Results 5,621-5,640 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (5 Apr 2022)

Paschal Donohoe: I am advised 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 of the likely cost of a change from the present rate of 13.5% on domestic electricity, home heating oil and gas...

Written Answers — Department of Finance: Tax Reliefs (5 Apr 2022)

Paschal Donohoe: As I previously stated, I wrote to Commissioner Gentiloni in early March regarding the need for Member States to have greater flexibility when responding the energy crisis, particularly in relation to the VAT and Excise Directives. I will continue to work with my European counterparts and the EU Commission to respond to the current energy crisis.

Written Answers — Department of Finance: Tax Code (5 Apr 2022)

Paschal Donohoe: I understand that the proposal for reform of VAT rates is currently being finalised, this process involves, inter alia, ensuring consistent translations of the text in every working language of the European Union. Once finalised, I expect the proposal will be published in the Official Journal of the European Union in the coming weeks. Officials in my Department are currently reviewing the...

Written Answers — Department of Finance: Tax Code (5 Apr 2022)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply. In general, the 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...

Written Answers — Department of Finance: Flexible Work Practices (5 Apr 2022)

Paschal Donohoe: I wish to advise the Deputy that all staff of my Department have been working on a blended working pattern since 28 January 2022. Each Division/Business Unit has an “anchor day” each week when all the team attend the office. Blended working patterns are agreed at a local level to ensure business needs are met. My Department is currently working on a Blended Working Policy in...

Written Answers — Department of Finance: Revenue Commissioners (5 Apr 2022)

Paschal Donohoe: I am advised by Revenue that the Criminal Justice (Surveillance) Act 2009 authorises a small number of public bodies, including Revenue, to undertake surveillance of persons, places or vehicles using surveillance devices. It provides that Revenue’s powers under the Act may be used in respect of a revenue offence, that is an arrestable offence, under section 14 of the Customs Act...

Written Answers — Department of Finance: Banking Sector (5 Apr 2022)

Paschal Donohoe: In the absence of more complete information, and in light of the fact that the annual stamp duty charge for a credit card account is €30, I must assume that the "accounts" referred to in this question are credit card accounts. No stamp duty charge of that amount applies in respect of other types of bank account. I am informed by Revenue that there is no Government charge for...

Written Answers — Department of Finance: Economic Sanctions (5 Apr 2022)

Paschal Donohoe: It is important to note that all natural and legal persons in the State are obliged to comply with EU sanctions measures. Regulations issued at EU level have direct effect across the Union. A breach of such a sanction is a criminal offence. Sanctions have been in place against Russian individuals and entities due to Russia’s actions in relation to Ukraine since 2014. These have...

Written Answers — Department of Finance: Tax Reliefs (5 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. Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which the employee agrees to...

Written Answers — Department of Finance: Credit Unions (5 Apr 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: Mortgage Interest Rates (5 Apr 2022)

Paschal Donohoe: The Central Bank has indicated that, in the event of a regulated entity withdrawing from the Irish market, the withdrawal must be undertaken in accordance with the provisions of Irish financial services legislation, including the Central Bank’s codes of conduct and specifically, Provision 3.11 of the Consumer Protection Code 2012. Under Provision 3.11 of the Code, a regulated firm...

Written Answers — Department of Finance: Tax Data (5 Apr 2022)

Paschal Donohoe: The Deputy will be aware that section 604A of the Taxes Consolidation Act, 1997 provides for relief from Capital Gains Tax (CGT) on the disposal of certain investment property purchased between 7 December 2011 and 31 December 2014, where that property is held for 7 years. The gain attributed to that 7-year period will not attract CGT. However, where the property is held for more than 7 years,...

Written Answers — Department of Finance: Tax Data (5 Apr 2022)

Paschal Donohoe: A Real Estate Investment Trust (REIT) is a quoted company used as a collective investment vehicle to hold rental property. The purpose of the REIT regime is to allow for a collective investment vehicle which provides a comparable after-tax return to investors as direct investment in rental property, by eliminating the double layer of taxation at corporate and shareholder level which would...

Written Answers — Department of Finance: Real Estate Investment Trusts (5 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 260 to 262, inclusive, together. The questions all relate to the Irish Real Estate Fund (‘IREF’) regime. An IREF is an investment undertaking which derives 25% or more of its value from IREF assets. An investment undertaking may also be regarded as an IREF where it is reasonable to consider that the main purpose or one of the main purposes of...

Written Answers — Department of Finance: Departmental Contracts (5 Apr 2022)

Paschal Donohoe: I can advise the Deputy that the amount my Department spent in respect of consultancy services in 2020, 2021 and to date in 2022 is outlined in tabular form below. 2020 Supplier Amount Description William Fry €228,459.62 Legal Advice Indecon €133,393.50 Economic Consultancy ...

Written Answers — Department of Finance: National Asset Management Agency (31 Mar 2022)

Paschal Donohoe: All NAMA staff are employees of the NTMA and are assigned to NAMA by the NTMA in line with Section 42 of the NAMA Act 2009. Other than a small number of staff re-assigned from other functions within the NTMA, NAMA staff are typically employed on the basis of specified purpose contracts i.e. their employment lasts for as long as NAMA requires their particular function. Staff assigned to NAMA...

Written Answers — Department of Finance: Tax Reliefs (31 Mar 2022)

Paschal Donohoe: I propose to take Questions Nos. 217 and 218 together. I am advised by Revenue that the available information in relation to the cost of tax relief on pension contributions is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf. The information includes the number of taxpayers availing of the relief as well as the...

Written Answers — Department of Finance: Inflation Rate (31 Mar 2022)

Paschal Donohoe: Both the Consumer Price Index (CPI) and the Harmonised Indices of Consumer Prices (HICP) are used to measure consumer price inflation in Ireland. The HICP however is a harmonised measure and is used for comparison across EU Member States. The two series are broadly consistent, though small differences arise due to the slightly different composition of each price basket, the main difference...

Written Answers — Department of Finance: Inflation Rate (31 Mar 2022)

Paschal Donohoe: Consumer price inflation picked up sharply over the second half of last year and in February stood at 5.7 per cent. Almost every advanced country in the world is in a similar position, with inflation reaching a record high of 5.9 per cent in the euro area in February. This pick-up in inflation, ceteris paribus, may reduce the ‘real’ burden of the outstanding stock of public...

Written Answers — Department of Finance: Bonds Redemption (31 Mar 2022)

Paschal Donohoe: I am informed by the National Treasury Management Agency (NTMA) that the below tables show the generic 10-year Irish bond yield at each month-end since 2019. The figure for March 2022 is as of 30thMarch. The data is sourced from Bloomberg. 2019 Month Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 ...