Results 4,221-4,240 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Official Engagements (25 Oct 2022)

Paschal Donohoe: I was recently in Washington DC from 11 - 14 October for the IMF/World Bank Annual Meetings. While both US Federal Reserve Board Chairperson, Mr Jerome Powell, and I attended three G7 meetings during the Annual Meetings, I did not have a bilateral meeting with him during my visit.

Written Answers — Department of Finance: Tax Code (25 Oct 2022)

Paschal Donohoe: Recent Government policy has focused on strengthening the environmental rationale behind company car taxation. Until the changes I brought in as part of the Finance Act 2019, Ireland’s vehicle benefit-in-kind regime was unusual in that there was no overall CO2 rationale in the regime. This is despite a CO2 based vehicle BIK regime being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: Tax Code (25 Oct 2022)

Paschal Donohoe: On Budget Day, I announced a €500 Rent Tax Credit which it is proposed will be claimable in respect of rent paid in 2022 and subsequent years to end-2025 The intention is that, in order for a person to be in a position to claim the credit in a year: - the rent paid must be in respect of the person’s principal private residence; - the person living in the rented property...

Written Answers — Department of Finance: Tax Code (25 Oct 2022)

Paschal Donohoe: There have been many increases to the CAT thresholds in recent years. The Group A threshold was raised from €225,000 to €280,000 in Budget 2016, to €310,000 in 2017, to €320,000 in Budget 2019 with a further rise to €335,000 in Budget 2020. The Group B threshold rose from €30,150 to €32,500 in Budget 2017 and the Group C threshold rose from...

Written Answers — Department of Finance: Tax Reliefs (25 Oct 2022)

Paschal Donohoe: The Deputy will be aware that prior to 2015, film relief took the form of an income tax relief which provided an incentive to individual taxpayers to invest in Irish film production. The income tax scheme allowed investors in a qualifying Irish film to claim an income tax relief on their investment, once the film had been certified by Revenue and filming had commenced. In general, this was...

Written Answers — Department of Finance: Tax Reliefs (25 Oct 2022)

Paschal Donohoe: In order to qualify for Section 481 relief, an application for certification must be made in writing to the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media at least 21 working days prior to the commencement of the Irish production. In considering whether to issue a certificate in relation to a film, the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media will...

Written Answers — Department of Finance: Tax Code (25 Oct 2022)

Paschal Donohoe: I am advised by Revenue that on average 96% of self-assessed taxpayers complete the Form 11 return online to meet their annual filing and payment obligations each year which is reflective of the continuous efforts undertaken by Revenue to make the process as streamlined and simplified as possible. While a high percentage of Forms 11 are filed annually by tax agents, there is a significant...

Written Answers — Department of Finance: Tax Reliefs (25 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 264 and 265 together. Within the tax code there are various generally available tax reliefs that may be claimed by aircraft leasing companies but are not specifically for use by these companies. Statistics in relation to tax costs for various reliefs are available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Fuel Prices (20 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 204 and 208 together. The price of fuel is determined by a number of factors such as global market dynamics, costs of labour, exchange rates, taxation as well as wholesale and retail pricing policy practices which may include additional pricing to cover transport and distribution costs.   The Government has acted to limit the impact of increased...

Written Answers — Department of Finance: Financial Services (20 Oct 2022)

Paschal Donohoe: I wish to advise the Deputy that there is no legal or regulatory measure which prevents a borrower from switching his or her mortgage from one creditor to another mortgage provider.  However, the decision on whether or not another lender will provide a new mortgage to a current mortgage holder will, after assessing the creditworthiness of the borrower, be a commercial matter for the new...

Written Answers — Department of Finance: Covid-19 Pandemic Unemployment Payment (20 Oct 2022)

Paschal Donohoe: I am advised by Revenue that 75,825 individuals were in receipt of the Pandemic Unemployment Payment and had an underpayment of tax for the tax years 2020 or 2021 when they filed their income tax returns. As the Deputy may be aware, any outstanding tax due at the end of the year is collected through a reduction in the person’s tax credits over four years from 2022. A Preliminary End of...

Written Answers — Department of Finance: Financial Services (20 Oct 2022)

Paschal Donohoe: The Central Bank advises that Seniors Money Mortgages (Ireland) Designated Activity Company, trading as Seniors Money/Spry/Spry Finance, is authorised by it as a Retail Credit Firm (RCF). RCFs are required to comply with all relevant requirements of financial services legislation and the regulatory requirements set out in the Central Bank's existing codes of conduct and regulations. These...

Central Bank (Individual Accountability Framework) Bill 2022: Second Stage (Resumed) (19 Oct 2022)

Paschal Donohoe: I will continue from where the Minister of State, Deputy Fleming, left off. I believe he made reference to the Bill's policy background and was on the verge of going into the key provisions. Part 1 deals with technical matters such as the interpretation provisions and the commencement of the Bill. As the Minister of State referenced, the Central Bank will be undertaking a consultation...

Seanad: VAT Rate for Tourism and Hospitality Sectors: Statements (19 Oct 2022)

Paschal Donohoe: I wish to thank Senators for raising this matter for discussion and I welcome the opportunity to speak to Members about the supports in place for our very valued tourism and hospitality sector. At the outset, I wish to put on record the importance the Government and I place on the tourism and hospitality sector, and particularly its contribution to the Irish economy. It is not just the...

Written Answers — Department of Finance: Budget 2023 (19 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 69 and 75 together. I indicated in my Budget speech that I would be introducing a Temporary Business Energy Support scheme (TBESS) to assist businesses with their energy costs over the winter months. The scheme is being designed to be compliant with the EU State Aid Temporary Crisis Framework and will need to be approved by the EU Commission in advance of...

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...