Results 6,321-6,340 of 32,433 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Fuel Prices (16 Dec 2021)

Paschal Donohoe: The final retail price of fuel is determined by a number of factors which include the costs of production, distribution, global market factors, international exchange rates, taxation, wholesale market contracts as well as individual retail pricing policies.  The current spike in energy prices arises principally from the global recovery from the Covid-19 pandemic in conjunction with...

Written Answers — Department of Finance: Financial Services (16 Dec 2021)

Paschal Donohoe: I would encourage all consumers to shop around for financial products and services and to compare the benefits of the different products available. I would draw the Deputy’s attention to the work of Competition and Consumer Protection Commission (CCPC) in this regard. The CCPC is the statutory body responsible for promoting compliance with, and enforcing, competition and consumer...

Written Answers — Department of Finance: Inflation Rate (16 Dec 2021)

Paschal Donohoe: The annual rate of consumer price (HICP) inflation rose to 5.4 per cent in November – the highest rate in more than two decades. The emergence of inflationary pressures in recent months is not unique to Ireland however, with inflation hitting multi-decade highs of 6.8 and 4.9 per cent in the US and euro area respectively in November. The recent increase in inflation is partly...

Written Answers — Department of Finance: Exchequer Returns (16 Dec 2021)

Paschal Donohoe: The annual rate of consumer price (HICP) inflation rose to 5.4 per cent in November – the highest rate in over two decades. Inflationary pressures are not unique to Ireland however, with multi-decade high inflation rates of 6.8 and 4.9 per cent recorded in the US and euro area in November. However, this comes after years of inflation of around 1 per cent, with the price level in...

Written Answers — Department of Finance: Exchequer Returns (16 Dec 2021)

Paschal Donohoe: It is important to recognise that Ireland’s corporation tax rate of 12.5 per cent will remain for the vast majority of Irish businesses. The threshold that will apply to the 15 per cent minimum effective tax rate is €750 million annual global turnover. Thus, the vast majority of companies in Ireland - over 95 per cent - will not be subject to these new rules, and will continue...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: The Covid Restrictions Support Scheme (CRSS) is provided for by Section 11 of the Finance Act 2020 and is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities the profits of which are chargeable to tax under Case 1 of Schedule D. The trade must also be carried on from a business premises that is located in a region subject to...

Written Answers — Department of Finance: Financial Services (16 Dec 2021)

Paschal Donohoe: My Department has been monitoring developments in virtual currencies, and blockchain in general, both in Ireland and globally for almost five years. It has always been my intention that any regulation in this space would be adequate, proportionate and comprehensive without discouraging innovation. Due to the global (or borderless) nature of virtual currencies, the potential threat to...

Written Answers — Department of Finance: Credit Unions (16 Dec 2021)

Paschal Donohoe: Since June, Minister of State Fleming who has responsibility for credit unions, has held seventeen meetings with various credit union stakeholders including the Representative Bodies, various collaborative ventures, the Registrar of Credit Unions, the Credit Union Advisory Committee and individual credit unions. These meetings have proven to be very informative and their outputs...

Written Answers — Department of Finance: Credit Availability (16 Dec 2021)

Paschal Donohoe: As referred to in my previous answer of 16 November last, it was estimated that on an annual basis only 0.05% of mortgage applications were refused due to the fact that the applicant did not put in place an acceptable policy of mortgage insurance and that on an annual basis around 2% of primary home mortgages were provided without the requirement for mortgage protection insurance....

Written Answers — Department of Finance: Customs and Excise (16 Dec 2021)

Paschal Donohoe: I understand that the Deputy is asking about the excise duty on hydrogenated vegetable oil used as motor or heating fuel. The Finance Act 1999 provides for the application of an excise duty to specified mineral oils, such as petrol, diesel, and kerosene, that are used as motor or heating fuels; this excise duty is called Mineral Oil Tax (MOT) and comprises a carbon and a non-carbon...

Written Answers — Department of Finance: Tax Exemptions (16 Dec 2021)

Paschal Donohoe: Section 10D of the Finance (Local Property Tax) Act 2012 (as amended) provides for a 6-year period of exemption from the charge to Local Property Tax (LPT) for certain properties that have been damaged by the use of defective concrete blocks in their construction. The exemption is available for the year 2022 and each subsequent year. A residential property that has been damaged as a...

Written Answers — Department of Finance: State Bodies (16 Dec 2021)

Paschal Donohoe: 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 or as a passenger and also to certain organisations. In...

Written Answers — Department of Finance: Tax Reliefs (16 Dec 2021)

Paschal Donohoe: As the Deputy is aware, CAT Agricultural Relief enables qualifying farmers to reduce their liability to CAT by 90%. The relief operates by reducing the market value of 'agricultural property' (including farmland, buildings, stock) by 90%, so that gift or inheritance tax is calculated on an amount known as the 'agricultural value',  which is substantially less than the market value. ...

Written Answers — Department of Finance: Tax Reliefs (16 Dec 2021)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply.  In accordance with Irish legislation, agricultural equipment is liable to VAT at the standard rate, currently 23%. There is no discretion under the Directive for Ireland to reduce the rate of VAT on these goods. Farmers may elect to register for VAT or...

Written Answers — Department of Finance: Tax Code (16 Dec 2021)

Paschal Donohoe: My answer will focus on the stamp duty treatment of agricultural land, as this is the area highlighted in this question. All open land, including agricultural land, is classified as non-residential property for stamp duty purposes. Any re-categorisation of agricultural land for the purposes of stamp duty, would not be appropriate as it would introduce an inequity in terms of...

Written Answers — Department of Finance: Housing Schemes (16 Dec 2021)

Paschal Donohoe: 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 of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Dec 2021)

Paschal Donohoe: The objective of the Employment Wage Subsidy Scheme (EWSS) is to support employment and maintain the link between the employer and employee insofar as is possible. The EWSS has been a key component of the Government’s response to the Covid-19 crisis. It is an economy-wide scheme that operates across all sectors.   In money terms, the overall support provided to-date...

Written Answers — Department of Finance: Capital Expenditure Programme (16 Dec 2021)

Paschal Donohoe: An amount of €1.9 billion was spent through non-voted capital expenditure in 2020. The vast majority of this is composed of short-term, technical loans for the purposes of cash flow, including €600 million to the Social Insurance Fund, €670 million to cover payments from the European Agriculture Guarantee Fund, and a further €253 million to the Supply Account....

Written Answers — Department of Finance: Housing Policy (16 Dec 2021)

Paschal Donohoe: I am aware of the ESRI paper to which the Deputy refers, which calls for higher levels of borrowing to increase public spending on housing.   The Government’s response to the Covid-19 pandemic has had a significant impact on our deficit. Last year, a general government deficit of €18½ billion was recorded – the equivalent of nearly 9 per cent of...

Written Answers — Department of Finance: Tax Rebates (16 Dec 2021)

Paschal Donohoe: Mineral Oil Tax (MOT) applies to minerals oils used for motor or heating purposes in the State. The rate of MOT is comprised of a carbon and non-carbon component. I am advised by Revenue that Section 98 of Finance Act 1999 provides for a partial relief for MOT for heavy oil and liquefied petroleum gas (LPG) used in horticultural production and the cultivation of mushrooms. Heavy oil refers...