Results 7,841-7,860 of 33,175 for speaker:Paschal Donohoe

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

Paschal Donohoe: The retail financial services sector is undergoing a major period of change. This year so far we have seen several major announcements including the withdrawal of Ulster Bank by NatWest and the potential withdrawal of KBC Bank Ireland, the closure of a large number of bank branches by Bank of Ireland and a smaller number by AIB. Decisions in this regard, including the management of branch...

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

Paschal Donohoe: It is presumed that the Deputy is referring to the tax relief available to those who are remotely working from home. Remote workers will incur certain expenditure in the performance of their duties from home, such as additional heating and electricity costs. An employer may make payments up to €3.20 per day to employees in respect of such expenses and this amount is not subject to...

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

Paschal Donohoe: Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. REITs are collective investment vehicles designed to hold rental investment properties in a tax neutral manner. The purpose of the REIT regime is to allow for a collective investment vehicle which provides a comparable after-tax return to investors to direct investment in rental...

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. According to the ECB ‘flash estimate’, the annual rate of HICP inflation is expected to reach 5.1 per cent in October – the highest rate since February 2003. The emergence of inflationary pressures is not unique to Ireland...

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

Paschal Donohoe: I propose to take Questions Nos. 153 and 250 together. 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 networks, are the sole responsibility of the board and management of the banks, which must...

Written Answers — Department of Finance: Economic Policy (9 Nov 2021)

Paschal Donohoe: Ireland was one of the first countries to divest public money from fossil fuel investments. The Fossil Fuel Divestment Act 2018 was signed into law by the President of Ireland in December 2018. The Act imposes certain prohibitions and restrictions with respect to the investment by the National Treasury Management Agency of assets of the Ireland Strategic Investment Fund (ISIF) in...

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

Paschal Donohoe: The Deputy may be aware that my Department issued a press release last Friday, 5thNovember which provided an update on progress in relation to the Bank of Ireland share trading plan. Proceeds generated from the share trading plan since its launch amount to c. €249m. The Government has now recovered almost €6.2bn in cash from its €4.7bn investment in and support for Bank...

Written Answers — Department of Finance: Commissions of Investigation (9 Nov 2021)

Paschal Donohoe: I wish to inform the Deputy that there are currently no commissions of investigation under my Department. My Department is a stakeholder in two commissions of investigation, however these are set up under the Department of the Taoiseach.

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

Paschal Donohoe: The Government launched the Climate Action Plan 2021 on 4 November 2021, this is a detailed plan for taking decisive action to achieve a 51% reduction in overall greenhouse gas emissions by 2030 and setting us on a path to reach net-zero emissions by no later than 2050, as committed to in the Programme for Government and set out in the Climate Act 2021. In addition to maintaining existing...

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

Paschal Donohoe: The Disabled Drivers & Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief,...

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

Paschal Donohoe: The price of petrol and diesel is determined by a number of factors including taxation, the price of the raw materials, the prevailing exchange rates as well as the fact the different wholesalers can enter into forward contracts at different rates for the purchase of oil. The price of fuel on the forecourt is set by the individual retailer and would likely take into account the costs...

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

Paschal Donohoe: It is important at the outset to state that the provision of flood cover is a commercial matter for insurance companies, based on an assessment of the risks they are willing to accept. As such, the Government cannot interfere in the provision or pricing of insurance, or direct as to where cover is provided. Consequently, neither I nor the Central Bank of Ireland can interfere in this, as...

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

Paschal Donohoe: I am informed by Revenue that it operates a scheme known as ‘country money’ in relation to employees in the construction sector. This arrangement is designed to reduce the administrative overhead for both employers and employees in the reimbursement of expenses of travel. Section 114 of the Taxes Consolidation Act 1997 provides that where an employee “is necessarily...

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

Paschal Donohoe: As the Deputy will appreciate, the decision to grant or refuse an individual application for credit, and/or whether or not to seek security for the provision of credit (and if so the type of such security), or to provide credit on an unsecured basis, is a commercial decision to be made by the individual lender in line with its own lending policies and individual underwriting decisions. As...

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

Paschal Donohoe: The Deputy will be aware that the Road Traffic and Roads Bill 2021 was recently published and is currently before the Dáil. The Bill includes measures to provide for the legal use of powered personal transporters, including escooters. Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the ‘Cycle-to-Work’ scheme. This scheme provides an exemption...

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

Paschal Donohoe: In my Budget 2022 speech I announced a modest tax disregard in respect of personal income received by households who sell residual electricity that they generate back to the grid. The aim of the measure is to remove a potential administrative barrier to entry to the DECC Microgeneration Support Scheme. It is proposed that the measure would not apply to trading income and that it should be...

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

Paschal Donohoe: The Disabled Drivers & Disabled Passengers Scheme provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. Details of these reliefs and the grant in respect of fuel usage are available on the Revenue website at the following link: www.revenue.ie/en/importing-vehicles-duty-free-allowances/gu...

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

Paschal Donohoe: At the outset I wish to make it clear to the Deputy that Government is aware of issues that are facing a number of high-risk activity sectors, including in equestrian pursuits in terms of accessing insurance. It is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual...

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 networks, 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: Prior to Finance Act 2017, agricultural land which was leased for solar panels was not classified as qualifying agricultural property for the purposes of Capital Gains Tax retirement relief or agricultural relief from Capital Acquisitions Tax. Following a review announced in Budget 2018, and in recognition of the then Government's commitment to facilitate the development of solar energy...