Results 7,181-7,200 of 32,527 for speaker:Paschal Donohoe

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

Paschal Donohoe: In line with Government policy to facilitate and support remote working, on Budget Day, I announced that an income tax deduction amounting to 30% of the cost of vouched expenses for heat, electricity and internet services in respect of those incurred while working from home can be claimed by taxpayers. This measure enhances and formalises existing arrangements that are currently operated by...

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

Paschal Donohoe: The Flat-Rate Farmer’s Scheme is a long-standing arrangement under VAT law that allows farmers who remain unregistered for VAT purposes to be compensated on an overall basis for the VAT charged to them on their purchases of goods and services. The Scheme is designed to reduce the administrative burden for farmers and allows them to remain outside the normal VAT system thereby avoiding...

Written Answers — Department of Finance: Inflation Rate (9 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 is expected to reach 5.1 per cent in October – the highest rate since 2003. The emergence of inflationary pressures is not unique to Ireland however, with euro area inflation expected to reach 4.1 per cent in...

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

Paschal Donohoe: I propose to take Questions Nos. 129, 134, 150 and 162 together. Firstly, I wish to assure the House that I am very much aware of the issues of insurance affordability and availability facing many sectors, particularly the leisure industry, which provides such an important contribution to the well-being of our society and economy in general. However, it is important to note that neither...

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

Paschal Donohoe: I propose to take Questions Nos. 130, 268 and 279 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 economic recovery throughout this year has been robust, with recent indicators...

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

Paschal Donohoe: In relation to the Deputy's question regarding the assistance available to assist first-time buyers in the property market in the context of Budget 2022, I can only answer in respect of taxation measures. Direct expenditure measures are a matter for the Minister for Housing, Local Government and Heritage. With regard to taxation measures, the Deputy will be aware of the Help to Buy (HTB)...

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

Paschal Donohoe: In relation to the Deputy's question regarding measures to support renters in the private rental market, I can only answer in respect of taxation measures. Direct expenditure measures in this areas are a matter for the Minister for Housing, Local Government and Heritage. The previous tax relief in respect of rent paid was abolished in Budget 2011 and it is no longer available to those...

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

Paschal Donohoe: I propose to take Questions Nos. 137 and 140 together. The Action Plan for Insurance Reform contains 66 cross-departmental actions that aim to improve the cost and availability of cover, including public liability insurance. This reform agenda is progressing well, with the Implementation Report published last July showing that 34 of the 66 actions were complete. Key reforms to date include: -...

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

Paschal Donohoe: I am advised by Revenue that the small benefit exemption provides that a charge to tax will not arise where, subject to certain conditions, an employer provides a director or employee with a ‘qualifying incentive’. A qualifying incentive may be a voucher or other tangible benefit, but it cannot exceed €500 in value. If the value of the incentive exceeds €500,...

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

Paschal Donohoe: The Finance (Local Property Tax) Act 2012 (as amended) provides for certain properties to be exempt from LPT during the current valuation period (2013 to 2021) and the next valuation period (2022 to 2025) where they meet certain qualifying conditions. However, certain exemptions will expire on 31 December 2021 and will not be available for the new valuation period. These include the...

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: Banking Sector (9 Nov 2021)

Paschal Donohoe: When a person applies for a mortgage loan to buy a home, the person will generally be required to take out mortgage protection insurance. In most cases, a lender is legally required under section 126 of the Consumer Credit Act 1995 to make sure that a mortgage applicant has mortgage protection insurance in place before granting a mortgage loan. This is an important statutory provision which...

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

Paschal Donohoe: The retail financial services sector is undergoing a major period of change. This year so far we have seen several major announcements including the withdrawal of Ulster Bank by NatWest and the potential withdrawal of KBC Bank Ireland, the closure of a large number of bank branches by Bank of Ireland and a smaller number by AIB. Decisions in this regard, including the management of branch...

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

Paschal Donohoe: It is presumed that the Deputy is referring to the tax relief available to those who are remotely working from home. Remote workers will incur certain expenditure in the performance of their duties from home, such as additional heating and electricity costs. An employer may make payments up to €3.20 per day to employees in respect of such expenses and this amount is not subject to...

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

Paschal Donohoe: Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. REITs are collective investment vehicles designed to hold rental investment properties in a tax neutral manner. The purpose of the REIT regime is to allow for a collective investment vehicle which provides a comparable after-tax return to investors to direct investment in rental...

Written Answers — Department of Finance: Inflation Rate (9 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. According to the ECB ‘flash estimate’, the annual rate of HICP inflation is expected to reach 5.1 per cent in October – the highest rate since February 2003. The emergence of inflationary pressures is not unique to Ireland...

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

Paschal Donohoe: I propose to take Questions Nos. 153 and 250 together. 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 networks, are the sole responsibility of the board and management of the banks, which must...

Written Answers — Department of Finance: Economic Policy (9 Nov 2021)

Paschal Donohoe: Ireland was one of the first countries to divest public money from fossil fuel investments. The Fossil Fuel Divestment Act 2018 was signed into law by the President of Ireland in December 2018. The Act imposes certain prohibitions and restrictions with respect to the investment by the National Treasury Management Agency of assets of the Ireland Strategic Investment Fund (ISIF) in...

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

Paschal Donohoe: The Deputy may be aware that my Department issued a press release last Friday, 5thNovember which provided an update on progress in relation to the Bank of Ireland share trading plan. Proceeds generated from the share trading plan since its launch amount to c. €249m. The Government has now recovered almost €6.2bn in cash from its €4.7bn investment in and support for Bank...

Written Answers — Department of Finance: Commissions of Investigation (9 Nov 2021)

Paschal Donohoe: I wish to inform the Deputy that there are currently no commissions of investigation under my Department. My Department is a stakeholder in two commissions of investigation, however these are set up under the Department of the Taoiseach.