Results 721-740 of 32,429 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (5 Feb 2025)

Paschal Donohoe: In order to apply a new national excise duty to electronic cigarettes Chapter 1 of Part 2 of Finance Act 2024 legislates for E-liquid Products Tax (EPT). Essentially, e-liquid products are liquids used in e-cigarettes including refill cartridges for refillable devices. Under the new law, EPT will apply to both nicotine-containing and non-nicotine-containing e-liquid products. The taxing...

Written Answers — Department of Finance: Departmental Data (5 Feb 2025)

Paschal Donohoe: Climate finance is a key priority for the Government and for Ireland’s foreign policy. At COP26 in 2021, the Taoiseach announced the goal to provide at least €225 million annually in climate finance to developing countries by 2025. Ireland’s International Climate Finance Roadmap, was published in 2022 setting out pathways as to how this goal could be achieved. The record...

Written Answers — Department of Finance: Departmental Staff (5 Feb 2025)

Paschal Donohoe: I wish to inform the Deputy that I have two Special Advisors. Details are set out below: Ms Deborah Sweeney; Special Advisor, at the grade of Principal Officer. Ms Fiona O’Connor; Special Advisor, at the grade of Principal Officer.

Written Answers — Department of Finance: EU Directives (5 Feb 2025)

Paschal Donohoe: In December 2021, the European Commission published the Unshell Directive, an anti-avoidance proposal that aims to prevent the misuse of shell entities for tax purposes and since then discussions have progressed slowly. In June 2024, a new proposed approach for the Unshell proposal was presented to Member States in order to try and progress discussions and focus the directive more towards...

Written Answers — Department of Finance: Tax Avoidance (5 Feb 2025)

Paschal Donohoe: The general anti avoidance rule (GAAR) is set out in section 811C of the Taxes Consolidation Act 1997. The rule covers a number of taxes and duties including income tax, corporation tax, capital gains tax, capital acquisitions tax and stamp duty. The rule disallows a tax advantage which has arisen as a result of a tax avoidance transaction. It does this having regard to the substance of the...

Written Answers — Department of Finance: Sovereign Debt (5 Feb 2025)

Paschal Donohoe: I propose to take Questions Nos. 279 and 280 together. I am answering this Question on the basis that the Deputy is referring to Irish Sovereign Debt only. At year-end 2024 Gross National Debt (GND) stood at €232.7bn. The table below provides a breakdown of that figure into the various debt components. Gross National Debt €bn* ...

Written Answers — Department of Finance: European Central Bank (5 Feb 2025)

Paschal Donohoe: The Central Bank of Ireland has informed me of the following in relation to the amount it has received. European Central Bank Distributions 2014-2023 in €m Annual Accounts 2014 14,912 Annual Accounts 2015 15,848 Annual Accounts 2016 20,379 ...

Written Answers — Department of Finance: Revenue Commissioners (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the total staffing levels and annual budget for the Revenue Commissioners in each year since 2004, it is set out in the table below: Year Gross Annual Budget €000 Gross Outturn €000 Year End Staffing Allowable Public Service Numbers 2004 €365,820 €365,313 ...

Written Answers — Department of Finance: Tax Code (5 Feb 2025)

Paschal Donohoe: I understand the Deputy is referring to the taxation of carried interest received by certain venture capital fund managers, as provided for in section 541C of the Taxes Consolidation Act 1997 (‘TCA 1997’). Section 541C TCA 1997 provides that the share of profits of an investment that a venture fund manager receives for managing an investment in a venture capital fund is...

Written Answers — Department of Finance: Departmental Data (5 Feb 2025)

Paschal Donohoe: There are a range of collective investment vehicles within the investments funds sector, and I am advised by Revenue that it is not possible to separately identify the tax associated with that sector. However, the aggregate amounts of taxes paid by entities within the investment funds sector, and other entities within the financial and insurance sectors for 2023 is contained in a...

