Results 8,121-8,140 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that due to the very small number of taxpayers meeting the criteria outlined in any year for which data are available, and its obligations to maintain taxpayer confidentiality at all times, it is not possible to disclose the exact number of taxpayers in this category.

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 177, 199, 207 and 208 together. Stamp duty relief for young trained farmers provides for a total exemption from stamp duty (currently 7.5%) on either the transfer by gift, or purchase, of farmland (and associated buildings) where the recipient is a trained farmer under the age of 35 and meets other specified criteria. It is legislated for in Section 81AA on...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 180 and 200 to 202, inclusive, together. Section 667B of the TCA provides for a scheme of enhanced stock relief at the rate of 100% for “qualifying farmers” (who are often referred to as young trained farmers). The measure is due to sunset on 31 December 2021. I am advised by Revenue that tax returns do not contain the level of detail necessary...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Section 668 of the Taxes Consolidation Act 1997 provides for a special application of general stock relief for farmers in respect of profits accruing as a result of the disposal of stock under statutory disease eradication measures. The special tax treatment operates in accordance with section 666 (general stock relief) but applies 100% (instead of 25%) relief in these specific circumstances....

Written Answers — Department of Finance: Tax Yield (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that carbon tax receipts for each year since its introduction in 2010 up to 2020 are published on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx I am informed that receipts from Carbon Tax in relation to glasshouse growers are not available.

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I am informed by Revenue that statistical information in respect of entrepreneurial relief is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/entrepreneur-relief-statistics.pdf. This includes the share of relieved disposal consideration related to agricultural land or buildings. The cost of extending this relief to agricultural land...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Agricultural Relief is a very valuable relief in the Capital Acquisitions Tax (CAT) regime. It allows the value of agricultural assets inherited (including farmland, buildings, stock) to be reduced by 90% of its value for the calculation of the CAT liability. There are certain conditions which the beneficiary must meet order to avail of the relief, including that at least 80% of the total...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 188, 203, 205, 206 and 209 together. Regarding Question 48069-21, it is assumed the Deputy is referring to Agricultural Relief claimed in respect of Capital Acquisitions Tax. Information in respect of the number of individuals availing of this relief for all available years is shown at www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: At the outset, the Deputy should note that this matter was raised during a Finance Bill 2020 committee stage debate. As a result a technical note was prepared and sent to the Committee on Finance, Public Expenditure and Reform, and Taoiseach on 23 December 2020. This note provides a good overview of the issue. For the purpose of this response you should note that Sections 598 and 599...

Written Answers — Department of Finance: Tax Data (5 Oct 2021)

Paschal Donohoe: I am advised by Revenue that the deadline for filing tax returns in relation to the tax year 2020 is not until later in 2021. When these returns are received and analysed in early 2022, it will then be possible for Revenue to identify taxpayers availing of the temporary (Covid related) second step-out from income averaging in 2020.

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Consanguinity relief provides, under certain conditions, for a 1% rate of stamp duty to be applicable where a transfer of agricultural land (by sale/purchase, exchange or gift) is made to certain close relations, such as a mother to son or uncle to niece. The standard rate of stamp duty applying to the transfer of agricultural land is 7.5%. In line with Government policy, it is intended to...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: As the Deputy may be aware, the Capital Acquisitions Tax (CAT) Agricultural Relief operates by reducing the market value of 'agricultural property' (including farmland, buildings, stock) by 90%, so that gift or inheritance tax is calculated on an amount - known as the 'agricultural value' - which is substantially less than the market value. To qualify for agricultural relief, 80% of the...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: With regard to favoured successor rules in the Capital Acquisitions Tax (CAT) regime, the Deputy should note that there is already a Favourite Nephew/Niece relief in place which allows a nephew or niece to be treated as a child for CAT purposes, subject to certain conditions. This means that they are entitled to the Group A tax-free threshold of €335,000. The aim of this relief...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for agricultural relief which takes the form of a 90% reduction in the taxable value of gifted or inherited agricultural property. To qualify for the relief, the person taking the gift or inheritance (the “beneficiary”) of the agricultural property must first qualify as a “farmer”,...

Written Answers — Department of Finance: Tax Reliefs (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 195 and 204 together. I am advised by Revenue that data in relation to enhanced stock relief for registered farm partnerships are available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf. The following table contains details on the tax years 2016 up to 2018, the latest year for which...

Written Answers — Department of Finance: Tax Credits (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 196 to 198, inclusive, together. The succession farm partnership scheme is a joint initiative between my Department and the Department of Agriculture, Food and the Marine, designed to encourage an older farmer to form a partnership with a young trained farmer, with a view to transferring management of the farm and ultimately ownership of the farm. The use of...

Written Answers — Department of Finance: Alcohol Sales (5 Oct 2021)

Paschal Donohoe: I propose to take Questions Nos. 212 and 213 together. The licensing year for Intoxicating Liquor Licences runs from 1 October to 30 September in respect of Liquor Retailer On Licences, Liquor Retailer Off Licencesand Liquor Manufacturers Licences. The licensing year for Liquor Wholesale Dealer Licencesruns from 1 July to 30 June. Where both a Retailer Off Licence and aWholesale Dealer...

Written Answers — Department of Finance: Banking Sector (5 Oct 2021)

Paschal Donohoe: As the Deputy is aware, I announced in Dáil Éireann on 1 July 2021 that my Department will undertake a broad-ranging review of the retail banking sector to look at, inter alia, expectations of the sector, competition, consumer protection and consumer choice, the sector’s key role in the provision of sustainable credit to the economy, the availability of credit to SMEs from...

Written Answers — Department of Finance: Tobacco Control Measures (5 Oct 2021)

Paschal Donohoe: The taxation of tobacco products is governed by the Tobacco Products Tax Directive 2011/64/EU. The Directive aims at ensuring the proper functioning of the internal market and, at the same time, seeks to promote a high level of health protection and to fight against tax fraud, tax evasion and illegal cross border shopping. The upcoming review of the EU Directive is set to include a...

Written Answers — Department of Finance: Illicit Trade (5 Oct 2021)

Paschal Donohoe: I am advised that Revenue uses a range of measures to identify and target the smuggling, supply or sale of illicit tobacco products, with a view to disrupting the supply chain, seizing the products and where possible, prosecuting those involved. Revenue’s strategy involves developing and sharing intelligence on a national, EU and international basis, the use of analytics and detection...