Results 7,661-7,680 of 33,175 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: Regarding the Deputy's question as to whether it is payable as a lump sum, the answer is "Yes". I will ask my officials to advise me on the tax treatment of that. In the meantime, I will try to answer the remainder of her questions. In regard to the rationale for this, this recommendation was brought forward by the interdepartmental pensions reform and taxation group, which is administered...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I appreciate the Deputy is requesting a comprehensive report on trans-border workers’ relief. This relief is provided for by section 825A of the Taxes Consolidation Act 1997, TCA, and generally applies in the case of cross-border workers who are Irish resident but who commute to work in another jurisdiction. The relief effectively removes the foreign employment income from a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: The reason I do not support the policy brought forward by Deputy Farrell is contained in some of the figures she read out, where she referred to the high marginal tax rates that would be faced at the levels of income that would be affected by this change. Were the personal tax credit of €1,650 to be tapered out at a rate of 5% per €1,000, or a loss of just over 8% of additional...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: The previous tax relief in respect of rent paid was abolished in budget 2011 and it ceased to be available to those who 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 be discontinued. The view of the commission then was that, in the same manner in which mortgage interest relief...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: In terms of the tax treatment of supplementary pensions, Ireland operates an exempt, exempt, tax system, similar to the majority of other OECD countries. This means that pensions are exempt from income tax and pension fund gains are exempt from income tax but income from pension drawdown is taxed. In my view, we should seek to make overall progress in the area of pensions provision in a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I will respond because a number of points have been put to me. To return to the thrust of it, I am not accepting the amendment from Deputy Mairéad Farrell because I believe that much of the information that the Deputy is seeking will be available in the coming months as we publish more information regarding the allocation of tax reliefs and the different income levels at which people...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: Iwill deal with the different points put to me. I will begin with Deputy Farrell’s amendment. The reason I am not in a position to accept the amendment from the Deputy is that I anticipate that the further information we will need to be able model the impact of the OECD changes on our corporate tax revenue will not be available to us until the second quarter of next year at the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I dealt with a number of the issues that have been raised by Deputy Conway-Walsh in the exchange of views I had with Deputy Farrell. I will return to some of the further points that were made by Deputy Boyd Barrett. I want to emphasise the point I made earlier. According to the Deputy's argument, looking at the total amount of tax that is paid on the return from labour income, and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I will tell the Deputy what he and his relative will need to do in order to be consistent with the world of transfer pricing that we are talking about. The good idea that the Deputy's family member comes up with will need to be registered and they will need to have a patent. It will need to be properly valued. They will probably need to employ an accountant to do that. I hope that will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: That could be a delicate discussion-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: -----which is one, I think, the Deputy is best placed to have. The Deputy can tell his mum that if her idea-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I am monetising them. If the Deputy's mum has a good enough idea, that is the model for it. While I make the point to the Deputy flippantly, it should be said that many family businesses operate on similar principles. I will leave it at that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: On the question about how many properties this has brought back into use over recent years, in 2017 it was 1,225 and in 2018 it was 2,115. It was just over 3,330 properties brought back into use. That is over 3,000 tenants and their families who are now in refurbished rental accommodation that was not available to them before the landlord made use of this allowance. In terms of what the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: A business may claim capital allowances on capital expenditure it incurs on certain types of business assets. Section 284 of the Taxes Consolidation Act 1997 provides for capital allowances for wear and tear of plant and machinery to be taken as a deduction for tax purposes. In general, such capital allowances are claimed at a rate of 12.5% annually, over eight years. Data centres are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I move amendment No. 29: In page 29, to delete line 29 and substitute the following: “ “(d) where section 502(2)(b) applies, the date the conditions set out in section 508B(4)(a) are satisfied.”,”. Amendments Nos. 29 and 30 are purely technical in nature. Amendment No. 29 corrects an error in relation to the reporting requirements for investments made after...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I move amendment No. 30: In page 32, between lines 30 and 31, to insert the following: “(2)Paragraphs (e)(ii)(II), (e)(iii), (f), (g), (h)and (i)(ii)of subsection (1) shall have effect as respects shares issued on or after 1 January 2022.”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: On the Deputy’s first question, which relates to the ability of investors to access the scheme itself, we are proposing that we will allow a qualifying company to repay, redeem or purchase share capital from an individual who has made investment in multiple years where some of those investments are no longer within their compliance period, but for other EII investments that are within...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Paschal Donohoe: I am very familiar with the Deputy’s questions on orphan structures at this point. I must find out at another point what they did to provoke such a long-standing interest.