Results 7,821-7,840 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (9 Nov 2021)

Paschal Donohoe: As the Deputy may be aware, as Minister for Finance, I have no role in the commercial decisions made by any bank in the State. This includes banks in which the State has a shareholding. Decisions in this regard, including the management of branch premises, are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. The...

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: The Finance (Local Property Tax) (Amendment) Act 2021 fulfils the Programme for Government commitment to bring forward legislation in relation to the Local Property Tax (LPT) on the basis of fairness and that most homeowners will face no increase in their LPT liability. The Act provides for a cut in the main rate of the tax and widening of the valuation bands to make the changes affordable....

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 117 and 121 together. In Budget 2022 I announced a substantial income tax package and some changes to the Universal Social Charge (USC) that will ensure that every income-earner paying income tax or USC in 2022 will see an increase in their net income in 2022, all other factors being equal. This will support living standards as the economy continues to...

Written Answers — Department of Finance: Tax Avoidance (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 119 and 159 together. As I stated previously in a prior parliamentary question 45726/21 in September. 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...

Written Answers — Department of Finance: Tax Reliefs (9 Nov 2021)

Paschal Donohoe: I am advised by Revenue that data in relation to incomes for 2019 is still being processed and consolidated. Once completed, analysis can be carried out as requested by the Deputy, reconciling taxpayers to a taxpayer unit basis (where jointly assessed couples are counted as one unit) and accounting for all income sources and pension contributions made. This analysis, which is necessary to...

Written Answers — Department of Finance: Housing Schemes (9 Nov 2021)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the definitions...

Written Answers — Department of Finance: Insurance Coverage (9 Nov 2021)

Paschal Donohoe: Firstly, I wish to reassure the Deputy that I understand the difficulty facing individuals, businesses and community and voluntary groups, regarding the cost and availability of insurance. Accordingly, Government has prioritised insurance reform through the Action Plan for Insurance Reform. As the Deputy may be aware, the first Action Plan Implementation Report was published last July, and...

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 125 and 158 together. The final retail price of fuel is determined by a number of factors which include the costs of production, distribution, global market factors, international exchange rates, taxation, wholesale market contracts as well as individual retail pricing policies. The current spike in energy prices arises principally from the global...

Written Answers — Department of Finance: Tax Reliefs (9 Nov 2021)

Paschal Donohoe: In line with Government policy to facilitate and support remote working, on Budget Day, I announced that an income tax deduction amounting to 30% of the cost of vouched expenses for heat, electricity and internet services in respect of those incurred while working from home can be claimed by taxpayers. This measure enhances and formalises existing arrangements that are currently operated by...

Written Answers — Department of Finance: Tax Code (9 Nov 2021)

Paschal Donohoe: The Flat-Rate Farmer’s Scheme is a long-standing arrangement under VAT law that allows farmers who remain unregistered for VAT purposes to be compensated on an overall basis for the VAT charged to them on their purchases of goods and services. The Scheme is designed to reduce the administrative burden for farmers and allows them to remain outside the normal VAT system thereby avoiding...

Written Answers — Department of Finance: Inflation Rate (9 Nov 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 is expected to reach 5.1 per cent in October – the highest rate since 2003. The emergence of inflationary pressures is not unique to Ireland however, with euro area inflation expected to reach 4.1 per cent in...

Written Answers — Department of Finance: Insurance Industry (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 129, 134, 150 and 162 together. Firstly, I wish to assure the House that I am very much aware of the issues of insurance affordability and availability facing many sectors, particularly the leisure industry, which provides such an important contribution to the well-being of our society and economy in general. However, it is important to note that neither...

Written Answers — Department of Finance: Inflation Rate (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 130, 268 and 279 together. At both the ECOFIN and Eurogroup meetings, my fellow Ministers and I work alongside the European Commission and the European Central Bank to take stock of the latest economic situation, including inflation developments throughout the EU. The economic recovery throughout this year has been robust, with recent indicators...

Written Answers — Department of Finance: Housing Schemes (9 Nov 2021)

Paschal Donohoe: In relation to the Deputy's question regarding the assistance available to assist first-time buyers in the property market in the context of Budget 2022, I can only answer in respect of taxation measures. Direct expenditure measures are a matter for the Minister for Housing, Local Government and Heritage. With regard to taxation measures, the Deputy will be aware of the Help to Buy (HTB)...

Written Answers — Department of Finance: Rental Sector (9 Nov 2021)

Paschal Donohoe: In relation to the Deputy's question regarding measures to support renters in the private rental market, I can only answer in respect of taxation measures. Direct expenditure measures in this areas are a matter for the Minister for Housing, Local Government and Heritage. The previous tax relief in respect of rent paid was abolished in Budget 2011 and it is no longer available to those...

Written Answers — Department of Finance: Insurance Industry (9 Nov 2021)

Paschal Donohoe: I propose to take Questions Nos. 137 and 140 together. The Action Plan for Insurance Reform contains 66 cross-departmental actions that aim to improve the cost and availability of cover, including public liability insurance. This reform agenda is progressing well, with the Implementation Report published last July showing that 34 of the 66 actions were complete. Key reforms to date include: -...

Written Answers — Department of Finance: Tax Exemptions (9 Nov 2021)

Paschal Donohoe: I am advised by Revenue that the small benefit exemption provides that a charge to tax will not arise where, subject to certain conditions, an employer provides a director or employee with a ‘qualifying incentive’. A qualifying incentive may be a voucher or other tangible benefit, but it cannot exceed €500 in value. If the value of the incentive exceeds €500,...

Written Answers — Department of Finance: Tax Exemptions (9 Nov 2021)

Paschal Donohoe: The Finance (Local Property Tax) Act 2012 (as amended) provides for certain properties to be exempt from LPT during the current valuation period (2013 to 2021) and the next valuation period (2022 to 2025) where they meet certain qualifying conditions. However, certain exemptions will expire on 31 December 2021 and will not be available for the new valuation period. These include the...

Written Answers — Department of Finance: Housing Schemes (9 Nov 2021)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 outlined in the legislation. Section 477C Taxes Consolidation Act (TCA) 1997 outlines the definitions...

Written Answers — Department of Finance: Banking Sector (9 Nov 2021)

Paschal Donohoe: When a person applies for a mortgage loan to buy a home, the person will generally be required to take out mortgage protection insurance. In most cases, a lender is legally required under section 126 of the Consumer Credit Act 1995 to make sure that a mortgage applicant has mortgage protection insurance in place before granting a mortgage loan. This is an important statutory provision which...