Results 621-640 of 32,429 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (13 Feb 2025)

Paschal Donohoe: I thank the Deputy for his question. The Finance (Miscellaneous Provisions) Act 2020 amended the Credit Union Act, 1997 (the 1997 Act) in December 2020, and included a change to allow credit unions, at their discretion, to host general meetings remotely (either wholly or partially). From July 2021 credit unions may hold virtual / remote general meetings (wholly or partially) if this...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: In 2020, the Economic and Social Research Institute (ESRI) was commissioned to examine the options available to offset the impacts of a carbon tax increase on low-income households. The resulting ESRI research paper, “Carbon Taxes, Poverty and Compensation Options” acknowledges that the impact of a carbon tax increase is not distributed across households evenly. Lower income...

Written Answers — Department of Finance: Tax Credits (13 Feb 2025)

Paschal Donohoe: The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am informed by Revenue that 2022 is the latest year for which fully analysed data in relation to all RTC claims across both PAYE and self-assessed taxpayer...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: As the Deputy will be aware, in making any decision in relation to VAT rates or other taxation measures, the Government must balance the costs of the measures in question against their impact and the overall budgetary framework. In recognition of the needs of SMEs in the hospitality sector, the Programme for Government does commit to bring forward measures to support SMEs, in particular...

Written Answers — Department of Finance: Fiscal Policy (13 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 50 and 55 together. As the Deputies are aware, the UN maintains a database of businesses involved in certain specified activities relating to settlements in the OPT. At end 2023, ISIF’s direct investments in companies on the UN database was approximately €4.2m in 11 companies. ISIF’s indirect investments included 8 companies totalling...

Written Answers — Department of Finance: Tax Yield (13 Feb 2025)

Paschal Donohoe: The Deputy should note that from 2001-2008 the Horse and Greyhound Racing Fund received a guaranteed level of funding each year, which was based on betting duty receipts from the preceding year, subject to a minimum level based on the year 2000 amount, adjusted for inflation. However, in 2009, a policy change was made whereby the annual payment to the Fund was no longer to be...

Written Answers — Department of Finance: Tax Yield (13 Feb 2025)

Paschal Donohoe: In order to comply with the 2016 State aid decision of the Commission, €14,285 billion was recovered over the course of 2018 and placed into the Escrow Fund in order to comply with Ireland's recovery obligations. This included the State aid required to be recovered and EU interest. In general the Escrow Fund could not be accessed or distributed until a final ruling was made by...

Written Answers — Department of Finance: Fiscal Policy (13 Feb 2025)

Paschal Donohoe: The Finance Act 2000 introduced the gross roll-up taxation regime for investments in domestic funds and life policies. The general thrust of the regime is that there is no annual tax on income or gains arising within the investment. However, exit tax must be deducted on the occurrence of a “chargeable event”, which originally included – - the making of relevant...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2025)

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. An increase in the supply of new housing remains a central and...

Written Answers — Department of Finance: Banking Sector (13 Feb 2025)

Paschal Donohoe: The Government recognises the difficulties that the increase in interest rates in recent years has caused for some mortgage borrowers. The ECB is responsible for the formulation and implementation of official interest rates. Changes in official rates feed into the general level of interest rates throughout the economy, but in a market economy the determination of retail and business...

Written Answers — Department of Finance: Insurance Industry (13 Feb 2025)

Paschal Donohoe: Insurance reform remains a key priority for this Government. To date the Office for the Promotion of Competition in the Insurance has successfully helped to facilitate the availability of insurance in previously challenging areas, in turn contributing to a more competitive market. The new Programme For Government - Securing Ireland’s Future calls for the expansion of the Office,...

Written Answers — Department of Finance: Tax Credits (13 Feb 2025)

Paschal Donohoe: The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am informed by Revenue that 313,980 taxpayer units claimed the RTC in respect of 2022, the latest year for which fully analysed data across both PAYE and...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is a beneficiary-orientated tax that is payable by the recipient of a gift or inheritance as opposed to the person providing that gift or inheritance. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: The Deputy should note that the EU VAT Directive, with which Irish VAT Law must comply, contains provisions under Annex III which allows for a reduced rate of VAT on specific goods and services. While hairdressing is included in Annex III to allow for a reduced rate, beauty salons are not listed. Therefore it is not possible to apply the 9% rate to beauty salons. In spite of the fact that...

Written Answers — Department of Finance: Housing Schemes (13 Feb 2025)

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. It also has as a key aim of the encouragement of additional supply of new houses by supporting demand. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to...

Written Answers — Department of Finance: Cycling Policy (13 Feb 2025)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 provides for the Cycle to Work Scheme. This scheme offers an exemption from benefit-in-kind where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment may include items such as helmets, lights, bells, mirrors...

Written Answers — Department of Finance: Programme for Government (13 Feb 2025)

Paschal Donohoe: During the Programme for Government negotiations, it was agreed to continue with the planned carbon tax increases which align with recommendations from the Climate Change Advisory Council and scientific experts, and to continue to use the additional revenues to fund social welfare measures, agri-environmental schemes and retrofitting. This approach encourages a shift away from fossil...

Written Answers — Department of Finance: Tax Yield (13 Feb 2025)

Paschal Donohoe: In order to comply with the 2016 State aid decision of the Commission, €14.285 billion was recovered over the course of 2018 and placed into the Escrow Fund. This included the State aid required to be recovered and EU interest. The recovery amount was calculated by Revenue on the basis of the Decision. In general, the Escrow Fund could not be accessed or distributed until a final...

Written Answers — Department of Finance: Revenue Commissioners (13 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the overall objective of the compliance assurance programme is to validate Revenue’s risk analysis and intervention targeting systems by examining a small number of cases not otherwise selected. Revenue has operated such an assurance programme for many years. Revenue is currently working on the refinement of the scope and sampling approach for its 2025...

Written Answers — Department of Finance: Tax Code (13 Feb 2025)

Paschal Donohoe: A sustainable funding landscape for housing development that benefits both individual purchasers and renters requires diverse pools of capital, with each playing a complementary role in the funding ecosystem. This pool includes development funding from our domestic banks, non-bank and alternative lenders, institutional investors, private equity providers and State sources, working together to...