Results 9,441-9,460 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Economic Policy (1 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 63, 67 and 69 together. Approaching the pandemic, the Irish economy was in a healthy position. Strong rates of economic growth had been recorded for a number of years, the labour market was effectively at full employment, while surpluses were recorded on the current account of the balance of payments and the government budget balance. While the negative...

Written Answers — Department of Finance: Mortgage Interest Rates (1 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 64 and 71 together. I am aware that the general level of interest rates on new mortgage lending 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. For example, the interest rates on new fixed rate mortgages (excluding renegotiations)...

Written Answers — Department of Finance: Financial Services Sector (1 Apr 2021)

Paschal Donohoe: My Department has been participating in whole of Government preparations for Brexit since before the UK referendum in 2016 and, in line with the Government’s overall approach, this work intensified during 2020 ahead of the end of the transition period. My Department has been working closely with the Central Bank of Ireland and the National Treasury Management Agency (NTMA), through the...

Written Answers — Department of Finance: Economic Policy (1 Apr 2021)

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

Written Answers — Department of Finance: Tax Code (1 Apr 2021)

Paschal Donohoe: As the Deputy will be aware tax sovereignty is an important issue for Ireland. Ireland believes that the current unanimity based voting procedure which applies among EU Member States is the most appropriate voting system in the area of taxation. Indeed, over the last 4 years, over 20 taxation initiatives have been agreed by Member States through this voting process. This is an average of...

Written Answers — Department of Finance: House Prices (1 Apr 2021)

Paschal Donohoe: The Department of Finance continues to monitor all aspects of the housing market, including the rate of property price inflation. As of January 2021, annual property price inflation stood at 2.6 per cent. The Government’s primary response to mitigating residential price inflation is to increase supply. I am encouraged by the stability in new dwelling completions last year in spite...

Written Answers — Department of Finance: Mortgage Lending (1 Apr 2021)

Paschal Donohoe: The Central Bank of Ireland, as part of its independent mandate to preserve and protect financial stability in Ireland, has statutory responsibility for the regulation of mortgage lending by banks and other regulated entities. In line with this mandate, the Central Bank introduced macroprudential measures for residential mortgage lending in February 2015. The objective of these mortgage...

Written Answers — Department of Finance: Economic Policy (1 Apr 2021)

Paschal Donohoe: As the Deputy will be aware, on 21stJuly 2020, Heads of State and Government reached agreement on the €1.074 trillion Post-2020 Multiannual Financial Framework (MFF) and €750 billion recovery plan “Next Generation EU” (NGEU), totalling €1.82 trillion. The centrepiece of the NGEU is the Recovery and Resilience Facility, made up of €312.5 billion in...

Written Answers — Department of Finance: Tax Data (1 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 74 and 75 together. I am advised by Revenue that the yield from Sugar Sweetened Drinks Tax (SSDT) in 2018 and 2019 is published on the Revenue website at the following link: The provisional receipts for 2020 and the first three months of 2021 are shown in the table below. Year €m 2020 31.3 ...

Written Answers — Department of Finance: Tax Data (1 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 76 and 77 together. I am advised by Revenue that the annual increases in the retail price of the most popular price category (MPPC) for a 20 pack of cigarettes since 2011 are shown in the table below, together with the portions related to tax increases and trade increases. Year MPPC Tax Trade Total MPPC ...

Written Answers — Department of Finance: Tobacco Control Measures (1 Apr 2021)

Paschal Donohoe: Revenue is a fully integrated tax and customs administration and, as a result, I am advised that it is not possible to disaggregate the resources deployed, or funding dedicated, at any given time to combat tobacco smuggling. Revenue currently has approximately 2,000 staff engaged on activities that are dedicated to targeting and confronting non-compliance. These front-line activities include...

Written Answers — Department of Finance: Tax Data (1 Apr 2021)

Paschal Donohoe: Tax return information available to Revenue does not include data on products that are not currently within the scope of tobacco taxation or other Excise charges. Therefore, there is no basis for Revenue to estimate the yield from the Deputy’s proposal.

Written Answers — Department of Finance: Cycle to Work Scheme (1 Apr 2021)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 provides for the cycle to work scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a bicycle and associated safety equipment up to a maximum of €1,250 (and €1,500 in respect of pedelecs) for an employee to use, in whole or in part, to travel to work. Safety equipment includes helmets,...

Written Answers — Department of Finance: Cycle to Work Scheme (1 Apr 2021)

Paschal Donohoe: 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 enter into a salary sacrifice arrangement under which the employee agrees to...

Written Answers — Department of Finance: Tax Data (1 Apr 2021)

Paschal Donohoe: I propose to take Questions Nos. 82 to 85, inclusive, together. In relation to Question 17710/21, I am informed by Revenue that the number of category A vehicles that a Nitrogen Oxide (NOx) emissions charge was applied to in 2020 and in January and February 2021 is provided in the table below. Vehicle Type year No Revenue raised€ millions ...

Written Answers — Department of Finance: Insurance Industry (1 Apr 2021)

Paschal Donohoe: AT the outset, it is important that I remind the Deputy of the fact that the provision of insurance is a commercial matter for insurance companies, which is based on an assessment of the risks they are willing to accept. Consequently, 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 framework for...

Written Answers — Department of Finance: EU Funding (1 Apr 2021)

Paschal Donohoe: The Recovery and Resilience Facility makes provision for lending by the European Commission to Member States. Member States must submit an application for a loan to the European Commission before 31 August 2023 (for approval by the European Commission prior to 31 December 2023). No information of the loan terms and conditions is available at this stage. Consideration of whether Ireland...

Written Answers — Department of Finance: EU Funding (1 Apr 2021)

Paschal Donohoe: As the Deputy will be aware, on 21st July 2020, Heads of State and Government reached agreement on the €1.074 trillion Post-2020 Multiannual Financial Framework (MFF) and €750 billion recovery plan “Next Generation EU” (NGEU), totalling €1.82 trillion. The centrepiece of the NGEU is the Recovery and Resilience Facility, made up of €312.5 billion in...

Written Answers — Department of Finance: EU Funding (1 Apr 2021)

Paschal Donohoe: As the Deputy will be aware, on 21stJuly 2020, Heads of State and Government reached agreement on the €1.074 trillion Post-2020 Multiannual Financial Framework (MFF) and €750 billion recovery plan “Next Generation EU” (NGEU), totalling €1.82 trillion. The centrepiece of the NGEU is the Recovery and Resilience Facility, made up of €312.5 billion in...

Written Answers — Department of Finance: EU Regulations (1 Apr 2021)

Paschal Donohoe: In the past number of years, and in particular following the launch of the European Commission’s Action Plan on Financing Sustainable Growth in March 2018, we have witnessed significant progress at EU level in the area of sustainable finance, with Ireland engaging constructively on the related legislative proposals. This includes agreement on the Taxonomy Regulation in June 2020,...