Results 7,221-7,240 of 32,527 for speaker:Paschal Donohoe

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

Paschal Donohoe: The sale of a loan book and the price transacted between regulated entities in relation to any such sale is a commercial matter for the business entities involved in that particular transaction. However, the Central Bank has advised that there are certain requirements which must be met by regulated entities in circumstances where an entity is withdrawing from the Irish market. In...

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

Paschal Donohoe: Section 97A of the Taxes Consolidation Act 1997 provides for a time-limited deduction against rental income for pre-letting expenditure incurred on a residential premises that has been vacant for a year or more.The aim of the measure is to encourage owners of vacant residential property to bring that property into the rental market, for a minimum of four years. The measure is consistent with...

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

Paschal Donohoe: Section 28 of the Finance Bill 2021 provides for the application of an OECD-developed mechanism known as the “authorised OECD approach” or "AOA" for the attribution of income to a branch of a non-resident company operating in the State. This delivers on the commitment in the Update to Ireland’s Corporation Tax Roadmap which was published in January of this year. The...

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

Paschal Donohoe: I propose to take Questions Nos. 261 to 264, inclusive, together. The section 481 tax credit provides a 32% payable credit for eligible expenditure on film production in Ireland. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. In relation to PQ...

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

Paschal Donohoe: Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provides for the operation of the Employment Wage Subsidy Scheme (EWSS). It provides a subsidy to qualifying employers based on the numbers of paid and eligible employees on the employer’s payroll and charges a reduced rate of employer PRSI of 0.5% on wages paid which are eligible for the subsidy payment....

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

Paschal Donohoe: Section 72 Finance Bill 2021 proposes to remove the prohibition on making a qualifying disclosure where any matter contained in the disclosure relates to “offshore matters”. The aim of this amendment is to facilitate voluntary compliance and Revenue wants to encourage taxpayers to come forward voluntarily before they are contacted. The existing legislation means that there is...

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

Paschal Donohoe: I propose to take Questions Nos. 267 and 280 together. 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 ‘flash’ HICP inflation rate reached 5.1 per cent in October – the highest rate since 2003. The emergence of inflationary pressures in recent months is not unique to...

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: Eurozone Issues (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 270 and 271 together. As President of the Eurogroup, I have regular discussions with my fellow euro area and EU Finance Minister colleagues, at our monthly meetings and through regular bilateral engagement, both virtual and - now that health restrictions are lifting - physical where possible. The first priority of the Eurogroup is to agree on economic and...

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

Paschal Donohoe: Since the COVID-19 situation first arose, I have maintained contact with the Banking and Payments Federation Ireland and lenders on the measures they have put in place to assist their customers who are economically impacted by the pandemic. The initial measures put in place included payment breaks initially for a period up to three months and then subsequently extended for up to six months....

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

Paschal Donohoe: My Department continues to monitor all aspects of the property market, including the rate of house price inflation, on an ongoing basis. According to the most recent figures released by the Central Statistics Office, between July and August 2021, the national Residential Property Price Index (RPPI) increased by 2.2 per cent, while prices increased by close to 11 per cent in the year to August...

Written Answers — Department of Finance: Mortgage Interest Rates (9 Nov 2021)

Paschal Donohoe: I am aware that the general level of new lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that certain mortgage rates have been falling in Ireland. For example, the interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.62% in...

Written Answers — Department of Finance: Brexit Issues (9 Nov 2021)

Paschal Donohoe: My Department has been to the fore in producing a number of assessments on the economic impact of Brexit. Joint analyses by my Department and the Economic Social Research Institute (ESRI) modelling the macroeconomic impact of Brexit were published in 2016 and 2019. The analyses covered a range of outcomes and possible future relationships between the EU and the UK. The analyses included...

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

Paschal Donohoe: On 8 October, Ireland was among 136 jurisdictions who joined a two pillar international agreement in October to reform the international tax rules to address the challenges of digitalisation. Pillar One of the agreement will see a reallocation of a proportion of profits to the jurisdiction of the consumer, while Pillar Two will see the adoption of a new global minimum effective tax rate of...

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

Paschal Donohoe: The exceptional economic circumstances of the past eighteen months have seen a strong consensus on fiscal policy across the EU. Coordinated policy actions at EU and national levels have helped to reduce the economic impact of COVID-19. One of the most important of these actions was the activation of the general escape clause (GEC) of the Stability and Growth Pact in March 2020. The activation...

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

Paschal Donohoe: The Central Bank of Ireland is the independent financial regulator in Ireland and is responsible for the authorisation and supervision of investment funds originating in and fund service providers operating in Ireland. The legislative framework that applies to investment funds includes European and domestic legislation along with Central Bank regulations and guidance. The Central Bank,...

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

Paschal Donohoe: Due to the success of our vaccination programme restrictions were eased over the course of the second and third quarters, with the domestic economy recovering strongly as a result. In the second quarter, modified Domestic Demand (MDD) – the best measure of domestic economic activity - surpassed the level immediately preceding the pandemic (2019-Q4) for the first time since the start of...

Written Answers — Department of Finance: Brexit Issues (9 Nov 2021)

Paschal Donohoe: My Department has been participating in whole of Government preparations for Brexit since before the UK referendum in 2016. This work intensified during 2020 as part of preparations for the end of the transition period, and has continued since then in response to continuing Brexit developments. Preparations have been accompanied by a range of budgetary interventions from 2017, including...

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

Paschal Donohoe: Mineral Oil Tax (MOT) applies to minerals oils used for motor or heating purposes in the State. The rate of MOT is comprised of a carbon and non-carbon component. I am advised by Revenue that Section 98 of Finance Act 1999 provides for a partial relief for MOT for heavy oil and liquefied petroleum gas (LPG) used in horticultural production and the cultivation of mushrooms. Heavy oil refers...

Ceisteanna ar Reachtaíocht a Gealladh - Questions on Promised Legislation (4 Nov 2021)

Paschal Donohoe: I agree with Deputy Devlin on the answer that was given about antisocial behaviour on public transport. It is appalling that such an attitude would even be suggested. Public transport is safe, and in circumstances where it is not safe or any kind of issue is developing, I absolutely expect Iarnród Éireann and the Garda would do all they can to respond to the issue. A working...