Results 9,261-9,280 of 32,572 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (25 Feb 2021)

Paschal Donohoe: I am advised by Revenue that goods being sent to the UK for repair can avail of the Outward Processing procedure. Under the EU-UK Trade and Cooperation Agreement (Article GOODS 8), goods can be exported from Ireland to the UK for repair with no customs duty due when the goods are imported into the UK and when the goods are re-imported into Ireland. Similarly, no charge to VAT on import...

Written Answers — Department of Finance: European Council Meetings (25 Feb 2021)

Paschal Donohoe: There have been no formal Council of the European Union meetings of Economic and Finance Ministers (ECOFIN) - which falls under the remit of my Department - since 27 June 2020 due to Covid-19 Pandemic restrictions. Seven Informal meetings of Ministers have taken place, from that date, as listed below and I have attended them all. - 10 July 2020 - 11-12 September 2020 - 6 October 2020 - 4...

Written Answers — Department of Finance: Customs and Excise (25 Feb 2021)

Paschal Donohoe: The Deputy will be aware that since 1 January 2021, the UK has been outside the EU Single Market and Customs Union, and the trading relationship between Ireland and Great Britain has changed considerably. Compliance with relevant customs and other regulatory controls such as sanitary and phytosanitary (SPS) measures are now an integral part of trade with Great Britain. I am advised by Revenue...

Written Answers — Department of Finance: Departmental Schemes (25 Feb 2021)

Paschal Donohoe: The Employment Investment Incentive (EII) provides for tax relief of up to 40% (previously 41%) in respect of investments made in certain corporate trades. The EII allows an individual investor to obtain Income Tax relief on investments for shares in certain companies up to a maximum of €150,000 per annum in each tax year for investments made up until 31 December 2019. For investments...

Written Answers — Department of Finance: National Treasury Management Agency (25 Feb 2021)

Paschal Donohoe: It was not possible for the National Treasury Management Agency to provide the information sought in the time available and, therefore, I will make arrangements to provide the information to the Deputy in line with Standing Orders.

Written Answers — Department of Finance: National Treasury Management Agency (25 Feb 2021)

Paschal Donohoe: It was not possible for the National Treasury Management Agency to provide the information sought in the time available and, therefore, I will make arrangements to provide the information to the Deputy in line with Standing Orders.

Written Answers — Department of Finance: Covid-19 Pandemic Supports (25 Feb 2021)

Paschal Donohoe: I propose to take Questions Nos. 55, 56 and 60 together. To-date, just under €38 billion or 18½ per cent of national income (GNI*) has been provided to maintain incomes, sustain businesses and support our health service. Broadly speaking, Government intervention has occurred on three separate occasions: the initial policy response adopted in the spring, a subsequent set of...

Written Answers — Department of Finance: Economic Growth (25 Feb 2021)

Paschal Donohoe: The economic projections underpinning Budget 2021 in October last, were based on a number of key assumptions, including that there would not be a widespread national lockdown this year and that vaccines for Covid-19 would not be widely available before the end of the year. For the purpose of prudent budgetary planning, it was also assumed that bilateral trade with the UK would take place on...

Written Answers — Department of Finance: Brexit Data (25 Feb 2021)

Paschal Donohoe: I propose to take Questions Nos. 58 and 59 together. My Department has been to the fore in producing and funding a number of assessments of the extent of the economic impact of Brexit, identifying the most exposed sectors and looking at both the short and medium term impact of Brexit in different scenarios. The studies undertaken by my Department, found that negative impacts will be...

Written Answers — Department of Finance: Economic Competitiveness (25 Feb 2021)

Paschal Donohoe: The outbreak of the Covid-19 pandemic last year and the restrictions introduced to suppress the virus led to an unprecedented contraction of global economic activity. Lockdown restrictions saw the Irish economy contract sharply by just over 3 per cent quarter-on-quarter in Q2, followed by a recovery of 11 per cent in Q3 as restrictions eased. Ireland’s quarterly GDP fall in Q2 was...

