Results 5,941-5,960 of 32,547 for speaker:Paschal Donohoe

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. ...

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...