Results 8,481-8,500 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that, for the purposes of Capital Acquisitions Tax (“CAT”), the relationship between the person who provides a gift or inheritance (“the disponer”) and the person who receives the gift or inheritance determines the lifetime tax-free threshold (“Group Threshold”) below which CAT does not arise. Any prior gift or inheritance...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the cost of relief of pension contributions for the years 2014-2018 (the latest year available) can be found in the ‘Cost of Tax Expenditures’publication, which is available on the Revenue website at link: www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf. For the convenience of the Deputy, the following...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 319, 362 and 363 together. Regarding Question No. 319 the yield from Stamp Duty on credit cards is published on the Revenue website at link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/receipts/receipts-stamp-duty.aspx. The cost of the abolition can be assumed to be in the region of the yield for the latest year. Regarding Questions...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 320, 321 and 445 together. I am advised by Revenue that the estimated costs of the Rent a Room relief, the Employment and Investment Incentive (EII), the Special Assignee Relief Programme (SARP) and the Foreign Earnings Deduction (FED) in relation to 2018 (the latest year for which data are available) can be found in the ‘Cost of Tax Expenditures...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that information regarding the purchase and or leasing of electric vehicles by employers, which are subsequently made available to their employees for private usage, along with the mileage used for both business and private usage is not provided on a tax return. In addition, employers are not required to provide a detailed breakdown of each of their employees’...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I can confirm to the Deputy that the Vehicle Registration Tax (VRT) relief provided to conventional hybrids (hybrid and plug-in hybrid vehicles) ended on 31December 2020.

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I can confirm to the Deputy that the number of Vehicle Registration Tax (VRT) bands that are applied to Category A vehicles was already increased from 11 to 20 in 2021. The original table is presented below. VRT Bands CO2 g/km VRT Rate (Petrol) VRT Rate (Diesel) [Effective 2019] A1 0-80 14% 15% ...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: The Domicile Levy was introduced in the 2010 Finance Act and is payable on a self-assessment basis on or before 31 October in the year following the valuation date. For example, the due date in respect of 2019 was 31 October 2020. The valuation date is 31 December each year. The table below sets out the number of persons who have filed Domicile Levy returns and the amounts collected for the...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: Where e-workers incur certain extra expenditure in the performance of their duties of employment remotely or from home, such as additional heating and electricity costs, there is a Revenue administrative practice in place that allows an employer to make payments up to €3.20 per day to such employees, subject to certain conditions, without deducting PAYE, PRSI, or USC. Revenue have...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 327 and 338 to 342, inclusive, together. In relation to Questions No 327 and 342, the estimated cost of Section 604A relief for the latest years is available at link www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/relief-on-disposal-of-certain-land-or-buildings.pdf. In relation to Question No 339, the estimated cost of Entrepreneur relief...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the ‘Ready Reckoner’, which is published at link: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf, shows on page 23, the estimated yield from possible changes to carbon tax.

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 329 and 330 together. As the Deputy will be aware, the cycle to work scheme operates on a self-administration basis. Relief is automatically available provided the employer is satisfied that the conditions of its particular scheme meet the requirements of the legislation. There is no notification procedure for employers involved. This approach was taken...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the list and estimated cost of the relevant reliefs that are subject to the High-Income Individuals’ Restriction (HIIR) for 2018 (the latest year for which data are available) can be found in the High Income Individuals’ Restriction Reportwhich is available on the Revenue website. As stated on page 6 of that report, normal business-related expenses,...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that their most recent ‘Ready Reckoner’, which is available at: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf, shows on page 10, the estimated yield from reducing the maximum tax relief available on pension contributions to the standard rate. Based on these estimates, reducing pension relief to the standard rate of 20% and...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 333 and 334 together. The valuation process for Local Property Tax (LPT) will require liable persons to self-assess the value of their residential properties as at 1 November 2021 in respect of the new ‘Valuation Period’ (2022 to 2025) and submit this value to Revenue. It is important to note that Revenue does not value properties but...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the estimated yields from standard rating discretionary tax reliefs (currently at the marginal rate) are set out in the following table. The estimates are based on data from 2018 tax returns, which is the latest year currently available. The estimates do not take account any possible behavioural change on the part of taxpayers as a consequence of such a change. ...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that there is no requirement to include data in tax returns in relation to tax free lump sums of less than €200,000 (the current life-time limit on tax-free retirement lump sums). Therefore, Revenue is not in a position to estimate the savings that might accrue to the Exchequer from the changes outlined by the Deputy.

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes, which was introduced in Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million. It was subsequently reduced to €2.3 million with effect from 7 December 2010 and further reduced to €2 million...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 343, 346 and 373 together. In relation to Question No. 346, it is assumed the Deputy is referring to Capital Acquisitions Tax (CAT) rather than Capital Gains Tax (CGT). The CAT receipts by year are published on the Revenue website at link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/receipts/receipts-taxhead.aspx. A breakdown of CAT...

Written Answers — Department of Finance: Tax Data (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 344 and 450 together. The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C...