Results 4,761-4,780 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the tables below set out the estimated first and full year costs to the Exchequer of the policy changes outlined by the Deputy. Personal Credit First Year Cost   €m Full Year Cost   €m €5 increase 11 13 €10 increase 23 26 ...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 301 and 302 together. I am advised by Revenue that the following table sets out the estimated costs to the Exchequer, on a first and full year basis, of the scenarios outlined in the table. Scenario First Year Cost   €m Full Year Cost €m Increase 2nd USC band upper limit by...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: It is assumed that the measure outlined by the Deputy is in addition to the surcharge of 3% on non-PAYE income in excess of €100,000. I am advised by Revenue that the estimated first and full year yield to the Exchequer from a change of this nature is €240m and €310m respectively. It is not possible, using existing data, to accurately estimate the yield that would arise...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that as their modelling tool is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as taxpayer units), it is not possible to estimate changes to tax credits on an individual basis for a projected tax year. However, incomes recorded on historic tax returns can be used to estimate the potential yield and/or cost associated...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act (“SDCA”) 1999 provides for a levy on certain financial institutions (known as the “Bank Levy”). Since its introduction in 2003, the Bank Levy has been extended on several occasions and it currently applies to the end of 2022. The Bank Levy is calculated by reference to the amount of deposit interest retention...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the potential tax yield from a measure as outlined by the Deputy would be in the region of €12 million in 2022, if this measure was effective in relation to disposals made on or after 27 September 2022. The Deputy will wish to note that the CGT associated with disposals made on or after 1 December 2022 will not impact the 2022 calendar year tax receipts as...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 included the impact of entrepreneur relief. Due to the level of information provided on tax returns, Revenue does not have sufficient data to include the impact of farm...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in OECD countries to recognise the fact that a business cycle runs over several years. Loss relief works by allowing a deduction for losses incurred in one accounting period against profits earned in another period. I...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the total annual amounts collected through the Carbon Tax, since its introduction in 2010 and up to 2020, are published on the Revenue website at the following link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx. I am further advised that the amounts raised through the Carbon...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am informed by Revenue that the information requested by the Deputy is not immediately available from Revenue data and therefore it is not possible in the time available to respond to this Parliamentary Question to provide the estimates sought. However the Deputy may find the following information, provided by the Central Bank, to be of assistance, as it provides a near approximation of...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that as details of share buy backs are not reported on tax returns, it does not have data on which to base an accurate estimate of the potential annual revenue from implementing a tax as outlined by the Deputy.

Written Answers — Department of Finance: Revenue Commissioners (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that it uses the services of thirteen Sheriffs to assist in its debt recovery operations, comprising of two in Dublin (city and county), two in Cork (city and county) and nine located in multiple bailiwicks (areas of operation) across the country. The Sheriffs are Officers of the Court, holding office under Section 12 of the Court Officers Act, 1945. Their debt...

Written Answers — Department of Public Expenditure and Reform: Environmental Schemes (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the total annual amounts collected through the Carbon Tax, since its introduction in 2010 and up to 2020, are published on the Revenue website at the following link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx I am further advised that the amounts raised through the Carbon Tax...

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: I thank the members for the opportunity to attend the committee today to discuss the summer economic statement, which sets out the Government's medium-term budgetary strategy and the parameters for budget 2023. I will begin by briefly outlining the economic and budgetary backdrop against which the budget is being prepared. Budget 2023 is clearly coming at a challenging time for Ireland. A...

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: Yes.

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: We were in an atmosphere, as I am sure the Deputy will know, of grappling with the global effects of a pandemic. That meant that we had to put in place extraordinary measures at different points to help us protect our economic and society. The core spending plans that we announced, particularly in last year's budget, were consistent with the expenditure benchmark that the Government had...

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: That remains to be determined. It will obviously depend on the overall scale of the package. It could impact on what the general Government balance will be. The Government and the Minister, Deputy Michael McGrath, and I will form a view on that during September.

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: I cannot give that commitment at the moment.

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: Because the figures for September will not be available to me until later that month. We will examine-----

Committee on Budgetary Oversight: Summer Economic Statement 2022: Discussion (14 Jul 2022)

Paschal Donohoe: Hold on. I will answer the Deputy's question. We will examine whether it is possible, but I cannot give that commitment at the moment.