Written Answers — Department of Finance: Brexit Issues (25 Feb 2021)

Paschal Donohoe: Ireland regrets the UK’s decision to leave the EU, however we have always respected it. As a result of Brexit, many aspects of our relationship with our nearest neighbour have changed fundamentally as we no longer share EU membership. The net impact of Brexit on the policy areas within my remit is negative. The principal negative impact arises from the trade shock, mitigated...

Written Answers — Department of Finance: Brexit Issues (25 Feb 2021)

Paschal Donohoe: The new Trade and Cooperation Agreement between the EU and UK was a positive outcome of the Brexit negotiations. However, the new agreement still represents a break from previously existing arrangements, and thus a permanent shock to the Irish economy. Therefore, Brexit will still have a negative economic impact on the Irish economy and living standards compared to the previous relationship....

Written Answers — Department of Finance: Brexit Issues (25 Feb 2021)

Paschal Donohoe: As the Deputy may be aware, in July 2020, as part of the 2021-2027 Multi-annual Financial Framework negotiations, leaders agreed on a €5 billion Brexit Adjustment Reserve (BAR) to counter unforeseen and adverse consequences in Member States and sectors that are worst affected by the UK’s withdrawal from the EU. Since July 2020, Ireland has taken every opportunity to make its...

Written Answers — Department of Finance: Corporation Tax (25 Feb 2021)

Paschal Donohoe: At 12.5%, Ireland has one of the most competitive headline corporation tax rates in the OECD. This rate is applied to a broad base – a policy which is endorsed by the likes of the OECD as it is good for growth in our economy. Our competitive corporation tax system has been an important part of our industrial policy since the 1950s and has attracted real and substantive operations to...

Written Answers — Department of Finance: Eurozone Issues (25 Feb 2021)

Paschal Donohoe: Continuous developments in distributed ledger and blockchain technologies, like Bitcoin and stablecoins, are being considered at EU level both for the risks that may present, but also the opportunities. Bitcoin is almost 12 years old. The recent interest in this cryptocurrency, and its meteoric and highly volatile increase in value, may have been fuelled by a combination of factors: -...

Written Answers — Department of Finance: Currency Exchange (25 Feb 2021)

Paschal Donohoe: The popularity of Bitcoin has been increasing rapidly in recent months. In February 2020, one Bitcoin could be purchased for $10,000. It is currently priced at c. $47,000, having reached a historical record price of c $57,500 on 21 February 2021. In other words, this represents a change in value of -2% from a few days ago and +465.2% from one year ago. In contrast, the Euro vs USD exchange...

Written Answers — Department of Finance: National Asset Management Agency (25 Feb 2021)

Paschal Donohoe: I am advised that NAMA does not typically own property, rather NAMA acquired a portfolio of loans for which the properties act as security. As set out in NAMA’s most recent Section 55 Quarterly Report and Accounts, NAMA’s assets at 30 September 2020 included i) loans (primarily secured by properties) measured at fair value of €1,039m; and ii) trading properties and...

Written Answers — Department of Finance: National Asset Management Agency (25 Feb 2021)

Paschal Donohoe: NAMA was established with a very specific legal mandate, which was approved by the European Commission in 2010, to deal expeditiously with its acquired loan portfolio and to extract best value from that portfolio. NAMA has been successful in achieving this mandate and has now entered into the final phase of this work. In relation to the delivery of residential housing, it is important to...

Written Answers — Department of Finance: Interest Rates (25 Feb 2021)

Paschal Donohoe: I am aware that the general level of lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that certain mortgage rates have been falling in Ireland. For example, the interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.67% in...

Written Answers — Department of Finance: Economic Policy (25 Feb 2021)

Paschal Donohoe: Prior to the pandemic Irish economic fundamentals were very strong, with robust growth, a labour market close to full employment, and surpluses in the current account and the public finances. The outbreak of the pandemic turned the economy on its head in the space of a few weeks however, with the introduction of Covid-19 restrictions resulting in a sharp contraction in economic activity in...