Results 4,701-4,720 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 131 and 132 together. I am advised that Revenue does not maintain a projected future cost for each of the schemes outlined by the Deputy, given the number of variables that would be involved. However, the costs of the Employment Investment Incentive (EII), the Special Assignee Relief Programme (SARP), the Foreign Earnings Deduction (FED) and the Rent-a-Room...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The Domicile Levy was introduced in the 2010 Finance Act and is payable on a self-assessment basis on or before 31 October in the year following the valuation date. For example, the due date in respect of 2019 was 31 October 2020. The valuation date is 31 December each year. Revenue have advised me of the amounts collected from the domicile levy for the years 2018, 2019 and 2020 and these...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: As the Deputy will be aware, in the Finance Act 2021, I enhanced and formalised the tax arrangements for working from home in line with Government policy to facilitate and support remote working. Accordingly, for the tax year 2022, an income tax deduction amounting to 30% of the cost of vouched expenses for electricity, heat and broadband in respect of those days spent working from home can...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 135, 146 and 147 together. I am advised by Revenue that it is not possible to estimate the tax yield from abolishing these reliefs as this would depend on the dates of future disposals and claims. Revenue’s analysis of the costs of Section 604A relief is available at the following link, for 2018 and 2019, the latest year for which fully analysed data...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 136 and 176 together. I am advised that the Revenue Ready Reckoner shows the estimated yield from changes to carbon tax on page 23, including the yield from a €1 per tonne increase. The Ready Reckoner is available at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf The estimated yield from increases by other amounts can be...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 137, 138 and 166 together. Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the Cycle to Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee. The work scheme operates on a self-administration basis. Relief is...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the list of the tax reliefs exempted from the High-Income Earner Restriction (HIER) and estimated cost of the relevant reliefs that are subject to the HIER for 2018 (the latest year for which data are available) can be found in the High Income Individuals’ RestrictionReport which is available on the Revenue website at...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 140 and 141 together. I am advised by Revenue that the valuation provided by property owners in the Local Property Tax return is the LPT band and not the exact valuation of the property; for example, properties valued by their owners at €750,001 fall into the valuation band €700,001 - €787,500. Therefore, it is not possible to provide...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the estimated yields from the standard rating of income tax reliefs costing in excess of €5 million and currently available at the marginal rate, based on data from 2019 tax returns, the latest year for which fully analysed data are available, are as shown in the following table. These estimates do not take into account any possible behavioural change on...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 143 and 144 together. I am advised by Revenue that there is no requirement for information to be included in tax returns in relation to lump sums of less than €200,000, which is the current life-time limit on tax-free retirement lump sums. Therefore, there is no data available that could be used as the basis for an estimate of the savings from the...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 145, 148 and 149 together. I am advised by Revenue that the consideration amounts included on tax returns for previous years in respect of claims for principal private residence relief and retirement relief are published at the following link: www.revenue.ie/en/corporate/documents/statistics/income-dist ributors/summary-of-capital-gains-tax-returns.pdf ...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 150, 153 and 178 together. It is assumed the Deputy is referring to Capital Acquisitions Tax (CAT) rather than Capital Gains Tax (CGT) as the reliefs and tax mentioned relate to CAT. I am advised that the annual CAT receipts are published on the Revenue website at: I am further advised that the Revenue Ready Reckoner, can be used to estimate the yield from...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the definitions...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the removal of the Employee Tax Credit and the Earned Income Tax Credit for individuals with incomes above €100,000 would have yielded an estimated €170 million and €205 million on a first and full-year basis respectively in 2019, the latest year for which fully-analysed data are available. These estimates do not take account of any...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I welcome the research that the ESRI has undertaken on options for tax revenue raising in Ireland. The report provides significant insights into the exchequer, distributional and income effects of an array of potential tax changes, all of which are important considerations for budgetary policy. Among these, a number of wealth taxes were considered. While I understand the background to calls...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: As the Deputy will be aware, the VAT rate applying to the tourism and hospitality sectors are due to revert to 13.5% on 1 March 2023. The additional VAT receipts in 2023 as a result of this increase are estimated to be in the region of €195m. This accounts for the VAT periods to end October. The returns for Nov/December trading will be received in January 2024. The estimated...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The Deputy should note that Revenue have advised me that the estimated cost of decreasing the standard rate of VAT by 1% for 12 months is €542 million.

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: As set out in my reply to a PQ asked by the Deputy on 17 May this year, one which he references in this PQ, work on this determining all aspects of the proposed new levy, including, but not confined to, the rate at which it will apply, is an ongoing process. My officials, with the assistance of colleagues in other Departments and agencies, as well as from Revenue, are continuing to work on a...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The Research & Development (R&D) Tax Credit provides a 25% tax credit for qualifying R&D expenditure. In the first instance, the credit reduces the CT liability of the company for the accounting period in which the relevant R&D expenditure is incurred. Any excess credit can be carried back to the preceding accounting period. Following this, any remaining excess...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: Although the Digital Services Taxes which were introduced in France, Italy, and Spain were not precisely the same as each other, all three shared substantial overlaps with the Digital Services Tax proposed by the European Commission in 2018. When making its proposal, the Commission estimated that an EU-wide Digital Services Tax could yield €5 billion per annum, to be shared between...