Results 7,541-7,560 of 33,182 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: 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...

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

Paschal Donohoe: I did not come in on that. The Deputy is right. I will come back on that.

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

Paschal Donohoe: Yet again the Deputy has put words in my mouth. At all times when I responded I was at pains to acknowledge the difficulty that people face who do not have regular public transport or who are let down by public transport in the way that Deputy Doherty has just said. The people to whom he refers are also those citizens who face a change in nature and change in the future of our country. The...

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

Paschal Donohoe: -----when they look back at this-----

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

Paschal Donohoe: -----because they will look back and ask those, who at a time in which we needed to change the use of carbon, what side of the debate one was on. Deputy Doherty has laid out very clearly what side of the debate he is on. By not supporting this measure, in the face of seismic change that is coming and is driven by the use of carbon, he is saying that he is committed to this tax but now is...

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

Paschal Donohoe: The problem is, in the last two budgets when energy pricing was lower, he did not support carbon taxes at that point anyway. So in other budgets when we did not have the level of energy pricing that we have now, Deputy Doherty did not support a change in carbon tax in those budgets either. When the generations to come look back on a world that is going to be marked by the movement of people...

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

Paschal Donohoe: The Deputy asked me about the use of carbon tax estimates. He is correct to say that I did not answer due to the variety of other issues with which I had to deal. Apologies for that. The most recent projection provided by my Department for the period 2021 to 2030 is €9.2 billion in additional carbon tax revenues. Projections are point-in-time exercises and the reviews are...

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

Paschal Donohoe: This section administers the VAT Consolidation Tax Act in sections 15 and 115 in relation to VAT groups. For administrative convenience where a number of persons, including at least one taxable person, are established in the State and are closely bound by financial, economic and organisational links, Revenue may deem them to be a single taxable person referred to as a group. Under these...

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

Paschal Donohoe: It will apply to the person, organisation or business that holds the deposit.

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

Paschal Donohoe: Is this regarding section 52?

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

Paschal Donohoe: I do not think there are any thresholds for it.

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

Paschal Donohoe: This deals with the issue of refunds where VAT does not apply to the person who paid the VAT in the first place. There is a list of different circumstances in which this will happen. The most notable for me is including the VAT on stocks of radio receivers and record players purchased before 1979 which are now being resold.

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

Paschal Donohoe: Indeed.

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 the different points that they have raised. I will begin with the points put forward by Deputy Doherty. He is correct in stating that two countries within the European Union are pursuing the action that he has described, but 25 are not doing so. As for what those other countries are doing, they are doing the kind of things that we are looking at doing, which is...