Results 6,521-6,540 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Reliefs (22 Feb 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...

Written Answers — Department of Finance: Banking Sector (22 Feb 2022)

Paschal Donohoe: While competition issues generally are primarily a matter for the Competition and Consumer Protection Commission, competitive pressures in the banking sector can clearly have an effect on the functioning of the financial system and the on the quality and price of credit and other banking services provided to customers. The Irish retail banking system is relatively concentrated by...

Written Answers — Department of Finance: Tax Code (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 55, 59 and 82 together. As the Deputies will be aware, the EU Commission published a proposal on the reform of VAT rates in January 2018 which would allow Member States more flexibility in how they apply VAT rates. The compromise text agreed at ECOFIN in December has been amended significantly in comparison to the original proposal so the EU Parliament...

Written Answers — Department of Finance: Tax Avoidance (22 Feb 2022)

Paschal Donohoe: I have indeed considered whether specific dedicated actions or strategies are required in relation to cryptocurrencies and non-fungible tokens, and not only the tax or money laundering aspects. No separate strategy is required currently in respect of cryptocurrencies and non-fungible tokens in order to prevent tax evasion, avoidance or money laundering, on two counts: 1) Current tax...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Feb 2022)

Paschal Donohoe: I am aware that the general level of new lending interest rates in Ireland are higher than is the case in many other European countries. However, the price lenders charge for their loans is a commercial matter for individual lenders. As Minister for Finance I cannot determine the lending policies of individual banks including the interest rates they charge for loans including mortgages. ...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Feb 2022)

Paschal Donohoe: The price lenders charge for their loans is a commercial matter for individual lenders. As Minister for Finance I cannot determine the lending policies of individual banks including the interest rates they charge for loans including mortgages. Despite this, it should be noted that recent trends indicate that certain mortgage rates have been falling in Ireland. For example, the interest...

Written Answers — Department of Finance: Enterprise Policy (22 Feb 2022)

Paschal Donohoe: The Irish Innovation Seed Fund Programme (IISF) is designed to provide seed venture capital to innovative Irish companies and is an important step in developing the Irish venture capital market. While the overall venture capital sector in Ireland is strong and continues to grow, there is a trend towards growth being driven by larger, later stage deals and investments. The Irish market is...

Written Answers — Department of Finance: Tax Code (22 Feb 2022)

Paschal Donohoe: I assume that the Deputy is referring to indexation of the personal income tax system. 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...

Written Answers — Department of Finance: Film Industry (22 Feb 2022)

Paschal Donohoe: Section 481 film relief is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. The scheme provides a 32% payable tax credit for eligible expenditure on film production in Ireland. It is essential that employers in the audio-visual industry, as with all...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 66 and 76 together. With regard to the Deputies' questions, I am advised by Revenue that there were 26,025 Help-to-Buy (HTB) applications made in 2021. Applications for HTB may be made on a provisional basis as first time buyers will want to have certainty as to their entitlements in advance of commencing the purchase of a property. An application will only...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (22 Feb 2022)

Paschal Donohoe: The Deputy will be aware that the Pandemic Unemployment Payment (PUP) and the Temporary Wage Subsidy Scheme (TWSS) were not taxed in the normal real-time manner in 2020 and were instead taxed at year end. Where this resulted in an underpayment of tax after all tax credits and reliefs, for example health expenses, were allocated, the amount due could be collected, interest-free, over four...

Written Answers — Department of Finance: Inflation Rate (22 Feb 2022)

Paschal Donohoe: I propose to take Questions Nos. 68 and 257 together. At both the ECOFIN and Eurogroup meetings, my fellow Ministers and I work alongside the European Commission and the European Central Bank to take stock of the latest economic situation, including inflation developments throughout the EU. The latest Eurostatestimates point to euro area annual inflation of 5.1 per cent in January. This was...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: Insurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reformis overseen by the Cabinet Sub-Group on insurance reform, chaired by the Tánaiste. The establishment of the Office to Promote Competition in the Insurance Market is a Programme for Government commitment. This Office is situated within the Department...

Written Answers — Department of Finance: Inflation Rate (22 Feb 2022)

Paschal Donohoe: The Government is conscious that the rising cost of inflation is putting significant financial pressure on households. In order to alleviate this pressure, last week, Minister McGrath and I announced a €505 million package of measures to mitigate the cost of living pressures faced by households. This is a suite of policy measures targeted at the main underlying problem - higher energy...

Written Answers — Department of Finance: Tax Reliefs (22 Feb 2022)

Paschal Donohoe: As the Deputy will be aware Section 597AA of the Taxes Consolidation Act 1997 provides that disposals of qualifying business assets (in most businesses but excluding those involving dealing in land or holding investments) by qualifying individuals are charged CGT at a rate of 10% up to a lifetime limit of €1 million in chargeable gains. To qualify, among other conditions, an...

Written Answers — Department of Finance: Tax Exemptions (22 Feb 2022)

Paschal Donohoe: It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. This is a well-established and broadly accepted principle. Section 19 of the Taxes Consolidation Act (TCA) 1997, sets out that tax under Schedule E shall be charged in respect of every public office or employment of profit. Section 112 of the TCA 1997 brings into charge...

Written Answers — Department of Finance: Financial Services (22 Feb 2022)

Paschal Donohoe: Since the Financial and Banking crisis, a number of regulatory, supervisory and legislative changes have taken place at International, EU and domestic level to ensure a safer, more stable and resilient financial and banking sector. These changes include the implementation of revised capital requirements for banks under the Capital Requirements Directives and the Capital Requirements...

Written Answers — Department of Finance: Real Estate Investment Trusts (22 Feb 2022)

Paschal Donohoe: It should be noted that, as with investment vehicles generally, taxation in Real Estate Investment Trusts (REITs) and Irish Real Estate Funds (IREFs) occurs primarily at the level of the investor rather than within the investment vehicle. Additionally, both REITs and IREFs apply withholding taxes on distributions to investors to ensure collection of tax revenues. Finance Act 2013...

Written Answers — Department of Finance: Tax Credits (22 Feb 2022)

Paschal Donohoe: The Research and Development (R&D) tax credit allows companies to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. It is intended for a review of the R&D tax credit to take place during 2022, alongside an evaluation of the Knowledge Development Box (KDB). My officials plan to facilitate public consultation and stakeholder...

Written Answers — Department of Finance: Insurance Industry (22 Feb 2022)

Paschal Donohoe: As part of his role as Chair of the Office to Promote Competition in the Insurance Market, Minister of State Fleming has had a wide-ranging series of engagements with stakeholders across the insurance industry, including providers, state bodies and representative groups. The Office has had more than 60 meetings since its establishment. As part of this work, in late 2021 Minister Fleming met...