Results 10,001-10,020 of 32,593 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: The Deputy will be aware that responsibility for the administration of the Employment Wage Subsidy Scheme (EWSS), which itself operates on a self-assessment basis, rests with the Revenue Commissioners. I am advised by Revenue that it takes a multifaceted approach to ensuring compliance by employers with the terms of the scheme. Revenue undertakes a risk focused real-time examination of...

Written Answers — Department of Finance: Economic Growth Rate (26 Nov 2020)

Paschal Donohoe: The suspension of all ‘non-essential’ economic activity during the second quarter of the year resulted in the Irish economy suffering the largest contraction on record, with a contraction in GDP of over 6 per cent relative to the previous quarter. Modified domestic demand, perhaps the best indicator of domestic economic activity, declined by 16 per cent while the unemployment...

Written Answers — Department of Finance: Value Added Tax (26 Nov 2020)

Paschal Donohoe: The VAT rates applying in Ireland are subject to the requirements of EU VAT law with which Irish VAT law must comply. In order for a zero rate of VAT to be applied to a good or service, that good or service must have applied at the zero rate on 1 January 1991 and have continued to apply at that rate since. No new items may be charged at the zero rate, where they had not been subject to the...

Written Answers — Department of Finance: Economic Competitiveness (26 Nov 2020)

Paschal Donohoe: From 1 January 2021, many aspects of our relationship with the UK will change fundamentally as we will no longer share EU membership. While the Government remains committed to protecting and strengthening the Ireland-UK relationship following the end of the transition period, I can advise the Deputy that the net impact of Brexit on the policy areas within my remit is anticipated to be...

Written Answers — Department of Finance: Financial Services Regulation (26 Nov 2020)

Paschal Donohoe: I am aware of the letter issued by the Central Bank on 17 November setting out expectations for action by regulated firms to address their legal obligations under the Fitness and Probity (F&P) regime. This letter was issued by the Bank in the performance of its regulatory functions under current legislation. That letter was preceded by a letter issued by the Bank in 2019 on F&P issues...

Written Answers — Department of Finance: Covid-19 Pandemic (26 Nov 2020)

Paschal Donohoe: Since the emergence of COVID-19, the Government has been guided by the need to strike a balance between jobs, income and enterprise on one hand and keeping our people healthy and safe on the other. The Government has been clear that a “zero covid” policy is not available to Ireland due to the border with Northern Ireland and the Common Travel Area. Our proximity to Europe and...

Written Answers — Department of Finance: Tax Incentives (26 Nov 2020)

Paschal Donohoe: The 2019 Climate Action Plan charts an ambitious pathway to reduced carbon emissions by 2030 which includes a series of measures to phase out fossil fuel usage across all sectors while the Programme for Government augments the Climate Action Plan by committing to reduce emissions by an average of 7 per cent per annum throughout the next 10 years. As set out in the Programme for Government,...

Written Answers — Department of Finance: Tax Reliefs (26 Nov 2020)

Paschal Donohoe: The rent relief tax credit was abolished in Budget 2011 and is no longer available to those that commenced renting for the first time from 8 December 2010. This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage interest relief increases the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: On 18 March last the Banking and Payments Federation of Ireland (BPFI) announced a coordinated approach by banks and other lenders to help their customers who were economically impacted by the Covid-19 crisis. The measures included flexible loan repayment arrangements where needed, including loan payment breaks initially for a period up to three months and then subsequently extended for up...

Written Answers — Department of Finance: Covid-19 Pandemic (26 Nov 2020)

Paschal Donohoe: My Department has estimated a cost of €1.5 billion to the Exchequer as a result of the level 5 restrictions. The estimated cost arises from both an increase in public expenditure and a decline in tax receipts. There is a considerable amount of uncertainty in relation to this estimate, depending on, inter alia, individual take-up, firm-level decisions and sector specific impacts....

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 108, 138, 193 and 200 together. The purpose of the Stay and Spend scheme is to provide targeted support to businesses within the hospitality sector whose operations are likely to be most affected by continued restrictions. Stay and Spend provides tax relief by means of a tax credit at the rate of 20% on qualifying expenditure of up to €625 per...

Written Answers — Department of Finance: Value Added Tax (26 Nov 2020)

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive, with which Irish VAT law must comply. The EU VAT Directive does not allow for a zero rate of VAT to be applied to condoms.

Written Answers — Department of Finance: Banking Sector (26 Nov 2020)

Paschal Donohoe: I am conscious of the fact 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 rates have been falling. For example, interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.64% in September of this...

Written Answers — Department of Finance: Tax Rebates (26 Nov 2020)

Paschal Donohoe: In Budget 2015, the Seed Capital Scheme (SCS) was relaunched and rebranded as SURE, or Start-up Refunds for Entrepreneurs. SURE provides a refund of tax paid in the previous 6 tax years to those in PAYE employment or those recently unemployed, where they invest funds into a new company set up by them. The general conditions for SURE are that you must: - establish a new company carrying on a...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: In keeping with good practice, my officials review all schemes regularly to ensure that they are achieving their policy intention and are operating as expected. In relation to accelerated corporation tax loss relief, I understand that Revenue received over 150 interim claims for accelerated corporation tax loss relief during the period 1 August to 30 October 2020 and the total cash value of...

Written Answers — Department of Finance: Tax Reliefs (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 116 and 148 together. Section 481 TCA 1997 provides a 32% payable credit for eligible expenditure on film production in Ireland. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. The Deputy will be aware...

Written Answers — Department of Finance: Consumer Protection (26 Nov 2020)

Paschal Donohoe: The Central Bank’s Consumer Protection Code 2012 (the Code) is a statutory Code issued pursuant to Section 117 of the Central Bank Act 1989. The Central Bank has the power to administer sanctions for a contravention of the Code under Part IIIC of the Central Bank Act 1942. The provisions of the Code are binding on regulated entities and must, at all times, be complied with by...

Written Answers — Department of Finance: Revenue Commissioners (26 Nov 2020)

Paschal Donohoe: “Bogus self-employment” (sometimes referred to as “disguised employment”) is the description commonly given to a scenario where an individual engaged to do a job is wrongly classified as being self-employed by an employer who seeks to avoid employment related obligations. From a tax perspective, this relates to tax, USC and PRSI collected through the PAYE system....

Written Answers — Department of Finance: Motor Insurance (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 120 and 141 together. At the outset, I want to emphasise the key importance that Government places on the insurance reform agenda. This is reflected in the Programme for Government which identifies a range of issues that need to be tackled on a Whole-of-Government basis. This ambitious reform agenda is being led by the Cabinet Committee on Economic Recovery...

Written Answers — Department of Finance: Brexit Preparations (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 121 and 199 together. I am advised by Revenue that 1,374 businesses in Co. Louth are currently registered for customs and therefore have an Economic Operators Registration and Identification (EORI) number. I am also advised by Revenue that 94% of imports from and 99% of exports to the UK in 2019 undertaken by businesses in Co. Louth were undertaken by...