Results 421-440 of 32,429 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Departmental Data (6 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 239, 242, 243, 246 and 247 together. Section 114 of the Taxes Consolidation Act (“TCA”) 1997 provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. I am informed by Revenue that the flat rate expense (“FRE”)...

Written Answers — Department of Finance: Tax Collection (6 Mar 2025)

Paschal Donohoe: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%, and under the Pillar Two Minimum Tax Directive the effective rate has increased to 15% for...

Written Answers — Department of Finance: Insurance Industry (6 Mar 2025)

Paschal Donohoe: As the Deputy is aware, neither I nor the Central Bank of Ireland can interfere with the provision or pricing of insurance products due to the EU Solvency II Directive. However, I wish to highlight the Government’s continued commitment to in the new Programme For Government - Securing Ireland’s Future to publish a new Action Plan for Insurance Reform which will be focused on...

Written Answers — Department of Finance: Insurance Industry (6 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 244 and 245 together. As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution which was established in consequence...

Written Answers — Department of Finance: Tax Data (5 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 33, 34, 35, 36, 37, 38, 40, 41, 45, 46, 47, 49, 50 and 51 together. Section 114 of the Taxes Consolidation Act (“TCA”) 1997 provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. I am informed by Revenue that the flat rate...

Written Answers — Department of Finance: Tax Code (5 Mar 2025)

Paschal Donohoe: Deposit Interest Retention Tax, or DIRT as it is more commonly known, is a withholding tax that is deducted by financial institutions on the deposit interest earned on the various Savings Products that are offered by them. Since 1 January 2020, the DIRT rate is 33%. DIRT is deducted at source by the financial institution from deposit interest paid or credited on the deposits of Irish...

Written Answers — Department of Finance: Insurance Industry (5 Mar 2025)

Paschal Donohoe: The Central Bank (Amendment) Bill 2025 was introduced in the Dáil on 18 February by Deputies Catherine Ardagh and Erin McGreehan. The Department of Finance is currently assessing the Bill, considering EU-level developments such as the Consumer Credit Directive (to be implemented by 2026) and the European Commission’s Beating Cancer Plan, which aims to establish an EU-wide RTBF...

Written Answers — Department of Finance: Tax Reliefs (5 Mar 2025)

Paschal Donohoe: Section 469 of the Taxes Consolidation Act 1997 (TCA) 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 (in certain circumstances) a practitioner, will qualify for tax relief.Health care is...

Written Answers — Department of Finance: Inniúlacht sa Ghaeilge sa Státseirbhís (5 Mar 2025)

Paschal Donohoe: Tá 374 ball foirne ag an Roinn Airgeadais, agus tá 4% díobh inniúil sa Ghaeilge. Tugtar cuireadh do gach ball foirne, ag gach leibhéal, clárú le haghaidh cúrsaí gairmiúla Gaeilge faoi dhó sa bhliain.

Written Answers — Department of Finance: International Agreements (5 Mar 2025)

Paschal Donohoe: Ensuring sustainable levels of sovereign debt is a key challenge – particularly for many developing countries. There are a range of institutions and initiatives which assist countries with debt issues. These include the G20, which has developed and is overseeing the implementation of the Common Framework for Debt Treatments; the Global Sovereign Debt Roundtable, which is chaired...

Written Answers — Department of Finance: Tax Code (5 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 52 and 53 together. The Deputy will appreciate that Revenue is bound by the confidentiality provisions in Section 851A of the Taxes Consolidation Act from commenting on the taxation position of specific taxpayers. Revenue operates a self-assessment system for VAT and therefore the application of VAT on services is primarily a matter for the company or...

Written Answers — Department of Finance: Legislative Programme (5 Mar 2025)

Paschal Donohoe: The instruments transposing EU law are referred to the Oireachtas Committee on Finance, Public Expenditure and reform and An Taoiseach in two main circumstances. If a transposition is being effected by means of primary legislation the bill is referred to the relevant Committee for pre-legislative scrutiny and for Committee stage in the same way as any other bill. However, most...

Written Answers — Department of Finance: Insurance Coverage (4 Mar 2025)

Paschal Donohoe: At the outset, it is important to note that neither the Minister for Finance nor the Central Bank of Ireland can intervene in the provision or pricing of insurance products, nor compel any insurer operating in the Irish market to cover specific individuals or organisations. This position is reinforced by the EU framework for insurance, specifically the Solvency II Directive, which prohibits...

Written Answers — Department of Finance: Tax Credits (4 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 290 and 318 together. Section 481 TCA 1997 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish culture. Currently, the...

Written Answers — Department of Finance: Tax Credits (4 Mar 2025)

Paschal Donohoe: As announced as part of Budget 2025, the section 481 film tax credit has been amended to provide for an uplift of 8% to the existing rate of 32% for small to medium sized productions with a maximum qualifying expenditure of €20 million. As you are aware, this uplift does not apply to all section 481 projects, however, it does apply to both animated and live action feature films...

Written Answers — Department of Finance: Tax Code (4 Mar 2025)

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law is obliged to comply. In general, the 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 listed in Annex III, in respect of which Member States may apply a lower rate. On this...

Written Answers — Department of Finance: Departmental Reviews (4 Mar 2025)

Paschal Donohoe: 'Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ was a wide-ranging review of the funds and asset management sector. The report was published on 22 October 2024. The report made forty-two recommendations in total, including eight recommendations on the topic of retail investment. The Programme for Government has committed to progress and publish...

Written Answers — Department of Finance: Universal Social Charge (4 Mar 2025)

Paschal Donohoe: The origins of the 3% USC surcharge, that applies on non-PAYE income in excess of €100,000 per annum, go back to Budget 2011 when the USC was first introduced, where significant changes to PRSI took place in parallel with the introduction of the USC and the abolition of the Health and Income Levies. The 3% surcharge was introduced to ensure that the relative position as regards the...

Written Answers — Department of Finance: Legislative Measures (4 Mar 2025)

Paschal Donohoe: The Local Property Tax (LPT) was introduced in 2013 to provide a stable and sustainable source of funding for local authorities. For the valuation period 2022-2025, the tax is payable annually on the self-assessed market value of residential properties as at 1 November 2021. The Local Property Tax legislation was last amended by the Finance (Local Property Tax) (Amendment) Act 2021. The...

Written Answers — Department of Finance: Tax Data (4 Mar 2025)

Paschal Donohoe: The Tax Debt Warehousing (TDW) scheme was introduced in May 2020 to provide vital liquidity support to businesses impacted by COVID-19 trading restrictions, thereby helping to support their long-term economic viability and survival. The scheme allowed businesses to temporarily ‘park’ eligible taxes on an interest-free basis, the vast majority of which related to VAT and payroll...