Results 4,421-4,440 of 33,118 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: For 2022 a person will claim it as part of his or her normal income tax returns for the year. For 2023, Revenue will make a facility available for the option to claim it during the year.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: That is correct. From January a person will be able to go into the ROS online system and make the claim at that point.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: If a person is in the rent-a-room scheme, and is unrelated to the landlord, the tenant will be able to claim this credit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I move amendment No. 10: 10. In page 22, between lines 20 and 21, to insert the following: “Repeal of section 11 of Finance Act 2019 13. Section 11 of the Finance Act 2019 is repealed. Key Employee Engagement Programme 14. Section 128F of the Principal Act is amended— (a) in subsection (1) — (i) by the insertion of the following definitions: “...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: For the benefit of the committee, the motivation for this is not just the view of the Commission on Taxation and Welfare but also the public consultation we conducted on the operation of the KEEP and a response to issues raised with us, by and large by Irish SMEs. I will be happy to come back to any questions Deputy Farrell has at any point.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I thank the Deputy for the question he has put to me. The last time this measure was examined was in 2019. At that time, the review stated the policy objective of assisting firms in Ireland to diversify their exports remained valid and did not raise any issues that merited a significant change to the scheme. Indeed, it recommended its extension until 2024. That said, the Deputy is raising...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I am aware of the critique of the impact of share options and how they can assess the performance of companies and senior executives. The companies that we want to be inside the parameters of this scheme are smaller and indigenous ones that are competing with large companies for employees. The change we are making in allowing buy-backs to operate is a consequence of the reality that for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I am aware of the Deputy's views on this and I am always conscious of the need to make the case for equity in our tax code and the concerns that ordinary taxpayers will have on something like this. The reason a scheme like this is merited is because it is part of the measures we need in order to attract people to our country who play an important role in the creation of jobs and the location...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I just received the Commission on Taxation and Welfare report a few weeks before the budget. This is an important scheme and as I said to the Deputy previously, it is part of what our country has to offer to allow certain jobs to be located here. When I received the report of the Commission on Taxation and Welfare, I did not have sufficient time to evaluate its recommendations to decide...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I am not aware of how companies operate. I am not aware whether the companies that are on this scheme operate in the way the Deputy is suggesting. I certainly will request Revenue to give me a view on the matter, which I am happy to share with the committee. However, I do not have that information now.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I will have to get a note on that matter for the Deputy. I will deal with it more fully either later on Committee Stage or on Report Stage. I want to get some more information on it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: Section 15 of this Bill makes provision for the insertion of a new section to provide for the tax treatment of pension lump sums arising from foreign pension arrangements. The current tax treatment is set out in section 790 of the Taxes Consolidation Act, 1997, however this is confined to pension lump sum payments from relevant pension arrangements as defined in this section. Currently, a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: Up to this point, Revenue was making the argument that it should be taxed as income and was therefore applying income tax. This has been disputed, as I said, and the changes that are being applied here are to make clear what the legislative footing is for how Revenue deals with these claims.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: As this is an important but particularly technical matter of tax law, with the leave of the Chairman, as opposed to trying to relay a technical answer and getting it wrong, can we go into private section for a moment and I will ask my officials to respond directly the answer Deputy Doherty?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: It is not anticipated that there will be any additional cost on foot of the introduction of the proposed amendments. Employers may receive tax relief on contributions to an employee’s PRSA or pan-European personal pension product, PEPP, which is currently the case. It is possible that employers will make greater contributions to PRSAs than they are currently making, particularly in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: A proprietary director will be able to benefit from the scheme. The answer to the question is that, yes, they will be able to benefit from it. I am not sure that naturally leads to the risk that people will then game the system, but a proprietary director can benefit from the scheme.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: They can do it at the moment for a one-member scheme. What I am referring to here is a pension scheme that is in place for a proprietary director which they have set up for their own benefit. They can vary the terms of that scheme anyhow at the moment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: That is correct. At the moment, one-member arrangements are exempt from borrowing investment requirements under a derogation from the institutions for occupational retirement provision, IORP, I directive. This means they can borrow and invest funds with a large degree of discretion. One-member arrangements must comply with the requirements. This sets minimum standards for the management...