Results 5,841-5,860 of 32,433 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Interest Rates (22 Feb 2022)

Paschal Donohoe: 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. Despite this, it should be noted that recent trends indicate that certain mortgage rates have been falling in Ireland. For example, the interest...

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

Paschal Donohoe: The Irish Innovation Seed Fund Programme (IISF) is designed to provide seed venture capital to innovative Irish companies and is an important step in developing the Irish venture capital market. While the overall venture capital sector in Ireland is strong and continues to grow, there is a trend towards growth being driven by larger, later stage deals and investments. The Irish market is...

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

Paschal Donohoe: I assume that the Deputy is referring to indexation of the personal income tax system. As the Deputy may be aware, the Programme for Government 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...

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

Paschal Donohoe: Section 481 film relief is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. The scheme provides a 32% payable tax credit for eligible expenditure on film production in Ireland. It is essential that employers in the audio-visual industry, as with all...

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

Paschal Donohoe: I propose to take Questions Nos. 66 and 76 together. With regard to the Deputies' questions, I am advised by Revenue that there were 26,025 Help-to-Buy (HTB) applications made in 2021. Applications for HTB may be made on a provisional basis as first time buyers will want to have certainty as to their entitlements in advance of commencing the purchase of a property. An application will only...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (22 Feb 2022)

Paschal Donohoe: The Deputy will be aware that the Pandemic Unemployment Payment (PUP) and the Temporary Wage Subsidy Scheme (TWSS) were not taxed in the normal real-time manner in 2020 and were instead taxed at year end. Where this resulted in an underpayment of tax after all tax credits and reliefs, for example health expenses, were allocated, the amount due could be collected, interest-free, over four...

Written Answers — Department of Finance: Inflation Rate (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 68 and 257 together. At both the ECOFIN and Eurogroup meetings, my fellow Ministers and I work alongside the European Commission and the European Central Bank to take stock of the latest economic situation, including inflation developments throughout the EU. The latest Eurostatestimates point to euro area annual inflation of 5.1 per cent in January. This was...

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

Paschal Donohoe: Insurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reformis overseen by the Cabinet Sub-Group on insurance reform, chaired by the Tánaiste. The establishment of the Office to Promote Competition in the Insurance Market is a Programme for Government commitment. This Office is situated within the Department...

Written Answers — Department of Finance: Inflation Rate (22 Feb 2022)

Paschal Donohoe: The Government is conscious that the rising cost of inflation is putting significant financial pressure on households. In order to alleviate this pressure, last week, Minister McGrath and I announced a €505 million package of measures to mitigate the cost of living pressures faced by households. This is a suite of policy measures targeted at the main underlying problem - higher energy...

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

Paschal Donohoe: As the Deputy will be aware Section 597AA of the Taxes Consolidation Act 1997 provides that disposals of qualifying business assets (in most businesses but excluding those involving dealing in land or holding investments) by qualifying individuals are charged CGT at a rate of 10% up to a lifetime limit of €1 million in chargeable gains. To qualify, among other conditions, an...

Written Answers — Department of Finance: Tax Exemptions (22 Feb 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: Financial Services (22 Feb 2022)

Paschal Donohoe: Since the Financial and Banking crisis, a number of regulatory, supervisory and legislative changes have taken place at International, EU and domestic level to ensure a safer, more stable and resilient financial and banking sector. These changes include the implementation of revised capital requirements for banks under the Capital Requirements Directives and the Capital Requirements...

Written Answers — Department of Finance: Real Estate Investment Trusts (22 Feb 2022)

Paschal Donohoe: It should be noted that, as with investment vehicles generally, taxation in Real Estate Investment Trusts (REITs) and Irish Real Estate Funds (IREFs) occurs primarily at the level of the investor rather than within the investment vehicle. Additionally, both REITs and IREFs apply withholding taxes on distributions to investors to ensure collection of tax revenues. Finance Act 2013...

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

Paschal Donohoe: The Research and Development (R&D) tax credit allows companies to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. It is intended for a review of the R&D tax credit to take place during 2022, alongside an evaluation of the Knowledge Development Box (KDB). My officials plan to facilitate public consultation and stakeholder...

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

Paschal Donohoe: As part of his role as Chair of the Office to Promote Competition in the Insurance Market, Minister of State Fleming has had a wide-ranging series of engagements with stakeholders across the insurance industry, including providers, state bodies and representative groups. The Office has had more than 60 meetings since its establishment. As part of this work, in late 2021 Minister Fleming met...

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

Paschal Donohoe: The Cabinet Committee Sub-Group on Insurance Reform, which oversees the Action Plan for Insurance Reform, met earlier this month to assess the work completed during 2021, and to look ahead to the priorities for 2022. It is anticipated that the second Implementation Report will be brought to Government by An Tánaiste very shortly and published thereafter. That report will show that the...

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

Paschal Donohoe: The Irish Innovation Seed Fund Programme (IISF) is designed to provide seed venture capital to innovative Irish companies and is an important step in developing the Irish venture capital market. While the overall venture capital sector in Ireland is strong and continues to grow, there is a trend towards growth being driven by larger, later stage deals and investments. The Irish market is...

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

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

Paschal Donohoe: The detail of the amount of revenue raised by VAT by quarter from 2015 to 2021 is listed in the table below. Period VAT €m 2015 Q1 3,797.39 2015 Q2 2,202.39 2015 Q3 3,701.61 2015 Q4 2,242.65 2016 Q1 3,894.97 2016 Q2 2,324.08 ...

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

Paschal Donohoe: I propose to take Questions Nos. 220 to 222, inclusive, together. I am advised by Revenue that the available information in relation to Carbon Taxes, Electricity Tax, Excise on oils and fuels, and VAT on energy products and electricity is presented in the table below. As traders are not required to identify the VAT from the supply of specific services on their (VAT) returns, the VAT on...