Results 4,661-4,680 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: The Finance Act 1999 provides for the application of an excise duty, Mineral Oil Tax (MOT) to specified mineral oils, such as petrol, diesel, and kerosene, that are used as motor or heating fuels. MOT comprises two excise components, a carbon component which is commonly referred to as carbon tax and a non-carbon component which is often referred to as “excise”, “fuel...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act (TCA) 1997 provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a new bicycle and associated safety equipment for an employee or director up to certain limits, and subject to certain conditions being satisfied. Currently, those limits are €1,250 for a...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: In relation to the Deputy’s query on the effective tax rate for the three banks, section 851A of the Taxes Consolidation Act 1997 precludes the Revenue Commissioners from directly or indirectly disclosing taxpayer information to third parties unless this is specifically provided for in legislation. Therefore, neither Revenue nor I can comment on the tax affairs of any individual or...

Written Answers — Department of Finance: Vacant Sites (10 Nov 2022)

Paschal Donohoe: The Department of Housing, Local Government and Heritage (DHLGH) have informed me that, under the vacant site levy provisions in the Urban Regeneration and Housing Act 2015 (the Act), planning authorities were empowered to apply a vacant site levy of 3% of the market valuation of relevant properties, which were listed on the local authority vacant site registers in 2018, which relevant owners...

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 161 and 202 together. The Temporary Business Energy Support scheme (TBESS) will assist businesses with their energy costs over the winter months. The TBESS will be open to businesses that carry on a Case I trade or Case II profession, are tax compliant and have experienced a significant increase in their natural gas and electricity costs. The scheme is...

Written Answers — Department of Finance: Vacant Properties (10 Nov 2022)

Paschal Donohoe: While the issue of derelict housing is the remit of the Minister for Housing, Local Government and Heritage, any matters in relation to taxation or tax incentives are considered by the Department of Finance. As the Deputy will be aware, there is a Vacant Property Refurbishment Grant available for those who meet the relevant criteria. This is a payment you can avail of if you are turning...

Written Answers — Department of Finance: Revenue Commissioners (10 Nov 2022)

Paschal Donohoe: My Enquiries is a secure online service that allows customers to send, receive and track correspondence to and from Revenue. Revenue’s published customer service standards set out the standard of service customers can expect. Revenue reports on its performance including against the customer service standards in its annual report which is available on Revenue's website. The...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: The below computations set out the PAYE income tax, PRSI and Universal Social Charge (USC) for the taxpayer unit cases request by the Deputy. It should be noted that for the purposes of answering the Deputy’s question it was necessary to make a number of assumptions, for example, that the taxpayers are private sector employees and full rate PRSI contributors. Example 1 – Couple...

Written Answers — Department of Finance: Tax Reliefs (10 Nov 2022)

Paschal Donohoe: As I announced in my Budget 2023 speech in September, there are five agri-tax reliefs that are due to expire at the end of this year. They are: (1) the Young Trained Farmer Stamp Duty Relief; (2) the Farm Consolidation Stamp Duty Relief; (3) the Farm Restructuring CGT Relief; (4) the Young Trained Farmer Stock Relief; and, (5) the Registered Farm Partnership Stock Relief As each of...

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: Details of the new Temporary Business Energy Support Scheme (TBESS) are set out in Finance Bill 2022. The scheme will provide support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023. The scheme is designed to be compliant with the EU state aid Temporary Crisis Framework and will need to be approved by the EU Commission in...

Written Answers — Department of Finance: Ukraine War (10 Nov 2022)

Paschal Donohoe: The economic and financial impact of the Russian aggression against Ukraine was discussed at ECOFIN in Brussels, on 8 November. The economic outlook continues to be dominated by the impact of the war in Ukraine, with implications for inflationary pressures across global and EU economies. Ministers agreed to continue to take necessary actions to mitigate the impact on our economies,...

Written Answers — Department of Finance: Cost of Living Issues (10 Nov 2022)

Paschal Donohoe: The Consumer price (HICP) inflation picked up sharply over the course of the last year and in October stood at 9.6 per cent. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 10.7 per cent in October. The key driver of global inflationary pressures at present is the sharp rise in energy, food and other commodity prices as a result...

Written Answers — Department of Finance: Real Estate Investment Trusts (10 Nov 2022)

Paschal Donohoe: Officials in my Department produced a report on Real Estate Investment Trusts (REITs), Irish Real Estate Funds (IREFs) and Section 110 companies with respect to their investment in the Irish property market in 2019. The report was presented to the Tax Strategy Group and provided a basis for policy discussions and for amendments which were introduced in Finance Act 2019 to strengthen the...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: I can confirm that in line with my Budget Speech it is my intention to apply a zero rate of VAT to print and online newspapers from 1 January 2023.

Written Answers — Department of Finance: Business Supports (10 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 200 and 201 together. Farmers will be eligible for payments under the TBESS in the same way as any other business that is carrying on a trade which is taxable under Case I of Schedule D where they meet all eligibility criteria. A person engaged in a trade of farming who has suffered an increase of at least 50% in the average unit price of electricity...

Written Answers — Department of Finance: Fuel Prices (10 Nov 2022)

Paschal Donohoe: 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 prices on households and businesses via reductions in VAT, excise and...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: 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 (currently 23% in Ireland), 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: Banking Sector (10 Nov 2022)

Paschal Donohoe: While it is regrettable that Ulster Bank and KBC have decided to exit the market, as Minister for Finance, I do not have a role in the operations of any bank operating within the State. Decisions in this regard are commercial matters and are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. My priority now is that...

Written Answers — Department of Finance: Tax Code (10 Nov 2022)

Paschal Donohoe: I am advised by Revenue that, according to the information available to them, the person concerned is currently in receipt of the appropriate tax credits and standard rate band allocations. However, given the circumstances outlined in the details supplied, the person may be eligible to claim the Single Person Child Carer Tax Credit (SPCCC) and an additional standard rate band of...

Written Answers — Department of Finance: Inflation Rate (10 Nov 2022)

Paschal Donohoe: I propose to take Questions Nos. 208 and 210 together. The Consumer price (HICP) inflation picked up sharply over the course of the last year and in October stood at 9.6 per cent. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 10.7 per cent in October. The key driver of global inflationary pressures at present is the sharp rise...