Results 4,821-4,840 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Budget 2023 (18 Oct 2022)

Paschal Donohoe: The distributional analysis published by my Department shows that the overall impact of the budgetary measures is strongly progressive. The analysis provides a breakdown of the measures included in the October to December Cost of Living (CoL) package, i.e. measures impacting incomes in 2022, and of the Budget 2023package, i.e. measures impacting incomes in 2023. Overall, household disposable...

Written Answers — Department of Finance: Question Heading for question(s) 273 (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that the benefits concerned in this case relate to Personal Retirement Savings Accounts (PRSA) funds. In general, where an individual dies before benefits are taken, any PRSA funds will pass to the estate of the deceased with no Income Tax liability arising. Details on the treatment to apply are provided in Revenue’s Tax and Duty Manual on PRSA’s, which...

Written Answers — Department of Finance: Tax Collection (18 Oct 2022)

Paschal Donohoe: It is assumed that the Deputy is referring to the additional tax revenues anticipated to arise from enhanced Revenue compliance activities during 2023 as set out in ‘Budget 2023 – Tax Policy Changes’ which was published on Budget Day. I am advised by Revenue that a number of specific risk areas will be targeted as part of Revenue’s activities next year that...

Written Answers — Department of Finance: Departmental Schemes (18 Oct 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The cost to the Exchequer of the scheme, (excluding Motor Tax) was €62 million in 2021 and is currently at €59m Y.T.D., reflecting reductions in fuel grant claims arising from COVID-19 travel...

Written Answers — Department of Finance: Tax Credits (18 Oct 2022)

Paschal Donohoe: As the Deputy may be aware, in light of recent international tax changes, a number of amendments were made in Budget 2023 regarding the R&D Tax Credit. These are timing changes and do not affect the quantum of credit that a company is entitled to claim. As a result, the changes are net neutral in budgetary terms. - The current system which offset the R&D tax credit against...

Written Answers — Department of Finance: Tax Collection (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that Large Cases – High Wealth Individuals Division (LC-HWID) has responsibility for the following business areas: - Management of the tax affairs of High Wealth Individuals, - Approval and administration of certain pension schemes, and - Identification of and challenge to tax avoidance transactions. The details requested by the Deputy are set out in Table 1 for...

Written Answers — Department of Finance: Vacant Properties (18 Oct 2022)

Paschal Donohoe: As the Deputy is aware, the Vacant Homes Tax (VHT) is a new measure announced on Budget Day, which aims to increase the supply of homes for rent or purchase to meet demand. Further detail on this measure will be made available on the publication of the Finance Bill later this week. The introduction of this tax follows from my Department's commitment under Housing for All to collect data...

Written Answers — Department of Finance: Revenue Commissioners (18 Oct 2022)

Paschal Donohoe: I am informed by Revenue that there are seven members of staff nationally who have been notified of overpayments of salary due to the granting of a Franking Allowance where the allowance was not due. Revenue has informed each member of staff concerned of the overpayment of salary arising and apologised for the error. Revenue is aware of the concerns that this matter has caused to the...

Written Answers — Department of Finance: Mortgage Interest Rates (18 Oct 2022)

Paschal Donohoe: Decisions in relation to mortgage lending and the management of existing loans, including the particular type of mortgage product offered to existing or new borrowers, are commercial matters for individual mortgage creditors. Neither I nor the Central Bank have a role in setting the rates that mortgage creditors charge on their loans or in relation to the particular mortgage products that...

Written Answers — Department of Finance: Banking Sector (18 Oct 2022)

Paschal Donohoe: I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. The bank's independence is protected by a...

Written Answers — Department of Finance: Fuel Prices (18 Oct 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. Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the...

Written Answers — Department of Finance: Customs and Excise (18 Oct 2022)

Paschal Donohoe: Revenue informs me that there are a number of factors that influence the cost of importing a vehicle from Northern Ireland including the value of the vehicle and its emissions. There are three areas which need to be considered as costs of importing a vehicle into the State from Northern Ireland. These are Vehicle Registration Tax (VRT), Value-Added Tax (VAT) and Customs Duty. 1. VRT For the...

Written Answers — Department of Finance: Banking Sector (18 Oct 2022)

Paschal Donohoe: It should be noted that the Minister for Finance has no direct function in the operations of commercial banks. The company in question announced in February 2022 that they would serve their Irish customers using their European banking license, authorised in Lithuania, going forward. The company is now passport banking services, such as a current account and range of credit products, to...

Written Answers — Department of Finance: Defective Building Materials (18 Oct 2022)

Paschal Donohoe: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. In terms of forbearance for such households that have a mortgage, as the Deputy is aware the Central Bank is responsible for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements. Through its consumer protection...

Written Answers — Department of Finance: Customs and Excise (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that they use a standardized system of classification of goods, which is also used by all Customs administrations within the EU to classify goods which are imported into the EU from any non-EU country, including the UK or exported from the EU. The TARIC database is based on the World Customs Organization (WCO) Harmonized System and is maintained by the European...

Written Answers — Department of Finance: Customs and Excise (18 Oct 2022)

Paschal Donohoe: The zero-rate of VAT applies to printed books where they meet specific requirements. If the books meet these requirements, the appropriate commodity code for the 0% rate must be included when completing the Customs import declaration to ensure that this rate of VAT is used when the tax and duty is being calculated. In instances where an incorrect commodity code is included in the Customs...

Written Answers — Department of Finance: Tax Code (18 Oct 2022)

Paschal Donohoe: Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, anti-money laundering rules require all instances of fraud and/or suspicious transactions to be reported by financial institutions to the Financial Intelligence Unit, which is part of An Garda Síochána and under the remit of the Department of Justice. The reduction of payment fraud has...

Written Answers — Department of Finance: Tax Code (18 Oct 2022)

Paschal Donohoe: On Budget Day I announced my proposal for accelerated capital allowances for the construction of slurry storage facilities. The proposed measure would allow for 50% of eligible expenditure to be claimed over two years rather than the current eight. The Government intends to legislate for this measure in the forthcoming Finance Bill. The points made in the details supplied with the Deputy's...

Written Answers — Department of Finance: Departmental Staff (18 Oct 2022)

Paschal Donohoe: I wish to inform the Deputy that details on Special Advisers employed by the Department of Finance since 2015 are shown in the table below; Name Minister Ceased Ms. Fiona O’Connor Minister Donohoe Incumbent Ms. Deborah Sweeney (temporarily on leave) Minister Donohoe Incumbent ...

Written Answers — Department of Finance: Budget 2023 (18 Oct 2022)

Paschal Donohoe: On Budget Day, I announced a €500 Rent Tax Credit which it is proposed will be claimable in respect of rent paid in 2022 and subsequent years to end-2025. In answer to the Deputy's question, as I have indicated previously in my responses to Parliamentary Questions on this matter, I understand that licence arrangements may exist and that, in such circumstances, the licensee may be...