Results 5,981-6,000 of 33,118 for speaker:Paschal Donohoe
- Written Answers — Department of Finance: Tax Code (28 Apr 2022)
Paschal Donohoe: Officials in my Department are currently reviewing the options now available to Ireland in setting VAT rates. This will include consideration of the new options available to Member States as a result of the recently updated EU VAT rules when setting VAT rates as well as the new limitations introduced on how reduced rates may be applied. Decisions about tax changes are generally taken in...
- Written Answers — Department of Finance: EU Meetings (28 Apr 2022)
Paschal Donohoe: The most recent Eurogroup was held on 4 April in Luxembourg. Eurogroup opened with a discussion on economic developments related to the military aggression in Ukraine. The European Commission and the European Central Bank updated Ministers on the economic outlook for the euro area, and the European Stability Mechanism presented market updates. We acknowledged that we entered this crisis...
- Written Answers — Department of Finance: Insurance Industry (28 Apr 2022)
Paschal Donohoe: While, under EU law, neither the Minister for Finance nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups, including the hospitality sector. The whole-of-Government approach, being...
- Written Answers — Department of Finance: Small and Medium Enterprises (28 Apr 2022)
Paschal Donohoe: The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s national promotional institution. The purpose of the SBCI is to deliver effective financial supports to Irish SMEs that address failures in the Irish SME finance market as well as encouraging and promoting competition and innovation, and the efficient and effective use of EU resources and financial instruments. The...
- Written Answers — Department of Finance: Economic Data (28 Apr 2022)
Paschal Donohoe: My Department published updated macroeconomic projections for 2022 in the draft Stability Programme Update (SPU) on 13th April. These projections are prepared against a backdrop of the war in Ukraine and the associated economic and financial sanctions. The main channel through which the war is impacting the economy is through higher energy and commodity prices. Higher energy prices have...
- Written Answers — Department of Finance: Tax Data (28 Apr 2022)
Paschal Donohoe: I am advised by Revenue that the amounts raised through Excise Duty to the end of March in 2021 and 2022 are €1,283 million and €1,368 million respectively.
- Written Answers — Department of Finance: Tax Code (28 Apr 2022)
Paschal Donohoe: Where a couple is cohabiting, rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purposes of income tax. Each partner is a separate entity for tax purposes, therefore, cohabiting couples cannot file joint assessment tax returns or share their tax credits and tax bands in the same manner as married couples. The basis for the...
- Written Answers — Department of Finance: Inflation Rate (28 Apr 2022)
Paschal Donohoe: Inflation picked up sharply over the course of the last year and in March stood at 6.9 per cent. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 7.4 per cent in March. The rise in wholesale energy prices is the key contributor and reflects the rapid rebound in global demand and, more recently, the war in Ukraine. Looking...
- Written Answers — Department of Finance: Tax Reliefs (28 Apr 2022)
Paschal Donohoe: I propose to take Questions Nos. 59 and 68 together. The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT 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 who also meet one of six specified medical criteria, as a driver...
- Written Answers — Department of Finance: Tax Code (28 Apr 2022)
Paschal Donohoe: Officials in my Department are currently reviewing the options now available to Ireland in setting VAT rates. This will include consideration of the new options available to Member States as a result of the recently updated EU VAT rules when setting VAT rates as well as the new limitations introduced on how reduced rates may be applied. Decisions about tax changes are generally taken in...
- Written Answers — Department of Finance: Insurance Industry (28 Apr 2022)
Paschal Donohoe: Insurance reform is a key priority for this Government as identified in the Programme for Government and reflected in the Action Plan for Insurance Reformwhich was published in December 2020. Furthermore, the Cabinet Committee Sub-Group on Insurance Reform is overseeing the implementation of this reform agenda, and meets regularly in this regard. The Action Plansets out 66 actions to...
- Written Answers — Department of Finance: Tax Code (28 Apr 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: Tax Code (28 Apr 2022)
Paschal Donohoe: The Deputy should note that any decision in relation to extending the timeframe for the reduction in VAT on gas and electricity to nine per cent will be made in the context of the Budget and, as part of our normal annual Budget preparations. In this context, various options for tax policy changes will be considered by the Tax Strategy Group prior to Budget 2023.
- Written Answers — Department of Finance: Tax Reliefs (28 Apr 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 or director. Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which...
- Written Answers — Department of Finance: Tax Code (28 Apr 2022)
Paschal Donohoe: On 8 October 2021, Ireland, along with 136 jurisdictions, signed up to a two-pillar International agreement at the OECD/G20 Inclusive Framework on BEPS to address the 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 multinational groups with turnover...
- Written Answers — Department of Finance: Fiscal Data (28 Apr 2022)
Paschal Donohoe: My Department updated its fiscal projections in the Stability Programme Updateearlier this month. An Exchequer deficit of €1.1 billion is now forecast for this year; this compares with the Budget 2022projection of €7.7 billion. The main driver of the improvement is stronger projections for tax revenue. My Department now expects tax revenue to amount to almost €76...
- Written Answers — Department of Finance: Tax Code (28 Apr 2022)
Paschal Donohoe: It is normal practice for a number of issues and options in the personal income tax space to be examined or explored in the context of the annual Budgetary process. This work may have regard to the prevailing economic circumstances and outlook as well as to Government Programme commitments and to any other matters which ought to be taken into account. The Tax Strategy Group process...
- Written Answers — Department of Finance: Tax Data (28 Apr 2022)
Paschal Donohoe: The estimated cost of the VAT reduction for gas and electricity to 9% from 1 May to 31 October is €46m. This is expected to result in estimated annual savings of €49 on gas and €69 on electricity bills for households. The background to this change is the introduction of greater flexibility in Annex III of the VAT Directive which now provides that reduced rates can be...
- Written Answers — Department of Finance: Banking Sector (28 Apr 2022)
Paschal Donohoe: The importance of an orderly withdrawal is emphasised in all engagements with Ulster Bank and KBC and both banks are meeting with officials and providing relevant information regarding account closures to the Department of Finance on a monthly basis. This will help to identify any emerging trends and potential issues for consumers. As advised in a recent response to the Deputy on 7 April, I...
- Written Answers — Department of Finance: Ukraine War (28 Apr 2022)
Paschal Donohoe: First and foremost the Russian invasion of Ukraine is a humanitarian crisis. Along with the unjust loss of life, millions of people have been forced to flee their homeland. Meanwhile the combined impact of the war and the economic, financial and other sanctions represent a large supply-side shock, one which has reverberated throughout the global economy. Reflecting the negative spillover...