Results 8,381-8,400 of 32,569 for speaker:Paschal Donohoe

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...

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

Paschal Donohoe: While there is no globally accepted definition of Fossil Fuel Subsidies, the OECD defines a subsidy as the result of a government action that confers an advantage on consumers or producers, in order to supplement their income or lower their costs. This definition includes tax expenditures such as tax rebates, tax repayments and reduced tax rates, as well as direct subsidies. The Central...

Written Answers — Department of Finance: Summer Economic Statement (15 Jun 2021)

Paschal Donohoe: I note the recently reported comments by the National Treasury Management Agency (NTMA) Chief Executive which the Deputy refers to. I am also well aware of the support provided by the European Central Bank (ECB) during this pandemic. The length of time such extraordinary monetary policy measures will be needed is a matter entirely for the ECB. The support provided by the ECB during the...

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

Paschal Donohoe: As previously outlined in my reply to Parliamentary Question No. 179 of 25 May 2021, Revenue has advised me that vehicles are only de-registered and vehicle registration tax (VRT) repaid in very exceptional circumstances. This includes where the exceptional circumstances occur within seven working days of the date of registration and where the vehicle has not been licensed for use in a public...

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

Paschal Donohoe: I made a commitment in the January 2021 Update to Ireland's Corporation Tax Roadmap, to publish a tax treaty policy statement taking account of International developments. I launched a public consultation on this commitment on 7 April 2021 which ran until 7 May 2021. The aim of the public consultation was to gather the views of interested parties in relation to aspects of Ireland’s...

Written Answers — Department of Finance: Financial Services (15 Jun 2021)

Paschal Donohoe: There are certain regulatory requirements governing the provision of credit to consumers. For example, the Central Bank’s Consumer Protection Code 2012 imposes ‘Knowing the Consumer and Suitability’ requirements on lenders. Under these requirements, lenders are required to assess affordability of credit and the suitability of a product or service based on the...

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

Paschal Donohoe: Further to Parliamentary Question No. 581 of 21 April 2021, I wish to inform the Deputy that 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. These recommendations, issued by the European Commission as...

Written Answers — Department of Finance: Stability and Growth Pact (15 Jun 2021)

Paschal Donohoe: The European Union’s fiscal rules, as set out in the Stability and Growth Pact (SGP), are an integral part of the EU’s broader economic governance framework. This framework has evolved significantly over the past two decades, particularly following the economic and financial crisis a decade ago, which saw the rules strengthened through the adoption of the so-called Six- and...

Written Answers — Department of Finance: Insurance Industry (15 Jun 2021)

Paschal Donohoe: The Government recognises that the Professional Indemnity (PI) insurance market has been hardening in recent years, in Ireland the UK and internationally. Insurers in many countries appear to have tightened their policy terms, increased premiums and overall seem more reluctant to underwrite the same level of risk as before. Events in recent years such as the Grenfell fire (particularly in...

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

Paschal Donohoe: On a straightforward, mathematical basis there is a large theoretical yield from increasing the corporation tax rate for trading income. However, the Economic and Social Research Institute (ESRI) reports that research from both the United States and Europe suggests that foreign direct investment (FDI) and the decisions of multinationals to locate in Ireland are highly sensitive to rates of...

Written Answers — Department of Finance: Credit Unions (15 Jun 2021)

Paschal Donohoe: Credit unions in Ireland are regulated and supervised under the Credit Union Act, 1997 (the 1997 Act) and regulations issued by the Central Bank, which set out the framework for the registration, regulation and operation of credit unions including detailed governance requirements and prudential requirements on items such as reserves, liquidity, investments, member savings and lending. Limits...

Written Answers — Department of Finance: Vacant Properties (15 Jun 2021)

Paschal Donohoe: I consider that the primary objective of a 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 important to have a sound understanding of the quantity, locations and characteristics of long term vacant dwellings, and the reasons why they are...

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

Paschal Donohoe: I wish to inform the Deputy that there are currently 5 employees in my Department who have been in receipt of a Higher Duty Allowance for over two years. One of the bodies under the aegis of my Department, namely the Central Bank, has one employee in receipt of a higher duty acting allowance for over two years.

Written Answers — Department of Finance: Insurance Industry (15 Jun 2021)

Paschal Donohoe: As I understand the Deputy's question, I am advised that in some circumstances brokers may charge consumers for a quote due to the research involved in providing their service. Such a decision would be at the discretion of the individual firm. The Minister for Finance has no role in the individual commercial decisions of brokers in this regard. The Central Bank of Ireland also cannot get...

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

Paschal Donohoe: I am advised by Revenue that the receipts from Betting Duty in the years 2016 to 2019 are published on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/betting-duty-receipts. aspx . The receipts for 2020 are €86.8 million. This amount is provisional at this time and may be subject to adjustment.

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

Paschal Donohoe: As the Deputy will be aware, section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the Cycle to Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee and was introduced in 2009. The cycle to work scheme operates on a self-administration basis. Relief is...

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

Paschal Donohoe: Local Property Tax (LPT) is a self-assessed tax that requires property owners to meet their statutory obligations to file returns and pay the liabilities due on a timely basis. Revenue provides a wide range of payment options to help property owners meet these obligations, including debit/credit card payments, direct debit payments, annual debit authority payments, deduction at source from...

Written Answers — Department of Finance: Inflation Rate (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 396 and 413 together. Following the outbreak of the Covid-19 pandemic, the fall in aggregate demand exceeded the fall in aggregate supply such that the net impact on prices was deflationary. For 2020 as a whole, the headline Harmonised Index of Consumer Prices (HICP) declined by -0.5 per cent. Core inflation, which excludes the volatile components of energy...

Written Answers — Department of Finance: Economic Growth (15 Jun 2021)

Paschal Donohoe: I propose to take Questions Nos. 397, 402 and 411 together. Approaching the pandemic, Irish economic fundamentals were healthy. Strong economic growth had been recorded for a number of years, the labour market was close to full employment, and surpluses had been recorded on the current account and the government budget balance. The outbreak of the Covid-19 crisis turned the economy on...