Results 7,921-7,940 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Universal Social Charge (27 Jul 2021)

Paschal Donohoe: According to forecasts carried out by my Department as part of the Stability Programme Update, the Universal Social Charge is projected to raise €4 billion in 2021. The full set of fiscal projections will be updated as part of the Budget 2022 in October.

Written Answers — Department of Finance: Universal Social Charge (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that an estimated €2bn is projected to be raised by the Universal Social Charge (USC) from taxpayer units earning more than €90,000 per annum. This estimate is based on projected incomes for 2021 and is subject to revision.

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

Paschal Donohoe: I propose to take Questions Nos. 435 to 437, inclusive, together. 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. Taxable profits are generally understood to be income after deduction of allowable expenses,...

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

Paschal Donohoe: I am informed by Revenue that the available information in respect of additional charges on second or multiple properties is included at page 29 in the ‘Ready Reckoner’, published at link: .

Written Answers — Department of Finance: National Asset Management Agency (27 Jul 2021)

Paschal Donohoe: Since its inception, NAMA has advanced capital funding to its debtors and receivers in cases where it can be shown that such funding will enhance the value of the assets securing NAMA’s loan portfolio. Subject to commercial viability, NAMA funds capital expenditure for the planning, design and construction of new or acquired residential and commercial projects. NAMA also funds...

Written Answers — Department of Finance: National Asset Management Agency (27 Jul 2021)

Paschal Donohoe: NAMA’s statutory mandate per section 10 of the NAMA Act 2009 is to achieve the best commercial return from its acquired loans. In that context, NAMA judiciously advances funding to its debtors and receivers in order to optimise the disposal value of secured properties. Such funding is provided on a commercial basis and repaid to NAMA when the properties (or loans) are sold. NAMA...

Written Answers — Department of Finance: National Treasury Management Agency (27 Jul 2021)

Paschal Donohoe: I am informed by the National Treasury Management Agency that the net Exchequer cash interest paid in respect of Ireland’s National Debt in 2020 was just over €4.5bn. This was a reduction of over €0.5bn, or more than 10%, on the 2019 figure. It includes interest paid on Government bonds, EU Programme loans, other medium/long term debt, short-term debt, and State...

Written Answers — Department of Finance: National Asset Management Agency (27 Jul 2021)

Paschal Donohoe: The Deputy will be aware that NAMA does not generally own properties; rather NAMA owns loans for which the properties act as security. I am advised that, as at end-March 2021, NAMA debtors and receivers owned an estimated 577 hectares of land potentially suitable for residential development in Ireland. NAMA regularly assesses the feasibility of these sites and, where development is...

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

Paschal Donohoe: I am advised by Revenue that the following table sets out the estimated yields to the Exchequer that would arise from the introduction of an individualised surcharge applicable on income in excess of €140,000, as set out by the Deputy. Surcharge First Year €m Full Year €m 3% 176 230 4% 235 ...

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

Paschal Donohoe: It is assumed that the Deputy is proposing a higher rate of Capital Gains Tax (CGT) for individuals with income in excess of the thresholds noted, who also have taxable gains in excess of the same thresholds. I am advised by Revenue that the estimated revenue generated from the proposed rate of 40% is as outlined in the table below. The estimates are based on income and CGT returns for the...

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 link: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf , shows on page 13, the estimated yield from changes to the rate of Dividend Withholding Tax (DWT). The proposed increases can be derived on a pro rata basis from those indicated in the published table. For the convenience of...

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

Paschal Donohoe: The Help to Buy (HTB) incentive was introduced in 2017. The measure is currently scheduled to expire on 31 December 2021. HTB gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. An increase in the supply of new housing remains a priority aim of Government policy. One of the main...

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

Paschal Donohoe: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes, which was introduced in Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million. It was subsequently reduced to €2.3 million with effect from 7 December 2010 and further reduced to €2 million...

Written Answers — Department of Finance: EU Meetings (27 Jul 2021)

Paschal Donohoe: As the Deputy is aware, Country Specific Recommendations (CSRs) provide individual tailored guidance to Member States on macro-economic, budgetary and structural policies in accordance with Articles 121 and 148 of the Treaty on the Functioning of the European Union. Following the initial publication of draft Country Specific Recommendations by the European Commission, Member States have...

Seanad: Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (16 Jul 2021)

Paschal Donohoe: I wish everybody good morning. I thank Senators for the amendments that have been tabled and for the facilitating and scrutiny of this legislation. I will begin my comments on this amendment by absolutely identifying and appreciating the anxiety, huge stress and damage that has been caused to families and homeowners, which in turn has been created by the damage that has been done to their...

Seanad: Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (16 Jul 2021)

Paschal Donohoe: I thank the Senators for their contributions. I will take a step back to look at what we are doing with local property tax. The evidence from other countries that have had property tax regimes in place for much longer than we have is that the difficult moment for those regimes happen at two points in time. The first one is when the local property tax is implemented for the first time and...

Seanad: Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (16 Jul 2021)

Paschal Donohoe: Senator Higgins's contribution regarding a potential vacant homes tax highlighted an open issue which demonstrates the need for the collection of further information in this respect.It is a very reasonable and understandable position to adopt. She said she was in favour of such a vacant homes tax, with certain caveats, and that is a very understandable and legitimate position to take. My...

Seanad: Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (16 Jul 2021)

Paschal Donohoe: I am not concerned at what those trade-offs could be. I am just saying that we could get to a point where there are trade-offs. That is all. While it has not happened in the debate so far, although it may have happened on Second Stage, normally, when we are having discussions about local property tax, the case is made for people who should be exempted from local property tax, as opposed to...

Seanad: Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (16 Jul 2021)

Paschal Donohoe: I will be equally brief by saying to the Senator that it is very likely that we will have engagement on this matter well before December 2022.

Seanad: Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (16 Jul 2021)

Paschal Donohoe: There are three points on this. It is worthwhile considering the dimension of this debate, which is that individuals or companies may own large groups of homes and properties but this is because they have built them. If they did not own them these properties would not be built. If supply is part of how we respond to the great challenges we have in housing, it poses the issue that we may...