Results 4,361-4,380 of 32,547 for speaker:Paschal Donohoe

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

Paschal Donohoe: In Housing for All, the Government has set out a suite of incentives available to encourage re-use of properties and increase the supply of housing. While both Revenue data and preliminary Census 2022 data show that vacancy lies within a range that is considered to be in line with a functioning housing market, it is important that the Government acts to ensure all viable housing stock is made...

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

Paschal Donohoe: As a precise figure for the number of eligible tenants for the rent credit is currently unavailable from the Residential Tenancies Board (RTB), an estimate was arrived at using the best available data, which is published by the CSO and relates to Jan – June 2021. That release put the number of people deemed to be in the rental sector (excluding social housing tenants) at just over...

Written Answers — Department of Finance: European Union (4 Oct 2022)

Paschal Donohoe: Ireland’s gross contributions to the EU Budget from 2023 to 2027 are forecasted to be as follows: 2023 €3.975bn 2024 €4.075bn 2025 €4.300bn 2026 €4.375bn 2027 €4.500bn It should be noted these forecasts were published as...

Written Answers — Department of Finance: Budget 2023 (4 Oct 2022)

Paschal Donohoe: I propose to take Questions Nos. 225 and 226 together. As the Deputy is aware, my Department’s analyses of the distributional impact of the tax and welfare measures announced at budget time are calculated on a nominal basis. As such, they do not adjust for projected levels of inflation but instead compare a baseline scenario of no-policy change against a reform scenario solely...

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

Paschal Donohoe: As the Deputy will be aware the required legislative changes in relation to automatic external defibrillators will be made in the Finance Bill. In line with the zero rate that exists for other medical devices I intend for the zero rate to apply to parts or accessories suitable for use solely or principally with automatic external defibrillators.

Written Answers — Department of Finance: Enterprise Support Services (4 Oct 2022)

Paschal Donohoe: I indicated in my Budget speech that I would be introducing a Temporary Business Energy Support scheme (TBESS) to assist businesses with their energy cost over the winter months. The TBESS will be open to businesses that carry on a Case I trade, are tax compliant and have experienced a significant increase in their natural gas and electricity costs. The scheme will be administered by the...

Written Answers — Department of Finance: Tax Reliefs (4 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. For the purposes of the section “health care” means prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability, and includes care...

Written Answers — Department of Finance: Employment Rights (4 Oct 2022)

Paschal Donohoe: As the Deputy is aware, employment classification is a complex area and questions of employment status impact the work of three different Government bodies. The Department of Social Protection (DSP) has responsibility for the PRSI system and determines employment status for social insurance purposes; the Workplace Relations Commission (WRC) determines employment status when adjudicating on...

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

Paschal Donohoe: It is assumed that the Deputy is referring to tax on an inheritance in the form of capital acquisitions tax (CAT) rather than capital gains tax. For CAT purposes, the relationship between the person giving a gift or inheritance (the disponer) and the person who receives it (the beneficiary) determines the maximum amount, known as the “Group threshold”, below which a charge...

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

Paschal Donohoe: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods or services in their periodic VAT returns. Therefore, it is not possible to provide an accurate costing for the potential measures outlined. However, tentative estimates using third-party data of the total cost arising from extending the current arrangements, whereby...

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

Paschal Donohoe: The Special Assignee Relief Programme (SARP) is an income tax incentive designed to help reduce the cost to employers of assigning skilled individuals in their companies from abroad, to take up positions in the Irish-based operations of their employer or an associated company, thereby facilitating the creation of jobs and the development and expansion of businesses in Ireland. The following...

Written Answers — Department of Finance: Departmental Data (4 Oct 2022)

Paschal Donohoe: Help to Buy is a demand-led scheme which may be subject to a broad range of variable factors. As such, it is not possible to forecast with certainty for 2023 the expected number of applications or the estimated average payment for approved claims. Neither is it possible to give a precise estimate of cost outturn for 2023. For the purposes of the Budget 2023 documentation, a figure of...

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

Paschal Donohoe: Section 97A TCA, introduced in Finance Act 2017, allows a deduction (capped at €5,000 per premises) from rental income for certain pre-letting expenditure on properties which have been vacant for at least 12 months and are subsequently let. To qualify, the expenditure must be incurred in the 12 months immediately prior to the letting. As the Deputy is aware, in Budget 2023, I...

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

Paschal Donohoe: As the Deputy is aware, the Vacant Homes Tax is a new measure announced on Budget Day, which aims to increase the supply of homes for rent or purchase to meet demand. Further detail on this measure will be made available on the publication of the Finance Bill on 20 October. The introduction of this tax follows from my Department's commitment under Housing for All to collect data on vacancy...

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...