Results 4,961-4,980 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Ukraine War (16 Jun 2022)

Paschal Donohoe: First and foremost the war in Ukraine is a major humanitarian crisis, with devastating consequences for the people affected. Along with the unjust loss of life, millions of people have been forced to flee their homes. As well as the humanitarian crisis, the war and associated economic, financial, and other sanctions represent a large supply-side shock to the global economy, with European...

Written Answers — Department of Finance: Housing Schemes (16 Jun 2022)

Paschal Donohoe: The Help to Buy incentive is a scheme to assist first-time purchasers with the 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 paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions...

Written Answers — Department of Finance: Climate Action Plan (16 Jun 2022)

Paschal Donohoe: I am informed that NewERA continues to work with the commercial State companies, the Ireland Strategic Investment Fund (ISIF), the Strategic Banking Corporation of Ireland (SBCI) and other public bodies to mobilise private investment towards assisting in meeting our climate objectives. To give some examples, Bord na Móna has named eight Irish companies chosen for its climate action...

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

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Notwithstanding this, the Programme for...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 has now come into operation. This Act provides that any person which directly or indirectly provides credit to consumers, including credit which is termed as 'buy now pay later' (BNPL) type credit, or hire purchase or consumer hire agreements to consumers will now fall...

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

Paschal Donohoe: As the Deputy may be aware, the Programme for Government states that “from Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax net, and to ensure there is no...

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

Paschal Donohoe: 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 up to a maximum of €1,250 (€1,500 in the case of e-bikes), for an employee to use, in whole or in part, to travel to work. Safety equipment includes...

Written Answers — Department of Finance: Financial Services (16 Jun 2022)

Paschal Donohoe: Increasing diversity of the workforce in the financial services sector can bring a number of benefits to firms, including increased access to talent. As such, increasing diversity in the financial services workforce is an important priority in the Government’s Ireland for Finance Strategy andAction Plans 2021 and 2022. A key milestone in the area of diversity, specifically gender...

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

Paschal Donohoe: The present position is that agricultural contractors are not entitled to avail of relief from increases in the carbon tax on farm diesel under section 664A of the Taxes Consolidation Act 1997. This is because farming, which is defined in section 654 of the Taxes Consolidation Act, requires the occupation of farmland. Agricultural contracting does not involve the occupation of farmland. The...

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

Paschal Donohoe: In 2008 the value of the single personal and the employee tax credits amounted to €1,830 per annum. In 2022, the personal and employee tax credits amount to €1,700 per annum. This represents a cumulative reduction of around 7 per cent when compared with 2008. Developments in average pay were distorted during the pandemic by large movements in to, and out of, the workforce, in...

Written Answers — Department of Finance: European Union (16 Jun 2022)

Paschal Donohoe: My Department published the Stability Programme Update in Mid-April and subsequently submitted it to the European authorities at the end of April. This year, as in all prior years, the format and content of the SPU has been produced in accordance with the guidelines set out by the European authorities. These guidelines stipulate that the macroeconomic and fiscal forecasts should be produced...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: I am not aware of the specific issue raised, but both I and the Central Bank have been clear in our engagements with the banks in that we expect them to take a consumer-focused approach in respect of any decision that affects their customers. I would note that at the banks recent appearance before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach on...

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

Paschal Donohoe: Inflation picked up sharply over the course of the last year, and in May stood at 8.3 per cent – the third consecutive month of record high inflation. 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 wholesale...

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

Paschal Donohoe: Recent Budgets have seen major changes to Motor Tax and VRT structures with the aim of incentivising the purchase of more efficient and 'greener' vehicles. Budget 2021 saw the transition to the more accurate Worldwide Harmonized Light Vehicles Test Procedure (WLTP); and restructured the VRT and motor tax regimes with a view to strengthening their environmental rationale in line with...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: On my engagement with the entities referenced by the Deputy, the Retail Banking Dialogue in Tullamore on 16 May 2022 provided an opportunity for me to engage with different parties including those referenced to share views on the changing banking landscape. I would add that in my engagements with the banking system since the announcement last year of the exits of KBC and Ulster Bank I have...

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

Paschal Donohoe: My Department’s Tax Expenditure Guidelines set out procedures for best practice in the evaluation of tax expenditures, setting criteria for the review of the evidence base underpinning tax policy and to determine if tax relief schemes remain fit for purpose. My officials are currently conducting an evaluation of the R&D tax credit. This review will comprise qualitative and...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: The Central Bank Code of Conduct on Mortgage Arrears (CCMA) is the key consumer protection measure for borrowers who are experiencing difficulty in relation to a mortgage which is secured on a primary residence. This statutory based Code, which is issued by the Central Bank under section 117 of the Central Bank Act 1989, sets out how regulated mortgage creditors must treat borrowers in...

Written Answers — Department of Finance: Cost of Living Issues (16 Jun 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, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: In answering the Deputy's question, I am assuming he is asking about the debt that the State has accumulated from recapitalising the banking system which flowed from the then Government's decision to guarantee bank liabilities. The most recent analysis carried out by the Office of the Comptroller and Auditor General (C&AG) indicated that the estimated net cost to the State from...

Written Answers — Department of Finance: Departmental Data (16 Jun 2022)

Paschal Donohoe: Gross National Debt (GND) at end-2021 was €237.2bn. This is just over €30bn higher than it was at end-2019 i.e. pre-pandemic. However, the Exchequer has at its disposal significant cash and other assets. Therefore, the net National Debt – that is the debt after the deduction of these assets – is lower. It stood at €208bn at end-2021. This is c. €20bn...