Results 10,181-10,200 of 32,593 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (17 Nov 2020)

Paschal Donohoe: Approved Save-As-You-Earn (SAYE) share option schemes were introduced in 1999 and are provided for in Chapter 3 of Part 17 of the Taxes Consolidation Act, 1997 (TCA) and Schedule 12A of that Act. The schemes are designed to foster employee financial participation and provide for relief from Income Tax, PRSI and Levies on share option gains. As set out in section 519C of the Taxes...

Written Answers — Department of Finance: EU Budgets (17 Nov 2020)

Paschal Donohoe:  As the Deputy will be aware, on 21 July 2020, Heads of State and Government at European Council reached agreement on the Post-2020 MFF and Next Generation EU, totalling €1.82 trillion. I welcome this agreement and think this is a fair and balanced outcome and demonstrates that Europe can work collectively to deal with this once-in-a-generation crisis. That agreement included...

Written Answers — Department of Finance: Vehicle Registration Tax (17 Nov 2020)

Paschal Donohoe: From January 2021 a new vehicle registration tax (VRT) table is being introduced to: use the CO2 values from a new EU emissions test for passenger cars, known as “WLTP”; and strengthen the environmental rationale of the VRT regime in line with Government commitments to radically reduce emissions from road transport and to reform the VRT regime. The existing 11 band table is...

Written Answers — Department of Finance: Insurance Costs (17 Nov 2020)

Paschal Donohoe: The Programme for Government sets out a range of commitments to reform the insurance sector, including to increase both the affordability and availability of cover. Work has begun to implement these.  In this regard, a Sub-Group of the Cabinet Committee on Economic Recovery and Investment was established by Government to oversee insurance reform implementation, and held its first meeting...

Written Answers — Department of Finance: Motor Insurance (17 Nov 2020)

Paschal Donohoe: 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, including inter alia: continued reform of the Personal Injuries Assessment Board (PIAB); review of duty of care; the need to reduce award levels...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: We debated this matter at length yesterday, so I will not repeat the same arguments. However, I will emphasise two points to the Deputy. First, I expect that the process that is under way in the Workplace Relations Commission, WRC, which I understand is hoped to lead to a framework agreement on such matters by the end of the year, will be a significant step forward in dealing with the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I would prefer to take the questions from Deputies Farrell and Boyd Barrett together, if the Chair does not mind.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I thank the Deputies. When we look at the knowledge development box, we should not think that it is the only thing the Government is doing to try to support research and development, and a high-innovation economy. We are, through may different investments, doing the kind of work to which Deputy Boyd Barrett has referred in our universities and places of higher education. That is funded...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: It would be possible but certain criteria would have to be met to then allow that IP to be part of the knowledge development box. In particular, it would need to be demonstrated that there was research and development expenditure that was relevant to the intellectual property that was incurred by the company and income arising to that company as a result of that research and development...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: No. The research and development has to happen here.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: It does not extend the time period over which the tax is due to be paid. It remains at five years during which six instalments are to be paid.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: There are a considerable number of issues with the proposal the Deputies have suggested, including Exchequer cost, significant erosion of the tax base and impact on the competitiveness of our tax code. I note that the Deputies have not specified the level of income tax rates that would apply under this proposal. However, it is estimated that the removal of the application of the universal...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 105: In page 33, line 21, to delete “paragraph (b)(i)” and substitute “paragraph (c)(i)”. Section 15 updates Part 35A of the Taxes Consolidation Act 1997 which provides for transfer pricing. In particular, section 15 updates the definition of "relevant person" in section 835A and replaces section 835E, which provides for an exclusion from...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I will come back to the Deputy with an answer to that question. It is quite technical and, while I have a fair idea of the answer, I will not risk misleading the Deputy by not giving an accurate answer. I will get a written answer from my officials and provide it to the Deputy later today.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 106: In page 33, line 27, to delete “subsection (5)(b)(ii)” and substitute “subsection (5)(c)(ii)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 107: In page 33, line 30, after “shall” to insert “only”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 108: In page 33, line 42, to delete “subsection (5)” and substitute “subsections (5) and (6)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 109: In page 34, to delete lines 9 to 12 and substitute the following: “(i) whereby a loan is made by a supplier to an acquirer, otherwise than in the course of a trade carried on by the supplier, and— (I) where the acquirer is a company referred to in clause (I) or (II) of subparagraph (ii), the acquirer is within the charge to corporation tax and the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 110: In page 35, line 32, after “reasons” to insert the following: “and not as part of a scheme or arrangement the main purpose of which, or one of the main purpose of which, is the avoidance of tax".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (Resumed) (17 Nov 2020)

Paschal Donohoe: I move amendment No. 111: In page 35, between lines 32 and 33, to insert the following: “(b) In the case of an acquirer referred to in clause (III) of paragraph (a)(ii), where, and to the extent that, the proceeds of a loan (in this paragraph referred to as the ‘replacement loan’) are used by the acquirer to repay a loan (referred to in this paragraph as the...