Results 641-660 of 32,429 for speaker:Paschal Donohoe

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

Paschal Donohoe: The avoidance surcharge is an additional penalty applied under Section 811C of the Taxes Consolidation Act 1997 to deter taxpayers from engaging in tax avoidance transactions. A tax avoidance surcharge applies where a person seeks to obtain the benefit of any tax advantage which is withdrawn by Section 811C or one of the Specific Anti Avoidance Rules. The surcharge can be up to 30%. I am...

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

Paschal Donohoe: I am advised by Revenue that the number of declarations received by Revenue in relation to the transfer of a pension arrangement to each EU Member State in each year since 2016 is in the table below. The number of declarations expressed in the table as less than 10 are to ensure taxpayer confidentiality is not compromised. 2016 2017 2018 2019 ...

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 require 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. The legislation governing the HTB scheme is set...

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

Paschal Donohoe: For the purpose of this reply it is assumed the Deputy is referring to the income tax age exemption limits for those aged 65 and over. The age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax,...

Written Answers — Department of Finance: Trade Relations (13 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 168 and 169 together. I note the position of the US administration in relation to the OECD agreement and the Presidential Memorandum issued on 20 January. As ever, we will engage constructively with the new US administration. Indeed, I believe that it will be important for all parties to engage constructively over the coming months to examine mutually...

Written Answers — Department of Finance: Economic Sanctions (12 Feb 2025)

Paschal Donohoe: As the Deputy is aware, the UN maintains a database of business enterprises involved in certain specified activities relating to settlements in the Occupied Palestinian Territories (OPT). At the end of 2023, ISIF’s direct investments in companies on the UN database totalled approximately €4.2 million in 11 companies. ISIF’s indirect investments included 8 companies...

Written Answers — Department of Finance: Tax Yield (12 Feb 2025)

Paschal Donohoe: While legislation is not currently in place for Carbon Taxes to be ring-fenced, the proceeds from Carbon Taxes are allocated for measures related to the Just Transition and climate action. This includes part-funding the roll out of a national retrofitting programme, targeted welfare intervention measures and funding for greener farming practices. Budget 2025 provided for a €951...

Written Answers — Department of Finance: Economic Policy (12 Feb 2025)

Paschal Donohoe: The Infrastructure, Climate and Nature Fund is currently invested by the NTMA under an interim Investment Strategy, which is published on the NTMA website (www.ntma.ie). The NTMA is currently developing a long-term strategy for the Infrastructure, Climate and Nature Fund, which will be subject to consultation with the Minister for Finance and the Minister for Public Expenditure,...

Written Answers — Department of Finance: Climate Action Plan (12 Feb 2025)

Paschal Donohoe: The information requested by the Deputy in relation to the payments made by the Department of Finance to the Climate Action Fund as required under Circular 01/2020 (Procedures for Offsetting the Emissions Associated with Official Air Travel) for 2020, 2021, 2022 and 2023 is provided in tabular form. The annual payment to the Climate Action fund is due on February 28th of the following...

Written Answers — Department of Finance: Tax Reliefs (12 Feb 2025)

Paschal Donohoe: There is currently income tax relief available for oxygen tanks and oxygen under Section 469 of the Taxes Consolidation Act (TCA) 1997, subject to certain conditions being met, which have been set out below. Section 469 TCA 1997 provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only “health expenses”...

Written Answers — Department of Finance: International Agreements (12 Feb 2025)

Paschal Donohoe: Ireland was among almost 140 jurisdictions that signed up to a political agreement in October 2021, through the OECD/G20 Inclusive Framework on BEPS, on a new tax framework to address the tax challenges arising from the digitalisation of the economy. Pillar Two of the agreement provided for the adoption of a new global minimum effective tax rate of 15% applying to multinationals with...

Written Answers — Department of Finance: Irish Stock Exchange (12 Feb 2025)

Paschal Donohoe: Ireland’s equity markets are diverse comprising of both public and private equity market participants and a wider ecosystem which includes a large number of professional services companies. The growing importance of large stock market indices linked to the rise in passive investment strategies has been a pull factor in listings activity gravitating towards the largest stock...

Written Answers — Department of Finance: State Assets (12 Feb 2025)

Paschal Donohoe: In answering the Deputy's question, I should note that a recommendation to pay dividends is the sole responsibility of the board and management of the banks. I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. AIB and Bank of Ireland resumed paying dividends in 2017 and 2018 respectively, for the...

Written Answers — Department of Finance: Departmental Contracts (12 Feb 2025)

Paschal Donohoe: Following a tender competition ran by the Department of Finance in January 2023, Rothschild & Co. were selected as the Department’s independent financial advisor in March 2023 on a 24-month contract with the option of a 12-month renewal. The role of Rothschild & Co is as follows:To act as independent financial advisor in relation to the State’s remaining banking...

Written Answers — Department of Finance: State Assets (12 Feb 2025)

Paschal Donohoe: As you may be aware, on 28th January 2025, I announced the successful completion of the disposal of a further 5% of the State’s shareholding in AIB by way of an accelerated bookbuild. Key points of the share sale:The State’s shareholding in AIB reduced by 5% from c. 17.5% to c. 12.5% following this transaction.The Placing price was €5.60 per share representing a 2.27%...

Written Answers — Department of Finance: Tax Code (12 Feb 2025)

Paschal Donohoe: I am advised by Revenue that its Compliance Intervention Framework, which is in place since May 2022, provides for a consistent, graduated response to compliance risks and taxpayer behaviour. This response ranges from extensive opportunities for taxpayers to self-review and correct any aspect of their tax compliance (Revenue’s preferred option) up to investigation with a view to...

Written Answers — Department of Finance: Tax Code (12 Feb 2025)

Paschal Donohoe: As the Deputy will be aware the Department of Finance published an independent economic analysis into the possible effects of the Irish tax system on developing economies in 2015. The analysis, completed by the IBFD on behalf of the Department, was entitled ''Spillover Analysis Possible Effects of the Irish Tax System on Developing Economies' and included a baseline analysis of Ireland's tax...

Written Answers — Department of Finance: Tax Data (12 Feb 2025)

Paschal Donohoe: The concept of the “Tax Gap” refers to attempts to measure the difference between actual tax collection and the theoretical amount of tax that might be collected in respect of any given taxhead if the headline rates of tax were applied without exceptions or reliefs and all taxpayers returned and paid tax on all relevant taxable activity. The concept may be broken down into...

Written Answers — Department of Finance: Departmental Programmes (12 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 assurance programme for many years. In line with public health restrictions relating to Covid-19, Revenue suspended onsite compliance...

Written Answers — Department of Finance: Departmental Data (12 Feb 2025)

Paschal Donohoe: The Central Bank has informed me of the following information. While the Central Bank of Ireland (CBI) is the registrar for Irish Government bonds, the way they are settled and registered does not allow for the identification of individual holders. However, the CBI publishes some information on holders of Irish Government bonds, disaggregated between resident and non-resident holders. At...