Results 6,381-6,400 of 32,527 for speaker:Paschal Donohoe

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

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive obliges each Member State to have a standard rate of VAT and also allows that a Member State may choose to have no more than two reduced rates of VAT, which may be no less than 5%, and which may be applied to certain goods and...

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

Paschal Donohoe: The 2009 Commission on Taxation reviewed the One-Parent Family Tax Credit. It acknowledged that the credit played a role in supporting and incentivising the labour market participation of single and widowed parents but recommended that the credit should be allocated to the principal carer of the child only. The One-Parent Family Tax Credit was replaced by the Single Person Child Carer...

Written Answers — Department of Finance: Personal Injury Claims (16 Dec 2021)

Paschal Donohoe: The implementation of the new Personal Injuries Guidelines is a significant milestone in the insurance reform agenda, which should lead to reduced claims costs for insurers. The Government is committed to holding insurers to account and ensuring that consumers experience the benefits from the range of measures being implemented under the Action Plan for Insurance Reform. As the Deputy will...

Written Answers — Department of Finance: Banking Sector (16 Dec 2021)

Paschal Donohoe: All credit institutions in Ireland are independent commercial entities and decisions in relation to the provision of bank statements are made by the boards and management of individual banks. I am advised by the Central Bank that Chapter 6 of the Consumer Protection Code 2012 ‘Post-sale Information Requirements’ sets out the requirements that regulated entities must follow...

Written Answers — Department of Finance: Revenue Commissioners (16 Dec 2021)

Paschal Donohoe: I propose to take Questions Nos. 112 and 142 together. The Deputy will be aware, in accordance with section 101 of the Ministers and Secretaries (Amendment) Act 2011, the Revenue Commissioners are independent in the performance of their functions under, or for the purposes of, the laws governing taxation. Furthermore, all taxpayers have rights of appeal under tax law against assessments...

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

Paschal Donohoe: I propose to take Questions Nos. 113, 159, 249 and 250 together. 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...

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

Paschal Donohoe: I propose to take Questions Nos. 114 and 132 together. The rate of Residential Zoned Land Tax is set at 3% on its commencement in 2024. I have chosen this rate as I believe great care needs to be taken to get the balance right between it achieving its essential purpose of encouraging the release of land for housebuilding purposes, but at the same time not being too penal, so that it runs...

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 monetary terms, the overall support provided to-date (9th December) by...

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

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply. Under the EU VAT Directive and Irish VAT legislation the supply of motor fuel, specifically petrol and diesel, is liable to VAT at the standard rate, currently 23%. The Deputy should also note that petrol and diesel are treated...

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

Paschal Donohoe: The 2020 Finance Act overhauled the structure of rates for vehicle registration tax (VRT) to strengthen the environmental rationale of the tax in line with Government policy to radically reduce emissions from road transport. The rate changes provided for in the Finance Bill 2021 reinforce this progress by increasing the fiscal gap between low emission vehicles and the rest, thus incentivising...

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

Paschal Donohoe: As the Deputy may recall, I previously asked my Department to undertake a comprehensive study of all aspects of the 9% VAT rate ahead of Budget 2019. The “Review of the 9% VAT rate: Analysis of Economic and Sectoral Developments” was published by my Department in July 2018, in order to better inform any decision in relation to the 9% reduced rate going forward. In addition to...

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

Paschal Donohoe: The Programme for Government includes a number of commitments in relation to the credit union sector. As part of the Review of the Policy Framework, Minister Fleming conducted extensive stakeholder engagement, meeting with the representative bodies, collaborative ventures, service providers, the Credit Union Advisory Committee, the Registrar of Credit Unions and individual credit unions. The...

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

Paschal Donohoe: Where a person is allowed the free use of property, section 40 of the Capital Acquisitions Tax Consolidation Act 2003 provides that the person has taken a gift in each year that they have that free use. The value of the gift is calculated by reference to the difference between any consideration paid by the beneficiary for the use of the property and the “best price obtainable in the...

Written Answers — Department of Finance: Economic Growth (16 Dec 2021)

Paschal Donohoe: Due to the success of our vaccination programme earlier this year, restrictions were eased with the domestic economy recovering strongly as a result. Modified Domestic Demand (MDD) – the best measure of domestic economic activity now exceeds the level immediately preceding the pandemic (2019-Q4) by around 3 per cent. Improvements can also be seen in the labour market with the...

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

Paschal Donohoe: The Programme for Government includes a commitment to facilitate and support remote working. The National Remote Work Strategy aims to make remote work a permanent feature of the Irish working experience in a way that maximises the economic, social and environmental benefits. As part of the national remote working strategy: Making Remote Work, the Tax Strategy Group (TSG) reviewed the...

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

Paschal Donohoe: The present position is that agricultural contractors are not entitled to avail of relief from increases in the carbon tax on farm diesel under section 664A of the Taxes Consolidation Act 1997. This is because farming, which is defined in section 654 of the Taxes Consolidation Act, requires the occupation of farmland. Agricultural contracting does not involve the occupation of farmland. The...

Written Answers — Department of Finance: Banking Sector (16 Dec 2021)

Paschal Donohoe: I have engaged regularly with Ulster Bank and its parent company NatWest in relation to its planned exit from the Irish market. On 22 September, I met with Alison Rose, CEO of NatWest, Sir Howard Davies, Chair of NatWest, Jane Howard, the CEO of Ulster Bank, and Martin Murphy, the Chair of Ulster Bank, where they updated me on their progress and I emphasised the importance of an orderly...

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

Paschal Donohoe: The November Fiscal Monitor, published by my Department earlier this month, shows the Exchequer performance in the year to date is ahead of profile, with the bulk of over-performance driven by strong tax receipts. I would like to highlight, however, that the profiles in the Fiscal Monitor were based on macroeconomic projections made at the time of the Stability Programme Update in April,...

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

Paschal Donohoe: I propose to take Questions Nos. 127, 134, 137, 144, 161, 165 and 167 together. I am advised by Revenue that the number of employers and employees currently being supported by the Employment Wage Subsidy Scheme (EWSS) is as provided in the table below. This reflects payslips filed with Revenue by employers for November 2021, the most recent month for which complete data exists. In respect of...

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

Paschal Donohoe: On 8 October this year, the OECD/G20 Inclusive Framework on BEPS agreed a two-pillar solution to address tax challenges arising from the digitalisation of the economy. Pillar Two sets out rules, known as the Global anti-Base Erosion (“GloBE”) rules, which will apply a global minimum effective tax rate to multinationals with a global turnover of at least €750 million...