Results 6,201-6,220 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (5 Apr 2022)

Paschal Donohoe: This Government recognises the importance of credit unions. The Programme for Government contains commitments to: - Review the policy framework within which Credit Unions operate; - Enable and support the Credit Union movement to grow; - Support Credit Unions in the expansion of services, to encourage community development; and - Enable the credit union movement to grow as a key provider of...

Written Answers — Department of Finance: Mortgage Interest Rates (5 Apr 2022)

Paschal Donohoe: The Central Bank has indicated that, in the event of a regulated entity withdrawing from the Irish market, the withdrawal must be undertaken in accordance with the provisions of Irish financial services legislation, including the Central Bank’s codes of conduct and specifically, Provision 3.11 of the Consumer Protection Code 2012. Under Provision 3.11 of the Code, a regulated firm...

Written Answers — Department of Finance: Tax Data (5 Apr 2022)

Paschal Donohoe: The Deputy will be aware that section 604A of the Taxes Consolidation Act, 1997 provides for relief from Capital Gains Tax (CGT) on the disposal of certain investment property purchased between 7 December 2011 and 31 December 2014, where that property is held for 7 years. The gain attributed to that 7-year period will not attract CGT. However, where the property is held for more than 7 years,...

Written Answers — Department of Finance: Tax Data (5 Apr 2022)

Paschal Donohoe: A Real Estate Investment Trust (REIT) is a quoted company used as a collective investment vehicle to hold rental property. The purpose of the REIT regime is to allow for a collective investment vehicle which provides a comparable after-tax return to investors as direct investment in rental property, by eliminating the double layer of taxation at corporate and shareholder level which would...

Written Answers — Department of Finance: Real Estate Investment Trusts (5 Apr 2022)

Paschal Donohoe: I propose to take Questions Nos. 260 to 262, inclusive, together. The questions all relate to the Irish Real Estate Fund (‘IREF’) regime. An IREF is an investment undertaking which derives 25% or more of its value from IREF assets. An investment undertaking may also be regarded as an IREF where it is reasonable to consider that the main purpose or one of the main purposes of...

Written Answers — Department of Finance: Departmental Contracts (5 Apr 2022)

Paschal Donohoe: I can advise the Deputy that the amount my Department spent in respect of consultancy services in 2020, 2021 and to date in 2022 is outlined in tabular form below. 2020 Supplier Amount Description William Fry €228,459.62 Legal Advice Indecon €133,393.50 Economic Consultancy ...

Written Answers — Department of Finance: National Asset Management Agency (31 Mar 2022)

Paschal Donohoe: All NAMA staff are employees of the NTMA and are assigned to NAMA by the NTMA in line with Section 42 of the NAMA Act 2009. Other than a small number of staff re-assigned from other functions within the NTMA, NAMA staff are typically employed on the basis of specified purpose contracts i.e. their employment lasts for as long as NAMA requires their particular function. Staff assigned to NAMA...

Written Answers — Department of Finance: Tax Reliefs (31 Mar 2022)

Paschal Donohoe: I propose to take Questions Nos. 217 and 218 together. I am advised by Revenue that the available information in relation to the cost of tax relief on pension contributions is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf. The information includes the number of taxpayers availing of the relief as well as the...

Written Answers — Department of Finance: Inflation Rate (31 Mar 2022)

Paschal Donohoe: Both the Consumer Price Index (CPI) and the Harmonised Indices of Consumer Prices (HICP) are used to measure consumer price inflation in Ireland. The HICP however is a harmonised measure and is used for comparison across EU Member States. The two series are broadly consistent, though small differences arise due to the slightly different composition of each price basket, the main difference...

Written Answers — Department of Finance: Inflation Rate (31 Mar 2022)

Paschal Donohoe: Consumer price inflation picked up sharply over the second half of last year and in February stood at 5.7 per cent. Almost every advanced country in the world is in a similar position, with inflation reaching a record high of 5.9 per cent in the euro area in February. This pick-up in inflation, ceteris paribus, may reduce the ‘real’ burden of the outstanding stock of public...

Written Answers — Department of Finance: Bonds Redemption (31 Mar 2022)

Paschal Donohoe: I am informed by the National Treasury Management Agency (NTMA) that the below tables show the generic 10-year Irish bond yield at each month-end since 2019. The figure for March 2022 is as of 30thMarch. The data is sourced from Bloomberg. 2019 Month Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 ...

Written Answers — Department of Finance: Household Debt (31 Mar 2022)

Paschal Donohoe: The table to which the Deputy refers, which was contained within the Distributional Analysis of Budget 2022 published by the Departments of Finance and Public Expenditure and Reform, shows the changes in weekly equivalised household disposable income as a result of the Budget’s tax and welfare measures. The analysis is conducted using SWITCH, the ESRI’s tax-benefit...

Written Answers — Department of Finance: Tax Reliefs (31 Mar 2022)

Paschal Donohoe: As the Deputy will be aware, 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 and was introduced in 2009. The cycle to work scheme operates on a self-administration basis. Relief is...

Written Answers — Department of Finance: Financial Services (31 Mar 2022)

Paschal Donohoe: For convenience I set out below the response I provided to the Deputy on this question on 19 January 2022. The Central Bank of Ireland is designated as the supervisory authority with respect to the Investment Intermediaries Act 1995 ('the IIA'). Section 39(1) of the IIA sets out that any person proposing to make an "acquiring transaction" (as defined in section 38(2) of the IIA) of...

Written Answers — Department of Finance: Vehicle Registration Tax (31 Mar 2022)

Paschal Donohoe: I propose to take Questions Nos. 225 and 227 together. I am advised by Revenue that the number of vehicles seized for Vehicle Registration Tax (VRT) related offences and the number of cases where a compromise penalty was paid for each of the years 2015 to 2021 is set out in Table 1 below. A breakdown of compromise penalties refunded by number and by value is not available as information is...

Written Answers — Department of Finance: Tax Residency (31 Mar 2022)

Paschal Donohoe: The query relates to the criteria for eligibility for exemption from the requirement to be registered with the Revenue Commissioners for Vehicle Registration Tax (VRT) purposes where a vehicle is temporarily brought into the State. I am informed by Revenue that it may grant a vehicle temporary exemption from the requirement to register a vehicle in the State for VRT if it is owned or...

Written Answers — Department of Finance: Banking Sector (31 Mar 2022)

Paschal Donohoe: My Department is in regular contact with both KBC and Ulster Bank. In all engagements it is emphasise the need for an orderly withdrawal. Both Ulster Bank and KBC will be providing me with regular updates, in the months ahead, regarding account numbers and any issues consumers are encountering with moving their account. My Department is also in regular contact with key stakeholders,...

Written Answers — Department of Finance: Gender Equality (31 Mar 2022)

Paschal Donohoe: The Gender Pay Gap Information Act 2021, once regulations are made, will require certain employers to publish information relating to the remuneration of their employees by reference to the gender of such employees for the purpose of showing whether there are differences in such remuneration referable to gender. My Department continually seeks to grow its people and enhance its culture to...

Written Answers — Department of Finance: Transport Policy (31 Mar 2022)

Paschal Donohoe: The Cycle-to-Work scheme is an action of my Department and Revenue that encourages people to cycle to and from work. Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for this scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a bicycle and associated safety equipment for an employee. Under section 118B TCA 1997, an employer and...

Written Answers — Department of Finance: Tax Code (30 Mar 2022)

Paschal Donohoe: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. Article 78 of the VAT Directive provides that the taxable amount shall include “taxes, duties, levies and charges, excluding the VAT itself”. The amount on which VAT is chargeable, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, is the total consideration receivable by...