Results 6,961-6,980 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Yield (16 Nov 2021)

Paschal Donohoe: As the Deputy will be aware, the Department of Finance provided a point-in-time estimate of potential revenue arising from incremental increases in the rate of carbon tax out to 2030 to assist with the Programme for Government in 2020. This estimate, therefore, predates the European Commission Proposal on the extension of the EU ETS to the road transport and building sector. The...

Written Answers — Department of Finance: Bonds Redemption (16 Nov 2021)

Paschal Donohoe: I am informed by the National Treasury Management Agency (NTMA) that by the end of 2020, the NTMA had issued a total of €6.1bn nominal of Irish Sovereign Green Bonds (ISGBs) in three separate transactions. 1. The inaugural issue of €3bn, through a syndication, in October 2018 2. A syndicated tap of €2bn in October 2019 3. A €1.1bn auction in September 2020...

Written Answers — Department of Finance: Pensions Reform (16 Nov 2021)

Paschal Donohoe: The policy area has been transferred to Department of Public Expenditure and Reform as Ministerial responsibility for the area concerned was transferred under S.I. 10 of 2011 Ministers and Secretaries (Amendment) Act 2011. PQ 23629/20 answered last year by the Minister for Public Expenditure and Reform was concerned with a provision of the Pensions Declaration Rules 1966.

Written Answers — Department of Finance: Tax Collection (16 Nov 2021)

Paschal Donohoe: The 2012 report of the Interdepartmental Group on the Design of a Property Tax considered the issue of introducing an exemption or waiver for property owners below a certain income threshold. Having considered the possible inequities and administrative challenges of such an exemption or waiver structure the group recommended instead a deferral scheme that would assist property owners in a...

Written Answers — Department of Finance: Insurance Industry (16 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 219 and 220 together. At the outset, I would clarify that neither I, nor the Central Bank of Ireland, can influence the provision nor pricing of insurance products, nor do we have the power to direct insurance companies to provide cover to specific individuals or businesses. This position is reinforced by the EU Solvency II Directive insurance framework....

Written Answers — Department of Finance: Climate Action Plan (16 Nov 2021)

Paschal Donohoe: The Department of Finance commenced green budgeting analysis of tax measures in Budget 2022. As the Deputy is aware, green budgeting is a process which seeks to consider the effects of fiscal policy and the budgetary process on the transition to a more sustainable and climate friendly economy. The publication “A Review of Green Budgeting from a Tax Perspective” was...

Written Answers — Department of Finance: Climate Action Plan (16 Nov 2021)

Paschal Donohoe: I am informed by the National Treasury Management Agency that on Thursday last, 11 November, the NTMA sold €650m of the Irish Sovereign Green Bond (ISGB) maturing in 2031 in a bond auction. It sold a further €97.5m in the non-competitive auction bringing to €747.5m nominal the total issued in the auction. The cash proceeds raised from this auction were €839m. This...

Written Answers — Department of Finance: Climate Action Plan (16 Nov 2021)

Paschal Donohoe: Action 259 of the Climate Action Plan 2021 refers to developing a roadmap for review and transitioning away from fossil fuel subsidies in the transport sector. To complete this action, analysis of the cost and impact of existing tax fossil fuel subsidies will be undertaken. My Department will engage with other relevant Departments and based on the outcome of the analysis, a roadmap to...

Written Answers — Department of Finance: Climate Action Plan (16 Nov 2021)

Paschal Donohoe: The Climate Action Plan 2021 is the all-of-Government plan that sets out the steps and actions we need to take to halve our emissions by 2030 and aim to reach net zero no later than 2050. This transformation will impact on all sectors of the economy and finance flows should be consistent with a pathway towards low greenhouse gas emissions and climate resilient development. Ireland...

Written Answers — Department of Finance: Climate Action Plan (16 Nov 2021)

Paschal Donohoe: One of the actions set out in the recently published Climate Action Plan is that my Department will explore the potential for new tax measures to support retrofit. As provided in the action plan, the timeline established for this action is Q4 2022. Details of the process are yet to be finalised. In relation to the process of assessing proposals for tax expenditures generally, I would make...

Written Answers — Department of Finance: National Asset Management Agency (16 Nov 2021)

Paschal Donohoe: As indicated in my response of 2ndNovember 2021 to Questions 246, 247, 253, 265, 266, NAMA’s loans are secured by an estimated 638 hectares of land of which 426 of these hectares have residential zoning and will be suitable for residential development between now and 2035. 212 hectares are not currently zoned residential. A breakdown of this land by planning status and unit capacity,...

Written Answers — Department of Finance: Insurance Coverage (16 Nov 2021)

Paschal Donohoe: As referred to in my answer to the earlier question from the Deputy, it was estimated that on an annual basis only 0.05% of mortgage applications were refused due to the fact that the applicant did not put in place an acceptable policy of mortgage insurance and that on an annual basis around 2% of primary home mortgages were provided without the requirement for mortgage protection insurance....

Written Answers — Department of Finance: Departmental Policies (16 Nov 2021)

Paschal Donohoe: I understand that this matter is currently before the Courts. Accordingly, I do not believe it is appropriate to comment at this time.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I move amendment No. 1: In page 10, between lines 8 and 9, to insert the following: "(2) Subsection (1)applies for the year of assessment 2022 and each subsequent year of assessment.". It is considered appropriate to explicitly provide that the budget 2022 changes in respect of universal social charge, USC, apply from 1 January 2022. This amendment is to specifically include a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: As Deputy Nash acknowledged, this is a process whereby the Government receives a recommendation from the Low Pay Commission and acts on it. A process with an independent group acting on behalf of the State, evaluating information independently of the Government or its view on the matter, is the right process. It has been a reason this is just one of a series of increases to the minimum wage...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: That plan was not included in the programme for Government commitments. I looked at it in the last Government. Having considered it in detail, it became apparent to me that there would be considerable complexity in doing this. Looking at the many challenges that we face with regard to tax revenue and how we pay for public services that we need, this Government believed that a more targeted...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: It will come as a surprise to them too.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I thank the Deputies for their amendments. There are a considerable number of issues with this amendment. These include the cost on the Exchequer, the significant erosion of the tax base, and the impact on the competiveness of our tax code. On Deputy Richard Boyd Barrett’s proposal to abolish the universal social charge, it is estimated that this would cost €4.4 billion in a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: Some extraordinary role reversal has happened here without me noticing. Deputy Boyd Barrett is making the case for tax reductions that would make the most hardened neoliberal wince. He is arguing not just for the reduction of a tax but for its complete abolition below a certain level. They tend to be the kind of arguments I hear from the other end of the political spectrum than the one the...