Results 8,321-8,340 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Departmental Reviews (15 Jun 2021)

Paschal Donohoe: My department has carried out the following value for money and policy reviews from 1 January 2019 to date: - Interdepartmental Review of Local Property Tax – March 2019 , no external costs. - Review of the Special Assignee Relief Programme (SARP) 2019. Carried out by Indecon. Cost: €107,010 (inclusive of VAT). - 2019 Report on the Revised Entrepreneur Relief Scheme. Carried...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: Subject to a limited number of exemptions Local Property Tax (LPT) applies to all residential properties. It is sufficient for a property to be liable if it is suitable for use as a residence even if it is not actually occupied as such. The LPT charge is based on the market value of a property on a specified date known as the valuation date. I am informed by Revenue that LPT returns require...

Written Answers — Department of Finance: Tax Credits (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 344, 345 and 346 together. The research and development (R&D) tax credit allows a company to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. In making a claim for the R&D tax credit, companies must satisfy two tests: the activity must be a qualifying activity (a science test); and the amount of the claim...

Written Answers — Department of Finance: Tax Reliefs (15 Jun 2021)

Paschal Donohoe: The most recent data on the annual cost and the number of claimants of the Knowledge Development Box (KDB) for the years 2018 and 2019 are published on page 17 of Revenue’s paper on 2020 Corporation Tax payments and 2019 Corporation Tax returns. This information is available at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 021.pdf. In this regard, the Deputy may be...

Written Answers — Department of Finance: Banking Sector (15 Jun 2021)

Paschal Donohoe: I can confirm for the Deputy that the answer I gave to Parliamentary Question No. 95 stands and which I will reiterate for his benefit. As Minister for Finance, I have no role in how any bank manages its dealings with its customers, including those in which the State has a shareholding. Such matters are the sole responsibility of the board and management of the banks which must be run on...

Written Answers — Department of Finance: Tax Exemptions (15 Jun 2021)

Paschal Donohoe: A number of reliefs from CGT are already in existence that are available to farmers. Farm Restructuring Relief Relief from CGT is available where an individual disposes of or exchanges farmland in order to consolidate an existing holding. To qualify for the relief, the first sale or purchase must occur between 1 January 2013 and 31 December 2022. The next sale or purchase must occur within...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: I am advised by Revenue that while there is no specific child tax relief available to parents, there are some reliefs that may apply to parents supporting children who reside outside of the EU. Each of these reliefs is subject to certain conditions. Revenue advises that parents supporting children outside the EU may be eligible for health expenses relief in the form of income tax relief for...

Written Answers — Department of Finance: Tax Yield (15 Jun 2021)

Paschal Donohoe: I am advised by Revenue that statistics in respect of Capital Gains Tax (CGT), for the most recent years available, are published on the Revenue website in the release 'Summary of Capital Gains Tax Returns'. These statistics include information on specific asset types, disposals of which give rise to taxable gains. However, gains from cryptocurrencies are not separately identified as an...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (15 Jun 2021)

Paschal Donohoe: Since the COVID-19 situation first arose, I have maintained contact with the BPFI and lenders on the measures they have put in place to assist their customers who are economically impacted by the pandemic. In relation to the particular issue of new mortgage lending, the main retail banks previously confirmed that they are considering mortgage applications and mortgage drawdowns in relation...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: As the Deputy will be aware Irish VAT law must comply with the EU VAT Directive. Under the VAT Directive it is not possible to apply a reduced rate of VAT to professional legal fees.

Written Answers — Department of Finance: Climate Action Plan (15 Jun 2021)

Paschal Donohoe: The Drivers and Passengers with Disabilities Scheme provides for the remission or repayment of Vehicle Registration Tax (VRT) up to maximum limits. Section 135C(3)(b) of the Finance Act 1992 further provides that a Category A series production electric vehicle can avail of relief of up to €5,000 on the VRT due. Under the Drivers and Passengers with Disabilities Scheme there is no...

Written Answers — Department of Finance: EU Regulations (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 358 and 359 together. My Department is hosted on the Gov.ie website which currently hosts 15 of all 19 Departments and there is a compliant accessibility statement available under the ‘Accessibility’ section on the Gov.ie website. Gov.ie partially complies with the double-A WCAG 2.1 standards and the 4 principles of accessibility in that it is...

Written Answers — Department of Finance: Housing Policy (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 360 and 361 together. The paper to which the Deputy refers essentially calls for higher levels of borrowing to increase public spending on housing, but it is important that we place this discussion in full context. The Government’s response to the Covid-19 pandemic has had a significant impact on our deficit. In 2020, a general government deficit...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: Finance Act 2020 legislated for warehousing of certain liabilities of self-assessed income taxpayers, including the self-employed, whose income has been affected by the restrictions introduced to combat Covid-19. For the self-employed, the liabilities that may be warehoused (“Covid-19 income tax”) are the balance of self-assessed income tax, PRSI and USC for 2019 and...

Written Answers — Department of Finance: Tax Reliefs (15 Jun 2021)

Paschal Donohoe: The Government’s decision to extend the concessionary low 9% VAT rate to the hospitality sector until end August 2022 is a temporary measure that is aimed at giving an additional support to the sector where businesses can now begin to open up gradually as the necessary Covid related restrictions are gradually eased. Together with the wide range of other support measures that the...

Written Answers — Department of Finance: Compulsory Purchase Orders (15 Jun 2021)

Paschal Donohoe: The acquisition of land by way of compulsory purchase order is the disposal of an asset by the landowner for the purposes of Capital Gains Tax (CGT). Any chargeable gain arising on such a disposal is subject to CGT at a rate of 33%. The first €1,270 of total chargeable gains in respect of an individual in any year of assessment is exempt. Should the landowner meet the conditions...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (15 Jun 2021)

Paschal Donohoe: Section 11 of the Finance Act 2020 provides the legislative basis for the Covid Restrictions Support Scheme (CRSS). The scheme is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities the profits of which are chargeable to tax under Case 1 of Schedule D. A qualifying business must operate from a business premises located in a region...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: It is not appropriate for me to comment on the affairs of individual taxpayers and I do not intend to do so. I am aware that reports of this nature frequently refer to companies which were not Irish tax resident and as a result they were not subject to tax in Ireland. However taxation in other jurisdictions, in particular in the United States (US) following extensive tax reforms introduced...

Written Answers — Department of Finance: Tax Code (15 Jun 2021)

Paschal Donohoe: In situations where a couple is cohabiting, rather than married or in a civil partnership, each partner is treated for the purposes of income tax as a separate and unconnected individual. Because they are treated separately for tax purposes, credits, tax bands and reliefs cannot be transferred from one partner to the other. The basis for the current tax treatment of married couples...

Written Answers — Department of Finance: Tax Reliefs (15 Jun 2021)

Paschal Donohoe: I welcome the ESRI report entitled “Options for raising tax revenue in Ireland,” and note their own wording in the report that they “do not seek to advocate any particular tax-raising measure,” but instead seek “to provide evidence for policymakers who are in a position to make these decisions.” This is the basis on which I and my officials...