Results 10,521-10,540 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Financial Services Regulation (20 Oct 2020)

Paschal Donohoe: As part of the review of the regulation of Personal Contracts Plans (PCPs) which I commissioned in 2018, Mr Michael Tutty considered the contents and recommendations of an earlier CCPC study on 'Personal Contract Plans: the Irish Market' and also a separate Central Bank of Ireland study 'An Overview of the Irish PCP Market'. Following his consideration of these reports and his other...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (20 Oct 2020)

Paschal Donohoe: I propose to take Questions Nos. 200 and 201 together. I am advised by Revenue that, if a business had re-opened but has had to close again as a result of the imposition of restrictions such as the “Level 3” restrictions to combat the spread of Covid-19 mentioned by the Deputy, the business can continue to warehouse VAT and PAYE (Employer) debts in respect of the extended...

Written Answers — Department of Finance: Primary Medical Certificates (20 Oct 2020)

Paschal Donohoe: I propose to take Questions Nos. 202, 217 to 219, inclusive, 235 and 243 together. The Disabled Drivers & Disabled Passengers Scheme provides relief from VRT and VAT on the purchase and use of an adapted car, as well as an exemption from motor tax and an annual fuel grant. The cost of the scheme in 2019, excluding motor tax, was €72m. The Scheme is open to severely and...

Written Answers — Department of Finance: Tax Reliefs (20 Oct 2020)

Paschal Donohoe: CAT Agricultural relief allows the value of agricultural assets inherited (including farmland, buildings, stock) to be reduced by 90% of its value for the calculation of the CAT liability. In order to qualify for the relief, certain conditions must be met, including the following: 1. At least 80% of the total assets held by the beneficiary after receiving the gift or inheritance must be...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Oct 2020)

Paschal Donohoe: I propose to take Questions Nos. 204 and 205 together. Discretionary performance-related payments are intended to reward exceptional performance having regard to the individual's own performance and the overall performance of the SBCI. The payment of a performance related payment to the Chief Executive Officer of the SBCI, Mr Nick Ashmore, is a matter determined by the SBCI Remuneration...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Oct 2020)

Paschal Donohoe: I propose to take Questions Nos. 206 and 207 together. The NTMA Internal Audit function provides internal audit services to the SBCI. The NTMA Internal Audit function comprises a Head of Internal Audit supported by an external service provider (currently KPMG).Details of the procurement of the external service provider, the contract for which was awarded to KPMG, are available on e-tenders,...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Oct 2020)

Paschal Donohoe: The amount paid by the SBCI for consultancy services, including public relations consultancy, is published in their Annual Report. In 2019, €107,000 was spent on external consultancy for public relations and marketing. The SBCI uses the services of a PR firm, Gordon MRM, which was appointed on foot of a procurement process by the NTMA, and is charged a proportionate amount for these...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Oct 2020)

Paschal Donohoe: The National Treasury Management Agency (NTMA) provides a range of support and services to the SBCI in areas including IT, HR, compliance, internal audit and communications. The SBCI is required to reimburse the NTMA for the costs incurred in the provision of these services. The internal cost of public relations which is a pro rata recharge to the SBCI from the NTMA in 2019 was...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Oct 2020)

Paschal Donohoe: Section 8 of the SBCI Act 2014 lays out the functions of the SBCI. These include the promotion and provision of finance to SMEs and the design of credit facilities for SMEs. Section 8(2) of the SBCI Act 2014 notes that the SBCI should “seek to obtain a positive financial return for the State”, in the achievement of its functions. As such, The SBCI operates under a sustainability...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (20 Oct 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS), which was provided for in section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020, expired on 31 August 2020. The TWSS has now been replaced by the Employment Wage Subsidy Scheme (EWSS), which was legislated for under the recently enacted Financial Provisions (Covid-19) (No. 2) Act 2020. The specific nature and terms of...

