Results 7,961-7,980 of 32,527 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: With regard to the Deputy's point about gross profits, companies pay tax on what they earn after expenses are deducted. To use the issue of gross taxes, the Deputy knows well is wrong. You pay tax on your total level of profitability minus your expenses and you then pay tax on that, as the Deputy well knows. The information I am referring to-----

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: -----is information that is available through the Revenue Commissioners. We have discussed this in different finance Bills. I do not have it to hand at present but it is publicly available and it shows that the effective rate of tax varies between 10% and 11%. With regard to the Deputy's point regarding certainty or uncertainty, the agreement currently on the table does not offer...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: In the plans we have, the significant majority of resources are going into the increasing of expenditure. As the Minister, Deputy McGrath, outlined in his presentation, both current and capital expenditure, but especially capital expenditure, are due to increase significantly across the coming period. With regard to taxation, the Deputy is the biggest tax cutter in the house. He wants to...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy very much. When I published the stability programme update, I made very clear it was published on a no policy change basis. Nothing has changed from a process point of view. On a number of occasions, in Oireachtas appearances and in the media, I made it clear I expected our borrowing requirement to increase. In conjunction with the Minister, Deputy McGrath, we have...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank Deputy Nash. After the summer, the Commission will be launching a public consultation with regard to the future of the fiscal rules. As the Deputy will be aware, the fiscal rules are suspended until 2023 through the activation of the general escape clause. I differ somewhat from Professor Thygesen and the assessment of the fiscal advisory board. I believe some changes and reforms...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy for his questions. We have not done any further analysis. The reason for this is that the outcome of the OECD process is not clear at the moment. That is why I cannot sign up to it. What I mean by that is, if the Deputy looks at the figures he has used at the moment, very respectfully, it is not saying an agreement of 15% is on offer It is not saying, for example, that...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I will do that briefly. The Minister, Deputy McGrath, has thoroughly covered everything else. I believe the fiscal rules will be reapplied in 2023. To have the general escape clause activated all the way up to the end of next year is helpful for our planning. It is also important that we plan for the reactivation the year after that. Deputy Moynihan will be familiar with the different...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: I thank the Deputy for reminding me of that. The agreement contains review clauses and there are review clauses for some aspects of the agreements. However, if a country is in that agreement then it is reasonable to expect that it will be at whatever rate is agreed until well into the medium term and for many years. As the agreement is drafted, there is no exit clause that allows a country...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: It is difficult to put any years on it because that has not been finalised or nailed down but we would be talking about many years. I do not want to create the expectation that a country can sign up to this agreement and then leave. The Deputy is not suggesting this but we should both be clear that a country cannot go into the agreement, see how it goes and decide to leave after a couple of...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: Yes. I do.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: An assumption within the summer economic statement is that we expect wages will grow. “Cost competitiveness” refers to two elements. The first is how we can change overall levels of productivity within our economy. Some parts for our economy are really productive. We want to increase the productivity of others. That is why the educational programmes to which the Minister,...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance and Minister for Public Expenditure and Reform (15 Jul 2021)

Paschal Donohoe: The revenue forecasting that we have done so far has mainly focused on the reallocation of taxing rights. Regarding the analysis of how it could change again, I re-emphasise the point that I made to Deputy Nash, if I may. We are not looking at an agreement that is clear about the issues of base, taxing rights or even rates. All of the figures in the document are conditioned on the basis of...

Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (14 Jul 2021)

Paschal Donohoe: I thank the Deputy and I will deal with his points. I accept that for many people, a bill of €100 is a lot, and that is why we have put in place the changes that the Deputy acknowledged in the Bill. The Deputy spoke about the future of this tax and the people of his own county of Donegal. On one hand he said he was concerned about the future revenue that the people of Donegal, whom...

Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (14 Jul 2021)

Paschal Donohoe: I am not sure what I said to the Deputy that made him think in any way that I was not making a serious contribution or implying that he does not have some answers to the questions I raise, as I know he does. The net point is still that if this tax was abolished, there would be a decrease in the revenue made available for the Department or local authorities. If this tax was abolished, we...

Finance (Local Property Tax) (Amendment) Bill 2021: Committee and Remaining Stages (14 Jul 2021)

Paschal Donohoe: I want to deal with the substance of the amendment before I deal with some of the additional points that were made. The Bill provides for the amendment of the definition of "residential property" in two ways. First, the part of the adjoining land to be valued with the House where that land exceeds 1 acre will be specified to be that part that is most suitable for occupation and enjoyment...

Finance (Local Property Tax) (Amendment) Bill 2021: Financial Resolution (14 Jul 2021)

Paschal Donohoe: I move: THAT provision be made to amend the provisions for the charging of taxes in the Finance (Local Property Tax) Act 2012 in relation to the definition of ‘residential property’; in relation to the tax exemption for certain unsold trading stock of builders; in relation to the tax exemption for ‘first-time buyers’; in relation to the tax exemption for the...