Results 5,421-5,440 of 32,547 for speaker:Paschal Donohoe

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

Paschal Donohoe: Section 110 of the Taxes Consolidation Act 1997 is the section of the corporate tax code which creates a tax neutral regime for bona-fide securitisation and structured finance purposes. Ireland is not unique in having a specific regime for securitisations. The importance of securitisation has been recognised by the European Commission through their work on the Capital Markets Union. This is a...

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

Paschal Donohoe: The Deputy should note that any decision in relation to extending the timeframe for the reduction in VAT on gas and electricity to nine per cent will be made in the context of the Budget and, as part of our normal annual Budget preparations. In this context, various options for tax policy changes will be considered by the Tax Strategy Group prior to Budget 2023.

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

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee or director. Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which...

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...

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

Paschal Donohoe: My Department updated its fiscal projections in the Stability Programme Updateearlier this month. An Exchequer deficit of €1.1 billion is now forecast for this year; this compares with the Budget 2022projection of €7.7 billion. The main driver of the improvement is stronger projections for tax revenue. My Department now expects tax revenue to amount to almost €76...

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

Paschal Donohoe: It is normal practice for a number of issues and options in the personal income tax space to be examined or explored in the context of the annual Budgetary process. This work may have regard to the prevailing economic circumstances and outlook as well as to Government Programme commitments and to any other matters which ought to be taken into account. The Tax Strategy Group process...

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

Paschal Donohoe: The estimated cost of the VAT reduction for gas and electricity to 9% from 1 May to 31 October is €46m. This is expected to result in estimated annual savings of €49 on gas and €69 on electricity bills for households. The background to this change is the introduction of greater flexibility in Annex III of the VAT Directive which now provides that reduced rates can be...

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

Paschal Donohoe: The importance of an orderly withdrawal is emphasised in all engagements with Ulster Bank and KBC and both banks are meeting with officials and providing relevant information regarding account closures to the Department of Finance on a monthly basis. This will help to identify any emerging trends and potential issues for consumers. As advised in a recent response to the Deputy on 7 April, I...

Written Answers — Department of Finance: Ukraine War (28 Apr 2022)

Paschal Donohoe: First and foremost the Russian invasion of Ukraine is a humanitarian crisis. Along with the unjust loss of life, millions of people have been forced to flee their homeland. Meanwhile the combined impact of the war and the economic, financial and other sanctions represent a large supply-side shock, one which has reverberated throughout the global economy. Reflecting the negative spillover...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (28 Apr 2022)

Paschal Donohoe: The Employment Wage Subsidy Scheme (EWSS) is provided for in section 28B of the Emergency Measures in the Public Interest (COVID-19) Act 2020, as amended and is an economy-wide support. It has played a central role in supporting businesses, encouraging employment and helping to maintain the link between employers and employees since July 2020. The EWSS provides a subsidy to qualifying...

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

Paschal Donohoe: Insurance reform is a key priority for this Government. The Cabinet Committee Sub-Group on Insurance Reform was established to prioritise this issue, and published the Action Plan for Insurance Reformin December 2020. The Sub-Group is overseeing the implementation of this reform agenda, and meets regularly in this regard. The Action Plansets out 66 actions to protect consumers and improve the...

Written Answers — Department of Finance: Commissions of Investigation (28 Apr 2022)

Paschal Donohoe: I wish to inform the Deputy that there are currently no commissions of investigation under my Department. My Department is a stakeholder in two commissions of investigation, however these are set up under the Department of the Taoiseach.

Written Answers — Department of Finance: National Asset Management Agency (28 Apr 2022)

Paschal Donohoe: NAMA have advised that they are currently compiling this information, however as the PQ requests data spanning NAMA's lifetime, NAMA are not in a position to finalise this within the given timeframe. As a result, I will provide this information directly to the Deputy once it is available.

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

Paschal Donohoe: The withdrawal of KBC and Ulster Bank is a challenge facing consumers and SMEs as they need to switch their current and other accounts to new providers. It is important that the Irish banking sector rises to this challenge. All stakeholders in this process must play their part in ensuring it is carried out successfully, with minimal disruption for all impacted customers. My priority is to...

Written Answers — Department of Finance: Customs and Excise (28 Apr 2022)

Paschal Donohoe: Revenue, as Ireland’s Tax and Customs administration, is responsible for managing the importation and exportation of goods in accordance with the Union Customs Code and relevant national legislation and this includes goods being imported through the postal system. Customs controls are necessary to protect public health, to ensure food safety and product standards and to protect EU...

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....