Results 5,321-5,340 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Industry (14 Jul 2022)

Paschal Donohoe: As the Deputy will appreciate, 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). Nevertheless, this Government is continuing to prioritise...

Written Answers — Department of Finance: Insurance Industry (14 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 287 and 288 together. 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...

Written Answers — Department of Finance: Insurance Industry (14 Jul 2022)

Paschal Donohoe: Insurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reform is overseen by the Cabinet Sub-Group on insurance reform. The second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of the actions contained in the Action Plan are now being delivered.  The establishment of the...

Written Answers — Department of Finance: Departmental Meetings (14 Jul 2022)

Paschal Donohoe: I have had the opportunity to engage with my Canadian counterpart, Minister for Finance Chrystia Freeland, on two occasions to-date in 2022. we both participated in the virtual meeting of G7 Finance Ministers and Central Bank Governors on 01 March, and most recently the meeting of G7 Finance Ministers and Central Bank Governors, which was held in Petersberg, Bonn, from 18-20 May. These...

Written Answers — Department of Finance: Tax Code (14 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 291 and 292 together. I am advised by Revenue that the latest information on property owners’ self-assessed valuations for Local Property Tax, as at the liability date of 1 November 2021, is published online with the most recent provisional statistics following revaluation published on the 11 May 2022 and is available...

Written Answers — Department of Finance: Tax Code (14 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 293 and 294 together. I am advised by Revenue that the information provided by property owners in the LPT return is the LPT band and not the exact valuation of the property; for example, properties valued by their owners at €1.5 million fall into the valuation band €1,487,501 - €1,575,000. Therefore, while it is not possible to provide...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: The below table provides a list of tax expenditures which are due to expire on 31 December 2022.  - Name of Tax Expenditure Sunset Clause 1 CGT Farm Restructuring Relief 31.12.2022 2 Residential Development (Stamp Duty) Refund Scheme 31.12.2022 3 Young Trained Farmer Relief...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: As the Deputy may be aware, the reduced rate of Universal Social Charge (USC) for medical card holders was never intended to be a permanent feature of the USC.  Instead, it was planned to phase in the full USC charge for medical card holders via a transitional approach. This concession for medical card holders has been extended on a number of occasions most recently in Budget 2022, with...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: The information requested by the Deputy is set out in the Revenue post-Budget 2022 Ready Reckoner, which is the most recent available and may be located on Revenue's Statistics webpage at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx. Based on the above Ready Reckoner, it is estimated that approximately 2.07 million taxpayer units will be...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I assume that the Deputy’s question relates to PAYE taxpayers. I am advised by Revenue that, where an income tax return is not completed, it is not possible for Revenue to know if a taxpayer may be due additional credits or reliefs and as such it is not possible to provide the Deputy with final details on the amount of overpaid tax as individual taxpayer circumstances differ. Some...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: The bank levy was extended for one year in Budget 2022. At the time, this was estimated to raise €87 million. As the levy ends this year, a Government decision would be required to extend it into 2023. If this measure was to be extended this estimate would be subject to revision based on the latest available data. The cost or revenue generated from extending measures will be set...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the tables below set out the estimated first and full year costs to the Exchequer of the policy changes outlined by the Deputy. Personal Credit First Year Cost   €m Full Year Cost   €m €5 increase 11 13 €10 increase 23 26 ...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 301 and 302 together. I am advised by Revenue that the following table sets out the estimated costs to the Exchequer, on a first and full year basis, of the scenarios outlined in the table. Scenario First Year Cost   €m Full Year Cost €m Increase 2nd USC band upper limit by...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: It is assumed that the measure outlined by the Deputy is in addition to the surcharge of 3% on non-PAYE income in excess of €100,000. I am advised by Revenue that the estimated first and full year yield to the Exchequer from a change of this nature is €240m and €310m respectively. It is not possible, using existing data, to accurately estimate the yield that would arise...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that as their modelling tool is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as taxpayer units), it is not possible to estimate changes to tax credits on an individual basis for a projected tax year. However, incomes recorded on historic tax returns can be used to estimate the potential yield and/or cost associated...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act (“SDCA”) 1999 provides for a levy on certain financial institutions (known as the “Bank Levy”). Since its introduction in 2003, the Bank Levy has been extended on several occasions and it currently applies to the end of 2022. The Bank Levy is calculated by reference to the amount of deposit interest retention...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the potential tax yield from a measure as outlined by the Deputy would be in the region of €12 million in 2022, if this measure was effective in relation to disposals made on or after 27 September 2022. The Deputy will wish to note that the CGT associated with disposals made on or after 1 December 2022 will not impact the 2022 calendar year tax receipts as...

Written Answers — Department of Finance: Departmental Data (14 Jul 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 included the impact of entrepreneur relief. Due to the level of information provided on tax returns, Revenue does not have sufficient data to include the impact of farm...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in OECD countries to recognise the fact that a business cycle runs over several years. Loss relief works by allowing a deduction for losses incurred in one accounting period against profits earned in another period. I...

Written Answers — Department of Finance: Departmental Data (14 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the total annual amounts collected through the Carbon Tax, since its introduction in 2010 and up to 2020, are published on the Revenue website at the following link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx. I am further advised that the amounts raised through the Carbon...