Results 5,761-5,780 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Ukraine War (14 Jun 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: Ukraine War (14 Jun 2022)

Paschal Donohoe: Reviews undertaken by the Central Bank of Ireland have identified just under 2% of the 3,000 Special Purpose Entities (SPEs) in Ireland as having links to Russia. It is currently estimated that about one in three of those (that is, 17 SPEs, being 0.5% of the total SPE population) is directly linked to individuals in scope of the sanctions regime. A Central Bank statistical release on the...

Written Answers — Department of Finance: Ukraine War (14 Jun 2022)

Paschal Donohoe: I am informed by the Central Bank that Section 110 firms connected to Russia are estimated to have raised the following funds (sum of all issuances over a year): Year Funds Issued in € Billions 2017 11.10 2018 2.62 2019 6.28 2020 4.27 2021 ...

Written Answers — Department of Finance: Ukraine War (14 Jun 2022)

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

Written Answers — Department of Finance: Tax Data (14 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 395 and 394 together. I am advised by Revenue that the information sought by the Deputy is available on its website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/income-distributions/pension-contributions.aspx. For the Deputy's ease of reference the two tables requested are set out below. Range of Gross Income ...

Written Answers — Department of Finance: Vehicle Registration Tax (14 Jun 2022)

Paschal Donohoe: Electric vehicles (EVs) play a central role in Climate Action Plan 2021 with a target of 175,000 on the road by 2025 and 945,000 EVs on the road by 2030. There are currently over 58,000 EVs registered on Irish roads (end April 2022). By 2030, the abatement impact for an additional 845,000 passenger EVs is estimated to be c. 2.5 Mt C02eq. This figure is informed by the Department of...

Written Answers — Department of Finance: Tax Exemptions (14 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 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...

Written Answers — Department of Finance: Insurance Coverage (14 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) which expressly prohibits Member States from doing so....

Written Answers — Department of Finance: Revenue Commissioners (14 Jun 2022)

Paschal Donohoe: I am advised that Revenue and the Department of Social Protection (DSP) enjoy very close working relations and co-operate on a wide range of strategic and operational matters of mutual interest. These arrangements are overseen by a long-established, high-level group of senior officials from both organisations that meets on a quarterly basis. Section 851A of the Taxes Consolidation Act 1997...

Written Answers — Department of Finance: Tax Code (14 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of 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, unless they fall within categories of goods and services specified in the VAT Directive, in respect of which Member States may apply a...

Written Answers — Department of Finance: Insurance Coverage (14 Jun 2022)

Paschal Donohoe: Firstly 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) which expressly prohibits Member States from doing so. My...

Written Answers — Department of Finance: Tax Data (14 Jun 2022)

Paschal Donohoe: Based on Revenue’s latest Ready Reckoner (Post-Budget 2022) the estimated costs on a first and full year basis of the Deputy’s proposed request are set out in the tables below. In addition, the tables also display the nominal increase as a result of the proposed adjustments. Table 1 – 1% increase in the standard rate tax bands and the main income tax credits ...

Written Answers — Department of Finance: Tax Exemptions (14 Jun 2022)

Paschal Donohoe: It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. This is a well-established and broadly accepted principle. Section 19 of the Taxes Consolidation Act (TCA) 1997, sets out that tax under Schedule E shall be charged in respect of every public office or employment of profit. Section 112 of the TCA 1997 brings into charge...

Written Answers — Department of Finance: Official Engagements (14 Jun 2022)

Paschal Donohoe: I have met with United States Treasury Secretary Janet Yellen on a number of occasions over the last few months, most recently in Washington, DC in the first week of June, but also at the meeting of G7 Finance Ministers and Central Bank Governors in Bonn in mid-May and by VC at the end of March. I was also very pleased to welcome Secretary Yellen to Dublin last November. Each engagement...

Written Answers — Department of Finance: Insurance Industry (14 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) which expressly prohibits Member States from doing so....

Written Answers — Department of Finance: Insurance Industry (14 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). Every person intending to use a vehicle on a public...

Written Answers — Department of Finance: Tax Code (14 Jun 2022)

Paschal Donohoe: It would appear from the Deputy’s Question that the individual concerned is an Irish national who has retired in the State, having worked at sea in international waters for a number of years. During this period, the individual was resident in the Netherlands and worked with several different shipping companies which were registered in different countries. While it is not possible to...

Written Answers — Department of Finance: Tax Code (14 Jun 2022)

Paschal Donohoe: As the Deputy is aware, the OECD/G20 Inclusive Framework on BEPS met last October to agree a two-pillar solution to address 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 multination groups with turnover in excess of €20 billion annually....

Written Answers — Department of Finance: Ministerial Responsibilities (14 Jun 2022)

Paschal Donohoe: As President of Eurogroup since September 2020, I have chaired 23 Eurogroup meetings, which have been conducted in both virtual format due to Covid, and more recently in physical format. In addition, I have conducted numerous bilateral meetings with Eurogroup Ministers, EU Commissioners, and the President of the European Central Bank to ensure the achievement of Eurogroup objectives. The...

Written Answers — Department of Finance: Tax Data (14 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the receipts for 2021 in respect of Betting Duty are €89.1 million.