Results 9,021-9,040 of 32,527 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Consumer Protection (24 Mar 2021)

Paschal Donohoe: The Deputy will be aware that the overall regulatory framework provides a significant number of protections and supports for borrowers in or facing mortgage arrears, in recognition of the distress and, in the case of mortgages secured on a borrower’s primary residence, the vulnerability of borrowers at risk of losing their home. Most loan agreements include a clause that allows the...

Written Answers — Department of Finance: Cycle to Work Scheme (24 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 450 and 451 together. I am advised by Revenue that section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the Cycle to Work scheme. This scheme provides an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and associated safety equipment for an employee. Under section 118B TCA 1997 an employer and employee may also...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (24 Mar 2021)

Paschal Donohoe: As outlined in my answer to the Deputy’s Parliamentary Question No. 389 of 3 November 2020, the Drivers and Passengers with Disabilities Scheme provides for the remission or repayment of Vehicle Registration Tax (VRT) up to maximum limits. Section 135C(3)(b) of the Finance Act 1992 further provides that a Category A series production electric vehicle can avail of relief of up to...

Written Answers — Department of Finance: Tax Reliefs (24 Mar 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: Banking Sector (24 Mar 2021)

Paschal Donohoe: When I met with the FSU, last December, I outlined that I did not think my Department should participate in the Forum as I was concerned that it would not represent a model of good governance to have competent authorities, such as the Department of Finance and the Central Bank of Ireland, participating in the formulation of proposals and recommendations that will then be submitted to...

Written Answers — Department of Finance: Oireachtas Proceedings (24 Mar 2021)

Paschal Donohoe: As the Deputy will be aware material prepared for Central Bank officials in preparation for their appearance at Oireachtas Committees or any other events are an internal matter for the Bank. The Central Bank is independent in the performance of its functions and this independence is enshrined in the Treaties of the European Union and in the Statute of the European System of Central Banks. The...

Written Answers — Department of Finance: Mortgage to Rent Scheme (24 Mar 2021)

Paschal Donohoe: As the Deputy is aware, as Minister for Finance I have no role in the day to day operations of any bank operating within the State including banks in which the State has a shareholding. I'm precluded from intervening on behalf of any individual customer in any particular bank. Decisions in relation to commercial matters are the sole responsibility of the board and...

Written Answers — Department of Finance: Tax Code (24 Mar 2021)

Paschal Donohoe: It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. Ireland has a progressive income tax system which is structured such that the more income you have, the more tax you pay. As a person’s income increases they move up through the various rates and bands and, as a result, while the levels of take home pay increase...

Written Answers — Department of Finance: Financial Services Regulation (24 Mar 2021)

Paschal Donohoe: Over the last number of weeks I have been consistent in setting out my views and those of Government regarding the expectation that we have in relation to the conduct of the financial services sector and especially senior people within those organisations that are in a position of trust. In the specific case referenced, the Regulator has taken action and made its views...

Written Answers — Department of Finance: Tax Rebates (24 Mar 2021)

Paschal Donohoe: I am advised by Revenue that the health expenses claim for the person in question was processed on 22 February 2021 following the submission of her 2020 Income Tax Return.  A Statement of Liability for 2020 subsequently issued to the person on 23 February 2021 via the MyAccount service, and a refund of tax issued to her bank account on 25 February 2021. The refund was the total amount...

Written Answers — Department of Finance: Carer's Allowance (24 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 462 and 463 together. The Carers' Allowance is a means-tested payment made to individuals on low incomes who are looking after a person who needs support because of age, disability or illness. In order to receive the allowance, the individual must not be engaged in employment, self-employment, training or education courses outside the home for more than 18.5...

Written Answers — Department of Finance: Capital Expenditure Programme (24 Mar 2021)

Paschal Donohoe: I can advise the Deputy that there have been no capital projects in my Department which have required my sanction.  

Written Answers — Department of Finance: Banking Sector (24 Mar 2021)

Paschal Donohoe: The NatWest Group (NatWest) announced on Friday, 19 February last that it intends withdrawing from the banking sector in the Republic of Ireland and it will gradually wind down its Ulster Bank business. NatWest concluded that Ulster Bank would not be able to achieve an acceptable level of return for shareholders and have decided to begin a phased withdrawal over the coming years. It...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (24 Mar 2021)

Paschal Donohoe: I wish to advise the Deputy that I do not have responsibility for this matter. However, I can confirm that:   - There has been over €630 million in lending approved to 5,260 businesses across State-backed loan guarantee schemes. - Take-up of these schemes has varied. There has been high demand for the Future Growth Loan Scheme (FGLS) and working with the European Investment...

Written Answers — Department of Finance: Pension Provisions (24 Mar 2021)

Paschal Donohoe: I am advised by Revenue that an individual can take a tax-free lump sum from their pension pot – typically 25% of the lump sum, up to a maximum tax free amount of €200,000 - but the balance of the pension pot is subject to tax at appropriate rates.  Pensions or payments from an Approved Retirement Fund (ARF) are taxed similarly to other incomes, in that an...

Written Answers — Department of Finance: Ministerial Meetings (24 Mar 2021)

Paschal Donohoe: The withdrawal of Ulster Bank from the market and the decision by Bank of Ireland to close 88 branches in the Republic of Ireland are regrettable, particularly for its customers and staff and is an unfavourable development for the Irish banking market. Decisions in this regard, including the management of branch networks, are the sole responsibility of the board and management of the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (24 Mar 2021)

Paschal Donohoe: I am advised by Revenue that the current tax warehousing schemes allow for the deferral of collection of certain tax liabilities relating to “Period 1”, the “Covid-19 restricted trading period”. The tax liabilities that may be deferred or “warehoused” are VAT, PAYE (Employer) liabilities, excess Temporary Wage Subsidy Scheme (TWSS) payments due to be...

Written Answers — Department of Finance: Bank Charges (24 Mar 2021)

Paschal Donohoe: As the Deputy is aware, as Minister for Finance I have no role in the day to day operations of any bank operating within the State including banks in which the State has a shareholding. I am precluded from intervening on behalf of any individual customer in any particular bank. Decisions in relation to commercial matters are the sole responsibility of the board and...

Written Answers — Department of Finance: Insurance Costs (24 Mar 2021)

Paschal Donohoe: As the Deputy is aware, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. This position is reinforced by the EU Solvency II Directive insurance framework. Consequently, I am not in a position to direct insurance companies as to their business activities, including in relation to how they price premiums. Notwithstanding the above,...

Written Answers — Department of Finance: Tax Code (24 Mar 2021)

Paschal Donohoe: In responding to the Deputy's question, I would draw attention to the existing reliefs that are already available to property owners selling their home and to first-time buyers. Capital Gains Tax Capital gains tax (CGT) is chargeable on any gain arising on the disposal of an asset at the rate of 33%. The first €1,270 of chargeable gains of an individual in any year are exempt from...