Results 7,521-7,540 of 33,175 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Before we do that, I wish to mention that I may bring forward an amendment on Report Stage regarding an initiative being developed by the Minister for Agriculture, Food and the Marine on a Brexit-related matter.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Deputies may recall that in 2018, my Department produced a detailed note for the committee on the subject of both bank losses and corporation tax losses more generally. This technical note was published online and is still available. It considered in some detail the potential implications of restricting the use of losses carried forward, or the introduction of a specific time limit or...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: It is because we treat AIB and Bank of Ireland the same as we treat any other Irish bank. I see the banks as entities not just to be taxed but as ones that also have to provide credit, investment and employment to lead to the availability of more homes, jobs and investment in all parts of our country. While I can understand the attractiveness, politically, of a change in tax policy such as...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I would have thought the Deputy could recognise the value of banks being able to lend more to enable more homes to be built, and the danger if mortgage interest rates became even more expensive than they already are. Given that ours is an economy two banks have decided to leave, the ability of the banks that remain to lend more in the future, and to avoid their mortgages becoming even more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will respond to the concluding comment made by Deputy Doherty. It is a well-proven technique from Deputy Doherty and Sinn Féin to put words in my mouth that I did not say and then attack me for making an argument I did not make. At no point in my argument did I say the banks should never pay tax at any point in the future. I have never said that. However, I did say that, given...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 75: In page 93, between lines 2 and 3, to insert the following: “Amendment of section 604 of Principal Act (disposals of principal private residence) 37. Section 604 of the Principal Act is amended by the insertion of the following subsection after subsection (14): “(15) (a) This subsection applies where an individual disposes of or of an interest in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: That is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: In those circumstances, it would depend on the change in value of the property. My officials will correct me if I have this wrong, but using the Deputy's example, if that home is worth €300,000 but had been valued at €100,000 at point of purchase by the owner, the tax would be applied on the difference between the €100,000 and the €300,000, that is, on the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I thank the Deputy very much for his questions on this part of the Bill. The intent behind this part of the Bill is to ensure capital gains tax is applied in the way we intend. To summarise, he is concerned that by the application of an intent he supports, it might in some way legitimise or regularise an activity that he has policy concerns about. As I understand it from what he has said,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will certainly commit to giving that matter consideration. I have not gotten around to it since the announcement was made by the Government yesterday on the requirement to work from home. I am happy to give this commitment and will come back to the Deputy with a speedy answer to the question he has raised.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Yes, it was this morning.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Deputy Doherty’s amendment seeks a report on the introduction of a 40% rate of capital gains tax on the disposal of assets made by high-income individuals. Revenue has advised the estimated additional revenue that could be generated by introducing such a rate of capital gains tax on the disposal of assets by individuals with income in excess of €200,000, is €305 million....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: If it aids the committee and the Oireachtas in the evaluation of an idea, I will ask that an issue like this be considered as part the TSG process. On a policy point, as raised by the Deputy, we already have CGT rates that are very high in comparison with similar jurisdictions within the OECD and European Union. If it helps the Deputy, I will consider that idea in next year's TSG process.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I understand that the Bill brought forward by the Deputy's colleague moved to Second Stage in the Seanad on 28 June. The Department of Enterprise, Trade and Employment is now close to finalising the general scheme of a co-operative societies Bill, which sets out proposals for the reform of the legislation relating to co-operatives for the first time in almost 130 years. This will enshrine...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Would it be possible to take a five-minute sos at this point?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 84: In page 96, between lines 27 and 28, to insert the following: “Waiver of excise duty on special exemption orders 44. No duty of excise shall be chargeable, leviable or payable under section 78(4) of the Finance Act 1980 on a special exemption order granted under section 5 of the Intoxicating Liquor Act 1927 in respect of dates falling within the period...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I wish to give notice that I may table on Report Stage an amendment relating to excise.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I thank the Deputies for their contributions. It is important to put in context the impact that carbon taxation is having on changes in energy prices that I know are having an impact on the living standards of many commuters and families at the moment. In January of this year, the price of a litre of petrol stood at €1.31. According to AA Ireland, for the month of October the price...