Results 4,921-4,940 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Research and Development (21 Jun 2022)

Paschal Donohoe: It is assumed that the Deputy is referring to accelerating the second and third payable credit associated with the research and development tax credit for small and micro-companies. I am advised by Revenue that, while the suggested measure would not entail any sustained overall increase to the cost of the credit, the estimated additional cash flow cost associated with making the research...

Written Answers — Department of Finance: Tax Yield (21 Jun 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 would be in the order of €70 million.  This full-year estimate is based on 2019 data, the latest year for which fully analysed data are available, with the...

Written Answers — Department of Finance: Departmental Schemes (21 Jun 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...

Written Answers — Department of Finance: Tax Yield (21 Jun 2022)

Paschal Donohoe: I am advised by Revenue that income tax liabilities are calculated on a taxpayer unit basis, where married people and those in a civil partnership who have elected to be jointly assessed are treated as one unit, and their incomes are combined when arriving at the taxable income. As such, it is not possible to determine the potential yield that might arise from introducing...

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: In broad terms, where an individual invests in rental property via a collective investment vehicle, a tax exemption may apply within the vehicle (subject to conditions) and the investor is subject to tax when they receive distributions of profits or gains.  Where an individual holds property directly, they are subject to tax on income or gains as they arise, subject to the normal...

Written Answers — Department of Finance: Vacant Properties (21 Jun 2022)

Paschal Donohoe: The Government’s strategy Housing For All includes an action for my Department to collect data on vacancy with a view to introducing a Vacant Property Tax. The timeframe for delivery on this commitment is the second quarter of 2022. The Finance (Local Property Tax) (Amendment) Act 2021 enabled Revenue to collect certain information in relation to the occupancy status of...

Written Answers — Department of Finance: Cost of Living Issues (21 Jun 2022)

Paschal Donohoe: Consumer price (HICP) inflation picked up sharply over the course of last year and stood at 8.3% in May – a multi-decade high. Almost every advanced economy in the world is in the same position, with euro area inflation reaching a record 8.1% in May. The key driver of the elevated level of inflation at present is the sharp rise in wholesale energy, food and other commodity prices...

Written Answers — Department of Finance: Primary Medical Certificates (21 Jun 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Scheme provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The car must be purchased before applying for VRT and VAT relief, as applicable to the category of adaptations made to the vehicle. The Scheme is open to severely and permanently disabled persons...

Written Answers — Department of Finance: Mortgage Interest Rates (16 Jun 2022)

Paschal Donohoe: I am aware that the general level of new lending interest rates in Ireland are higher than is the case in many other European countries. However, the price lenders charge for their loans is a commercial matter for individual lenders. As Minister for Finance I cannot determine the lending policies of individual banks including the interest rates they charge for loans including mortgages. ...

Written Answers — Department of Finance: Flexible Work Practices (16 Jun 2022)

Paschal Donohoe: The Programme for Government includes a commitment to facilitate and support remote working. The National Remote Work Strategy aims to make remote work a permanent feature of the Irish working experience in a way that maximises the economic, social and environmental benefits. As part of the national remote working strategy: Making Remote Work, in 2021 the Tax Strategy Group (TSG)...

Written Answers — Department of Finance: Credit Unions (16 Jun 2022)

Paschal Donohoe: This Government recognises the importance of credit unions. The Programme for Government contains commitments to: - Review the policy framework within which credit unions operate; - Enable and support the credit union movement to grow; - Support credit unions in the expansion of services, to encourage community development; and - Enable the credit union movement to grow as a key provider of...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 15 and 25 together. Inflation picked up sharply over the course of the last year and in May stood at 8.3 per cent, a multi-decade high. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 8.1 per cent in May. The key driver behind the elevated level of inflation at present is the sharp rise in...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Finance: Economic Policy (16 Jun 2022)

Paschal Donohoe: The first quarter of this year was a weak one for the domestic economy. This was a result of numerous headwinds at the start of the year, including the Omicron wave of the virus, inflationary pressures, and the high level of uncertainty stemming from the war in Ukraine. Modified domestic demand, my preferred measure of domestic economic activity, declined by -1 per cent in the first quarter....

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: Housing policy is a matter in the first instance for my colleague the Minister for Housing, Local Government and Heritage. The Deputy's question is focused on a number of specific categories of stakeholder in the property market. However, I would like to highlight that the Government's ‘Housing for All’ strategy sets out the Government comprehensive policy to address housing...

Written Answers — Department of Finance: Covid-19 Pandemic (16 Jun 2022)

Paschal Donohoe: The Debt Warehousing Scheme was introduced to provide a vital liquidity support to businesses suffering a downturn due to the Covid-19 pandemic. Under the scheme, businesses can temporarily ‘park’ certain tax debts on an interest free basis until the end of this year (or until 30 April 2023 for businesses most impacted by the most recent public health restrictions and who are...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, Minister Donohoe has already engaged with Commissioner Gentiloni on this issue. The Deputy should note that in his correspondence the Minister outlined the various actions he had taken to mitigate the cost of energy for households and businesses in Budget 2022, as well as the additional €505m support package introduced in February. He also outlined the...

Written Answers — Department of Finance: Insurance Industry (16 Jun 2022)

Paschal Donohoe: Motor insurance is mandatory, in that every person intending to use a vehicle on a public road must have third-party cover at a minimum. Therefore, it is important that motor insurance is affordable, which is why this Government has continued to prioritise efforts to reduce costs for motorists as part of the Action Plan for Insurance Reform.In that regard, I am pleased to note that data from...

Written Answers — Department of Finance: Tax Yield (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 24, 50 and 58 together. I am concerned about the exposure of the public finances to corporation tax receipts. There are two issues: firstly, concentration risk and, secondly, international corporate tax policy changes. In relation to concentration risk, the latest data show that around €1 in every €8 collected arises in just 10 large corporate...

Written Answers — Department of Finance: Vacant Properties (16 Jun 2022)

Paschal Donohoe: For the Local Property Tax (LPT) valuation period 2022-2025, residential property owners were asked to indicate in their LPT returns the occupancy status of their properties on 1 November 2021 and, where vacant, the duration of and reason for the vacancy. These information requirements were included in LPT returns in accordance with section 39A of the Finance (Local Property Tax) Act 2012...