Results 8,521-8,540 of 33,175 for speaker:Paschal Donohoe

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

Paschal Donohoe: I propose to take Questions Nos. 369 and 448 together. Real Estate Investment Trusts (REITs) are corporate entities, and as such pay dividends to their shareholders. Dividend Withholding Tax (DWT), which is charged at 25%, must be applied to REIT distributions, other than those distributed to certain limited classes of investors such as pension funds and charities as they are more...

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

Paschal Donohoe: I am advised by Revenue that as tax liability is calculated based on the combination of all incomes, reliefs, credits and deductions, it is not possible to provide an exact tax cost for the items outlined. To estimate tentative costs, it is possible to look at the amounts claimed under each item and apply an average marginal rate of tax. The average marginal rate of tax is the average rate...

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

Paschal Donohoe: It is assumed that the Deputy is referring to setting the level of Excise for auto-diesel, marked gas oil, kerosene, and fuel oil as being equal to that for Petrol. I am advised by Revenue that the estimated savings to the Exchequer from eliminating Excise forgone on auto-diesel, marked gas oil, kerosene, and fuel oil are shown in the table below. Also included in the table are the savings...

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

Paschal Donohoe: I am advised by Revenue that the trading profits of companies in Ireland are generally taxed at the standard Corporation Tax rate of 12.5 per cent. Some of the main features of the current Corporation Tax regime are its simplicity and that it applies to a broad base. Changing this rate (or imposing additional levies on corporate profits) would involve increased complexity and could...

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

Paschal Donohoe: I am advised by Revenue that employers who pay employees’ removal and relocation expenses are required to keep relevant records for a period of at least 6 years. However, as there is no reporting requirement in relation to this provision, there are no data available on which to estimate the tax foregone.

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

Paschal Donohoe: On a straightforward, mathematical basis there would be a theoretical yield from increasing the corporation tax rates for trading and non-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...

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

Paschal Donohoe: The trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%. Some of the main features of the current corporation tax regime are its transparency and that it applies to a broad base. Analysis undertaken by the Department of Finance, co-authored by an independent academic, a separate report undertaken by the Comptroller & Auditor...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (27 Jul 2021)

Paschal Donohoe: I understand that a reply has issued to the correspondence in question. The Covid Restrictions Support Scheme (CRSS) is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. The support is available to companies, self-employed individuals and partnerships who...

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

Paschal Donohoe: The Disabled Drivers & Disabled Passengers Scheme provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. Details of these reliefs and the grant in respect of fuel usage are available on the Revenue website. The relief from Value Added Tax and Vehicle Registration Tax are generous in nature...

Written Answers — Department of Finance: Departmental Bodies (27 Jul 2021)

Paschal Donohoe: The Code of Practice for the Governance of State Bodies 2016applies directly to a number of bodies under the aegis of my Department. These are the Credit Union Restructuring Board, the Financial Services and Pensions Ombudsman, Home Building Finance Ireland, the Irish Fiscal Advisory Council, the National Asset Management Agency, the National Treasury Management Agency and the Strategic...

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

Paschal Donohoe: The Deputy will be aware it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Fuel Inspections (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that a multifaceted approach is taken to tackling the misuse of fuel. Revenue’s compliance activities in this area include roadside sampling of private and commercial vehicles at checkpoints combined with a risk-based, targeted sampling programme based on supply chain reporting obligations for suppliers and retailers. These activities leverage the benefits of...

Written Answers — Department of Finance: Credit Unions (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 382 to 384, inclusive, together. There are a number of commitments set out in the Programme for Government in relation to the credit union sector that the Government is progressing. The Review of the Policy Framework is now at an advanced stage. Since September 2020, the Department has held extensive engagement with credit union representative bodies to seek...

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

Paschal Donohoe: I propose to take Questions Nos. 385, 393 and 407 together. The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with obtaining the deposit they need to buy or build a new house or apartment. The scheme 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....

Written Answers — Department of Finance: Revenue Commissioners (27 Jul 2021)

Paschal Donohoe: I propose to take Questions Nos. 386 to 389, inclusive, together. Subject to certain conditions, limitations and restrictions, a vehicle which is validly registered abroad may be granted temporary exemption from the requirement to be registered in the State. Details of the conditions, limitations and restrictions can be found in Section 2 of the Vehicle Registration Tax Manual. I understand...

Written Answers — Department of Finance: Revenue Commissioners (27 Jul 2021)

Paschal Donohoe: I am advised by Revenue that the initial cost of each additional detection dog team is approximately €100,000 (€500,000 for 5 teams). This includes the cost of a trained detection dog, salary of the handler, 8 weeks training for the handler with the dog, a fully fitted out dog transport van, a kennel and associated security at the handler’s home. The ongoing annual cost...

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

Paschal Donohoe: Consanguinity relief is the relief that applies in relation to transfers of farmland between certain blood relatives whereby the applicable rate of stamp duty is reduced from 7.5% to1%. The details and conditions of the relief are set out in Schedule 1(5) of the Stamp Duties Consolidation Act 1999. The relief was extended in Budget 2021 until the end of 2023 . The relevant relationships for...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (27 Jul 2021)

Paschal Donohoe: Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provides for the introduction of the Employment Wage Subsidy Scheme (EWSS) from September 2020. The EWSS is an economy-wide enterprise support for eligible businesses in respect of eligible employees. The Finance (Covid-19 and Miscellaneous Provisions) Act 2021, which was signed into law on 19 July 2021,...

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

Paschal Donohoe: Budget 2021 provided for a reduction in the rate of VAT from 13.5% to 9% for Hospitality and Tourism related services and goods. This was a temporary measure to provide support for 14 months from 1 November 2020 to the end 2021. The measure is being extended to 31 August 2022 in recognition of the continuing challenges facing the Hospitality and Tourism sector. While temporary, this...

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

Paschal Donohoe: As previously indicated to the Deputy, there are a number of existing reliefs that are available to property owners selling their home, and to first-time buyers such as the Help to Buy scheme and certain reliefs under the Capital Tax area which I outlined in my previous response. I am very conscious of the need to bring more properties onto the market and to give first time buyers a more...