Results 6,401-6,420 of 33,883 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Cost of Living Issues (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 39 and 43 together. A decline in consumer spending was recorded in the first quarter of this year, reflecting numerous headwinds at the start of the year. Firstly, there was the Omicron wave and its impact on hospitality and certain other contact-intensive services sectors in the early part of the first quarter. Then as the economy fully re-opened we were...

Written Answers — Department of Finance: European Union (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 40 and 193 together. I am not aware of any correspondence from Commissioner Vestager as set out in the Deputy’s question. My officials have also engaged with those in the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media (DTCAGSM) and the Department of Enterprise, Trade and Employment (DETE), who also advise that no such correspondence...

Written Answers — Department of Finance: Eurozone Issues (16 Jun 2022)

Paschal Donohoe: It is important to put the current monetary policy environment into context. Monetary policy supports over the course of the pandemic have been extraordinary, with the ECB maintaining record low interest rates and making extensive asset purchases. This injected additional liquidity into markets and helped to maintain favourable financing conditions during the worst of the pandemic. These...

Written Answers — Department of Finance: Tax Yield (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 42, 76 and 85 together. Tax receipts in the January-May 2022 period amounted to €30.1 billion, up by almost €6.4 billion (27 per cent), on the same period last year. This was driven by very strong growth in VAT, corporation tax and income tax. Income tax receipts to end-May were up by €1.7 billion (17 per cent), compared to the same...

Written Answers — Department of Finance: Economic Policy (16 Jun 2022)

Paschal Donohoe: The war in Ukraine and the associated economic and financial sanctions represents a large supply-side shock to the global economy. While Ireland’s direct exposure to the impacts of the war is limited, second round effects have been significant, with higher energy and commodity prices acting as the main transmission channel from the war to the Irish economy. We are already seeing the...

Written Answers — Department of Finance: Insurance Industry (16 Jun 2022)

Paschal Donohoe: My colleague, the Minister for Justice, is leading on this work to reform the duty of care, which represents a key element of the Government’s Action Plan for Insurance Reform. As the Deputy is aware, the Government recently approved proposals to reform the law with respect to the duty of care, by amending the Occupier’s Liability Act 1995. I welcome these proposals, which are...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: I am in regular contact with the Central Bank of Ireland on a range of matters and my officials also meet regularly with the Central Bank to discuss relevant matters regarding the withdrawal of Ulster Bank and KBC from the Irish market. I would note that the decision of Ulster Bank and KBC to leave the Irish market is regrettable and my focus is on ensuring an orderly withdrawal and...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: While it is regrettable that Ulster Bank and KBC have decided to exit the market, as Minister for Finance, I do not have a role in the day to day operations of any bank operating within the State. 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...

Written Answers — Department of Finance: Vacant Properties (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 51, 63, 69, 80 and 83 together. The Government’s strategy ‘Housing For All’ includes an action for my Department to collect data on vacancy with a view to introducing a Vacant Property Tax. The timeframe for delivery on this commitment is the second quarter of 2022. The Finance (Local Property Tax) (Amendment) Act 2021 enabled Revenue to...

Written Answers — Department of Finance: Tourism Industry (16 Jun 2022)

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 general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: Officials in my Department are currently reviewing the options now available to Ireland in setting VAT rates. This will include consideration of the new options available to Member States as a result of the recently updated EU VAT rules when setting VAT rates as well as the new limitations introduced on how reduced rates may be applied. Decisions about tax changes are generally taken in...

Written Answers — Department of Finance: Ukraine War (16 Jun 2022)

Paschal Donohoe: First and foremost the war in Ukraine is a major humanitarian crisis, with devastating consequences for the people affected. Along with the unjust loss of life, millions of people have been forced to flee their homes. As well as the humanitarian crisis, the war and associated economic, financial, and other sanctions represent a large supply-side shock to the global economy, with European...

Written Answers — Department of Finance: Housing Schemes (16 Jun 2022)

Paschal Donohoe: The Help to Buy 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 on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions...

Written Answers — Department of Finance: Climate Action Plan (16 Jun 2022)

Paschal Donohoe: I am informed that NewERA continues to work with the commercial State companies, the Ireland Strategic Investment Fund (ISIF), the Strategic Banking Corporation of Ireland (SBCI) and other public bodies to mobilise private investment towards assisting in meeting our climate objectives. To give some examples, Bord na Móna has named eight Irish companies chosen for its climate action...

Written Answers — Department of Finance: Insurance Industry (16 Jun 2022)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Notwithstanding this, the Programme for...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: As the Deputy will be aware, the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 has now come into operation. This Act provides that any person which directly or indirectly provides credit to consumers, including credit which is termed as 'buy now pay later' (BNPL) type credit, or hire purchase or consumer hire agreements to consumers will now fall...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: As the Deputy may be aware, the Programme for Government states that “from Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax net, and to ensure there is no...

Written Answers — Department of Finance: Cycling Policy (16 Jun 2022)

Paschal Donohoe: 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 up to a maximum of €1,250 (€1,500 in the case of e-bikes), for an employee to use, in whole or in part, to travel to work. Safety equipment includes...

Written Answers — Department of Finance: Financial Services (16 Jun 2022)

Paschal Donohoe: Increasing diversity of the workforce in the financial services sector can bring a number of benefits to firms, including increased access to talent. As such, increasing diversity in the financial services workforce is an important priority in the Government’s Ireland for Finance Strategy andAction Plans 2021 and 2022. A key milestone in the area of diversity, specifically gender...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

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...