Results 11,321-11,340 of 32,602 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (14 Jul 2020)

Paschal Donohoe: Hypothecation is not a feature of the Irish tax system in general. The Department of Finance is opposed to the hypothecation of Exchequer receipts as it reduces the flexibility of the Government to prioritise and allocate funds as necessary at a particular time. This constrains expenditure decisions and can distort the allocation of resources resulting in reduced value for money and...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (14 Jul 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) is provided for in section 28 of the recently enacted Emergency Measures in the Public Interest (Covid-19) Act 2020 (The Act) and is being extended until the end of August. The underlying legislation and the TWSS itself were developed having regard to the Government objective of providing assistance to employers and employees, where businesses have...

Written Answers — Department of Finance: Help-To-Buy Scheme (14 Jul 2020)

Paschal Donohoe: The purpose of the Help to Buy incentive is to help first-time buyers fund their first home, which may be purchased from a builder or self-built. The incentive applies for the period from 19 July 2016 to 31 December 2021 (having recently been extended by a further two year period in Finance Act 2019). The legislative provisions for the Help to Buy incentive are set out in Section 477C of the...

Written Answers — Department of Finance: Banking Sector (14 Jul 2020)

Paschal Donohoe: The Members of the Banking and Payments Federation of Ireland (BPFI) introduced the payment break for their customers on 18 March last to provide relief for people whose income had been affected by the Covid-19 crisis. The scheme was introduced in advance of the EBA guidelines of 2 April 2020. The guidelines stated the following in paragraph 24: "The moratorium changes only the...

Written Answers — Department of Finance: Mortgage Lending (14 Jul 2020)

Paschal Donohoe: As you will be aware both officials and myself have engaged and will continue to engage extensively with the Banking and Payments Federation (BPFI) and the banks directly in relation to supports for personal and business customers affected by the COVID-19 crisis. Officials in my Department are alert to issues raised directly by the public and these inform the Department’s ongoing...

Written Answers — Department of Finance: Value Added Tax (14 Jul 2020)

Paschal Donohoe: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. There is no...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (14 Jul 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) is an emergency measure to deal with the impact of the COVID-19 pandemic on the economy. It builds on data returned to Revenue through the PAYE real-time system and as such is a fully automated solution. The automated solution, which was developed in a very short timeframe in response to the pandemic, is designed around the dates specified in the...

Written Answers — Department of Finance: Ministerial Responsibilities (14 Jul 2020)

Paschal Donohoe: I wish to advise the Deputy that the briefing document provided by my Department to me and to the Minister of State at my Department with responsibility for Financial Services, Credit Unions and Insurance following our appointment will be published in the coming weeks. The published version will have regard to the relevant provisions of the Freedom of Information Act 2014.

Written Answers — Department of Finance: Covid-19 Pandemic Supports (14 Jul 2020)

Paschal Donohoe: As previously advised to the Deputy in Parliamentary Question Nos. 63 of 30 June 2020 and 168 of 7 July 2020, under the Temporary Wage Subsidy Scheme (TWSS) the amount of subsidy payable to eligible employees is based on their ‘average revenue net weekly pay’ (ARNWP) for January and February 2020, as returned by the employer to Revenue through the real-time PAYE system. The...

Written Answers — Department of Finance: Insurance Industry Regulation (14 Jul 2020)

Paschal Donohoe: At the outset, it is important to note that I am very much aware of the problems faced by many businesses and consumers in relation to the cost and availability of insurance. I also acknowledge the need to continue with the reform agenda and this is recognised in the Programme for Government's cross-Departmental insurance agenda. In terms of insurance regulatory reform, I believe much...

Written Answers — Department of Finance: Ministerial Responsibilities (14 Jul 2020)

Paschal Donohoe: No formal Delegation of Ministerial Functions Orders have been signed. This position is kept under review in light of the requirements of the role.

Written Answers — Department of Finance: Covid-19 Pandemic Supports (14 Jul 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) is a measure designed to maintain employment during the public health restrictions necessitated by the COVID-19 pandemic. To date, the scheme has provided in excess of €1.9 billion in support to almost 59,000 employers in respect of some 568,000 employees. There are approximately 410,000 employees currently receiving support through the scheme....

Written Answers — Department of Finance: Banking Licences (14 Jul 2020)

Paschal Donohoe: The Central Bank has provided tabular details of the number of applications received for banking licences for the period 2015 to date. It should be noted that the table does not include assessments in relation to material expansions of activities by existing banking licence holders, which were undertaken in the context of Brexit, as these did not constitute new licences. The following are the...

Written Answers — Department of Finance: Banking Licences (14 Jul 2020)

Paschal Donohoe: The Central Bank has provided tabular details of the number of new banking licences issued for the period 2015 to date. It should be noted that the table does not include assessments in relation to material expansions of activities by existing banking licence holders, which were undertaken in the context of Brexit, as these did not constitute new licences. Year Number of...

Written Answers — Department of Finance: Financial Services Sector (14 Jul 2020)

Paschal Donohoe: The Ireland for Finance strategy was launched by the former Minister of State for Financial Services and Insurance, Michael D’Arcy TD, and myself in April 2019. The launch was held in Iveagh House, and it was attended by a large number of executives and financial sector leaders from across the industry. A number of guests travelled from many different locations abroad for the launch....

Written Answers — Department of Finance: Covid-19 Pandemic Supports (14 Jul 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) was legislated for in section 28 of the recently enacted Emergency Measures in the Public Interest (Covid-19) Act 2020. I am advised by Revenue that in computing the employer’s liability to income tax or corporation tax, as the case may be, the employer is not entitled to a deduction in respect of TWSS payments paid to an eligible...

Written Answers — Department of Finance: Value Added Tax (14 Jul 2020)

Paschal Donohoe: I am advised by Revenue that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the reduced rate of VAT (13.5%) currently applies to accommodation, certain recreational activities and supplies of food and drink in restaurants, excluding alcohol and soft drinks. Under EU VAT law, Member States may only have...

Written Answers — Department of Finance: Value Added Tax (14 Jul 2020)

Paschal Donohoe: I am advised by Revenue that VAT registered traders are not required to separately identify the VAT generated from a particular activity or product type on their VAT returns. However, using Revenue and other third-party data, an estimate of the VAT generated at the standard rate (currently 23%) for the years 2012 to 2019 is provided below. Year Yield Standard Rate (23%)...

Written Answers — Department of Finance: Tax Code (14 Jul 2020)

Paschal Donohoe: I am advised by Revenue that the receipts generated by Excise Duty on alcohols for the years 2012 to 2018 are published on the Revenue website at link: www.revenue.ie/en/corporate/documents/statistics/excise/net- receipts-by-commodity.pdf. The Excise Duty receipts on alcohol for 2019 amounted to €1,233 million. In relation to the issue of the rate of alcohol excise duty, as the Deputy...

Written Answers — Department of Finance: Value Added Tax (14 Jul 2020)

Paschal Donohoe: The European Commission Decision C(2020)2146, adopted on 3 April 2020, provides for the importation of goods to fight the effects of COVID -19 (including personal protective equipment) from outside the European Union without the payment of VAT or Customs Duty from January 2020. Such relief is permitted where the goods are imported by or on behalf of State bodies, public bodies and other...