Results 7,661-7,680 of 32,527 for speaker:Paschal Donohoe

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

Paschal Donohoe: The Deputy will be aware that in Budget 2020, I provided for the introduction of a number of targeted enhancements to the R&D tax credit for micro and small companies and noted that these were being introduced subject to a commencement order, pending State aid approval from the European Commission. Officials in my Department began engagement with the Commission on this matter in March...

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

Paschal Donohoe: The Cabinet Committee Sub-Group on Insurance Reform oversees implementation of the Action Plan for Insurance Reform. This Plan sets out 66 actions across several departmental policy areas, including that of the Department of Finance, to improve the insurance environment for consumers, businesses and community groups. This cross-Governmental reform agenda has been adopted in recognition of the...

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

Paschal Donohoe: I am aware of the opinion expressed by the Budget Oversight Committee on pension-related tax expenditures as set out in its Interim Pre-Budget Report 2022. This issue is but one strand of a complex area of public policy that has been the focus of a number of initiatives, reviews and examinations over the last decade or so. In my view, we should seek to make overall progress in the...

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

Paschal Donohoe: As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Research and Development (21 Sep 2021)

Paschal Donohoe: The research and development (R&D) tax credit allows a company to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. In making a claim for the R&D tax credit, companies must satisfy two tests: the activity must be a qualifying activity (a science test); and the amount of the claim must be based on R&D expenditure incurred (an accounting...

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

Paschal Donohoe: In answer to the first part of the Deputy’s question, the European Banking Authority (EBA), conducts a European wide stress test on supervised banks () at least once every two years. Similarly the European Central Bank (ECB) conduct an annual stress test, the results of which provide important input to other reviews such as the Supervisory Review and Evaluation (SREP) process. On 30...

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

Paschal Donohoe: The recently announced strategy, ‘Housing For All’ states that my Department will collect data on vacancy with a view to introducing a Vacant Property Tax. As I have stated before, the primary objective of any vacant residential property tax would be to increase the supply of homes for rent or purchase to meet demand rather than increasing tax revenues. However, before...

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...

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

Paschal Donohoe: There are a number of reliefs in place to encourage the uptake of renewable energy. These include : - relief from electricity tax for electricity produced from renewable energy sources or environmentally friendly heat and power co-generation. - relief from the carbon charge component of mineral oil tax for any mineral oil that is shown to the satisfaction of the Commissioners to be...

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

Paschal Donohoe: I welcome the outcome of the CCPC’s investigation and the commitments entered into by the parties to that investigation. Furthermore, I also note the CCPC’s ongoing concerns regarding the culture within the Irish insurance industry. The outcome of the CCPC’s investigation underlines the importance of insurance in general and the impact of its cost and availability on...

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

Paschal Donohoe: While Covid-19 had a deflationary impact both in Ireland and internationally last year, inflation has picked up since the beginning of this year. The annual rate of HICP inflation rose to 3 per cent in August – the highest rate since 2008. Similar trends have been observed across advanced economies, with inflation rates of 5.3, 3.2 and 3 per cent recorded in the US, UK and euro area in...

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

Paschal Donohoe: In Budget 2021, I introduced a temporary reduced rate of VAT, 9%, to apply to tourism and hospitality related services from 1 November 2020 to 31 December 2021, which I have further extended to 31 August 2022. I can assure the Deputy that the provision I introduced in 2020 does already apply the temporary 9% VAT rate to admission fees for cinemas, theatres and musical performances. The...

Written Answers — Department of Finance: Covid-19 Pandemic (21 Sep 2021)

Paschal Donohoe: Over €48 billion has been allocated towards Covid measures from 2020 to 2022, in the form of taxation measures, direct expenditure measures and ‘below the line’ supports such as credit guarantees. In 2020, €25 billion was made available in total, with €16.6 billion allocated in direct expenditure measures. Provisional outturn figures indicate that from this...

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

Paschal Donohoe: I propose to take Questions Nos. 63, 185 to 190, inclusive, 195 and 196 together. I am aware of recent media report regarding a publication concerning the tax arrangements of an individual taxpayer. From the outset, I must state that it is not appropriate for the Minister for Finance to comment on the tax affairs of individual businesses. I am informed by the Revenue Commissioners that...

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

Paschal Donohoe: In June 2018, the Department of Enterprise, Trade and Employment published the ‘Government Statement on the Role of Data Centres in Ireland’s Enterprise Policy’, which sets out the strategic importance of data centres to Ireland’s overarching enterprise policy and to the attraction of foreign investment in the ICT sector. The Statement acknowledges that, as large...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (21 Sep 2021)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) was introduced on 26 March 2020. It was legislated for in Section 28 of the Emergency Measure in the Public Interest (Covid-19) Act 2020 and was an emergency measure to deal with the impact of the Covid-19 pandemic on the economy. The TWSS was also intended to facilitate the retention of the employer/employee relationship thereby supporting the early...

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

Paschal Donohoe: The Government's counter-cyclical approach to budgetary policy has - rightly - helped to absorb most of the impact of the pandemic. Government has deployed significant resources to limit the economic, health and societal fall-out from the necessary public health restrictions, and this was possible because of fiscal surpluses recorded in years preceding the pandemic. Our successful...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (21 Sep 2021)

Paschal Donohoe: Revenue publishes detailed statistics each week on the operation of COVID-19 support schemes, including both the Employment Wage Subsidy Scheme (EWSS) and the Covid Restriction Support Scheme (CRSS). These statistics are available on the Revenue website. The most recently available data by county for EWSS (as of 9 September) indicates that 1,500 employers in Mayo have received subsidies...

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

Paschal Donohoe: I am pleased to share with the Deputy that two credit union backed funds have received approval from the Central Bank. Credit unions will be able to invest in these regulated funds, which will subsequently lend to Approved Housing Bodies (AHBs). This will provide an additional funding channel for AHBs who will have a large role to play in the recently announced Housing for All Action Plan....

Written Answers — Department of Finance: Departmental Policies (21 Sep 2021)

Paschal Donohoe: The Ireland for FinanceAction Plan for 2021 was launched on 11February to coincide with the hosting of the European Financial Forum, an event which showcases Ireland’s international financial services (IFS) environment to an international audience, and highlights the Irish Government’s commitment to the development of the international financial services. The 2021 Action Plan...