Results 4,121-4,140 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Reliefs (19 Oct 2022)

Paschal Donohoe: Section 469 of the Taxes Consolidation Act 1997 (TCA 1997) provides for relief at the standard rate of income tax (currently 20%) on qualifying health expenses incurred in the provision of health care. I am advised by Revenue that for the purposes of the section “health care” is defined as the “prevention, diagnosis, alleviation or treatment of an ailment, injury,...

Written Answers — Department of Finance: Tax Code (19 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 71 to 73, inclusive, together. Last October a two-pillar solution to address the tax challenges arising from the digitalisation of the economy was agreed at the OECD. It is expected that the Agreement will bring long-term stability and certainty to the international tax framework arising from discussions which have taken place.   Pillar Two of the...

Written Answers — Department of Finance: Tax Code (19 Oct 2022)

Paschal Donohoe: As announced in Budget 2023, I am extending the reduction on the VAT rate for gas and electricity for an additional 4 months, until 28 February 2023 at an estimated cost of €45m. I recognise the impact of the current energy crisis and understand how it has contributed to a rise in the cost of living. While the energy crisis is driven primarily by global factors, the Government has...

Written Answers — Department of Finance: Vehicle Registration Tax (19 Oct 2022)

Paschal Donohoe: I think it is important, having regard to the framing of the Deputy’s question, to state that I am satisfied that the objective of the implementation of Revenue’s statutory powers to seize and release,  which may lead to the payment of compromise sums, is not an objective in its own right but rather is a facilitation for a person who makes the decision to pay this sum...

Written Answers — Department of Finance: Tax Code (18 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 260, 261, 289, 290, 291, 292, 294 and 295 together. As the Deputies may be aware, income arising from a scholarship held by an individual receiving full-time instruction at a university, college, school or other educational establishment is exempt from income tax, Universal Social Charge (USC) and PRSI where the conditions for the relief in accordance with...

Written Answers — Department of Finance: Defective Building Materials (18 Oct 2022)

Paschal Donohoe: I wish to remind the deputy that NAMA was established as an independent commercial body and as Minister for Finance, I do not have a role in its operations or decisions. As the deputy will be aware, NAMA does not own property, rather NAMA owns loans relating to property and the properties themselves act as security for the loans. Properties commonly referred to as “NAMA...

Written Answers — Department of Finance: Tax Code (18 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 263 and 264 together. The position is that the amount of Universal Social Charge (USC) liability associated with the 3% surcharge on non-PAYE income in excess €100,000 per annum, can only be ascertained when the relevant tax returns have been filed. Data for 2020 should be available in Q4 of this year, while data for 2021 will only be available next...

Written Answers — Department of Finance: Cybersecurity Policy (18 Oct 2022)

Paschal Donohoe: For operational and security reasons, the National Cyber Security Centre have provided advice not to disclose details of systems and processes which could in any way compromise those efforts. In particular, it is not considered appropriate to disclose information which might assist criminals to identify potential vulnerabilities in departmental, or bodies under the aegis', cybersecurity...

Written Answers — Department of Finance: Cybersecurity Policy (18 Oct 2022)

Paschal Donohoe: The Office of the Government Chief Information Officer (OGCIO) provides ICT services for my Department. The OGCIO produced a Cloud Computing Advice Note in October 2019 which moved the overall debate on the use of cloud from whether to move to cloud, to what, how and when to move to cloud. The focus of my Department and those of the State Agencies under my remit is on using cloud to deliver...

Written Answers — Department of Finance: Tax Code (18 Oct 2022)

Paschal Donohoe: For expenses to be deductible they must be wholly and exclusively laid out or expended for the purposes of the trade or profession. This is in accordance with section 81 of the Taxes Consolidation Act 1997, which sets out the general rules for deductions for the computation of profits or gains arising in respect of trades and professions. I am advised by Revenue that, as a general rule,...

Written Answers — Department of Finance: European Central Bank (18 Oct 2022)

Paschal Donohoe: I wish to advise the Deputy that I am aware of the recent media reports regarding bond purchases made by the ECB. I am advised that the ECB is also aware of reports concerning corporate bond purchases under the Corporate Sector Purchase Programme (CSPP). The list of corporate bond securities held under the CSPP/PEPP as of October 2022 is available on the ECB website at the location in this...

Written Answers — Department of Finance: Tax Data (18 Oct 2022)

Paschal Donohoe: The Irish Real Estate Fund (IREF) tax regime was introduced in Finance Act 2016. An IREF is an investment undertaking, or a sub-fund, which derives 25% or more of its market value (either directly or indirectly) from real estate assets in the State. IREFs are not subject to dividend withholding tax, they are subject to an IREF Withholding Tax (WHT) of 20% on distributions to non-resident...

Written Answers — Department of Finance: Departmental Staff (18 Oct 2022)

Paschal Donohoe: I wish to inform the Deputy that the information for special advisor’s, for the Minister and Minister of State, for the Department of Finance, are as per below; Name Minister Salary Grade Salary Scale Ms. Fiona O'Connor Minister Donohoe Principal Officer Standard PPC €95,301 - €110,811 ...

Written Answers — Department of Finance: Tax Data (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that information in respect of the years 2019 to 2021 is available on the Revenue website at: www.revenue.ie/en/corporate/documents/research/ct-analysis-2 022.pdf The information is contained in Table 17, and 2021 is the latest year for which data are available. The information for the years 2014 to 2018 is shown in the table below. Year ...

Written Answers — Department of Finance: Budget 2023 (18 Oct 2022)

Paschal Donohoe: The distributional analysis published by my Department shows that the overall impact of the budgetary measures is strongly progressive. The analysis provides a breakdown of the measures included in the October to December Cost of Living (CoL) package, i.e. measures impacting incomes in 2022, and of the Budget 2023package, i.e. measures impacting incomes in 2023. Overall, household disposable...

Written Answers — Department of Finance: Question Heading for question(s) 273 (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that the benefits concerned in this case relate to Personal Retirement Savings Accounts (PRSA) funds. In general, where an individual dies before benefits are taken, any PRSA funds will pass to the estate of the deceased with no Income Tax liability arising. Details on the treatment to apply are provided in Revenue’s Tax and Duty Manual on PRSA’s, which...

Written Answers — Department of Finance: Tax Collection (18 Oct 2022)

Paschal Donohoe: It is assumed that the Deputy is referring to the additional tax revenues anticipated to arise from enhanced Revenue compliance activities during 2023 as set out in ‘Budget 2023 – Tax Policy Changes’ which was published on Budget Day. I am advised by Revenue that a number of specific risk areas will be targeted as part of Revenue’s activities next year that...

Written Answers — Department of Finance: Departmental Schemes (18 Oct 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The cost to the Exchequer of the scheme, (excluding Motor Tax) was €62 million in 2021 and is currently at €59m Y.T.D., reflecting reductions in fuel grant claims arising from COVID-19 travel...

Written Answers — Department of Finance: Tax Credits (18 Oct 2022)

Paschal Donohoe: As the Deputy may be aware, in light of recent international tax changes, a number of amendments were made in Budget 2023 regarding the R&D Tax Credit. These are timing changes and do not affect the quantum of credit that a company is entitled to claim. As a result, the changes are net neutral in budgetary terms. - The current system which offset the R&D tax credit against...

Written Answers — Department of Finance: Tax Collection (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that Large Cases – High Wealth Individuals Division (LC-HWID) has responsibility for the following business areas: - Management of the tax affairs of High Wealth Individuals, - Approval and administration of certain pension schemes, and - Identification of and challenge to tax avoidance transactions. The details requested by the Deputy are set out in Table 1 for...