Results 10,761-10,780 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: National Debt (29 Sep 2020)

Paschal Donohoe: The fiscal supports put in place to mitigate the worse effects of the pandemic - including business and household supports - have been largely financed by additional borrowing. For this year, the National Treasury Management Agency (NTMA) plans to issue debt instruments at the top end of the revised €20-€24 billion bond funding range announced in April.  So...

Written Answers — Department of Finance: Corporation Tax (29 Sep 2020)

Paschal Donohoe: I am advised by Revenue that a complete analysis of 2020 Corporation Tax receipts will be provided when tax receipts for the year are fully collected and analysed. Due to the role of large companies in annual receipts and the varying payment timelines for Corporation Tax, receipts for the first six months may not offer a reliable guide to the final 2020 outturn.   Revenue has...

Written Answers — Department of Finance: Wage Subsidy Scheme (29 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 64 and 80 together. Bearing in mind my schedule in the run up to the Budget, I would be happy to arrange a meeting between senior officials from my Department and the groups mentioned. However, I would also like to inform the Deputy that I am aware already of the concerns that have been raised from a number of quarters regarding the pace of recovery for...

Written Answers — Department of Finance: Wage Subsidy Scheme (29 Sep 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. It was replaced by the Employment Wage Subsidy Scheme (EWSS) from September 1 2020, which was legislated for under the Financial Provisions (Covid-19) (No. 2) Act 2020.  The specific nature and terms of the EWSS...

Written Answers — Department of Finance: Tax Code (29 Sep 2020)

Paschal Donohoe: It should be noted that Ireland already taxes wealth in a variety of ways, such as our Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) which are levied on an individual or company on the disposal of an asset in the case of CGT, or the acquisition of an asset through gift or inheritance, in the case of CAT. The Local Property Tax, which was introduced in 2013, is a tax based on...

Written Answers — Department of Finance: Property Tax (29 Sep 2020)

Paschal Donohoe: The Local Property Tax was introduced in 2013 to provide a stable and sustainable funding base for local authorities and is a significant base-broadening measure. LPT has yielded over €3 billion for local authorities since its introduction. The taxation of property through a recurring annual tax is less economically distortionary than tax imposed on either income or capital. This is...

Written Answers — Department of Finance: Covid-19 Pandemic (29 Sep 2020)

Paschal Donohoe: The Covid-19 pandemic has had a severe impact on our public finances. As a direct result of taking the necessary measures to support our economy and our health service, we have seen our fiscal position deteriorate sharply from a budget surplus last year to a very significant deficit now in prospect. As of end-August, the Exchequer deficit stood at nearly €9.5 billion, reflecting...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (29 Sep 2020)

Paschal Donohoe: Payment breaks provided substantial and rapid relief to allow households and businesses to absorb the shock and impact of COVID-19. In April the European Banking Authority (EBA) published guidelines which provided regulatory flexibility to banks who offered borrowers a temporary payment break due to COVID-19. These guidelines were originally applicable until 30 June 2020 and their application...

Written Answers — Department of Finance: Economic Data (29 Sep 2020)

Paschal Donohoe: My Department publishes macroeconomic forecasts twice a year, in the spring as part of the Stability Programme Update (SPU) and in the autumn as part of the Budget. At the time of the SPU, my Department projected that GDP would decline by -10.5 per cent this year. This was based on a scenario in which COVID-19 related containment measures remained in place for three months. Thereafter, a very...

Written Answers — Department of Finance: Corporation Tax (29 Sep 2020)

Paschal Donohoe: The trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5 %. In response to the effects resulting from Covid-19, this government has introduced a number of interventions that have focused on supporting individuals and businesses to continue to trade, thus supporting employment and incomes. For example, as part of the July Stimulus Plan,...

Written Answers — Department of Finance: Credit Unions (29 Sep 2020)

Paschal Donohoe: The Government welcomes the important work credit unions are doing to support communities throughout Ireland at this difficult time and recognises the key role that credit unions play in the delivery of financial services in local communities across Ireland. There are a number of commitments set out in Programme for Government, including a review of the...

Written Answers — Department of Finance: Mortgage Lending (29 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 75, 281, 288 and 301 together. While interest rates in Ireland remain higher than in many other European countries, the Central Bank has advised that trends show that they have been falling in recent years, providing benefit to consumers. For example, interest rates on fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December...

Written Answers — Department of Finance: Fuel Rebate Scheme (29 Sep 2020)

Paschal Donohoe: If the Deputy is referring to the Diesel Rebate Scheme (DRS) for hauliers and bus operators, this scheme has been continuously in operation since 1 July 2013. Therefore the question of its restoration does not arise. The DRS is operated by the Revenue Commissioners, who will repay some of the mineral oil tax paid by a qualifying road transport operator when the diesel...

Written Answers — Department of Finance: Tax Code (29 Sep 2020)

Paschal Donohoe: All land, including agricultural land, is classified as non-residential property for stamp duty purposes. Any re-categorisation of agricultural land by size or otherwise for the purposes of stamp duty, would not be appropriate as it would be inequitable in terms of providing agriculture with an additional advantage over other forms of business. A number of stamp duty related reliefs...

Written Answers — Department of Finance: Banking Sector (29 Sep 2020)

Paschal Donohoe: Ulster Bank Ireland is a significant employer with 88 branches and a significant market share in terms of mortgage lending and SME lending and it is important in terms of providing competition in the Irish market.    I am aware of the media reports suggesting that NatWest is engaged in a strategic review of its operations including those of Ulster Bank Ireland. The...

Written Answers — Department of Finance: Wage Subsidy Scheme (29 Sep 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) operated from 26 March 2020 to 31 August 2020 and supported over 66,000 employers in respect of almost 664,000 employees that were negatively impacted by the necessary Covid-19 related restrictions, at a cost to the Exchequer of over €2.8 billion. The Employment Wage Subsidy Scheme (EWSS) replaced the TWSS from 1 September 2020 as the...

Written Answers — Department of Finance: Primary Medical Certificates (29 Sep 2020)

Paschal Donohoe: I have been advised that a Supreme Court decision of 18thJune found in favour of two appellants against the Disabled Drivers Medical Board of Appeal’s refusal to grant the individuals Primary Medical Certificates (PMC). My officials are currently examining the judgement, in conjunction with the Attorney General’s Office, and will bring forward any policy and/or...

Written Answers — Department of Finance: Mortgage Lending (29 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 83 and 90 together. I appreciate the concerns many people are experiencing about mortgage applications and drawdowns at this difficult time, and my Department is maintaining close contact with the Central Bank and Banking and Payments Federation Ireland (BPFI) as the lending industry works to address the difficulties caused by the Covid-19 situation....

Written Answers — Department of Finance: Covid-19 Pandemic Supports (29 Sep 2020)

Paschal Donohoe: As I announced on September 16th, Budget 2021 will continue to provide essential support for the sectors of our economy most in need.  This is in addition to the c. €24.5 billion that the Government has already committed to protect households and firms and to expand the capacity of the health sector. Due to the prudent management of the public...

Written Answers — Department of Finance: Legislative Measures (29 Sep 2020)

Paschal Donohoe: The majority of the Consumer Insurance Contracts Act 2019 came into force from the 1st of September 2020, with 22 of the 27 sections now in operation.  The Act represents a major reform of insurance contracts and re-balances the relationship between consumer and insurer. It is my full expectation this will be positive for Irish consumers. For example, amongst other things, the...