Results 11,181-11,200 of 32,602 for speaker:Paschal Donohoe

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...

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

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act 1999 imposes an annual levy on certain financial institutions on the basis of the amount of deposit interest retention tax (DIRT) payable by them in a specified ‘base’ year. The levy is intended to raise a fixed annual amount of €150M. The amount of the levy paid by a particular financial institution must therefore...

Written Answers — Department of Finance: Financial Services Regulation (28 Jul 2020)

Paschal Donohoe: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law.  Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the...

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 the following link: . This Ready Reckoner shows a wide range of detailed information, including on page 23, estimates of yield from changes in duties on cigarettes. These estimates also assume pro-rata increases in other tobacco products.

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

Paschal Donohoe: As the Deputy will be aware, on 23 July the Government announced the July Jobs Stimulus, a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence while continuing to manage the impact of Covid-19. These measures included a temporary reduction in the standard rate of VAT from 23% to 21%.

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

Paschal Donohoe: I am aware that there have been many concerns expressed about how the insurance industry is responding to the needs of its business policyholders in these difficult times, including in terms of honouring business interruption claims. At the outset, I should remind the Deputy that neither I, nor the Central Bank of Ireland can direct or require that insurers cover claims, including those...