Results 4,981-5,000 of 32,432 for speaker:Paschal Donohoe

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

Paschal Donohoe: While I am acutely aware of wealth inequality, it is important to stress that housing assets are the main source of divergence in wealth across the Irish population. It is also important to acknowledge that a number of wealth taxes are in place, including Capital Gains Tax, Capital Acquisitions Tax and Local Property Tax. The Revenue Commissionersestimate that these taxes raised some...

Written Answers — Department of Finance: Budget Process (16 Jun 2022)

Paschal Donohoe: The war in Ukraine has fundamentally altered the economic outlook and generated significant economic headwinds, both in Ireland and throughout the world. At the time of the Stability Programme Update 2022 (April), my Department projected growth in modified domestic demand - my preferred domestic indicator - of 4¼ per cent this year, followed by an increase of just below 4 per cent next...

Written Answers — Department of Finance: Cost of Living Issues (16 Jun 2022)

Paschal Donohoe: The Government recognises the challenges of rising price pressures and has responded to help to ease the impact on businesses and households, particularly those on low incomes. Indeed, the OECD Economic Outlook notes the extent of supports that the Government has introduced to mitigate the adverse impact of inflationary pressures. On a cumulative basis, €2.4 billion has been announced...

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

Paschal Donohoe: The below table provides the details of the car-related expenses of each of the two Minister's in the Department of Finance in 2021. Minister Claimant Name Claim Value Claim Year Minister for Finance Paschal Donohoe €7,070.75 2021 Minister of State Sean Fleming ...

Written Answers — Department of Finance: Post Office Network (16 Jun 2022)

Paschal Donohoe: This is a matter for my colleague the Minister of Environment, Climate and Communications as An Post is a body under his remit. However, as you may be aware An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of these services. An Post is authorised under S.I. No. 170/2016 - Postal and...

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

Paschal Donohoe: Firstly, it is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, which is a commercial matter for insurance providers. This is expressly prohibited by the EU’s Solvency II framework. However, I can assure the Deputy that Government is committed to improving the cost and availability of insurance for all...

Written Answers — Department of Finance: Job Creation (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 188, 189, 190 and 191 together. The COVID-19 pandemic had a severe impact on Ireland’s labour market, with the number of persons in receipt of some form of state income assistance exceeding half a million as recently as the first quarter of last year. However, as a result of the strength of the policy supports introduced by the Government to protect...

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

Paschal Donohoe: At both the ECOFIN and Eurogroup meetings, my fellow Ministers and I work alongside the European Commission and the European Central Bank (ECB) to take stock of the latest economic situation, including inflation developments throughout the EU. As the Deputy is aware, the ECB is an independent institution with a mandate to maintain price stability, defined as around 2 per cent over the...

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

Paschal Donohoe: Firstly, it is important to note that neither I, nor the Central Bank, have the power to direct insurers to sell any specific product, or to make it available at a particular price. This is reinforced by the EU Solvency II directive which expressly prohibits Government from doing so. As the Deputy is aware, the Personal Injuries Guidelines came into force in April 2021 and materially reduced...

Written Answers — Department of Finance: Primary Medical Certificates (16 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 the provision of an annual fuel grant. I am advised by Revenue that a primary medical certificate holder is required to keep a vehicle which is registered on the DPD Scheme in their possession for a specified time...

Written Answers — Department of Finance: Health Promotion (16 Jun 2022)

Paschal Donohoe: Officials in my Department are currently reviewing the options now available to Ireland in setting VAT rates. This will include consideration of the new options available to Member States as a result of the recently updated EU VAT rules when setting VAT rates as well as the new limitations introduced on how reduced rates may be applied. Decisions about tax changes are generally taken in...

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

Paschal Donohoe: The revised Payment Services Directive (PSD2) regulates payment service providers across Europe. When it was transposed in 2018, PSD2 extended transparency rules relating to withdrawal charges to independent ATM operators. Under PSD2 independent ATM operators are required to clearly display charges to their user’s both before withdrawal of cash and upon receipt of cash. The Central...

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

Paschal Donohoe: According to the Central Statistics Office (CSO) Wholesale Price Index, the wholesale price of building and construction materials (excluding VAT) increased by 18.2 per cent in the 12 months to April 2022. Some key construction materials have experienced very high levels of inflation, including, 28.5 per cent for rough timber, 51.3 per cent for structural steel and reinforcing metal and 21...

Written Answers — Department of Finance: Foreign Direct Investment (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 199 and 205 together. Ireland has long established itself as a market of choice for foreign direct investment and FDI makes a highly significant contribution to the domestic economy. Ireland’s ability to attract and retain FDI reflects our strong legal and regulatory landscape, our track record as a stable and pro-enterprise jurisdiction, and our...

Written Answers — Department of Finance: Foreign Direct Investment (16 Jun 2022)

Paschal Donohoe: I understand that the revised proposals in respect of Corporation tax profits which the Deputy is referring to in his question relate to the projected cost of joining the agreement by the OECD/G20 Inclusive Framework on BEPS last October through a two-pillared solution to address tax challenges arising from the digitalisation of the economy. Pillar One will see a reallocation of 25% of...

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

Paschal Donohoe: As it stands, Ireland remains one of the strongest performers in the European Union. Irish exports recorded a robust start to 2022, with a continued strong performance in the multinational sector. The Irish modified current account, which strips out the distorting effects of globalisation, is in a very strong position and is expected to remain in surplus over the medium term. The Irish labour...

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

Paschal Donohoe: Consumer price (HICP) inflation picked up sharply over the second half of last year and stood at 8.3 per cent 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 per cent in May. The key driver behind the elevated level of inflation at present is the sharp rise in wholesale energy prices,...

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

Paschal Donohoe: My Department continues to monitor all aspects of the property market, including the rate of inflation in the housing market, on an ongoing basis. According to the most recent figures released by the Central Statistics Office, the National Residential Property Price Index increased by 15.2 per cent in the twelve months to March 2022. The Consumer Price Index also shows that private rents have...

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

Paschal Donohoe: Prior to the pandemic Irish economic fundamentals were strong, with robust growth, a labour market close to full employment, relatively modest credit growth, and surpluses in the underlying current account and the public finances. The outbreak of the Covid-19 pandemic turned the economy on its head, but we weathered the storm and achieved a remarkable economic recovery. The economy is...

Written Answers — Department of Finance: Cost of Living Issues (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 206 and 207 together. Inflation picked up sharply over the course of the last year with the HICP index standing at 8.3 per cent in May, a multi-decade high. Almost every advanced country in the world is in the same position, with euro area HICP inflation reaching a record 8.1 per cent in May. The key driver behind the elevated level of inflation at...