Written Answers — Department of Finance: Tax Code (20 Oct 2020)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is the overall title for both gift and inheritance tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. CAT at a rate of 33% applies on the excess over the tax-free threshold. There are three separate Group thresholds based on the relationship of the beneficiary to the disponer. Group Athreshold...

Written Answers — Department of Finance: Tax Reliefs (20 Oct 2020)

Paschal Donohoe: A fundamental principle of the Capital Acquisitions Tax regime is that inheritance or gift tax is levied on the beneficiary and that the level of taxation is determined according to their relationship with the disponer. The reason for this approach is that the capital being transferred has not been earned by the beneficiary. In this context, the effective taxation of windfall capital is an...

Written Answers — Department of Finance: Tax Reliefs (20 Oct 2020)

Paschal Donohoe: I am advised by Revenue that no distinction is made across the various enterprise tax schemes such as the Employee Investment Incentive (EII), Key Employee Engagement Programme (KEEP) and CGT entrepreneur relief for high risk and high potential start-ups. Each scheme has its own specific criteria which must be fulfilled for qualification for that individual relief. KEEP is a focussed...

Written Answers — Department of Finance: Tax Code (20 Oct 2020)

Paschal Donohoe: I can confirm that I received the Pre-Budget submission to which the Deputy refers. As outlined in my reply to PQ 28231/20 on 6 October, Revenue has extended the deadline for customers to file their 2019 self-assessed income tax return and make the appropriate payment in respect of preliminary tax for 2020 and any income tax balance due for 2019. The due date has been extended by four...

Written Answers — Department of Finance: Ministerial Communications (20 Oct 2020)

Paschal Donohoe: I last spoke with the UK Chancellor, Rishi Sunak, by phone on 25th September. I was glad to have this opportunity to continue our bilateral engagement, following on from previous calls in May and in the Spring of this year. We had a good discussion on our respective actions in addressing the economic challenges of Covid-19. We also noted the ongoing Brexit discussions, including the...

Written Answers — Department of Finance: Value Added Tax (20 Oct 2020)

Paschal Donohoe: I propose to take Questions Nos. 222 and 223 together. As the Deputy will be aware, the VAT rate applied to Tourism and Hospitality related goods and services has been temporarily reduced from 13.5% to 9%, from 1 November 2020 to 31 December 2021, in recognition of the unprecedented challenges facing the sector. This change will apply to restaurant supplies, tourist accommodation,...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (20 Oct 2020)

Paschal Donohoe: I propose to take Questions Nos. 226 to 228, inclusive, together. Revenue is publishing regular statistical updates on the operation of the Employment Wage Support Scheme (EWSS), as it did previously for the Temporary Wage Subsidy Scheme (TWSS). These statistics are available at: . In the statistics release dated 15 October 2020 at the above link, Table 3 shows the numbers of EWSS employers...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (20 Oct 2020)

Paschal Donohoe: As I announced on Budget day, there will be no cliff-edge to the Employment Wage Subsidy Scheme (EWSS) which will be in place until 31 March 2021. It is noted that the legislation implementing the EWSS also provides that the scheme may be extended until the end of June 2021, should it be required. It is acknowledged that a similar type scheme will be needed out to the end of 2021 to...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (20 Oct 2020)

Paschal Donohoe: The Deputy will be aware that the Employment Wage Subsidy Scheme (EWSS) was legislated for under the Financial Provisions (Covid-19) (No. 2) Act, 2020. The EWSS provides a flat-rate subsidy to qualifying employers, based on the number of qualifying employees on the payroll. The EWSS is administered by Revenue on a 'self-assessment' basis. I am advised by Revenue that the primary focus at...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (20 Oct 2020)

Paschal Donohoe: The Stay and Spend scheme provides tax relief by means of a tax credit at the rate of 20% on qualifying expenditure of up to €625 per person, or €1,250 for a jointly assessed couple. The tax credit is worth a maximum of €125, or €250 for a jointly assessed couple. The purpose of the scheme is to provide targeted support to businesses within the hospitality sector...