Results 6,281-6,300 of 33,883 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Reliefs (29 Jun 2022)

Paschal Donohoe: While the particular tax relief that may be available will depend on the specific facts and circumstances of a case, in broad terms, where an individual is responsible for the care of an incapacitated individual, the reliefs available include: 1. relief where the individual employs a carer to look after the incapacitated person (provided for under section 467 TCA 1997); and 2....

Written Answers — Department of Finance: Tax Reliefs (29 Jun 2022)

Paschal Donohoe: Assuming this relates to a clawback of agricultural relief claimed under Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003, on an inheritance or gift of land, I am advised by Revenue that it is not possible to furnish precise figures of the number of instances in which a gift clawback has arisen in these particular circumstances. Section 89 provides for...

Written Answers — Department of Finance: Tax Reliefs (29 Jun 2022)

Paschal Donohoe: I am advised by Revenue that the amount of income from the leasing of farmland that was exempted from taxation in 2019 under Section 664 of the Taxes Consolidation Act 1997, by taxpayers who also claimed consanguinity relief in the same year, was €0.9m. Based on the available data, it is not possible to determine if these claims relate to the same land. I am further advised that...

Written Answers — Department of Finance: Tax Reliefs (29 Jun 2022)

Paschal Donohoe: The following table lists the  tax reliefs specific to the farming sector which are due to expire in either 2022 or 2023, including the relevant legislative provision and sunset date. Relief Legislative provision Sunset CGT Relief for Farm Restructuring Section 604B Taxes Consolidation Act 1997 31 December 2022 ...

Written Answers — Department of Finance: Banking Sector (29 Jun 2022)

Paschal Donohoe: The withdrawal of KBC from the Irish market is disappointing but as the Deputy is aware, such decisions in this regard are commercial matters and are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis.  My priority is that the withdrawal takes place in an orderly manner. This is emphasised in all engagements with...

Written Answers — Department of Finance: Tax Code (29 Jun 2022)

Paschal Donohoe: Ireland is very supportive of the two-pillar solution for the taxation of the digital economy reached globally at the OECD, an agreement to which we signed up along with over 130 other countries in October 2021. I believe that this agreement represents a fair compromise reflecting the competing interests of the many countries involved in the negotiations, large and small, developed and...

Written Answers — Department of Finance: Regulatory Bodies (29 Jun 2022)

Paschal Donohoe: Credit unions in Ireland are regulated and supervised under the Credit Union Act, 1997 (the 1997 Act) and regulations issued by the Central Bank of Ireland (the Central Bank), which set out the framework for the registration, regulation and operation of credit unions including detailed governance requirements and prudential requirements on items such as reserves, liquidity, investments,...

Written Answers — Department of Finance: Banking Sector (29 Jun 2022)

Paschal Donohoe: Neither I, as Minister for Finance, nor my Department have any plans for a State-owned building society.  The Irish retail banking system is relatively concentrated by international standards and the recent decisions by some banks to leave the Irish market will further impact on this. However it should also be noted that some new lenders have entered the market and are playing a...

Written Answers — Department of Finance: Tax Reliefs (29 Jun 2022)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) set against the purchase and use of an adapted car, and for transport of a person with specific severe and permanent physical disabilities. The Scheme also provides payment of a Fuel Grant, and an exemption from Motor Tax. Certain other qualifying criteria apply in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: I thank the committee for the opportunity to be here today to bring before the members two draft Government orders giving force of law in Ireland to two new protocols to the existing limited-scope double taxation agreements, DTAs, with Isle of Man and Guernsey.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: My apologies to the Deputy if he does not have one. We have some copies here that we can give members.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Absolutely. We will provide it to members. My apologies for that. As I said, it refers to two protocols to the existing DTAs with Isle of Man and Guernsey. Ireland signed the original agreement with the Isle of Man in 2008 and with Guernsey in 2009. The protocols for the Isle of Man and Guernsey were signed on 18 November 2021 and 8 December 2021, respectively. As the members will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Before I go into the nature of these protocols, I will deal with the Deputy's first question as to why these matters are being dealt with via bilateral amendment rather than through the multilateral instrument. It is up to the Isle of Man and Guernsey to outline why they believe it is in their interest to do it in this way but Revenue and my Department considered it and the view of my...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: My colleagues here inform me that the agreement on the exchange of information is contained in a separate agreement between the jurisdictions. The agreements before us are limited in the scope of their application. As I stated, they only deal with the income of individuals. They contain a mutual agreement procedure for the adjustment of profits of associated companies; that is all. As...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: As to the reason we brought forward the policy statements we published earlier in the week, some of it is informed by my experience of presenting double tax agreements to the committee through several years and some of it by the concerns and perspectives that have been shared here. We are aware of the perspectives that have been raised by stakeholders, especially with regard to our double...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Is the Deputy asking about why companies would be registered in the Isle of Man?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Companies make decisions in respect of locating a presence in the Isle of Man. My judgment is that some of them make those decisions from a tax planning perspective. The agreement we are discussing, however, is a very limited one. It only deals with individuals and the limited business dimension I mentioned earlier. As such, companies that have a holding presence in the Isle of Man do not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: Revenue has informed me these agreements will not affect individuals who might have non-domicile status in the Isle of Man or Guernsey. If the Deputy wishes to have further information on that or a note on it, I will be happy to furnish that to him.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Agreements: Discussion (29 Jun 2022)

Paschal Donohoe: We are committed to progressing this at European Union level. I believe America will make progress on its global intangible low-taxed income, GILTI, rate as well, so both will happen. Like the Deputy, I will refrain from speculating about what will happen in the US. It is up to them to make the decision but I believe we will see the EU and the US implement this change. A matter we will...