Results 4,261-4,280 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (4 Oct 2022)

Paschal Donohoe: The Deputy will be aware that most loan agreements include a clause that allows the original lender to sell the loan on to another firm. When a loan is sold, the relevant Irish and EU consumer protections continue to apply. Provision 3.11 of the Central Bank's Consumer Protection Code provides, amongst other things, that where a regulated entity intends to transfer all or part of its...

Written Answers — Department of Finance: Tax Code (4 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 241 and 242 together. As they both relate to stamp duties on chargeable instruments. Regarding Dail Question 241 (Ref: 48542/22), I am advised by Revenue that in general, it is a requirement that all transfers or leases of property be stamped by Revenue irrespective of whether they are liable to stamp duty. All other instruments, if liable to stamp...

Written Answers — Department of Finance: Tax Credits (4 Oct 2022)

Paschal Donohoe: Agreement was reached in October 2021 on the historic Two Pillar Solution addressing the tax challenges of the digitalised economy. Pillar Two of the agreement provides for a new global minimum effective rate of tax, and therefore consideration was required as to how tax credits, such as the R&D tax credit, would operate within such a system. The signatory countries, including...

Written Answers — Department of Finance: Tax Reliefs (4 Oct 2022)

Paschal Donohoe: The KDB is an Intellectual Property (IP) regime for companies which was introduced in Finance Act 2015. The objective of the KDB is to encourage companies to develop IP in Ireland and thereby engage in substantive operations that have a high ‘value-add’ for the Irish economy. The KDB complements the existing suite of initiatives and supports that Ireland offers to create a...

Written Answers — Department of Finance: Tax Reliefs (4 Oct 2022)

Paschal Donohoe: An evaluation of the R&D tax credit and the Knowledge Development Box (KDB) took place this year in line with my Department’s Tax Expenditure Guidelines. As part of that review, my Department held a public consultation on the R&D tax credit and the KDB, closing on 30 May 2022. Twenty-one submissions were received from a range of respondents, including companies engaged...

Written Answers — Department of Finance: Vehicle Registration Tax (29 Sep 2022)

Paschal Donohoe: Under the Finance Act 1992, Vehicle Registration Tax (VRT) is assessed on a vehicle at the time of its registration and the way the tax is computed depends on the category of vehicle involved. VRT on Category A vehicles (generally passenger cars and certain Special Utility Vehicles) is assessed based on the value of the vehicle and its emissions levels for carbon dioxide (CO2) and nitrogen...

Written Answers — Department of Finance: Tax Yield (29 Sep 2022)

Paschal Donohoe: I am advised by Revenue that data in relation to the amount of net PAYE and net PAYE USC receipts collected in the years 2020 and 2021 can be found on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/receipts/ne t-receipts.pdf. For the convenience of the Deputy this information is set out in the table below, together with provisional figures for net PAYE and net PAYE...

Written Answers — Department of Finance: Tax Yield (29 Sep 2022)

Paschal Donohoe: I am advised by Revenue that traders are not required to separately identify the VAT yield across each of the different rates or their economic activity in their periodic VAT returns.  Consequently, it is not possible to determine the amount of VAT paid by businesses under the different rate categories to the Exchequer from information contained in tax returns. However, using...

Written Answers — Department of Finance: Vehicle Registration Tax (29 Sep 2022)

Paschal Donohoe: All vehicles in the State must be registered here, and Vehicle Registration Tax (VRT) is generally payable when a vehicle is being registered.  For passenger cars, the amount of VRT is based on the vehicle’s value and its CO2and NOxemissions.  The VRT calculation is not affected by whether the vehicle has been imported, or by the place of origin of the vehicle. Since the...

Written Answers — Department of Finance: Tax Reliefs (29 Sep 2022)

Paschal Donohoe: Section 469 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health expenses” incurred in the provision of “health care”, which has been carried out or advised by a “practitioner”, will qualify for tax relief. Health...

Written Answers — Department of Finance: Customs and Excise (29 Sep 2022)

Paschal Donohoe: I propose to take Questions Nos. 111 to 115, inclusive, together. Revenue, as Ireland’s Tax and Customs administration, is responsible for managing the importation and exportation of goods in accordance with the Union Customs Code and relevant national legislation and this includes goods being imported through the postal system. I am advised by Revenue that across the EU,...

Written Answers — Department of Finance: Insurance Industry (29 Sep 2022)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). The Government is keenly aware of the impact that...

Written Answers — Department of Finance: Tax Code (29 Sep 2022)

Paschal Donohoe: I am advised by Revenue that 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, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States...

Written Answers — Department of Finance: Vehicle Registration Tax (29 Sep 2022)

Paschal Donohoe: I propose to take Questions Nos. 118 to 123, inclusive, together. I am assured by Revenue that it serves the community by fairly and efficiently collecting taxes and duties and implementing Customs controls and that it fosters a positive culture of ethical behaviour and effective governance to deliver this mission. I am advised that governance in Revenueis underpinned by Revenue’s...

Written Answers — Department of Finance: Departmental Consultations (28 Sep 2022)

Paschal Donohoe: I propose to take Questions Nos. 121 and 122 together. Ireland signed up to the two Pillar solution to address the tax challenges brought about by the digitalisation of the economy, agreed by the OECD/G20 Inclusive Framework on BEPS, in October 2021 (the ‘OECD agreement’). The decision to join the global agreement was not taken lightly, and I firmly believe this agreement...

Written Answers — Department of Finance: Defective Building Materials (28 Sep 2022)

Paschal Donohoe: The Government decision taken on 30 November 2021 regarding the Defective Concrete Block Grant Scheme, agreed a number of actions to help address the defective blocks issue. One of those proposed actions was that a levy was to be put in place to raise in the region of €80m a year, and it is that levy to which this question refers. As I outlined in my...

National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019: Motion (27 Sep 2022)

Paschal Donohoe: It is an omen.

Financial Resolutions 2022 - Budget Statement 2023 (27 Sep 2022)

Paschal Donohoe: The scheme will be open to businesses that carry on a case 1 trade, are tax compliant and have experienced a significant increase in their natural gas and electricity costs. The scheme will be administered by the Revenue Commissioners and will operate on a self-assessment basis. Businesses will be required to register for the scheme and to make claims within the required time limits. It is...