Results 10,401-10,420 of 32,593 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: We tax these entities in other ways. We tax them when their income is distributed. They are taxed in this way to ensure that when income is distributed to their shareholders it is taxed at that point. While the Deputy is correct in what he has said regarding the fact that they are not taxed in those particular areas, he does not acknowledge that these entities are taxed in other ways when...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: I do not have the information available on the split of the owners within REITs. If it becomes available to me after this engagement, I will share it with the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: That DWT is the way in which we tax when that income is distributed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: It varies from treaty to treaty, but the most common agreed rate in dividends is at 15%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: Both Irish and non-resident DWT, at the standard rate of 25%, will be deducted by the REITs, from dividends paid to shareholders. Foreign investors investing into treaty countries may be able to reclaim some of this DWT under the relevant tax treaty. Tax treaty rates and dividends vary from treaty to treaty, but both the common rates applicable to small shareholdings will be 15%. This...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: In each of the Finance Bills that I have done, I have examined how these entities are taxed, and I have made changes to them where necessary. I will do that again to ensure that we are taxing them in a way that is comparable to how they are taxed in other countries but recognises that they play a role, for example, in commercial property that I believe is valuable.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: The section amends section 288 of the Taxes Consolidation Act 1997 to better align our tax regime for intangible assets with international best practice. Financial Resolution No. 4 allows this measure to take effect from 14 October. Like many other countries, Ireland has, since 2009, granted capital allowances on certain intangible assets that companies manage, develop or exploit. These...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: I am aware of some of the difficulties Deputy Doherty is referring to but this is the reason Screen Ireland, with the support of the Department of Culture, Arts, Gaeltacht, Sport and Media, has launched a production continuation fund. This is a pilot initiative which has a €5 million fund to assist production companies to deal with uncertainties that have been caused by Covid-19. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: I thank the Deputy. I also want to acknowledge the long-standing interest he has in this sector and all the work he has done on it. As he said, the changes we have made on the application for section 481 relief are significant and were designed to respond to the issues we debated during the passage of the previous two Finance Bills. If we look at the conditions laid down in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: The process that is under way, enabled by the WRC, is trying to come up with a framework for the industry to deal with the different matters to which Deputy Boyd Barrett referred. If the WRC has acknowledged that there is not clarity on some of the relationships the Deputy alluded to, surely the process under way to try to find a broad framework for the sector, which productions can adhere...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: All of these amendments are technical in nature. They are all intended to make sure that the legislation acts like it was intended. The Revenue Commissioners will form a view as to whether entities have been formed with the purpose of avoiding tax they are due to pay. This is an anti-tax avoidance measure. They are the kind of changes we need to make to ensure this part of our law meets...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: Is the Deputy asking if it could fall out of the category?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2020: Committee Stage (16 Nov 2020)

Paschal Donohoe: No. This is the opposite. We are trying to ensure the legislation is drafted so that it is as robust as possible. The answer to the Deputy's question is that I do not think so.

Written Answers — Department of Finance: Covid-19 Pandemic Supports (12 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 161, 165 and 171 together. The details of the Covid Restrictions Support Scheme (CRSS) are set out in the Finance Bill 2020 and guidelines on the operation of the scheme are available on the Revenue website (www.revenue.ie/en/corporate/press-office/budget-information /2021/crss-guidelines.pdf). The CRSS is a targeted support for businesses significantly...

Written Answers — Department of Finance: Property Tax (12 Nov 2020)

Paschal Donohoe: Revenue provides a wide range of phased and single payment options for Local Property Tax (LPT). These include Debit Card, Credit Card, Annual Debit Instruction (ADI), monthly Direct Debit (DD) through a financial institution, Deduction at Source (DaS) from salary, pension, or certain social welfare payments, and approved service providers including, An Post, Omnivend and Payzone. While...

Written Answers — Department of Finance: Departmental Offices (12 Nov 2020)

Paschal Donohoe: I can advise the Deputy that my Department does not engage in the leasing of any office space outside its current buildings and the Estates Section of OPW.

Written Answers — Department of Finance: Nursing Home Accommodation (12 Nov 2020)

Paschal Donohoe: The cost and availability of insurance for many businesses, including private nursing homes, is an issue that I am very much conscious of. Having said that, neither I, nor the Central Bank of Ireland can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (12 Nov 2020)

Paschal Donohoe: Ireland has a progressive income tax system which is structured such that the more income you have, the more tax you pay. As an individual’s income increases they move up through the various rates and bands and, as a result, while the levels of take home pay increase overall, the amount of tax paid also increases. Total income tax receipts account for around 40% of Ireland’s...

Written Answers — Department of Finance: Covid-19 Pandemic (12 Nov 2020)

Paschal Donohoe: I would like to advise the Deputy that the PPE and hand sanitisation products purchased for use within my Department have not been subject to the product recall issued by the Department of Agriculture, Food and the Marine in 2020. There are also 17 bodies under the aegis of my Department, 16 of which incurred no expenditure in respect of hand sanitiser or other PPE products which were...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (12 Nov 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) was administered by Revenue, on behalf of the Government, from 26 March 2020 to 31 August 2020. Over 66,500 employers received subsidy payments totalling €2.9 billion in respect of approximately 664,000 employees through the scheme. Revenue has prepared a detailed statistical report on the TWSS, which is published at . In accordance with...