Results 8,981-9,000 of 33,175 for speaker:Paschal Donohoe

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

Paschal Donohoe: I propose to take Questions Nos. 360 and 361 together. The paper to which the Deputy refers essentially calls for higher levels of borrowing to increase public spending on housing, but it is important that we place this discussion in full context. The Government’s response to the Covid-19 pandemic has had a significant impact on our deficit. In 2020, a general government deficit...

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

Paschal Donohoe: Finance Act 2020 legislated for warehousing of certain liabilities of self-assessed income taxpayers, including the self-employed, whose income has been affected by the restrictions introduced to combat Covid-19. For the self-employed, the liabilities that may be warehoused (“Covid-19 income tax”) are the balance of self-assessed income tax, PRSI and USC for 2019 and...

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

Paschal Donohoe: The Government’s decision to extend the concessionary low 9% VAT rate to the hospitality sector until end August 2022 is a temporary measure that is aimed at giving an additional support to the sector where businesses can now begin to open up gradually as the necessary Covid related restrictions are gradually eased. Together with the wide range of other support measures that the...

Written Answers — Department of Finance: Compulsory Purchase Orders (15 Jun 2021)

Paschal Donohoe: The acquisition of land by way of compulsory purchase order is the disposal of an asset by the landowner for the purposes of Capital Gains Tax (CGT). Any chargeable gain arising on such a disposal is subject to CGT at a rate of 33%. The first €1,270 of total chargeable gains in respect of an individual in any year of assessment is exempt. Should the landowner meet the conditions...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (15 Jun 2021)

Paschal Donohoe: Section 11 of the Finance Act 2020 provides the legislative basis for the Covid Restrictions Support Scheme (CRSS). The scheme is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities the profits of which are chargeable to tax under Case 1 of Schedule D. A qualifying business must operate from a business premises located in a region...

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

Paschal Donohoe: It is not appropriate for me to comment on the affairs of individual taxpayers and I do not intend to do so. I am aware that reports of this nature frequently refer to companies which were not Irish tax resident and as a result they were not subject to tax in Ireland. However taxation in other jurisdictions, in particular in the United States (US) following extensive tax reforms introduced...

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.