Results 11,121-11,140 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Industry (28 Jul 2020)

Paschal Donohoe: As the Deputy is aware, the “Programme for Government – Our shared Future” document lays out commitments that are aimed at addressing consumer and business concerns on the cost of insurance. These commitments include increasing transparency; reviewing duty of care legislation; looking at how to further enhance the role of the Personal Injuries Assessment Board, and...

Written Answers — Department of Finance: Pensions Reform (28 Jul 2020)

Paschal Donohoe: Personal Retirement Savings Accounts (PRSAs) are low cost, easy-to-access, private pension savings vehicles designed to allow individuals save for retirement flexibly and transfer their pension funds between jobs. They are available to anyone regardless of employment status. The relevant legislation setting out the treatment of PRSAs is contained in Chapter 2A of Part 30 of the Taxes...

Written Answers — Department of Finance: Value Added Tax (28 Jul 2020)

Paschal Donohoe: As I outlined previously in my answer to Parliamentary Question Nos. 104, 105 and 112 of 20 May 2020 and to Question No. 48 of 9 June 2020 the VAT rate changes implemented by Revenue following the European Commission Decision C (2020)2146, fully implemented the scope for zero rating imports of COVID-19 related goods permitted by the Decision and also implemented a corresponding temporary...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: I am advised by Revenue that the first and full year yield from the Deputy’s proposal is estimated to be of the order of €210 million and €260 million respectively. These figures are based on tax returns for 2017. An exercise was undertaken using data from these returns to break down the gross incomes of taxpayer units to an individualised level and apply a...

Written Answers — Department of Finance: Universal Social Charge (28 Jul 2020)

Paschal Donohoe: I am advised by Revenue that if an additional 5% Universal Social Charge (USC) was applied to incomes in excess of €140,000, the estimated first and full year yields would be €228m and €300m respectively. This assumes that a surcharge would continue to apply to self-employed income above €100,000 in addition to the 5% USC rate suggested by the Deputy. These...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: Assuming the current system continues to operate as in 2020, Local Property Tax (LPT) would be expected to collect €485 million in 2021. These receipts would be lost if LPT was abolished.

Written Answers — Department of Finance: Property Tax (28 Jul 2020)

Paschal Donohoe: I am informed by Revenue that the Ready Reckoner, available at , shows the estimated amounts that could be raised by a charge on non-principal private residences (indicated as such by owners in their LPT returns). The Ready Reckoner shows the yield from a €100 per property charge and the yield from a €400 charge can be estimated on a pro-rata or straight line basis.

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at link: . This Ready Reckoner shows a wide range of detailed information, including on page 18, changes to the Stamp Duty rate on non-residential property. While the Ready Reckoner does not show the specific costings requested by the Deputy, these can be estimated on a pro-rata or straight-line...

Written Answers — Department of Finance: Pensions Data (28 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 250 and 251 together. The estimated full year yield for each of the proposed decreases in the ceiling for occupational pension schemes, RACs and PRSAs can be found on page 11 of the Revenue Ready Reckoner, published at the link: . They are also shown in the below table: Annual Earnings Cap for Pensions Contributions Full Year Yield...

Written Answers — Department of Finance: Help-To-Buy Scheme (28 Jul 2020)

Paschal Donohoe: The Help to Buy scheme (HTB) is an income tax incentive measure designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The legislation originally contained a sunset clause for 31 December 2019. Finance Act 2019 section 477C of the Taxes Consolidation Act 1997 was amended to provide for a two...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: I am informed by Revenue that the annual cost of the Special Assignee Relief Programme (SARP) for 2012 to 2017 (the most recent year for which data are available) is as follows: Year €m 2012 0.1 2013 1.9 2014 5.9 2015 9.5 2016 18.1 2017...

Written Answers — Department of Finance: Mortgage Interest Relief (28 Jul 2020)

Paschal Donohoe: Mortgage interest relief (MIR) for persons with a qualifying mortgage loan on a principal private residence is only available on a tapered basis for loans taken out between 2004 and 2012. The relief will end on 31 December 2020. In 2019, 50% of the interest on a relevant loan qualified for relief while for 2020 the amount is tapered to 25%. I am advised by Revenue that the cost of MIR in...

Written Answers — Department of Finance: Tax Reliefs (28 Jul 2020)

Paschal Donohoe: The following table sets out details of the cost of the tax relief for trade union subscriptions in the seven years immediately prior to its end, including 2010 (in which year, the measure cost some €26 million): Year Cost (€ million) No. of  Claims 2004 10.7 248,300 2005 11.8 ...

Written Answers — Department of Finance: Tax Credits (28 Jul 2020)

Paschal Donohoe: The estimated cost of increasing the Earned Income Credit from its current value of €1,500 to €1,650 so that it is equal to the PAYE credit can be found on page 6 of the Revenue Ready Reckoner, published at the link: . The cost is estimated at €13 million and €23 million on a first and full year basis, respectively.

Written Answers — Department of Finance: Real Estate Investment Trusts (28 Jul 2020)

Paschal Donohoe: Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. The function of the REIT framework is not to provide an overall tax exemption but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment via a corporate vehicle. REITs are publicly...

Written Answers — Department of Finance: Irish Real Estate Fund (28 Jul 2020)

Paschal Donohoe: An Irish Real Estate Fund (IREF) is an investment undertaking where 25% or more of the value of that undertaking is made up of Irish real estate assets. The legislation was introduced to address concerns raised regarding the use of collective investment vehicles by non-residents to invest in Irish property.  Generally IREFs must deduct a 20% withholding tax on distributions to...

Written Answers — Department of Finance: Tax Reliefs (28 Jul 2020)

Paschal Donohoe: The rent relief tax credit was abolished in Budget 2011 and is no longer available to those that commenced renting for the first time from 8 December 2010.  This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage interest relief increases...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 260 and 266 together. I am advised by Revenue that the costs of various changes to Capital Acquisition Tax (CAT) thresholds and rates are published on pages 15-16 of the Revenue Ready Reckoner available at link . While not all of the changes proposed by the Deputy are included, these can be extrapolated on a straight line or pro-rata basis from those shown. I...

Written Answers — Department of Finance: Tax Code (28 Jul 2020)

Paschal Donohoe: As the Deputy is aware, the 80% cap on capital allowances for intangible assets applies to all intangible assets acquired on or after 11 October 2017. It was re-introduced in Finance Bill 2017 to effect a smoothing of corporate tax receipts over time. It also supports sustainability of CT receipts by extending the period over which the allowances are used.   It is important to...

Written Answers — Department of Finance: Corporation Tax (28 Jul 2020)

Paschal Donohoe: As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in most OECD countries. If the restrictions suggested by the Deputy were introduced, the Exchequer impact would depend on the future profitability of banks as this would determine their capacity to utilise their losses...