Results 8,961-8,980 of 32,572 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (31 Mar 2021)

Paschal Donohoe: In the 2019 Finance Act I extended the 0% BIK rate for electric vehicles to the end of 2022. From January 2023, an emissions-based BIK structure (also provided for in the 2019 Finance Act) takes effect. For the year of assessment 2023 and subsequent years, electric vehicles will fall into the lowest emissions category, and therefore the BIK tax rate will range from 9% to 22.5%, depending on...

Written Answers — Department of Finance: Economic Data (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 313 and 314 together. As the interplay between the Covid-19 and Brexit shocks has implications for the economic outlook, my Department, along with the ESRI, conducted an analysis of the sectoral overlap between the two shocks. The analysis found that the sectors most exposed to both the Covid-19 and ‘disorderly’ Brexit shocks appear to be...

Written Answers — Department of Finance: Tax Code (31 Mar 2021)

Paschal Donohoe: The VRT NOx charge was introduced in the 2019 Finance Act and subsequently amended in the 2020 Finance Act. The current rates structure, including calculation examples, can be accessed on the Revenue website: www.revenue.ie/en/importing-vehicles-duty-free-allowances/gu ide-to-vrt/calculating-vrt/calculating-the-nox-charge.aspx. I introduced this measure in recognition of the harmful...

Written Answers — Department of Finance: Insurance Costs (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 317 to 320, inclusive, together. When a person applies for a mortgage loan to buy a home, the person will generally be required to take out mortgage protection insurance. In most cases, a lender is legally required under section 126 of the Consumer Credit Act 1995 to make sure that a mortgage applicant has mortgage protection insurance in place before...

Written Answers — Department of Finance: EU Funding (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 321 and 330 together. The Recovery and Resilience Facility is a €672.5bn instrument, made up of €360bn loans and €312.5bn in grants and is the key element of the Next Generation EU / Recovery Plan Package of €750bn (€360bn in loans and €390bn in grants) agreed by the European Council in July 2020. 70% of the total...

Written Answers — Department of Finance: EU Budget Contribution (31 Mar 2021)

Paschal Donohoe: Ireland’s contributions to the EU Budget for the years 2000 to 2020 are as follows: Year Contributions € m 2000 1,075 2001 1,220 2002 1,011 2003 1,190 2004 1,186 2005 1,497 2006 1,530 ...

Written Answers — Department of Finance: Fiscal Policy (31 Mar 2021)

Paschal Donohoe: In responding to the impacts of Covid-19, the Government has made available fiscal support totalling €12.6 billion this year. This incorporates an additional direct expenditure allocation of €6.5 billion and taxation measures to the value of €700 million. The Government also provided for €5.4 billion to be set aside in two contingency funds in 2021 – the...

Written Answers — Department of Finance: Fiscal Policy (31 Mar 2021)

Paschal Donohoe: The Financial Institutions ("Bank") Levy was introduced for the three-year period 2014 to 2016 in Finance (No.2) Act 2013 with the purpose of enabling the banking sector to contribute to economic recovery. The annual yield of this levy is approximately €150 million. In Finance Act 2016 my predecessor, Minister Michael Noonan, extended the bank levy to 2021. The due date for the last...

Written Answers — Department of Finance: Fiscal Policy (31 Mar 2021)

Paschal Donohoe: As the Deputy is aware, the Bank Levy was introduced for the three-year period 2014 to 2016 with the purpose of enabling the banking sector to contribute to economic recovery. The annual yield of the Bank Levy is €150 million. In the Finance Act 2016 the Levy was extended until 2021. That extension had been subject to a review being undertaken of the methodology used to calculate...

Written Answers — Department of Finance: Economic Data (31 Mar 2021)

Paschal Donohoe: A general government deficit of around €19 billion is estimated in 2020— a €21 billion swing from 2019. The year-on-year deterioration was primarily due to increases in voted expenditure with total net voted expenditure in 2020 amounting to €67,849 million. This was €13,703 million, or 25.3%, ahead of the same period in 2019. This rise in expenditure...

Written Answers — Department of Finance: Departmental Legal Cases (31 Mar 2021)

Paschal Donohoe: My Department is involved in a large amount of litigation. There are large volumes of litigation in which the Minister for Finance is named as a party but in respect of which my Department is not consulted because another Minister is the lead Defendant. However, my attention has not been drawn to any instances of litigation or the threat of litigation arising from the inclusion of social...

Written Answers — Department of Finance: Value Added Tax (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 328, 329 and 403 together. The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the VAT Directive, the supply of a personal alarm is liable to VAT at the standard rate, currently 23%. The supply of parts and accessories and monitoring fees are also liable to VAT at the standard rate. ...

Written Answers — Department of Finance: Financial Services Sector (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 331 and 332 together. 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...

Written Answers — Department of Finance: Financial Services Regulation (31 Mar 2021)

Paschal Donohoe: I have noted the issues raised in the February 2021 FACTFI Panel Report. Illicit financial flows drain resources from sustainable development, exacerbate inequalities, weaken governance and damage public trust. The FACTI Panel has made recommendations for tackling illicit financial flows. As a long-standing member of the international Financial Actions Task Force (FATF)and an EU Member...

Written Answers — Department of Finance: Tax Avoidance (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 334 to 336, inclusive, and 338 together. I note the recent publication of the report by the UN High-Level Panel on International Financial Accountability, Transparency and Integrity. Officials in my Department are currently studying the report’s recommendations. Ireland is committed to the OECD/G20 Inclusive Framework on BEPS, and is one of the 139...

Written Answers — Department of Finance: Financial Services Regulation (31 Mar 2021)

Paschal Donohoe: As a long-term member of the international Financial Action Task Force (FATF) and an EU Member State, Ireland adheres to the highest global standards of Anti-money Laundering/Combating Terrorist Financing and fully supports any measures to combat such activities. The latest FATF Mutual Evaluation Review of Ireland, in relation to the technical compliance and effectiveness of our AML/CFT...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: The Temporary Wage Subsidy (TWSS) was in place between 26 March and 31 August 2020 and was introduced as an emergency income support for employees of vulnerable firms whose businesses had been negatively impacted by COVID restrictions and whose turnover had reduced by at least 25% during Q2 while the strictest public health measures were in place. The support was paid via the employer so as...

Written Answers — Department of Finance: Tax Credits (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 340 and 344 together. The purpose of the Stay and Spend Tax Credit scheme is to provide targeted support to businesses within the hospitality sector whose operations are likely to be most affected by continued restrictions on public health grounds. Under the relevant legislation, the scheme is due to expire at the end of next month but the flexibility is...

Written Answers — Department of Finance: Banking Sector (31 Mar 2021)

Paschal Donohoe: As the Deputy may be aware, as Minister for Finance, I have no role in the commercial decisions made by any bank in the State. This includes banks in which the State has a shareholding. Decisions in this regard, including the management of branch or ATM networks, are the sole responsibility of the board and management of the banks which must be run on an independent and commercial basis. The...

Written Answers — Department of Finance: Local Authority Funding (31 Mar 2021)

Paschal Donohoe: I am advised by officials in my Department that a notice of consent, signed by Minister of State, Seán Fleming T.D., has issued to Limerick City and County Council in relation to a proposed new athletics hub at Newcastle West, Co Limerick. Minister of State Fleming granted his consent on 25 February 2021. An electronic copy of the signed notice of consent issued to Limerick City and...