Results 5,441-5,460 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Yield (12 Jul 2022)

Paschal Donohoe: I am advised by Revenue that Carbon Tax receipts arising from the increases on 12 October 2022, 1 May 2023 and 12 October 2023 in 2022 and 2023 are estimated at €17.6m and €135.7m respectively. In addition some €1.7m and €14.5m in VAT is estimated for 2022 and 2023 respectively, arising from the carbon tax increases. Revenue from legislated increases to the...

Written Answers — Department of Finance: Budget 2023 (12 Jul 2022)

Paschal Donohoe: I understand that an extensive list of tax expenditure measures with end-2022 sunset clauses in legislation was made available to the Committee on Budgetary Oversight in recent weeks. I am advised that the majority are costed at less than €15 million. Of the larger tax expenditures, measures such as the Help To Buy scheme and the reduced rate of USC for medical card holders are set to...

Written Answers — Department of Finance: Tax Data (12 Jul 2022)

Paschal Donohoe: I am informed by Revenue that traders are not required to identify the VAT yield generated from the supply of specific services on their VAT returns. Therefore, it is not possible to provide an accurate costing for the potential measures outlined. However, a tentative estimate using the most currently available third-party data would be in the region of €88m. In-year policy measures do...

Written Answers — Department of Finance: Summer Economic Statement (12 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 317 and 318 together. My Department produces two sets of macroeconomic and fiscal projections each year, both aligned with the European budgetary cycle. Forecasts have not been updated since the spring forecasts, as set out in the Stability Programme Update (SPU). That said, the Summer Economic Statement (SES) indicated that momentum in the domestic economy is...

Written Answers — Department of Finance: Departmental Contracts (12 Jul 2022)

Paschal Donohoe: I wish to advise the Deputy that my Department and bodies under the aegis of my Department have incurred the following costs with the companies mentioned since January 2020 to date. Carr Communications (ex VAT) Kinzen.com Department of Finance €3,087 €0 Central Bank of Ireland €23,950...

Written Answers — Department of Finance: Financial Services (12 Jul 2022)

Paschal Donohoe: The Central Bank of Ireland is the independent regulator of credit institutions and other regulated financial service providers. However, it is not possible for the Minister for Finance, nor the Central Bank in carrying out its regulatory functions to advise or comment on the management of loans (and/or the treatment of any security which may be associated with a loan) by regulated entities...

Written Answers — Department of Finance: Tax Exemptions (12 Jul 2022)

Paschal Donohoe: The general position is that all tax expenditures and reliefs, including measures of the type mentioned by the Deputy, fall to be considered as part of the annual Budget and Finance Bill process. The tax code provides for a number of tax credits and reliefs for those aged 65 and over. The current age exemptions limits mean that single, widowed or surviving civil partners aged 65...

Written Answers — Department of Finance: Tax Reliefs (12 Jul 2022)

Paschal Donohoe: As the Deputy will be aware, with effect from 1 January 2009, relief in respect of qualifying health expenses, with the exception of relief in respect of nursing home expenditure, has been granted at the standard rate of tax. Prior to that date, the relief was available at the taxpayer's marginal rate. The rationale for standardising health expenses relief was to widen the tax base and bring...

Written Answers — Department of Finance: State Claims Agency (12 Jul 2022)

Paschal Donohoe: I am informed that the SCA has received 90 claims, to date, in respect of COVID-19. These claims relate to service users, staff members and members of the public across delegated state authorities. I understand that the SCA does not, for litigation sensitivity reasons, disclose its contingent liability figures for a particular series or cohort of similar claims.

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 325 and 326 together. As the Deputy will be aware, it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. It is possible for Ireland to apply the 9% reduced VAT rate to the supply and construction of housing, as part of a social policy and...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: The Local Property Tax (LPT) was introduced in 2013 to provide a stable and sustainable funding base for local authorities and is a significant base-broadening measure. LPT has yielded over €4 billion for Local Authorities since its introduction. All property owners benefit from the essential local services LPT helps to fund. The proper functioning of these services is important...

Written Answers — Department of Finance: Tax Reliefs (12 Jul 2022)

Paschal Donohoe: I propose to take Questions Nos. 328 and 329 together. I am advised by Revenue that the estimated cost of tax relief for health expenses and the estimated cost of medical insurance relief is included in the ‘Costs of Tax Expenditures Publication’(Credits, Allowances and Reliefs), which is available at the following link:...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended) and this Act provides for the application of excise...

Written Answers — Department of Finance: Housing Schemes (12 Jul 2022)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: On 8 October 2021, members of the OECD/G20 Inclusive Framework on BEPS agreed to the statement on the ‘Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy’. Pillar 2 introduces a global minimum corporate tax rate of 15 per cent. My Department and the Revenue Commissioners previously estimated that the cost of this agreement could be...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: Ireland made the commitment to the OECD agreement, which includes the global minimum tax rate, last October, as I believe that this agreement represents a fair compromise reflecting the competing interests of the many countries involved in the negotiations, large and small, developed and developing. It will ultimately bring long-term stability and certainty to the international tax framework,...

Written Answers — Department of Finance: Tax Code (12 Jul 2022)

Paschal Donohoe: Ireland signed up to OECD global agreement in October 2021, with Pillar Two consisting of a minimum effective tax rate of 15% for large corporates. The European Commission published its proposal for the EU Minimum Tax Rate Directive on 22 December 2021. Ireland has been fully engaged on the technical work regarding the proposed Directive throughout the first half of 2022. Though...

Written Answers — Department of Finance: Tax Reliefs (12 Jul 2022)

Paschal Donohoe: The issue of State support for activities related to sport is a matter in the first instance for the Minister of State with responsibility for Sport and the Gaeltacht, Mr Jack Chambers, T.D. The Tax Expenditure Guidelines, published by my Department, make clear that the introduction of new tax incentives should only be considered in circumstances where there is a demonstrable market failure...

Written Answers — Department of Finance: Banking Sector (7 Jul 2022)

Paschal Donohoe: The EU Payment Accounts Directive, which was transposed in Ireland by the Payment Accounts Regulations 2016, introduced the right for any consumer who is legally resident in the European Union and who does not already have a payment account with a credit institution in the State to open and use a payment account with basic features. The Directive explicitly states that a consumer who is...

Written Answers — Department of Finance: Departmental Staff (7 Jul 2022)

Paschal Donohoe: I wish to advise the Deputy that the salaries paid by the Department of Finance for the four roles requested follow the relevant salary scales set out by the Department of Public Expenditure and Reform which apply across the Civil Service. As of 1 July 2022, they are as follows: Secretary general I PPC: €250,000 Non-PPC: €237,500 Assistant Secretary PPC: €145,283...