Results 5,581-5,600 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (23 Jun 2022)

Paschal Donohoe: The Credit Union Act (the Act) currently requires credit unions to deliver a copy of the annual accounts, along with the notice of the AGM, to every eligible member which must be delivered to each member, unless the member has specifically opted in to receive the notice electronically. Notice of general meetings Section 80(2)(d) of the Act provides that notice of a general meeting must be...

Written Answers — Department of Finance: Tax Code (23 Jun 2022)

Paschal Donohoe: I am advised by Revenue that for Capital Acquisitions Tax (CAT) purposes the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person receiving it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold (currently €335,000) applies, inter alia,...

Written Answers — Department of Finance: Fuel Prices (23 Jun 2022)

Paschal Donohoe: The Government is acutely aware of the increase in consumer prices in recent months, especially the increase in fuel and other energy prices including home heating oil, and for this reason it designed a package of measures to alleviate the impact of increased energy prices on households. The package of measures includes: - an energy credit of €200 including VAT, estimated to impact...

Written Answers — Department of Finance: Fuel Prices (23 Jun 2022)

Paschal Donohoe: The Government is very aware of the impact of rising fuel prices on households and businesses. These trends are driven primarily by global factors. The key drivers of this increase are increases in wholesale energy prices as a result of the rapid rebound in global demand, global supply chain disruptions and the imbalance between demand and supply that emerged as economies re-opened. More...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (23 Jun 2022)

Paschal Donohoe: Further to my reply to Question 31645/22, the Deputy will be aware that the Employment Wage Subsidy Scheme (EWSS), as provided for in Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020, is administered under the care and management of the Revenue Commissioners. Revenue acknowledges that a significant number of businesses have been severely impacted by the...

Written Answers — Department of Transport, Tourism and Sport: Departmental Schemes (22 Jun 2022)

Paschal Donohoe: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997 (S447C TCA). Applicants for HTB must be first-time...

Written Answers — Department of Transport, Tourism and Sport: Tax Code (22 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Transport, Tourism and Sport: Tax Code (22 Jun 2022)

Paschal Donohoe: Ireland is very supportive of the two-pillar solution for the taxation of the digital economy reached globally at the OECD, an agreement to which we signed up to along with over 130 other countries in October 2021. My long-standing position is that the international tax system needs to adapt to keep pace with changes in how business is conducted internationally. This is a global issue...

Road Traffic and Roads Bill 2021: Instruction to Committee (21 Jun 2022)

Paschal Donohoe: I move: That, pursuant to Standing Order 187, it be an instruction to the Select Committee on Transport and Communications, on the Road Traffic and Roads Bill 2021, that the Committee has the power to make amendments to the Bill which are outside the scope of the existing provisions of the Bill, in order to provide for support and promotion for zero to low emission vehicles; CCTV/cameras...

Written Answers — Department of Finance: Budget Process (21 Jun 2022)

Paschal Donohoe: I believe that the Deputy is referring to the Help-to-Buy (HTB) incentive, an income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief is only available for ‘new builds’. Broadly, the relief takes the form of a rebate of income tax,...

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, the 9% rate for these industries was reintroduced in Budget 2021 from 1 November 2020 to 31 December 2021 at an estimated cost of €401m. This measure was initially extended in Budget 2022 to 31 August 2022 at a further estimated cost of €251m. I have now extended this measure for a further six months. The 9% VAT rate will therefore remain for these...

Written Answers — Department of Finance: Insurance Industry (21 Jun 2022)

Paschal Donohoe: While 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, including the sporting and cultural sectors. The whole-of-Government approach being taken through the Action Plan...

Written Answers — Department of Finance: Fiscal Policy (21 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 160 and 161 together. The NTMA have informed me that Interest on Ireland’s National Debt has declined significantly in recent years. In 2021 it totalled just under €3.6bn. This is more than 50% below the peak of €7.5bn seen in the mid-part of the last decade. However, the period of large year-on-year declines in the interest bill is now...

Written Answers — Department of Finance: Fiscal Policy (21 Jun 2022)

Paschal Donohoe: Ireland has benefitted over the last several years from very accommodative monetary policy. This allowed the State to borrow at historically low interest rates during the pandemic to fund the necessary fiscal response. Given the current inflationary environment, this era of monetary policy is now coming to an end: in short, interest rates are rising and it will be more expensive to borrow in...

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: As the Deputy is aware, for Capital Acquisitions Tax (CAT) purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold (currently €335,000) applies, inter alia,...

Written Answers — Department of Finance: Vehicle Registration Tax (21 Jun 2022)

Paschal Donohoe: Subject to certain exceptions, all vehicles used in the State are required by law to be registered here.  I am advised by the Revenue Commissioners that vehicle registrations cannot be processed without satisfactory proof of ownership. Requiring certain records of ownership, such as the vehicle registration certificate as part of the registration process helps to:  prevent the...

Written Answers — Department of Finance: Defective Building Materials (21 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, it is the Government’s firm intention to find appropriate solutions for those ordinary home-owners who have been affected by the defective concrete blocks issue.  The Programme for Government reflects this commitment. That commitment is further reflected in a Government decision taken on 30 November 2021 regarding the...

Written Answers — Department of Finance: Banking Sector (21 Jun 2022)

Paschal Donohoe: Lifetime loans are regarded as a niche product, provided by regulated entities, usually to those aged 60 years and over. As a product offered by regulated financial service providers, the competent authority in Ireland is the Central Bank of Ireland. The Central Bank has informed me that it does not publish figures on lifetime loans.  However, if a regulated entity wishes to engage...

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: Stamp duty is chargeable on the transfer of residential property such as apartments and houses at the rate of 1% where the consideration or market value does not exceed €1 million. Where the consideration or market value exceeds €1 million, stamp duty is chargeable at 1% on the first €1 million and 2% on the balance.  Stamp duty is chargeable on...

Written Answers — Department of Finance: Tax Code (21 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, the Programme for Government, “Our Shared Future”, states that “From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax...