Results 8,181-8,200 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (28 Sep 2021)

Paschal Donohoe: Under EU law, credit institutions in EEA Member States only need to seek authorisation to provide services in one member state which is referred to as the Home Country Supervisor (in Ireland, the Central Bank). Authorisations are then valid for the entire EU, under the principle of single authorisation. Passporting of services and activities is made possible as the standard of regulation and...

Written Answers — Department of Finance: Tax Rebates (28 Sep 2021)

Paschal Donohoe: I am advised by Revenue that the Drivers and Passengers with Disabilities (DPD) scheme provides for the repayment or remission of VAT and Vehicle Registration Tax (VRT) on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. Qualification for the scheme also provides access to the Fuel Grant scheme and for a waiver of motor...

Written Answers — Department of Finance: Departmental Funding (28 Sep 2021)

Paschal Donohoe: I can advise the Deputy that the Department of Finance has no record of any funding being provided for the event in question. I wish to note that my response refers only to Department of Finance records and I cannot comment on behalf of other Government Departments.

Written Answers — Department of Finance: Tax Reliefs (28 Sep 2021)

Paschal Donohoe: Finance Act 2012 introduced section 825C to the Taxes Consolidation Act, 1997. This section, as amended, provides Income Tax relief for certain individuals assigned during any of the tax years 2012 to 2022 to work in the State. The relief is commonly known as SARP (Special Assignee Relief Programme). The aim of the relief is to reduce the cost to employers of assigning skilled individuals...

Written Answers — Department of Finance: Tax Code (28 Sep 2021)

Paschal Donohoe: I propose to take Questions Nos. 295 and 296 together. Section 97 Taxes Consolidation Act 1997 (TCA) sets out the deductions allowable in computing rental income chargeable to income tax or corporation tax under Case V of Schedule D. Income chargeable under Case V is computed on the gross amount of rent receivable less allowable expenses incurred in earning that rent, as specified in...

Written Answers — Department of Finance: Tax Data (28 Sep 2021)

Paschal Donohoe: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods or services on their VAT returns. However, a tentative estimate (using a combination of data sources) of the cost of a 4.5% reduction on the VAT collected on domestic energy supplies is as follows. Fuel Type Cost (€m) Solid...

Written Answers — Department of Finance: Tax Code (28 Sep 2021)

Paschal Donohoe: I have stated on a number of occasions that the primary objective of any vacant residential property tax would be to increase the supply of homes for rent or purchase to meet demand rather than increasing tax revenues. However, before introducing such a tax it is of course vital to have a sound understanding of the quantity, locations and characteristics of long term vacant properties, and...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the committee for the opportunity to participate in the meeting this afternoon. I will make a short opening statement and I look forward to the questions from members of the committee. Looking at where we are now, this week marked a critical moment in our public and economic health, with many people returning to their workplaces for the first time in a year and a half. In about a...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy for the questions. I will deal with each of them in turn. On the role of private savings within our economy, it is the case that those private savings are playing a role in the purchase of homes and decisions around the purchase of large items. We may well see that come through in, for example, the VAT returns and the figures we have in regard to the purchase of...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: It will be possible. Our ability to do that is reflected in the plan we have published for our public finances. We are not looking to eliminate all of our borrowing in a single year. Where we do reduce borrowing, particularly from 2023 onwards, the aim is to get to a point where at least some of our capital expenditure can be funded by tax revenue that we are collecting. We have the...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I will be sticking to the figures outlined in the summer economic statement. The Irish Fiscal Advisory Council's commentary of the budget package and the parameters that we outlined can be described as cautious. As we move into, and conclude, the Estimates process, it is my absolute aim that we would stay in line with the parameters we outlined before the summer.

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy. We have not revised the economic forecasts we have as of today. In the run-up to the budget, we will make a final run-through of our economic and tax revenue forecasts for this year and next year. On other occasions, particularly when our September tax receipts and fiscal monitor are complete, I have done a press conference to indicate where I believe our tax revenue is...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: We will lay it out on budget day. We will lay out both the scale of it and how it will be funded. The Deputy is making the point that there are great challenges at the moment and challenges relating to the cost of living are building. I would, therefore, have thought he would welcome a package that tries to protect the take-home pay of workers, particularly low income workers, who might be...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I am more than willing to go into the debate with the Deputy at the right point.

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: We accept there is a crisis relating to many of the needs of our citizens and that is why we are going to be bringing out a national development plan that will have the highest level of capital expenditure in the recent history of our State. The Deputy is making the point, and I accept it, that rising costs with regard to energy are making things even more difficult, after we have already...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy for the points he has made. He acknowledged, but I wish to develop a little more, the really big changes we made in respect of motor taxation last year, that is, the change in motor tax and the very significant decision we made with the introduction of the worldwide harmonised light vehicle test procedure, WLTP, using which we correlated the tax paid on a car with the...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy. I ask him again to be aware, as I know he will, of the need to consider all these matters in the round. Any further decision we make relating to the taxation of the purchase or use of cars will be made in the context of the commitment we have to increasing carbon taxation. We are one of the very few Governments of which I am aware that have made the commitment to change...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I would not do that.

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: I thank the Deputy. Given the warning that he has issued to me about not speaking for too long, I will try to be quick. In response to the Deputy's first question, I just made the same point in different words. I apologise for two speeches being issued to the committee. I will ensure the same does not happen on budget day. On the Deputy's second point about the use of HAP and...

Committee on Budgetary Oversight: Pre-Budget 2022 Scrutiny (Resumed): Minister for Finance (23 Sep 2021)

Paschal Donohoe: The ESRI report also acknowledges that there needs to be plans in place that mitigate the effect of an increase in carbon pricing for those particularly who are on fixed income, which is why, budget by budget, we have made changes in the fuel allowance. My recollection is that the changes that we have made have been successful in protecting lower income citizens within our society from the...