Results 5,901-5,920 of 32,433 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (22 Feb 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.  Under the EU VAT Directive and Irish VAT legislation the supply of building materials is liable to VAT at the standard rate, currently 23%.  Member states are not permitted to apply a VAT rate lower than the standard rate to...

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

Paschal Donohoe: I propose to take Questions Nos. 276, 277 and 280 together. As Minister for Finance I cannot determine the lending policies of individual banks, including where they decide to offer residential mortgages and the interest rates they charge for such loans.  However, it should be noted that any bank authorised in an EU Member State is permitted to offer mortgages to Irish consumers if...

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

Paschal Donohoe: I propose to take Questions Nos. 278, 279, 283 and 284 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 Eurostat estimates point to euro area annual inflation of 5.1 per cent in...

Written Answers — Department of Finance: House Prices (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 281 and 282 together. My Department continues to monitor all aspects of the property market, including the rate of property price inflation, on an ongoing basis. According to the most recent figures released by the Central Statistics Office, the national Residential Property Price Index increased by 14.4 per cent in the year to December 2021. The...

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

Paschal Donohoe: Consumer price inflation picked up sharply over the second half of last year and by December was running at a multi-decade high of 5.7 per cent. While the annual rate of inflation moderated to 5 per cent in January, this reflects seasonal patterns, including post-Christmas sales rather than an easing of inflation more generally. Almost every advanced country in the world is in the same...

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

Paschal Donohoe: It is my understanding that it is difficult to obtain reliable data to compare the cost of insurance here to that in other European jurisdictions. I am informed that international organisations, such as the OECD and Eurostat, do not publish comparative data on the cost of insurance between countries. Eurostat publishes Harmonised Index of Consumer Prices (HICP) data with regard to insurance,...

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

Paschal Donohoe: Over the past few years, my Department has worked closely with the Central Bank of Ireland and the National Treasury Management Agency (NTMA) to limit the impact of key identified risks in the Irish financial system and to ensure that the sector was adequately prepared for the possible effects of Brexit. My Department, the Central Bank and the NTMA continue to monitor developments and...

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. While the domestic economy is rapidly bouncing back, external trade has bolstered the Irish economy throughout the crisis. The exports of...

Written Answers — Department of Finance: Foreign Direct Investment (22 Feb 2022)

Paschal Donohoe: The Covid-19 crisis presented an unprecedented challenge to businesses around the world, as well as to the domestic economy. Ireland’s economic recovery has been remarkable, and both the domestic economy and our external environment have improved markedly since the onset of the pandemic. Over the course of the crisis, Ireland’s FDI base has shown incredible resilience....

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

Paschal Donohoe: As the Deputy is aware, fiscal policy operates at many levels, but the Government’s over-arching budgetary policy aims to pursue a counter-cyclical strategy, in order to support both economic growth and stability. Reflecting this approach, the Government allowed public indebtedness to rise over the last two years in order to mitigate the economic fallout of the pandemic. This was the...

Written Answers — Department of Finance: Brexit Issues (22 Feb 2022)

Paschal Donohoe: My colleagues across the European Union and I remain alert to the challenges and the potential economic impacts arising from Brexit. As one of the most affected Member States, I pay particular attention to the effective implementation of the EU-UK Trade and Cooperation Agreement (TCA) and to the Withdrawal Agreement, which includes the Protocol on Ireland and Northern Ireland. Across the EU,...

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

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing regulation of the insurance sector.  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...

Written Answers — Department of Finance: Tax Exemptions (17 Feb 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: Tax Collection (17 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 188 to 191, inclusive, together. I am advised by Revenue that the receipts for Mineral Oil Tax (MOT), Alcohol Products Tax (APT), Tobacco Products Tax (TPT) in each of the years 2015 to 2020, and  for Sugar Sweetened Drinks Tax (SSDT) since its introduction in 2018 up to 2020, are published on the Revenue website at www.revenue.ie. The provisional...

Written Answers — Department of Finance: Tax Collection (17 Feb 2022)

Paschal Donohoe: I am advised by Revenue that an estimated €820m in VAT was collected at the 9% rate during the period from 1 November 2020 to end December 2021 (the most recent available data). An estimated additional €410m would have been collected had the rate remained at 13.5% over the period.

Written Answers — Department of Finance: Tax Exemptions (17 Feb 2022)

Paschal Donohoe: The general position is that all tax expenditures and reliefs fall to be considered as part of the annual Budget and Finance Bill process.     In relation to the annual age exemption limits, section 188 of the Taxes Consolidation Act 1997 (TCA 1997) provides for these exemptions and associated marginal relief. Where the age exemption applies the claimant’s income...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (17 Feb 2022)

Paschal Donohoe: On 24 March 2020, the Government announced measures to provide financial support to workers affected by the COVID-19 crisis. As part of these measures, Revenue operated a COVID-19 Temporary Wage Subsidy Scheme. The Temporary Wage Subsidy Scheme (TWSS) provided the payment of income supports to employers in respect of eligible employees, where the employer’s business activities...

Written Answers — Department of Finance: Tax Credits (17 Feb 2022)

Paschal Donohoe: As the Deputy may be aware, the Minister for Housing, Local Government and Heritage, has established an Independent Working Group to examine the issue of defective housing. Officials from my Department participate in this Working Group. The objectives of the group are to identify the scope of relevant significant defects in housing, to evaluate the scale of housing...

Written Answers — Department of Finance: Departmental Reports (17 Feb 2022)

Paschal Donohoe: Details of studies, research and reviews undertaken or commissioned by my Department in 2021 are set out in the table below. It should be noted that a number of these are ongoing and are not expected to be completed until 2022, in which case the expected completion date is listed. Studies, Reviews, and Research undertaken or commissioned in 2021 Completion Date...

Written Answers — Department of Finance: Housing Schemes (17 Feb 2022)

Paschal Donohoe: Help-to-Buy (HTB) 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 of Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes Consolidation Act 1997 outlines the definitions...