Results 8,501-8,520 of 33,175 for speaker:Paschal Donohoe

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

Paschal Donohoe: I am advised by Revenue that the removal of the Employee Tax Credit and Earned Income Tax Credit for individuals with an income above €100,000, in the manner outlined by the Deputy, would yield an estimated €152m and €186m on a first and full year basis, respectively. These estimates are based on tax returns for 2018 (the latest available year) and, in analysing the...

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

Paschal Donohoe: At the outset the Deputy should note that wealth can be taxed in a variety of ways, some of which are already in place in Ireland. Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company on the disposal of an asset (CGT) or the acquisition of an asset through gift or inheritance (CAT). Deposit Interest...

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

Paschal Donohoe: The most recent estimate for extending the application of the 9% VAT rate on Tourism and Hospitality related items from 1 January 2022 until 31 August 2022 is that it will cost the exchequer €350m. If a 13.5% rate applied across these sectors for all of 2022 our estimate is that the yield to the exchequer would be approximately €525.

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

Paschal Donohoe: I am advised by Revenue that is not possible to accurately predict the yield from ending the payable element of the Research and Development (R&D) tax credit, as information in respect of the future payments of the credit, which is dependent on both the future profitability of claimant companies as well as their level of qualifying R&D activity, cannot be known in advance....

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

Paschal Donohoe: Although the Digital Services Taxes introduced in France, Italy, and Spain are not precisely the same as each other, all three share substantial overlaps with the Digital Services Tax proposed by the European Commission in 2018. When making its proposal, the Commission estimated that an EU-wide Digital Services Tax could yield €5 billion per annum, to be shared between all EU Member...

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

Paschal Donohoe: I propose to take Questions Nos. 351 and 418 together. Tax relief for Trade Union subscriptions was previously provided for under section 472C of the Taxes Consolidation Act 1997. The relief was introduced in 2001 and abolished from 2011 onwards. A review of the appropriate treatment for tax purposes of trade union subscriptions and professional body fees was carried out by my Department in...

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

Paschal Donohoe: The previous tax relief in respect of rent paid, was abolished in Budget 2011, and it is no longer available to those that commenced renting for the first time from 8 December 2010. The ending of the relief followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in...

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

Paschal Donohoe: I am advised by Revenue that the Ready Reckoner, which is published on the Revenue website, shows on page 26, the estimated yield from changes to the Betting Duty rate. I am further advised that an estimate for the increase in the duty on commissions is not presently available. However, a tentative estimate for the increase to 30% is approximately €1 million. Revenue has confirmed that...

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

Paschal Donohoe: I am advised by Revenue that the ‘Ready Reckoner’, which is published on the Revenue website, shows on page 25, the estimated yield from changes in duties on cigarettes. These estimates assume pro-rata increases in other tobacco products. The table below provides estimated yield for increases to roll your own tobacco (with the assumption of no change in behaviour by smokers). ...

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

Paschal Donohoe: Mineral oil tax (MOT) which comprises a carbon and non-carbon component is applied to auto diesel and petrol. There is a lower non carbon component charge applied to auto diesel. The non-carbon charge applied to auto diesel is 42.572 cents per litre while the equivalent charge on petrol is 54.184. As diesel emits more carbon dioxide when combusted, the application of the carbon tax results...

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

Paschal Donohoe: I propose to take Questions Nos. 356 and 358 together. In relation to Question No. 356 , the anti-fraud powers contained in the Finance (no.2) Act of 2013 considerably strengthened Revenue’s capacity to address Excise related risk, including in regard to the use of Marked Gas Oil (MGO). I am advised that Revenue has conducted extensive compliance programmes since that time designed...

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

Paschal Donohoe: I am advised by the Revenue Commissioners that new EU VAT rules came into effect on 1 January 2015, changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and electronic services to consumers. VAT on these services is now chargeable where the consumer is located instead of where the supplier is located. This ensures that VAT is payable in...

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

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act 1999 imposes an annual levy on banks for each of the years 2017 to 2021. Since the levy was introduced in 2003, it has been extended on several occasions and currently applies until the end of 2021. The levy is calculated by reference to the amount of Deposit Interest Retention Tax (DIRT) paid by the bank in a specified year referred to as...

Written Answers — Department of Finance: Cycling Policy (27 Jul 2021)

Paschal Donohoe: As the Deputy will be aware, the current cycle to work scheme operates on a self-administration basis. Relief is automatically available provided the employer is satisfied that the conditions of their particular scheme meet the requirements of the legislation. There is no notification procedure for employers involved. This approach was taken with the deliberate intention of keeping the scheme...

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

Paschal Donohoe: As the Deputy is aware the purpose of the 10% stamp duty charge on the multiple purchase of houses is to disincentivise such purchases with a number of limited exceptions for apartments and for social and affordable housing purposes. This measure therefore was introduced to influence behaviour rather than as a revenue raising measure. At the time of its introduction Revenue was unable to...

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

Paschal Donohoe: I am advised by Revenue that in 2018 (the most recent year for which tax returns are filed and the data processed) more than 50% of those taxpayers with a taxable income in excess of €200,000 had an effective rate of 40% or higher in relation to their liability to income tax, including USC. The estimated yield of increasing the effective rate to at least 40% for the entire cohort is...

Written Answers — Department of Finance: Financial Services (27 Jul 2021)

Paschal Donohoe: As the Deputy may be aware the Central Bank disclose the total cost of Financial Regulation (Net Annual Funding Requirement or nAFR) in the Central Bank Annual Report each year. The most recent report (see link below) includes details of the 2019 and 2020 cost of Financial Regulation which are as follows: Year Cost of Regulation Income funded from Industry ...

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

Paschal Donohoe: As the Deputy may be aware, the current Exit Tax charge contained in section 627 of the Taxes Consolidation Act, 1997 (TCA 1997) was introduced as part of the transposition of the EU Anti-Tax Avoidance Directives (ATAD). The ATAD Exit Tax completely replaced the old exit tax regime, which was designed to counter a specific type of avoidance, and took effect from October 2018. Information in...

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

Paschal Donohoe: I am advised by Revenue that the ‘Ready Reckoner’, which is available at www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf, shows on page 20 the estimated yield from changes to the rate of Stamp Duty on shares. The current rate of Stamp Duty on the transfers of shares is 1% and the proposed increases can be derived on a pro rata basis from the published table....

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

Paschal Donohoe: The interest rate for Deferrals of Local Property Tax (LPT) in respect of the current ‘Valuation Period’ (2013 to 2021) is 4%. The table below, in columns 1 to 4, sets out the number, value and accrued interest to date on Deferrals taken out each year from 2013 to 2020 (Deferrals for 2021 won’t attract interest if payment is made this year). Columns 5 and 6 in the table...