Results 5,101-5,120 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (2 Jun 2022)

Paschal Donohoe: The European Commission has confirmed that EU Member States can consider imposing temporary tax measures on windfall profits of energy providers. With regard to tax generally, the trading profits of companies in Ireland are typically taxed at the standard Corporation Tax rate of 12.5%. Some of the main features of the current regime are its simplicity and that it applies to a broad base....

Written Answers — Department of Finance: Tax Code (2 Jun 2022)

Paschal Donohoe: I am informed by Revenue that it is not possible to provide a definitive answer to the question put by the Deputy in the absence of more specific information. However, in general, the state where an international seafarer is liable to tax on income derived from the exercise of an employment on board a ship in international waters will depend on a number of different factors, including, but...

Written Answers — Department of Finance: Vacant Properties (1 Jun 2022)

Paschal Donohoe: The Living City Initiative is a tax-based measure aimed at the regeneration of the historic inner cities of Dublin, Cork, Galway, Kilkenny, Limerick and Waterford.   The scheme provides income or corporation tax relief for expenditure on refurbishment and conversion work that is carried out in either residential properties or certain commercial properties. The Initiative...

Written Answers — Department of Finance: Vacant Properties (1 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...

Written Answers — Department of Finance: Rental Sector (1 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 82 and 88 together. The Government's comprehensive strategy to address the various policy challenges relating to housing is as set out in ‘Housing for All’. Under the Housing for All strategy, my Department is committed to review the recommendations of the Report of the Working Group on the Tax and Fiscal Treatment of Rental Accommodation...

Written Answers — Department of Finance: Tax Code (1 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, the Programme for Government commits to indexing income tax credits and bands in the event that incomes are rising as the economy recovers, so as to prevent an increase in the tax burden and to ensure that low-paid workers are not being brought into the income tax net. The budgetary stance set out in the Summer Economic Statement 2021 included an...

Written Answers — Department of Finance: Tax Code (1 Jun 2022)

Paschal Donohoe: The Programme for Government, “Our Shared Future”, 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 because of no changes to...

Written Answers — Department of Finance: Budget 2022 (1 Jun 2022)

Paschal Donohoe: I can advise the Deputy that the cash cost of carryover into 2023 of tax measures announced in Budget 2022 is estimated to be in the region of c. €35 million. This impact on the Exchequer is incorporated into the fiscal projections contained in the Stability Programme Update 2022. It is important to note that the exact impact of carryover on the Exchequer will be reviewed as part...

Written Answers — Department of Finance: Tax Yield (1 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the yield from a five cents per litre increase in excise on diesel is estimated at €180 million per annum, VAT inclusive. This estimate assumes no behavioural changes in response to this increase. Based on volumes of diesel on which claims were received in 2021, the cost of using the Diesel Rebate Scheme to offset a five cents increase for qualifying...

Written Answers — Department of Finance: Tax Code (1 Jun 2022)

Paschal Donohoe: The European Commission has confirmed that EU Member States can consider imposing temporary tax measures on windfall profits of energy providers.  With regard to tax generally, the trading profits of companies in Ireland are typically taxed at the standard Corporation Tax rate of 12.5%. Some of the main features of the current regime are its simplicity and that it applies to a broad...

Written Answers — Department of Housing, Planning, and Local Government: Vacant Properties (1 Jun 2022)

Paschal Donohoe: The Living City Initiative is a tax-based measure aimed at the regeneration of the historic inner cities of Dublin, Cork, Galway, Kilkenny, Limerick and Waterford.   The scheme provides income or corporation tax relief for expenditure on refurbishment and conversion work that is carried out in either residential properties or certain commercial properties. The Initiative...

Written Answers — Department of Finance: Tax Data (31 May 2022)

Paschal Donohoe: The residential zoned land tax (RZLT) is designed to prompt residential development by owners of land that is zoned for residential or mixed use purposes and that is serviced, and the primary objective of a RZLT is to increase the supply of housing rather than to raise revenue. The rate of residential zoned land tax is set at three percent on its commencement in...

Written Answers — Department of Finance: Tax Data (31 May 2022)

Paschal Donohoe: I propose to take Questions Nos. 163 and 168 together. I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of the EU VAT Directive, with which Irish VAT law must comply.  In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless they fall within categories of...

Written Answers — Department of Finance: Tax Collection (31 May 2022)

Paschal Donohoe: I am advised by Revenue that as a result of a review undertaken on the tax affairs of the taxpayer concerned an underpayment arose. In July 2021 Revenue notified the taxpayer of the underpayment and that the liability would be collected, interest free, by reducing their tax credits over a 4-year period, commencing in January 2022. Having reviewed the case and taking into account the...

Written Answers — Department of Finance: Tax Reliefs (31 May 2022)

Paschal Donohoe: In general, capital gains tax (CGT) is chargeable on a gain arising on the disposal of an asset at the rate of 33%. The first €1,270 of chargeable gains of an individual in any year are exempt from CGT. Section 604 of the Taxes Consolidation Act, 1997 provides relief from CGT on the disposal of one’s principal private residence, being a dwelling house (including an...

Written Answers — Department of Finance: Tax Code (31 May 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...

Written Answers — Department of Finance: Tax Code (31 May 2022)

Paschal Donohoe: As the Deputy will be aware, the Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a stable revenue stream to the Exchequer to provide funding for public services.    The USC is an individualised...

Written Answers — Department of Finance: Tax Code (31 May 2022)

Paschal Donohoe: As the Deputy is aware, the OECD/G20 Inclusive Framework on BEPS met last October to agree a two-pillar solution to address tax challenges arising from the digitalisation of the economy. Pillar One will see a reallocation of 25% of residual profits to the jurisdiction of the consumer. The scope is confined to multination groups with turnover in excess of €20 billion annually....

Written Answers — Department of Finance: Fiscal Policy (31 May 2022)

Paschal Donohoe: In July 2020, the European Council adopted a €750 billion recovery package for Europe. This package, NextGenerationEU, is Europe’s shared response to the health and economic crisis caused by COVID-19. At the heart of the package lies the Recovery and Resilience Facility. The aim of the Facility is to address the economic and social impact of the pandemic and make European...

Written Answers — Department of Finance: Revenue Commissioners (31 May 2022)

Paschal Donohoe: I am advised by Revenue that all Revenue public offices, excluding ports, airports and trade facilitations stations remain closed to the public until further notice. Revenue continues to provide a full range of online services for taxpayers to manage their tax affairs, which for the most part removes any requirement to access public offices. These services, which include an online...