Results 7,861-7,880 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the ‘Ready Reckoner’, which is published on the Revenue website, shows on page 25, the estimated yield from changes in duties on cigarettes. These estimates assume pro-rata increases in other tobacco products. The table below provides estimated yield for increases to roll your own tobacco (with the assumption of no change in behaviour by smokers). ...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: Mineral oil tax (MOT) which comprises a carbon and non-carbon component is applied to auto diesel and petrol. There is a lower non carbon component charge applied to auto diesel. The non-carbon charge applied to auto diesel is 42.572 cents per litre while the equivalent charge on petrol is 54.184. As diesel emits more carbon dioxide when combusted, the application of the carbon tax results...

Written Answers — Department of Finance: Tax Code (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 356 and 358 together. In relation to Question No. 356 , the anti-fraud powers contained in the Finance (no.2) Act of 2013 considerably strengthened Revenue’s capacity to address Excise related risk, including in regard to the use of Marked Gas Oil (MGO). I am advised that Revenue has conducted extensive compliance programmes since that time designed...

Written Answers — Department of Finance: Tax Code (27 Jul 2021)

Paschal Donohoe: I am advised by the Revenue Commissioners that new EU VAT rules came into effect on 1 January 2015, changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and electronic services to consumers. VAT on these services is now chargeable where the consumer is located instead of where the supplier is located. This ensures that VAT is payable in...

Written Answers — Department of Finance: Tax Code (27 Jul 2021)

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act 1999 imposes an annual levy on banks for each of the years 2017 to 2021. Since the levy was introduced in 2003, it has been extended on several occasions and currently applies until the end of 2021. The levy is calculated by reference to the amount of Deposit Interest Retention Tax (DIRT) paid by the bank in a specified year referred to as...

Written Answers — Department of Finance: Cycling Policy (27 Jul 2021)

Paschal Donohoe: As the Deputy will be aware, the current cycle to work scheme operates on a self-administration basis. Relief is automatically available provided the employer is satisfied that the conditions of their particular scheme meet the requirements of the legislation. There is no notification procedure for employers involved. This approach was taken with the deliberate intention of keeping the scheme...

Written Answers — Department of Finance: Tax Code (27 Jul 2021)

Paschal Donohoe: As the Deputy is aware the purpose of the 10% stamp duty charge on the multiple purchase of houses is to disincentivise such purchases with a number of limited exceptions for apartments and for social and affordable housing purposes. This measure therefore was introduced to influence behaviour rather than as a revenue raising measure. At the time of its introduction Revenue was unable to...

Written Answers — Department of Finance: Tax Code (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that in 2018 (the most recent year for which tax returns are filed and the data processed) more than 50% of those taxpayers with a taxable income in excess of €200,000 had an effective rate of 40% or higher in relation to their liability to income tax, including USC. The estimated yield of increasing the effective rate to at least 40% for the entire cohort is...

Written Answers — Department of Finance: Financial Services (27 Jul 2021)

Paschal Donohoe: As the Deputy may be aware the Central Bank disclose the total cost of Financial Regulation (Net Annual Funding Requirement or nAFR) in the Central Bank Annual Report each year. The most recent report (see link below) includes details of the 2019 and 2020 cost of Financial Regulation which are as follows: Year Cost of Regulation Income funded from Industry ...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: As the Deputy may be aware, the current Exit Tax charge contained in section 627 of the Taxes Consolidation Act, 1997 (TCA 1997) was introduced as part of the transposition of the EU Anti-Tax Avoidance Directives (ATAD). The ATAD Exit Tax completely replaced the old exit tax regime, which was designed to counter a specific type of avoidance, and took effect from October 2018. Information in...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the ‘Ready Reckoner’, which is available at www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf, shows on page 20 the estimated yield from changes to the rate of Stamp Duty on shares. The current rate of Stamp Duty on the transfers of shares is 1% and the proposed increases can be derived on a pro rata basis from the published table....

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: The interest rate for Deferrals of Local Property Tax (LPT) in respect of the current ‘Valuation Period’ (2013 to 2021) is 4%. The table below, in columns 1 to 4, sets out the number, value and accrued interest to date on Deferrals taken out each year from 2013 to 2020 (Deferrals for 2021 won’t attract interest if payment is made this year). Columns 5 and 6 in the table...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 369 and 448 together. Real Estate Investment Trusts (REITs) are corporate entities, and as such pay dividends to their shareholders. Dividend Withholding Tax (DWT), which is charged at 25%, must be applied to REIT distributions, other than those distributed to certain limited classes of investors such as pension funds and charities as they are more...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that as tax liability is calculated based on the combination of all incomes, reliefs, credits and deductions, it is not possible to provide an exact tax cost for the items outlined. To estimate tentative costs, it is possible to look at the amounts claimed under each item and apply an average marginal rate of tax. The average marginal rate of tax is the average rate...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: It is assumed that the Deputy is referring to setting the level of Excise for auto-diesel, marked gas oil, kerosene, and fuel oil as being equal to that for Petrol. I am advised by Revenue that the estimated savings to the Exchequer from eliminating Excise forgone on auto-diesel, marked gas oil, kerosene, and fuel oil are shown in the table below. Also included in the table are the savings...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the trading profits of companies in Ireland are generally taxed at the standard Corporation Tax rate of 12.5 per cent. Some of the main features of the current Corporation Tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies on corporate profits) would involve increased complexity and could...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that employers who pay employees’ removal and relocation expenses are required to keep relevant records for a period of at least 6 years. However, as there is no reporting requirement in relation to this provision, there are no data available on which to estimate the tax foregone.

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: On a straightforward, mathematical basis there would be a theoretical yield from increasing the corporation tax rates for trading and non-trading income. However, the Economic and Social Research Institute (ESRI) reports that research from both the United States and Europe suggests that foreign direct investment (FDI) and the decisions of multinationals to locate in Ireland are highly...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: The trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. Some of the main features of the current corporation tax regime are its transparency and that it applies to a broad base. Analysis undertaken by the Department of Finance, co-authored by an independent academic, a separate report undertaken by the Comptroller & Auditor...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (27 Jul 2021)

Paschal Donohoe: I understand that a reply has issued to the correspondence in question. The Covid Restrictions Support Scheme (CRSS) is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. The support is available to companies, self-employed individuals and partnerships who...