Results 7,461-7,480 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Yield (5 Oct 2021)

Paschal Donohoe: Revenue has published an initial set of statistics in relation to Local Property Tax (LPT) for 2022, which is available on the Revenue website. These statistics include Revenue’s projected estimate of the 2022 receipts, which stands at €538m, taking account of the rate adjustment decisions of Local Authorities. I am advised that these estimates are based on Revenue’s...

Written Answers — Department of Finance: Tax Code (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that property owners are required to self-assess the value of their properties at 1 November 2021 for Local Property Tax (LPT) purposes. This valuation will determine the amount of LPT they pay for the next ‘valuation period’ which runs from 2022 to 2025 inclusive. Revenue has provided an ‘interactive valuation tool’and other guidance on the...

Written Answers — Department of Finance: Banking Sector (5 Oct 2021)

Paschal Donohoe: As Minister for Finance I have no role in commercial decisions made by banks. This includes a bank’s decision as to whether or not an account should be opened for an individual or business. The Central Bank has also confirmed that it has no specific powers in relation to this matter and that it cannot become involved in commercial arrangements between banks and their customers....

Written Answers — Department of Finance: National Asset Management Agency (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 164 and 165 together. NAMA originally issued €1.593 billion in subordinated debt in consideration for 5% of the loans it acquired from the participating institutions. Payment of interest and ultimate redemption of this debt was subject to NAMA’s financial performance. NAMA’s profits have substantially exceeded the subordinated debt...

Written Answers — Department of Finance: Banking Sector (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 166 to 168, inclusive, together. The Financial Institutions ("Bank") Levy was introduced for the three-year period 2014 to 2016 with the purpose of enabling the banking sector to contribute to economic recovery. In the Finance Act 2016 the Levy was extended until 2021. That extension had been subject to a review being undertaken of the methodology used to...

Written Answers — Department of Finance: Tax Yield (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that the estimates provided in my response to Parliamentary Question No. 446 were on the basis of net taxable gains returned and therefore after the impact of farm restructuring relief and retirement relief. They did not include any potential additional yield from increasing the rate for individuals claiming entrepreneur relief from 10% to 40%. As information on the...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that it is not yet possible to accurately report the cost of tax relief associated with pension contributions reported on employer returns. Some of these taxpayers will be jointly assessed, as such their incomes and reliefs are combined with their partner’s in calculating their tax liability. For such jointly assessed taxpayer units, either of the spouses...

Written Answers — Department of Finance: Tax Code (5 Oct 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...

Written Answers — Department of Finance: Tax Code (5 Oct 2021)

Paschal Donohoe: An Exchange Traded Fund (ETF) is an investment fund that is traded on a regulated stock exchange. There is no separate taxation regime specifically for ETFs. Being collective investment funds, they generally come within the regimes set out in the TCA 1997 for such funds. The normal tax treatment afforded to Irish collective investment funds is that the funds invested are allowed to grow...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Proposals for new or amended tax measures are assessed in accordance with my Department's Tax Expenditure Guidelines. These make clear that it is important that any policy proposal which involves tax expenditures should only occur in limited circumstances, for example where there are demonstrable market failures. In particular, they provide that a tax-based incentive should only be considered...

Written Answers — Department of Finance: Revenue Commissioners (5 Oct 2021)

Paschal Donohoe: In the absence of any reference at the Public Accounts Committee meeting on 28th September 2021 to a settlement made by the Sea Fisheries Protection Authority with the Revenue Commissioners, I am taking it that the Deputy is referring to the issue of a salary overpayment at that agency which was one of the issues discussed at the meeting. On that basis, I can confirm that in the past five...

Written Answers — Department of Finance: Tax Yield (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 175, 178, 179, 182, 183, 185, 210 and 211 together. I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. Farmers may elect to register for VAT or be treated as flat-rate farmers for VAT purposes. Farmers that are registered for VAT have an entitlement to reclaim VAT charged on...

Written Answers — Department of Finance: Tax Data (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that due to the very small number of taxpayers meeting the criteria outlined in any year for which data are available, and its obligations to maintain taxpayer confidentiality at all times, it is not possible to disclose the exact number of taxpayers in this category.

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 177, 199, 207 and 208 together. Stamp duty relief for young trained farmers provides for a total exemption from stamp duty (currently 7.5%) on either the transfer by gift, or purchase, of farmland (and associated buildings) where the recipient is a trained farmer under the age of 35 and meets other specified criteria. It is legislated for in Section 81AA on...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 180 and 200 to 202, inclusive, together. Section 667B of the TCA provides for a scheme of enhanced stock relief at the rate of 100% for “qualifying farmers” (who are often referred to as young trained farmers). The measure is due to sunset on 31 December 2021. I am advised by Revenue that tax returns do not contain the level of detail necessary...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Section 668 of the Taxes Consolidation Act 1997 provides for a special application of general stock relief for farmers in respect of profits accruing as a result of the disposal of stock under statutory disease eradication measures. The special tax treatment operates in accordance with section 666 (general stock relief) but applies 100% (instead of 25%) relief in these specific circumstances....

Written Answers — Department of Finance: Tax Yield (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that carbon tax receipts for each year since its introduction in 2010 up to 2020 are published on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx I am informed that receipts from Carbon Tax in relation to glasshouse growers are not available.

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I am informed by Revenue that statistical information in respect of entrepreneurial relief is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/entrepreneur-relief-statistics.pdf. This includes the share of relieved disposal consideration related to agricultural land or buildings. The cost of extending this relief to agricultural land...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Agricultural Relief is a very valuable relief in the Capital Acquisitions Tax (CAT) regime. It allows the value of agricultural assets inherited (including farmland, buildings, stock) to be reduced by 90% of its value for the calculation of the CAT liability. There are certain conditions which the beneficiary must meet order to avail of the relief, including that at least 80% of the total...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 188, 203, 205, 206 and 209 together. Regarding Question 48069-21, it is assumed the Deputy is referring to Agricultural Relief claimed in respect of Capital Acquisitions Tax. Information in respect of the number of individuals availing of this relief for all available years is shown at www.revenue.ie/en/corporate/information-about-revenue/statis...