Results 5,821-5,840 of 32,433 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (22 Feb 2022)

Paschal Donohoe: Since June 2021, Minister of State Fleming, who has responsibility for credit unions, has held 26 meetings with various credit union stakeholders including; - the Representative Bodies; - various collaborative ventures; - the Registrar of Credit Unions; - the Credit Union Advisory Committee and - individual credit unions These meetings have proven to be very informative and their outputs...

Written Answers — Department of Finance: Credit Unions (22 Feb 2022)

Paschal Donohoe: Work on the Review of the Policy Framework is well advanced and we intend to issue proposals emanating from the Review for consultation shortly. As part of the Review of the Policy Framework, Minister of State Fleming has conducted extensive stakeholder engagement, meeting with the representative bodies, collaborative ventures, service providers, the Credit Union Advisory Committee, the...

Written Answers — Department of Finance: Universal Social Charge (22 Feb 2022)

Paschal Donohoe: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the basis of...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: In line with commitments in the Programme for Government, the Action Plan for Insurance Reformcontains a number of actions that aim to lower insurance costs for consumers. In this regard, under the Action Plan, my Department was tasked with examining the Central Bank’s Review of Differential Pricing in the Motor and Home Insurance Marketsand taking any appropriate actions as deemed...

Written Answers — Department of Finance: Universal Social Charge (22 Feb 2022)

Paschal Donohoe: The amount of revenue raised by the Universal Social Charge (USC) each year since its inception in 2011 is available on the Revenue website at the following link: www.revenue.ie/en/corporate/documents/statistics/receipts/ne t-receipts.pdf For the convenience of the Deputy, the following table sets out the USC net receipts from 2011 to 2021. USC Net Receipts Year €...

Written Answers — Department of Finance: Tax Credits (22 Feb 2022)

Paschal Donohoe: The previous tax relief in respect of rent paid was abolished in Budget 2011 and it is no longer available to those who commenced renting for the first time from 8 December 2010. This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of the independent Commission was that, in the same manner in which mortgage interest...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 42, 227 and 235 together. 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 (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 43 and 48 together. The Government recognises that the cost of insurance is a significant issue for many groups, including motorists, and is therefore continuing to prioritise this issue through the work of the Cabinet Committee Sub-Group on Insurance Reform. In this regard, the Sub-Group is pursuing 66 cross-departmental actions, as set out in the Action Plan...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 44 and 47 together. My assumption in this response is that the Deputy is referring to taxation and incentives relating to capital taxes and stamp duty. As the Deputy will be aware from previous replies there are already a number of existing capital tax reliefs that are available to property owners selling their home and additional assistance to first-time...

Written Answers — Department of Finance: Tax Collection (22 Feb 2022)

Paschal Donohoe: I am advised by Revenue that it has to date refunded €409 million to PAYE taxpayers in respect of 2020 and €250 million in respect of 2021. Any overpayments due to PAYE taxpayers can only be quantified when they submit their tax returns at the end of the year and claim any additional credits or reliefs that may be due. For this reason, it is not possible to provide the Deputy...

Written Answers — Department of Finance: Banking Sector (22 Feb 2022)

Paschal Donohoe: On the 4thFebruary I announced the commencement of the third and final phase of the Switch Your Bank campaign. Following on from the successful delivery of two advertising campaigns which promoted awareness on the benefits of switching, this phase builds on this work by seeking to identify and develop tools which will better enable consumers to complete their switches. To build upon the...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 49 and 248 together. The Disabled Drivers & Disabled Passengers Scheme provides relief from Vehicle Registration Tax 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 Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain...

Written Answers — Department of Finance: Tax Code (22 Feb 2022)

Paschal Donohoe: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely the Health and Income Levies. Its primary purpose was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. Both income tax and the USC are taxes on income, however they are structurally...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: Under the Key Employee Engagement Scheme (KEEP) incentive, gains realised on the exercise of qualifying share options granted between 1 January 2018 and 31 December 2023 by employees and directors, will not be subject to income tax, USC or PRSI. In order to qualify for KEEP, an option must be exercised within 10 years of grant. The gain will however be subject to Capital Gains Tax on...

Written Answers — Department of Finance: Economic Policy (22 Feb 2022)

Paschal Donohoe: Ireland’s economic recovery has been remarkable. The most recent data for modified domestic demand – the best measure of domestic economic activity – showed continued growth, with domestic activity surpassing its pre-pandemic level. Whilst the domestic economy is rapidly bouncing back, external trade has bolstered the Irish economy throughout the crisis. The exports...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: The present position is that agricultural contractors are not entitled to avail of relief from increases in the carbon tax on farm diesel under section 664A of the Taxes Consolidation Act 1997. This is because farming, which is defined in section 654 of the Taxes Consolidation Act, requires the occupation of farmland. Agricultural contracting does not involve the occupation of farmland. The...

Written Answers — Department of Finance: Banking Sector (22 Feb 2022)

Paschal Donohoe: While competition issues generally are primarily a matter for the Competition and Consumer Protection Commission, competitive pressures in the banking sector can clearly have an effect on the functioning of the financial system and the on the quality and price of credit and other banking services provided to customers. The Irish retail banking system is relatively concentrated by...

Written Answers — Department of Finance: Tax Code (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 55, 59 and 82 together. As the Deputies will be aware, the EU Commission published a proposal on the reform of VAT rates in January 2018 which would allow Member States more flexibility in how they apply VAT rates. The compromise text agreed at ECOFIN in December has been amended significantly in comparison to the original proposal so the EU Parliament...

Written Answers — Department of Finance: Tax Avoidance (22 Feb 2022)

Paschal Donohoe: I have indeed considered whether specific dedicated actions or strategies are required in relation to cryptocurrencies and non-fungible tokens, and not only the tax or money laundering aspects. No separate strategy is required currently in respect of cryptocurrencies and non-fungible tokens in order to prevent tax evasion, avoidance or money laundering, on two counts: 1) Current tax...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Feb 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. ...