following table, as well as the number of...