Results 7,641-7,660 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Economic and Social Research Institute (21 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 18 and 59 together. It is important to recognise that the Government receives advice from many quarters on many issues. In relation to borrowing, I am aware of the ESRI analysis but, equally, I am aware of other pieces of analysis - including most recently from the Irish Fiscal Advisory Council- that highlight the risks associated with more-and-more...

Written Answers — Department of Finance: Tax Yield (21 Sep 2021)

Paschal Donohoe: The Exchequer has benefited from better-than-expected corporation tax receipts this year. As of August, the most recent available data, corporation tax receipts were €859 million, or 14 per cent ahead of target and up by some €524 million, or just over 8 per cent ahead of the same period last year. This over-performance is significant, but would have been even higher were it not...

Written Answers — Department of Finance: Inflation Rate (21 Sep 2021)

Paschal Donohoe: I am very conscious of the pick-up in consumer price inflation in recent months. While Covid-19 had a deflationary impact both in Ireland and internationally last year, inflation has picked up since the beginning of this year. In Ireland, the annual rate of HICP inflation rose to 3 per cent in August – the highest rate since 2008; similar trends have been observed across other advanced...

Written Answers — Department of Finance: National Treasury Management Agency (21 Sep 2021)

Paschal Donohoe: The National Treasury Management Agency (NTMA) has informed me, that the net Exchequer cash interest paid in respect of Ireland’s National Debt in 2020 was just over €4.5bn. This was a reduction of over €0.5bn, or more than 10% on the 2019 figure and some 40% below the 2014 peak. In the first eight months of 2021, National Debt interest totalled just over €3.2bn,...

Written Answers — Department of Finance: Credit Unions (21 Sep 2021)

Paschal Donohoe: I thank the Deputy for his question. Since the beginning of the year, I have held nineteen meetings with various credit union stakeholders including credit unions themselves, Representative Bodies, various collaborative ventures, the Registrar of Credit Unions and the Credit Union Advisory Committee. These meetings have proven to be very informative and their outputs will feed into the...

Written Answers — Department of Finance: Tax Code (21 Sep 2021)

Paschal Donohoe: The present position is that agricultural contractors are not entitled to avail of relief from increases in the carbon tax on farm diesel under section 664A of the Taxes Consolidation Act 1997. This is because farming, which is defined in section 654 of the Taxes Consolidation Act, requires that the occupation of farmland; agricultural contracting does not involve the occupation of farmland....

Written Answers — Department of Finance: Insurance Industry (21 Sep 2021)

Paschal Donohoe: This Government recognises the importance of a stable, well-functioning and competitive insurance industry. Therefore the Action Plan for Insurance Reformset out 66 actions across a number of policy areas which is aimed at reducing volatility in the market, removing barriers to entry and making Ireland more attractive to insurance companies. The Government recently published the first Action...

Written Answers — Department of Finance: Fiscal Data (21 Sep 2021)

Paschal Donohoe: My Department publishes two sets of (granular) fiscal forecasts each year: in the spring (set out in the Stability Programme Update) and in the autumn (alongside the annual Budget). Clearly, and as the Deputy is aware, tax revenue has performed strongly over the summer; some of this is permanent - in the sense that it remains in the base - while some is temporary and reflects one-off gains....

Written Answers — Department of Finance: Banking Sector (21 Sep 2021)

Paschal Donohoe: My officials and I regularly meet with the main retail banks, both in-person, and more recently, using virtual platforms. In particular, we engage with each of the banks in which the state has a shareholding (i.e. AIB, Bank of Ireland and PTSB) on a regular basis. This engagement has been in place since the State first invested in the banks and it includes regular meetings where a wide...

Written Answers — Department of Finance: Vacant Properties (21 Sep 2021)

Paschal Donohoe: Within the tax system, the Help to Buy (HTB) incentive is the main instrument through which support is provided to first-time buyers. HTB is a scheme to assist such buyers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits...

Written Answers — Department of Finance: Tax Strategy Group (21 Sep 2021)

Paschal Donohoe: The Tax Strategy Group (TSG) is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually by Department of Finance officials. The TSG is not a decision making body and the papers produced by the Department are simply a...

Written Answers — Department of Finance: Official Engagements (21 Sep 2021)

Paschal Donohoe: These engagements were undertaken in my capacity as President of the Eurogroup. I travelled to Slovenia for the Eurogroup and informal ECOFIN meetings, and there was an opportunity to engage in an additional bilateral with Croatia, as a neighbouring country. Exchanging views with my Eurogroup colleagues and the European institutions is an essential dimension of the Presidency, whether...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: The Budget is three weeks away and, as the Deputy will appreciate, it would be inappropriate for me to comment on what may or may not be included in its provisions at this time. However, the Deputy can take it that, as would apply each year in putting together the Budget elements in conjunction with the Minister for Public Expenditure and Reform, regard will be had to all relevant factors and...

Written Answers — Department of Finance: Insurance Industry (21 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 32, 49 and 74 together. As committed to in the 2020 Programme for Government, Government is prioritising reform of the insurance sector with particular emphasis on motor, public liability, and employer liability insurance. The whole-of-Government approach being taken through the Action Plan for Insurance Reformtherefore sets out 66 actions which aim to improve...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: The previous tax relief in respect of rent paid was abolished in Budget 2011 and it is no longer available to those that commenced renting for the first time from 8 December 2010. This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of the independent Commission was that, in the same manner in which mortgage interest...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: I assume that the Deputy’s question may relate to the taxation of cross-border workers who are Irish resident but commute to work in another jurisdiction and claim relief in accordance with section 825A Taxes Consolidation Act 1997, which is commonly referred to as Trans-Border Workers’ Relief. The relief effectively removes the foreign employment income from a liability to...

Written Answers — Department of Finance: Insurance Industry (21 Sep 2021)

Paschal Donohoe: The provision of flood cover is a commercial matter for insurance companies, based on an assessment of the risks they are willing to accept. At a general level, it is my understanding that firms examine the claims history of the individual risk, the risk of flooding in the area and consider any flood protection measures when deciding what underwriting action to take. Saying that, I have...

Written Answers — Department of Finance: Budget 2022 (21 Sep 2021)

Paschal Donohoe: I welcome the advice from both the Irish Fiscal Advisory Council and from the Governor of the Central Bank of Ireland. Both documents outline the economic context against which budgetary policy is being formulated. My Department is currently updating its forecasts - these will underpin Budget 2022- and our assessment is that the economy is recovering strongly as the various public health...

Written Answers — Department of Finance: Official Engagements (21 Sep 2021)

Paschal Donohoe: Minister for State Fleming and I have had regular contact with the Financial Services Union (FSU) in the last year, particularly in relation to the withdrawal of Ulster Bank and KBC Bank Ireland (KBC) from the Irish market. I met with the FSU after the Ulster Bank announcement by NatWest and I have committed to further engagement with the FSU in relation to this issue. Whilst the management...

Written Answers — Department of Finance: Credit Unions (21 Sep 2021)

Paschal Donohoe: Credit Unions can and do provide mortgages. Following a review of the lending framework, the Central Bank introduced new lending regulations on 1 January 2020. This provided credit unions with a combined capacity to provide up to approximately €1.1 billion in additional mortgage and SME loans, with further additional lending capacity available to credit unions who can comply with...