Results 6,701-6,720 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (18 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 162 and 163 together. I am advised by Revenue that the breakdown of the tax liabilities, at current Mineral Oil Tax (MOT), Carbon Duty and VAT rates, on a litre of petrol, diesel and Auto-LPG retailing at €1.10 or alternatively at €1.50 are as follows. Petrol Price (tax inclusive) per Litre € MOT Component of Price...

Written Answers — Department of Finance: Tax Data (18 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 164, 165 and 166 together. I am advised by Revenue that the table below shows the provisional breakdown of tax receipts for petrol, diesel and Auto-LPG for the months of February and October 2021. As a significant proportion of VAT collected on diesel sales is refunded to VAT registered businesses, the table provides for the net (VAT) receipts based on...

Written Answers — Department of Finance: Inflation Rate (18 Nov 2021)

Paschal Donohoe: While Covid-19 had a deflationary impact both in Ireland and internationally last year, inflation has picked up since the beginning of this year. The annual rate of HICP inflation rose to 5.1 per cent in October – the highest rate since 2003. The emergence of inflationary pressures is not unique to Ireland however, with inflation rates of 6.2 and 4.1 per cent recorded in the US and...

Written Answers — Department of Finance: Tax Exemptions (18 Nov 2021)

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 accordance with the Directive legal services, including legal services supplied in the course of making a will, are liable to VAT at the standard rate, currently 23%. There is no discretion under the Directive for Ireland to remove VAT on these supplies.

Written Answers — Department of Finance: Tax Code (18 Nov 2021)

Paschal Donohoe: As the Deputy may be aware, Capital Acquisitions Tax (CAT), including gifts and inheritances, is a tax on unearned wealth. It is recognised that effective taxation of capital is an important tool for addressing income and wealth inequality. Therefore, gift and inheritance taxes, including the efficient use of relief thresholds, are fundamental elements of using our tax...

Written Answers — Department of Finance: Tax Exemptions (18 Nov 2021)

Paschal Donohoe: I am informed by Revenue that the Taxes Consolidation Act 1997 (TCA) provides the following reliefs for sporting bodies, including community sports clubs: - Section 235 TCA provides for an exemption from Income Tax or Corporation Tax, as appropriate, for bodies established for the sole purpose of the promotion of athletic or amateur games or sports (“approved sporting...

Written Answers — Department of Finance: Covid-19 Pandemic (18 Nov 2021)

Paschal Donohoe: I am advised by Revenue that Section 469 of the Taxes Consolidation Act 1997 provides for tax relief in respect of qualifying health expenses.  Only “health expenses” incurred in the provision of “health care”, which has been carried out or advised by a “practitioner”, will qualify for tax relief. Health care is defined as the “prevention,...

Written Answers — Department of Finance: Tax Yield (18 Nov 2021)

Paschal Donohoe: The most recent projection provided by my Department for the period 2021 to 2030 is €9.2 billion in additional carbon tax revenues.  The annual breakdown of these receipts was provided in the PQ reply of 10 November 2021. As stated in the same PQ reply, projections are point in time exercises, and are revised periodically to take account of factors such as changes in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: I move amendment No. 124: In page 164, line 18, to delete “sections 175 and 177AE” and substitute “section 175 or 177AE, as the case may be,” Section 77 of the Finance Bill 2021, as published, introduced Part 22A into the Taxes Consolidation Act 1997, which provides for a residential zoned land tax, RZLT.The zoned land tax contains the provisions which will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: The remaining amendments are all technical in nature, correcting references and typos and making other minor errors where the legislation, as drafted, did not quite work from a technical perspective. I will be introducing a number of Report Stage amendments which I think at this stage will mainly relate to maps and are likely to be technical in nature.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: If it is worth €1 million, the owner will be paying €30,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: It is because of the difference in scale of the tax. I will give the Deputy a sense of how broad we believe this tax will be in comparison with the current vacant site levy. Currently, the vacant site levy is applied to 501 ha across the country. My recollection is that it applies to several hundred properties. Our estimate is that the zoned land tax will cover approximately 8,000 ha to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: We will go from a tax that very few landowners pay to a tax which, particularly when the maps come out in September or October of next year, many landowners will pay. I expect that several landowners will be surprised that they will be paying it. Given that and given the fundamental difference in scale, I believe 3% is the appropriate starting point.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: The Deputy is missing two parts in that analysis. First, as he knows because he has called this out, is the major challenge in collecting that tax in the first place. He knows that because it is implemented via local authorities and it is not collected on the scale and with the speed we would want. This tax will be collected by the Revenue Commissioners. The other part of the argument...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: The value of the tax will also increase.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (18 Nov 2021)

Paschal Donohoe: Landowners will only accrue the benefits of inflation when they dispose of the land and they will need to pay the tax each year.