Results 5,401-5,420 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I welcome the research that the ESRI has undertaken on options for tax revenue raising in Ireland. The report provides significant insights into the exchequer, distributional and income effects of an array of potential tax changes, all of which are important considerations for budgetary policy. Among these, a number of wealth taxes were considered. While I understand the background to calls...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: As the Deputy will be aware, the VAT rate applying to the tourism and hospitality sectors are due to revert to 13.5% on 1 March 2023. The additional VAT receipts in 2023 as a result of this increase are estimated to be in the region of €195m. This accounts for the VAT periods to end October. The returns for Nov/December trading will be received in January 2024. The estimated...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The Deputy should note that Revenue have advised me that the estimated cost of decreasing the standard rate of VAT by 1% for 12 months is €542 million.

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: As set out in my reply to a PQ asked by the Deputy on 17 May this year, one which he references in this PQ, work on this determining all aspects of the proposed new levy, including, but not confined to, the rate at which it will apply, is an ongoing process. My officials, with the assistance of colleagues in other Departments and agencies, as well as from Revenue, are continuing to work on a...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The Research & Development (R&D) Tax Credit provides a 25% tax credit for qualifying R&D expenditure. In the first instance, the credit reduces the CT liability of the company for the accounting period in which the relevant R&D expenditure is incurred. Any excess credit can be carried back to the preceding accounting period. Following this, any remaining excess...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: Although the Digital Services Taxes which were introduced in France, Italy, and Spain were not precisely the same as each other, all three shared substantial overlaps with the Digital Services Tax proposed by the European Commission in 2018. When making its proposal, the Commission estimated that an EU-wide Digital Services Tax could yield €5 billion per annum, to be shared between...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: Tax relief for trade union subscriptions was previously provided for under section 472C of the Taxes Consolidation Act 1997. The relief was introduced in 2001 and abolished from 2011 onward. A review of the appropriate treatment for tax purposes of trade union subscriptions and professional body fees was carried out by my Department in 2016 and included in the 2016 report on tax expenditures...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The previous tax relief in respect of rent paid, was abolished in Budget 2011, and it is no longer available to those that commenced renting for the first time from 8 December 2010. The ending of the relief followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that information on Betting Duty receipts from traditional, remote and betting intermediaries is available for 2019 and 2020 on the Revenue website. The breakdown of the 2021 receipts is as follows: Licence Type Receipts €m Traditional 24.4 Remote 60.5 Intermediatory ...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that the estimated additional yield from a 25 cent and 50 cent increase per 20 cigarettes, with an additional 50% for roll your own, is shown in the following table. Increase per pack of 20 cigarettes Yield €m Additional for 50% on RYO €m Total Yield €m 25c 27.3 1.3 28.6...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: Mineral oil tax (MOT) which comprises a carbon and non-carbon component is applied to auto diesel and petrol.As the Deputy will be aware, I introduced temporary reductions on the non carbon component of MOT applying to auto diesel and petrol earlier this year. These reductions are legislated to apply until 11 October 2022. The current rates of MOT applying to auto diesel and petrol are set...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 167 to 169, inclusive, together. I am advised by Revenue that the estimated yield from increasing the stamp duty rate from 10% to 17% for the purchase of 10 or more houses is in the region of €7 million annually. This estimate assumes that there would be no impact on the level of multiple property purchases due to this proposed increase. It is not...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that taxpayer units on taxable incomes in excess of €200,000 had an effective tax rate of 42.1% in 2019. It is important to point out that this effective tax rate of 42.1% is in respect of income tax and Universal Social Charge and it does not include PRSI. Therefore, it is assumed the Deputy is seeking the estimated additional yield from increasing the...

Written Answers — Department of Finance: Financial Services (13 Jul 2022)

Paschal Donohoe: As the Deputy may be aware the Central Bank disclose the total cost of Financial Regulation (Net Annual Funding Requirement or nAFR) in their Annual Report each year which is published on the Bank's website (link below). The details of the 2019 and 2020 cost of Financial Regulation are as follows: Year Cost of Regulation Income funded from Industry ...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that page 20 of Revenue’s Ready Reckoner can be used to estimate the yield from changes to the rate of Stamp Duty on shares. The current rate of Stamp Duty on the transfer of shares is 1% and the estimated yield from the proposed increases can be derived on a pro rata basis from the table. The Ready Reckoner is available at this link:...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: The current annual interest charge on deferral of Local Property Tax is 3%. I am advised by Revenue that the cost of changes to this rate will depend on the time period of deferral. However, based on current deferrals, the annual cost of the reduction outlined by the Deputy is estimated by Revenue to be in the region of €0.1 million. The rate of interest was examined in the...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: An Irish Real Estate Fund (IREF) is an investment undertaking where 25% or more of the value of that undertaking is made up of Irish real estate assets. Generally IREFs must deduct a 20% withholding tax on distributions to non-resident investors, and further taxation is a matter for their country of residence. Certain categories of investors such as pension funds, life assurance companies and...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that, as tax liability is calculated based on the combination of all incomes, reliefs, credits and deductions, it is not possible to provide an exact tax cost for each individual item of allowable expenses. However, in order to estimate tentative costs, it is possible to identify the amounts claimed under each item and apply an average marginal rate of tax. The average...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: At the outset, it is important to note there are various levies and contributions in existence on insurance premiums. These serve different, defined purposes with some having been in place for a number of years. I should also state that there are no plans to discontinue them at this time. These are briefly detailed below. The 2 per cent Insurance Compensation Fund (ICF) levy is the only pure...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: I am advised by Revenue that employers who pay employees’ removal and relocation expenses are required to keep relevant records for a period of at least 6 years. However, as there is no reporting requirement in relation to this provision, there are no data available on which to estimate the tax foregone.