Results 7,161-7,180 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (9 Nov 2021)

Paschal Donohoe: The withdrawal of Ulster Bank from the market and the decision by Bank of Ireland to close 88 branches in the Republic of Ireland are regrettable, particularly for their customers and staff and they represent unfavourable developments for the Irish banking market. However, decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an...

Written Answers — Department of Finance: Departmental Schemes (9 Nov 2021)

Paschal Donohoe: As I advised the Deputy in my response to his previous recent question on the number of Living City Initiative applications for Limerick, according to Revenue, applications are made to the relevant Local Authority in respect of the owner-occupier and rented residential elements of the scheme; applications to the Local Authority are not required to be made under the commercial element of the...

Written Answers — Department of Finance: Departmental Schemes (9 Nov 2021)

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 for an employee. Under section 118B TCA 1997 an employer and employee may also enter into a salary sacrifice arrangement under which the employee agrees to...

Written Answers — Department of Finance: Tax Reliefs (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 103 and 144 together. The Finance Act 2012 introduced section 825C to the Taxes Consolidation Act, 1997. This section, as amended, provides Income Tax relief for certain individuals assigned during any of the tax years 2012 to 2022 to work in the State. The relief is commonly known as SARP (Special Assignee Relief Programme). SARP provides for relief from...

Written Answers — Department of Finance: Inflation Rate (9 Nov 2021)

Paschal Donohoe: The flash estimate for HICP inflation in October is 5.1 per cent, which would be the highest rate since 2003. The emergence of inflationary pressures in recent months is not unique to Ireland however, with the euro area flash estimate reaching 4.1 per cent. The recent increase in inflation is partly explained by temporary factors, which are expected to fade over time, including...

Written Answers — Department of Finance: Stability and Growth Pact (9 Nov 2021)

Paschal Donohoe: As the Deputy is aware, the European Commission published a Communication on October 19th which formally relaunched the public debate on the EU economic governance framework. Let me state at the outset that I welcome the Commission’s communication, as I believe that the timing is right for Europe to consider, and to debate, the future of our fiscal framework. The discussions on...

Written Answers — Department of Finance: Financial Services (9 Nov 2021)

Paschal Donohoe: The Central Bank has issued warnings to consumers in 2017 and 2018, with the latest advice issued in April of 2021, on the risks of buying virtual currencies. The Central Bank warnings outline the risks of buying or investing in “virtual currencies” (VCs): extreme volatility; absence of guarantees and safeguards associated with regulated financial services; and the possibility...

Written Answers — Department of Finance: Tax Reliefs (9 Nov 2021)

Paschal Donohoe: The Department of Finance does not provide any grants, schemes or supports for the purchase of a vehicle. It administers the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme which provides relief from VAT and VRT (up to a certain limit) set against the purchase and use of an adapted car, and for transport of a person with specific severe and permanent physical disabilities....

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: The Deputy is referring to the taxation of cross-border workers who are Irish resident but commute to work in another jurisdiction and claim relief in accordance with section 825A Taxes Consolidation Act (TCA) 1997, which is commonly referred to as Trans-Border Workers’ Relief. The relief effectively removes the foreign employment income from a liability to Irish tax where foreign...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (9 Nov 2021)

Paschal Donohoe: I am advised by Revenue that there were approximately 310,000 employees supported by the Employment Wage Subsidy Scheme (EWSS) in September 2021, which is the most recent month for which complete payslip information from employers is available for analysis. Of these, 85,000 (27%) were aged under 25. I am further advised by Revenue that there were approximately 27,000 employers supported by...

Written Answers — Department of Finance: Insurance Industry (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 112, 149, 157, 254 and 283 together. I am aware that the affordability of insurance is an issue of concern for many groups, including the sectors referred to in the Deputies’ questions. As the Deputy will be aware, neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, nor do we have the power to...

Written Answers — Department of Finance: Tax Yield (9 Nov 2021)

Paschal Donohoe: I am taking it that this question has been tabled in the context of Ireland joining 135 other member jurisdictions of the OECD/G20 Inclusive Framework in reaching a high level agreement on a two-pillar solution to address tax challenges arising from the digitilisation of the economy. There are two pillars to the OECD agreement. Pillar One will see a reallocation of a proportion of...

Written Answers — Department of Finance: Banking Sector (9 Nov 2021)

Paschal Donohoe: As the Deputy may be aware, as Minister for Finance, I have no role in the commercial decisions made by any bank in the State. This includes banks in which the State has a shareholding. Decisions in this regard, including the management of branch premises, are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. The...

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: The Finance (Local Property Tax) (Amendment) Act 2021 fulfils the Programme for Government commitment to bring forward legislation in relation to the Local Property Tax (LPT) on the basis of fairness and that most homeowners will face no increase in their LPT liability. The Act provides for a cut in the main rate of the tax and widening of the valuation bands to make the changes affordable....

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 117 and 121 together. In Budget 2022 I announced a substantial income tax package and some changes to the Universal Social Charge (USC) that will ensure that every income-earner paying income tax or USC in 2022 will see an increase in their net income in 2022, all other factors being equal. This will support living standards as the economy continues to...

Written Answers — Department of Finance: Tax Avoidance (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 119 and 159 together. As I stated previously in a prior parliamentary question 45726/21 in September. I am aware of recent media report regarding a publication concerning the tax arrangements of an individual taxpayer. From the outset, I must state that it is not appropriate for the Minister for Finance to comment on the tax affairs of individual...

Written Answers — Department of Finance: Tax Reliefs (9 Nov 2021)

Paschal Donohoe: I am advised by Revenue that data in relation to incomes for 2019 is still being processed and consolidated. Once completed, analysis can be carried out as requested by the Deputy, reconciling taxpayers to a taxpayer unit basis (where jointly assessed couples are counted as one unit) and accounting for all income sources and pension contributions made. This analysis, which is necessary to...

Written Answers — Department of Finance: Housing Schemes (9 Nov 2021)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the definitions...

Written Answers — Department of Finance: Insurance Coverage (9 Nov 2021)

Paschal Donohoe: Firstly, I wish to reassure the Deputy that I understand the difficulty facing individuals, businesses and community and voluntary groups, regarding the cost and availability of insurance. Accordingly, Government has prioritised insurance reform through the Action Plan for Insurance Reform. As the Deputy may be aware, the first Action Plan Implementation Report was published last July, and...

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 125 and 158 together. The final retail price of fuel is determined by a number of factors which include the costs of production, distribution, global market factors, international exchange rates, taxation, wholesale market contracts as well as individual retail pricing policies. The current spike in energy prices arises principally from the global...