Results 5,001-5,020 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Departmental Staff (28 Jun 2022)

Paschal Donohoe: As of 31 May 2022 there are 368 staff (361.40 FTE) employed by the Department. Staff in my Department have been working on a blended working pattern since 24 January 2022. Blended working patterns in each business unit are arranged at a local level to ensure business needs are met. As such, the number of staff in the Department working from home and the office fluctuates on a daily basis in...

Written Answers — Department of Finance: Insurance Coverage (28 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) which prevents Member States from doing so. ...

Written Answers — Department of Finance: Tax Credits (28 Jun 2022)

Paschal Donohoe: Based on Revenue’s latest Ready Reckoner (Post-Budget 2022), the estimated costs on a first and full year basis of an increase in the value of the tax credit as mentioned by the Deputy are set out in the following table. Measure Adjustment First year cost Full year cost Incapacitated child tax credit An increase of...

Written Answers — Department of Finance: Tax Credits (28 Jun 2022)

Paschal Donohoe: Based on Revenue’s latest Ready Reckoner (post-Budget 2022), the estimated cost on a first and full year basis of the increases in the value of the tax credit as mentioned by the Deputy are set out in the following table. Measure Adjustment First year cost Full year cost Home Carer tax credit* An increase of €200...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (23 Jun 2022)

Paschal Donohoe: I thank Deputy Moynihan for raising this matter. As he will be aware, in 2008, the price of oil was at a very low point because of the impact of the global financial crisis and other factors that meant the price was at a very low level. The House will be aware the Government has done an awful lot to reduce the price of fuel, and the excise reduction we put in place of 15 cent and 20 cent is...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (23 Jun 2022)

Paschal Donohoe: I acknowledge that Deputy Devlin has raised this issue with me on a number of occasions. He is raising an important matter regarding how consumers can be protected as they take out loans that could stretch across the duration of their life, given the cost can be uncertain and can grow. I recognise the very legitimate point he is raising. He is also correct that the Central Bank regulates...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (23 Jun 2022)

Paschal Donohoe: The scale of the fine that has been imposed by the Central Bank on these two banks shows the strength of our regulatory system and how seriously the unacceptable behaviour in respect of tracker mortgages is being taken by the Central Bank and the State. The legislation Deputy Doherty is referring to has taken some time to draft. It required pre-legislative scrutiny as was correct, and...

Written Answers — Department of Finance: Tax Data (23 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 188 and 189 together. I am advised by Revenue that the number of individuals making pension contributions through employment in 2019, broken down by income range is published on the Revenue website at www.revenue.ie/en/corporate/documents/research/pmod-statisti cs-paper.pdf (Table 7). I am also advised by Revenue that deductions to taxable income...

Written Answers — Department of Finance: Tax Code (23 Jun 2022)

Paschal Donohoe: The Deputy should note at the outset that, while I acknowledge that there is a range of perspectives on the issue of exit taxes, I currently have no plans to make any change to either the exit tax or capital gains tax regime. Capital gains tax (CGT) is a tax you pay on any capital gain (profit) made when you dispose of an asset. It is the chargeable gain that is taxed, not the whole...

Written Answers — Department of Finance: Credit Unions (23 Jun 2022)

Paschal Donohoe: The Credit Union Act (the Act) currently requires credit unions to deliver a copy of the annual accounts, along with the notice of the AGM, to every eligible member which must be delivered to each member, unless the member has specifically opted in to receive the notice electronically. Notice of general meetings Section 80(2)(d) of the Act provides that notice of a general meeting must be...

Written Answers — Department of Finance: Tax Code (23 Jun 2022)

Paschal Donohoe: I am advised by Revenue that for Capital Acquisitions Tax (CAT) purposes the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person receiving it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold (currently €335,000) applies, inter alia,...

Written Answers — Department of Finance: Fuel Prices (23 Jun 2022)

Paschal Donohoe: The Government is acutely aware of the increase in consumer prices in recent months, especially the increase in fuel and other energy prices including home heating oil, and for this reason it designed a package of measures to alleviate the impact of increased energy prices on households. The package of measures includes: - an energy credit of €200 including VAT, estimated to impact...

Written Answers — Department of Finance: Fuel Prices (23 Jun 2022)

Paschal Donohoe: The Government is very aware of the impact of rising fuel prices on households and businesses. These trends are driven primarily by global factors. The key drivers of this increase are increases in wholesale energy prices as a result of the rapid rebound in global demand, global supply chain disruptions and the imbalance between demand and supply that emerged as economies re-opened. More...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (23 Jun 2022)

Paschal Donohoe: Further to my reply to Question 31645/22, the Deputy will be aware that the Employment Wage Subsidy Scheme (EWSS), as provided for in Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020, is administered under the care and management of the Revenue Commissioners. Revenue acknowledges that a significant number of businesses have been severely impacted by the...

Written Answers — Department of Transport, Tourism and Sport: Departmental Schemes (22 Jun 2022)

Paschal Donohoe: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997 (S447C TCA). Applicants for HTB must be first-time...

Written Answers — Department of Transport, Tourism and Sport: Tax Code (22 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 Transport, Tourism and Sport: Tax Code (22 Jun 2022)

Paschal Donohoe: Ireland is very supportive of the two-pillar solution for the taxation of the digital economy reached globally at the OECD, an agreement to which we signed up to along with over 130 other countries in October 2021. My long-standing position is that the international tax system needs to adapt to keep pace with changes in how business is conducted internationally. This is a global issue...

Road Traffic and Roads Bill 2021: Instruction to Committee (21 Jun 2022)

Paschal Donohoe: I move: That, pursuant to Standing Order 187, it be an instruction to the Select Committee on Transport and Communications, on the Road Traffic and Roads Bill 2021, that the Committee has the power to make amendments to the Bill which are outside the scope of the existing provisions of the Bill, in order to provide for support and promotion for zero to low emission vehicles; CCTV/cameras...

Written Answers — Department of Finance: Budget Process (21 Jun 2022)

Paschal Donohoe: I believe that the Deputy is referring to the Help-to-Buy (HTB) incentive, an income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief is only available for ‘new builds’. Broadly, the relief takes the form of a rebate of income tax,...

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

Paschal Donohoe: As the Deputy will be aware, the 9% rate for these industries was reintroduced in Budget 2021 from 1 November 2020 to 31 December 2021 at an estimated cost of €401m. This measure was initially extended in Budget 2022 to 31 August 2022 at a further estimated cost of €251m. I have now extended this measure for a further six months. The 9% VAT rate will therefore remain for these...