Results 5,401-5,420 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Housing Schemes (28 Apr 2022)

Paschal Donohoe: In my Budget 2022 address, I announced that a formal review of the Help-to-Buy scheme would take place this year. The exercise is intended to be fundamental in nature and to help inform decisions for Budget 2023 and Finance Bill 2022. The terms of reference for the review are as follows: "To examine all aspects of the Help-to-Buy scheme (s.477C of the Taxes Consolidation Act 1997) including...

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

Paschal Donohoe: The Government has intervened on four occasions to address increases in the cost of living, at a combined cost of approximately €2.1 billion. Firstly, Budget 2022contained an income tax package amounting to €520 million. On the expenditure side, a social welfare package worth €558 million was introduced, including, among other measures, a general €5 rate increase...

Written Answers — Department of Finance: Inflation Rate (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 an all-time high of 7.4 per cent in March. The key driver of inflation over the past six months or so has been increases in wholesale energy prices, driven by the rapid rebound in global demand...

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

Paschal Donohoe: It is a key priority for the Minister for Finance and the Central Bank of Ireland that customers receive the appropriate support in rearranging their affairs as certain banks exit the market. Officials met with the Central Bank on 19 April 2022 to discuss the withdrawal of Ulster Bank and KBC from the market and in particular the support required for consumers in moving their accounts to...

Written Answers — Department of Finance: Fiscal Policy (28 Apr 2022)

Paschal Donohoe: As the Deputy will be aware, the European Commission published a Communication in October 2021 which relaunched the review of the economic governance framework. I have strongly welcomed the re-opening of the Commission’s review. Discussions on the future of the European fiscal framework have been ongoing at the relevant EU sub-committees since the relaunch of the review. These...

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

Paschal Donohoe: The present position is that agricultural contractors are not entitled to avail of relief from increases in the carbon tax on farm diesel under section 664A of the Taxes Consolidation Act 1997. This is because farming, which is defined in section 654 of the Taxes Consolidation Act, requires the occupation of farmland. Agricultural contracting does not involve the occupation of farmland. The...

Written Answers — Department of Finance: Financial Services (28 Apr 2022)

Paschal Donohoe: Monetary policy for the euro area is formulated by the Governing Council of the European Central Bank (ECB) and implemented by the Eurosystem. The Governing Council sets its key lending and deposit rates with regard to its monetary policy objective of price stability. Any change in monetary policy will depend on how the economy evolves and how the Governing Council assess the outlook....

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

Paschal Donohoe: Ireland has one of the most progressive personal income tax systems in the world, which plays a crucial role in the process of income redistribution. Our redistributive tax system has been acknowledged by the IMF, the OECD and the ESRI. A broad-based, progressive income tax system, where the majority of income earners make some contribution but according to their means, is the most fair and...

Written Answers — Department of Finance: Vacant Properties (28 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 47, 55 and 77 together. 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...

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 taken in...

Written Answers — Department of Finance: EU Meetings (28 Apr 2022)

Paschal Donohoe: The most recent Eurogroup was held on 4 April in Luxembourg. Eurogroup opened with a discussion on economic developments related to the military aggression in Ukraine. The European Commission and the European Central Bank updated Ministers on the economic outlook for the euro area, and the European Stability Mechanism presented market updates. We acknowledged that we entered this crisis...

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

Paschal Donohoe: While, under EU law, neither the Minister for Finance 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, including the hospitality sector. The whole-of-Government approach, being...

Written Answers — Department of Finance: Small and Medium Enterprises (28 Apr 2022)

Paschal Donohoe: The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s national promotional institution. The purpose of the SBCI is to deliver effective financial supports to Irish SMEs that address failures in the Irish SME finance market as well as encouraging and promoting competition and innovation, and the efficient and effective use of EU resources and financial instruments. The...

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

Paschal Donohoe: My Department published updated macroeconomic projections for 2022 in the draft Stability Programme Update (SPU) on 13th April. These projections are prepared against a backdrop of the war in Ukraine and the associated economic and financial sanctions. The main channel through which the war is impacting the economy is through higher energy and commodity prices. Higher energy prices have...

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

Paschal Donohoe: I am advised by Revenue that the amounts raised through Excise Duty to the end of March in 2021 and 2022 are €1,283 million and €1,368 million respectively.

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

Paschal Donohoe: Where a couple is cohabiting, rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purposes of income tax. Each partner is a separate entity for tax purposes, therefore, cohabiting couples cannot file joint assessment tax returns or share their tax credits and tax bands in the same manner as married couples. The basis for the...

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

Paschal Donohoe: I propose to take Questions Nos. 59 and 68 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: 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 taken in...

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

Paschal Donohoe: Insurance reform is a key priority for this Government as identified in the Programme for Government and reflected in the Action Plan for Insurance Reformwhich was published in December 2020. Furthermore, the Cabinet Committee Sub-Group on Insurance Reform is overseeing the implementation of this reform agenda, and meets regularly in this regard. The Action Plansets out 66 actions to...