Results 5,321-5,340 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Inflation Rate (28 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 169 to 171, inclusive, and 174 together. Inflation picked up sharply over the course of the last year and in March stood at 6.9 per cent. Almost every advanced country in the world is in the same position, with inflation rates of 8, 7 and 7.4 per cent recorded in the US, UK and euro area respectively in March. The rise in wholesale energy prices is...

Written Answers — Department of Finance: Economic Data (28 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 172 and 178 together. At the beginning of this year, the fading impact from the pandemic alongside the strong recovery in the labour market pointed to robust growth in Irish economy this year. However the onset of the war in Ukraine fundamentally altered the economic outlook, representing a large supply-side shock to the global economy.  While the war...

Written Answers — Department of Finance: House Prices (28 Apr 2022)

Paschal Donohoe: My Department continues to monitor all aspects of the property market, including the rate of property price inflation, on an ongoing basis. According to the most recent figures released by the Central Statistics Office, the National Residential Property Price Index increased by 15.3 per cent in the twelve months to February 2022. Many of the factors explaining the current high...

Written Answers — Department of Finance: House Prices (28 Apr 2022)

Paschal Donohoe: According to data from the Central Statistics Office (CSO), real estate companies account for a relatively small proportion of housing transactions. In 2020, the latest year for which data is available, such firms purchased 2.8 per cent of all transacted units. While the number of transactions from such investors has likely increased since then, it is unlikely they capture enough share of the...

Written Answers — Department of Finance: House Prices (28 Apr 2022)

Paschal Donohoe: Through the implementation of the Housing for All strategy, the Government plans to increase the supply of housing to an average of 33,000 per year over the next decade. This is an ambitious plan which will provide increased housing supply and affordability. While the plan is backed by unprecedented State investment, the Government cannot deliver on this programme alone....

Written Answers — Department of Finance: Cost of Living Issues (28 Apr 2022)

Paschal Donohoe: Inflation picked up sharply over the course of the last year and in March stood at 6.9 per cent. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 7.4 per cent in March. The rise in wholesale energy prices is the key contributor and reflects the rapid rebound in global demand and, more recently, the war in Ukraine. Looking...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: On 8 October 2021, Ireland, along with 136 jurisdictions, signed up to a two-pillar International agreement at the OECD/G20 Inclusive Framework on BEPS to address the 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 multinational groups with turnover in...

Written Answers — Department of Finance: Tax Code (28 Apr 2022)

Paschal Donohoe: As the Deputy is aware, for the purposes of capital acquisitions tax (“CAT”), the relationship between the person who provides a gift or inheritance (“the disponer”) and the person who receives it (“the beneficiary”) determines the tax-free threshold (“Group Threshold”) below which CAT does not arise. Any prior gift or inheritance...

Written Answers — Department of Finance: Tax Code (28 Apr 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...

Written Answers — Department of Finance: Insurance Industry (28 Apr 2022)

Paschal Donohoe: While, under EU law, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups. This includes niche sectors such as buildings with thatched roofs.  The...

Written Answers — Department of Finance: Insurance Industry (28 Apr 2022)

Paschal Donohoe: I note that the details supplied relate to the cost of Employers’ Liability insurance for an SME, and the Government’s insurance reform agenda. As the Deputy will appreciate, I am unable to comment on individual cases. Moreover, 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...

Written Answers — Department of Finance: Banking Sector (28 Apr 2022)

Paschal Donohoe: While it is regrettable that Ulster Bank and KBC have decided to exit the Irish market, as Minister for Finance, I have no role in the operational matters of any bank in the State. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. The withdrawal of KBC and Ulster Bank is a challenge...

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

Paschal Donohoe: I propose to take Questions Nos. 185 and 186 together. The Incapacitated Child Tax Credit (ICTC) is provided for in section 465 of the Taxes Consolidation Act 1997 (TCA 1997) and is available to any individual who proves that he or she has living, at any time during a year of assessment, a child who: - if under the age of 18, is permanently incapacitated by reason of mental or physical...

Written Answers — Department of Finance: Mortgage Interest Rates (28 Apr 2022)

Paschal Donohoe: I am aware that the general level of new lending interest rates in Ireland is higher than is the case in many other European countries.  The most recent data published by the Central Bank on this issue indicates that, at end February 2022, the weighted average interest rate on new Irish mortgages was 2.76% compared to an average of 1.36% for the euro area.  However, the...

Written Answers — Department of Finance: Tax Data (27 Apr 2022)

Paschal Donohoe: Revenue publishes detailed statistics on the Research & Development (R&D) tax credit on an annual basis. These publications are available at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/tax-expenditures/r-and-d-tax-credits.aspx. I am advised by Revenue that Corporation Tax returns for the tax year 2020 were due to be filed during 2021. The data from these...

Written Answers — Department of Finance: Tax Reliefs (27 Apr 2022)

Paschal Donohoe: Section 473A of the Taxes Consolidation Act 1997 provides for income tax relief in respect of qualifying tuition fees paid by an individual for a third level education course, including a postgraduate course. The relief is granted at the standard rate of income tax (currently 20%), where an individual pays tuition fees for an approved course, whether on his or her own behalf or on behalf of...

Written Answers — Department of Finance: Tax Code (27 Apr 2022)

Paschal Donohoe: The term “Exchange Traded Fund” or “ETF” is a general investment industry term that refers to a wide range of investments. ETF investments can take many different legal and regulatory forms even where they are established within the same jurisdiction. An ETF is an investment fund that is traded on a regulated stock exchange. A typical ETF can be compared to a...

Written Answers — Department of Finance: Inflation Rate (27 Apr 2022)

Paschal Donohoe: Inflation picked up sharply over the course of the last year and in March stood at 6.9 per cent. Almost every advanced country in the world is in the same position, with inflation rates of 8, 7 and 7.4 per cent recorded in the US, UK and euro area respectively in March. The rise in wholesale energy prices is the key contributor and reflects the rapid rebound in global demand and, more...

Written Answers — Department of Finance: Tax Reliefs (27 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 77 and 78 together. The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons who also meet one of six specified medical criteria, as a driver...

Written Answers — Department of Finance: Rental Sector (27 Apr 2022)

Paschal Donohoe: As outlined in the 'Housing for All' strategy, the Government’s primary response to mitigating residential price inflation is to increase supply. The strategy outlines the plan to increase affordability and housing supply by committed to, amongst other things, an average of 2,000 new ‘cost rental’ homes every year, with targets of rents being at least 25 per cent...