Results 5,601-5,620 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Official Engagements (21 Jun 2022)

Paschal Donohoe: I did not have an opportunity to speak with World Bank President David Malpass during my recent visit to Washington, DC. I last met with him at the most recent meeting of G7 Finance Ministers and Central Bank Governors, which took place in Bonn in mid-May.

Written Answers — Department of Finance: Tax Code (21 Jun 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 or older do...

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

Paschal Donohoe: The term “Exchange Traded Fund” or “ETF” is a general investment industry term that refers to a wide range of investments. ETF investments can take many different legal and regulatory forms even where they are established within the same jurisdiction. An ETF is an investment fund that is traded on a regulated stock exchange. A typical ETF can be compared to a...

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

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).  Nonetheless, this Government recognises the...

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

Paschal Donohoe: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless they fall within categories of goods and services specified in the Directive, in respect of which Member States may apply a lower rate or exemption...

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

Paschal Donohoe: I propose to take Questions Nos. 174, 175, 184 and 185 together. I am advised by Revenue that as their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as taxpayer units), it is not possible to estimate changes to tax credits on an individual basis for a projected tax year. However, incomes recorded...

Written Answers — Department of Finance: Research and Development (21 Jun 2022)

Paschal Donohoe: It is assumed that the Deputy is referring to accelerating the second and third payable credit associated with the research and development tax credit for small and micro-companies. I am advised by Revenue that, while the suggested measure would not entail any sustained overall increase to the cost of the credit, the estimated additional cash flow cost associated with making the research...

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

Paschal Donohoe: I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 would be in the order of €70 million.  This full-year estimate is based on 2019 data, the latest year for which fully analysed data are available, with the...

Written Answers — Department of Finance: Departmental Schemes (21 Jun 2022)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the...

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

Paschal Donohoe: I am advised by Revenue that income tax liabilities are calculated on a taxpayer unit basis, where married people and those in a civil partnership who have elected to be jointly assessed are treated as one unit, and their incomes are combined when arriving at the taxable income. As such, it is not possible to determine the potential yield that might arise from introducing...

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

Paschal Donohoe: In broad terms, where an individual invests in rental property via a collective investment vehicle, a tax exemption may apply within the vehicle (subject to conditions) and the investor is subject to tax when they receive distributions of profits or gains.  Where an individual holds property directly, they are subject to tax on income or gains as they arise, subject to the normal...

Written Answers — Department of Finance: Vacant Properties (21 Jun 2022)

Paschal Donohoe: 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 certain information in relation to the occupancy status of...

Written Answers — Department of Finance: Cost of Living Issues (21 Jun 2022)

Paschal Donohoe: Consumer price (HICP) inflation picked up sharply over the course of last year and stood at 8.3% in May – a multi-decade high. Almost every advanced economy in the world is in the same position, with euro area inflation reaching a record 8.1% in May. The key driver of the elevated level of inflation at present is the sharp rise in wholesale energy, food and other commodity prices...

Written Answers — Department of Finance: Primary Medical Certificates (21 Jun 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers Scheme 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 car must be purchased before applying for VRT and VAT relief, as applicable to the category of adaptations made to the vehicle. The Scheme is open to severely and permanently disabled persons...

Written Answers — Department of Finance: Mortgage Interest Rates (16 Jun 2022)

Paschal Donohoe: I am aware that the general level of new lending interest rates in Ireland are higher than is the case in many other European countries. However, the price lenders charge for their loans is a commercial matter for individual lenders. As Minister for Finance I cannot determine the lending policies of individual banks including the interest rates they charge for loans including mortgages. ...

Written Answers — Department of Finance: Flexible Work Practices (16 Jun 2022)

Paschal Donohoe: The Programme for Government includes a commitment to facilitate and support remote working. The National Remote Work Strategy aims to make remote work a permanent feature of the Irish working experience in a way that maximises the economic, social and environmental benefits. As part of the national remote working strategy: Making Remote Work, in 2021 the Tax Strategy Group (TSG)...

Written Answers — Department of Finance: Credit Unions (16 Jun 2022)

Paschal Donohoe: This Government recognises the importance of credit unions. The Programme for Government contains commitments to: - Review the policy framework within which credit unions operate; - Enable and support the credit union movement to grow; - Support credit unions in the expansion of services, to encourage community development; and - Enable the credit union movement to grow as a key provider of...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 15 and 25 together. Inflation picked up sharply over the course of the last year and in May stood at 8.3 per cent, a multi-decade high. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 8.1 per cent in May. The key driver behind the elevated level of inflation at present is the sharp rise in...

Written Answers — Department of Finance: Tax Code (16 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 Finance: Economic Policy (16 Jun 2022)

Paschal Donohoe: The first quarter of this year was a weak one for the domestic economy. This was a result of numerous headwinds at the start of the year, including the Omicron wave of the virus, inflationary pressures, and the high level of uncertainty stemming from the war in Ukraine. Modified domestic demand, my preferred measure of domestic economic activity, declined by -1 per cent in the first quarter....