Written Answers — Department of Finance: Departmental Data (5 Feb 2025)

Paschal Donohoe: I am informed by the Central Bank of Ireland that, as of September 2024, there were 9,041 funds domiciled in Ireland. The total number of funds under administration in Ireland, including non-Irish funds, is 13,926. The Central Bank has advised that it is not possible to provide a breakdown of these figures by funds domiciled and under administration in Ireland within the time available....

Written Answers — Department of Finance: Tax Data (5 Feb 2025)

Paschal Donohoe: At the end of every year, Revenue makes a Preliminary End of Year Statement available to employees. The Preliminary End of Year Statement sets out a provisional tax position, based on information available on Revenue records. It will show whether an employee has paid the correct amount of Income Tax and Universal Social Charge (USC) for the year. I am advised by Revenue that the final...

Written Answers — Department of Finance: Legislative Reviews (5 Feb 2025)

Paschal Donohoe: Preliminary work was carried out on the preparation of a Central Bank Consolidation Bill in 2018. The project has not significantly advanced due to the need to deal with other national and EU legislative priorities, the resources needed inside and outside the Department to progress such a project including the involvement of the Oireachtas and the scope and extent of possible legislative...

Written Answers — Department of Finance: Pension Provisions (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the transfer of deferred benefits may be made from an occupational pension scheme or a Personal Retirement Savings Account (PRSA) to an overseas pension arrangement, once such a transfer complies with the Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations 2003, available at . The Regulations are under the...

Written Answers — Department of Finance: Tax Credits (5 Feb 2025)

Paschal Donohoe: The Residential Premises Rental Income Relief (RPRIR) provides relief, at the standard rate, on a portion of a landlord’s residential rental income. The relief is €3,000 in the tax year 2024, €4,000 in the tax year 2025 and €5,000 in the tax years 2026 and 2027, which is equivalent to a tax credit of up to €600, €800 and €1,000 respectively....

Written Answers — Department of Finance: Tax Code (5 Feb 2025)

Paschal Donohoe: I have assumed that the Deputy is referring in his question to the OECD Pillar Two minimum tax rules, which were implemented in Ireland through the transposition of the EU Minimum Tax Directive in Finance (No. 2 Act) 2023. The Pillar Two rules apply to multinational groups and large-scale domestic groups that have annual revenue of €750 million or more in the consolidated financial...

Written Answers — Department of Finance: Tax Code (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that the current position is that where a couple are jointly assessed and one spouse or civil partner dies during a tax year, the following treatment applies:In the year of bereavement, the widowed spouse or civil partner is entitled to the same personal tax credits as a married couple, if surviving spouse or civil partner is the assessable spouse or nominated...

Written Answers — Department of Finance: Departmental Reviews (5 Feb 2025)

Paschal Donohoe: In November of 2022, the Court of Justice of the European Union ruled that a provision of the EU anti-money laundering (AML) directive, under which information on the beneficial ownership of corporate and other legal entities held in central registers, must be provided to the general public, was invalid. The Court found that the provision interfered with the rights recognised in Articles 7...

Written Answers — Department of Finance: Pension Provisions (5 Feb 2025)

Paschal Donohoe: I am advised by Revenue that there has been no change to the manner in which payments from the Department of Social Protection (DSP) are taxed. The DSP State pension (contributory) is a taxable source of income, similar to other DSP payments including Jobseekers’ Benefit and Maternity Benefit. As such, it is liable to Income Tax (IT) although it is not subject to the Universal...

Written Answers — Department of Finance: State Assets (5 Feb 2025)

Paschal Donohoe: The purpose of the Insurance Compensation Fund (ICF) is to provide a certain minimum level of protection for insurance policy holders should an insurance company go into liquidation. The Fund also allows certain insurance company administrators to apply to the High Court for funding where necessary in order to enable them to meet their financial obligations as they arise. The Central Bank...