Results 10,121-10,140 of 32,593 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (18 Nov 2020)

Paschal Donohoe: I would like to assure the Deputy that, in addition to the basic personal tax credit, pensioners are entitled to claim the Employee or PAYE Tax Credit in respect of their pension income because it is taxable under Schedule E.  The maximum Employee Tax Credit available for 2020 is €1,650.   The Earned Income Tax Credit is available to an individual whose income in a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: Section 53 amends section 46 of the Capital Acquisitions Tax Consolidation Act 2003, which section provides for the submission of tax returns to Revenue. Section 46 requires the submission of a capital acquisitions tax return where the taxable value of gifts or inheritances within the same group threshold exceeds 80% of the value of that group threshold. This 80% threshold value is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: It might be useful to set out exactly what is meant by a hybrid financial instrument. This is an instrument that is characterised differently for tax purposes under the laws of two or more territories. For example, a financial instrument that is characterised as debt under the laws of one territory but as equity under the laws of another will be regarded as a hybrid financial instrument. A...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: It may well be the case that information is available on the Stock Exchange but I imagine there would be a timing issue there as well on when it becomes available. We simply will not have the information the Deputy is looking for inside the time period she is looking for it. If information becomes available under Stock Exchange rules, I would imagine there would be a similar timing issue....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I made the point to the Deputy a moment ago about the incompleteness of information that might be disclosed to the Stock Exchange. Even if information was made available through a Stock Exchange disclosure inside the six-month period, what we need is to be able to compare transactions across tax jurisdictions. That information will properly sit with the Revenue Commissioners and the issue...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: Section 110 of the Taxes Consolidation Act of 1997 sets out a regime for the taxation of special purpose vehicles set up to securitise assets. This regime is an important part of Ireland's offering as a location for the conduct of financial services. Ireland is not unique in having a securitisation regime. A number of other EU countries have such a regime in place as part of a competitive...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: It is recognised that the transition to alternatively-fuelled vehicles is a significant challenge for the road haulage sector. The movement of goods by road remains the second biggest source of transport emissions after private car use. At an EU level, the critical need to reduce emissions from transport has led to agreement on implementing increasingly stringent emissions standards for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: Before addressing the substance of these amendments I would like to take the opportunity to advise the committee that I am considering bringing forward an amendment on Report Stage on the matter of accelerated capital allowances for farm safety and adaptive equipment. The employment and investment incentive, EII, is a state aid measure operating within the EU's general block exemption...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: The analogy the Deputy drew as to what would happen if Google were to withdraw out of Dublin, and his point that there would be a task force and plans put in place to try to deal with the withdrawal of a large employer from a city, is correct. It is just that, even in that context, the plans to fill a building and to replace jobs would not come through the kinds of targeted tax incentives he...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I thank the Deputy. The Irish corporation tax regime contains a small number of tax reliefs, including the research and development tax credit and the knowledge development box. The focus of these reliefs is on the creation of additional employment and on promoting innovation and inward investment, with a view to generating high value-added economic activity in the country. Deputy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: In response to the Deputy's questions, the Central Statistics Office survey on business expenditure on research and development carried out in Ireland indicates that most firms conducting research and development in Ireland are small and Irish. However, the total expenditure on research and development is indeed dominated by large, international firms. Irish owned firms constituted 82% of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: The EU list of non-co-operative jurisdictions for tax purposes is intended to encourage jurisdictions with harmful tax practices in place to address those features of their tax code in order to enable fair and effective corporation taxation in the European Single Market. The purpose of the list is to encourage positive change through co-operation. The listing of countries is based on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I propose to take amendments Nos. 160 and 165 together as they are thematically similar. Aggressive tax planning by multinational companies is a global problem that requires a global solution. We have demonstrated our commitment to being part of this solution by actively participating in international tax reform, enacting domestic legislative changes and supporting the development of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I will get the information for the Deputy. I do not believe there has been a change in the format of reporting, but I will confirm that in the same communication.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: The disclosure requirements are the same across the EU, so there is no possibility for taxpayers to engage in any kind of disclosure arbitrage. The requirements are the same and under the agreements that we have now in respect of the exchange of taxpayers' information, it would be open to the Revenue Commissioners to access the declaration that is made in other tax jurisdictions. This...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I agree with the Deputy about the need for us to do all we can to respond to the great challenges we have in providing good homes for our citizens. I too have a lot of experience of this matter in my constituency. This area has been the subject of a lot of reports. The amount of land that is classified as being vacant in public debates on the matter is overstated. This is being debated in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: The issue of vacant land, issues of ownership, and the role tax can play in these have been long debated within this committee. I do not want to raise expectations around what the commission on taxation will do but this specific issue of vacant land, derelict properties, the role of tax and how we can penalise where necessary and have the right incentives in place through such penalties are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: At this point I will signal Report Stage amendments overall, if I may. To date, we have signalled an amendment relating to sections 11,15 and 60. Earlier today I noted a Report Stage amendment when speaking to amendments 158 and 159. I also want to signal the possibility for an amendment relating to section 44. On the matter raised by the Deputy, the issue of wealth taxes has been long...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I move amendment No. 173: In page 81, to delete lines 37 to 39, and in page 82, to delete lines 1 and 2 and substitute the following: “(b) In this subsection ‘shares’ includes any legal or equitable interest or right in, or in relation to, a share, whether such interest or right is directly or indirectly held, and, without prejudice to the generality of the foregoing,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (18 Nov 2020)

Paschal Donohoe: I move amendment No. 174: In page 82, to delete lines 21 to 25 and substitute the following: “(b) In this subsection ‘shares’ includes any legal or equitable interest or right in, or in relation to, a share, whether such interest or right is directly or indirectly held, and, without prejudice to the generality of the foregoing, shall be deemed to include— (i)...