Results 11,401-11,420 of 32,602 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Wage Subsidy Scheme (7 Jul 2020)

Paschal Donohoe: In response to the Covid 19 Public Health emergency, the Government developed a suite of measures designed to support households and businesses that have been negatively impacted by the pandemic and the restrictions that were put in place as a result. These measures include temporary income support for individuals by way of the Pandemic Unemployment Payment (PUP) and the Temporary Wage...

Written Answers — Department of Finance: Fiscal Policy (7 Jul 2020)

Paschal Donohoe: As is widely recognised, GDP figures for Ireland can be misleading due to statistical distortions and are therefore of limited use for comparative purposes. Instead, modified Gross National Income, or ‘GNI*’, an alternative metric published by the CSO, provides a more suitable measure of the underlying size of the Irish economy and as a result is a more appropriate indicator for...

Written Answers — Department of Finance: Fiscal Policy (7 Jul 2020)

Paschal Donohoe: The Stability Programme Update, published in April, estimated a general government deficit of €23 - €30 billion in 2020. As I have said previously, it is entirely appropriate that Government runs a deficit and increases borrowing to support the economy in these unprecedented circumstances. However, borrowing at this scale cannot go on indefinitely and once circumstances allow,...

Written Answers — Department of Finance: Wage Subsidy Scheme (7 Jul 2020)

Paschal Donohoe: The Temporary Wage Subsidy Scheme (TWSS) is provided for in section 28 of the Emergency Measures in the Public Interest (Covid-19) Act 2020. The TWSS is an emergency measure to deal with the impact of the Covid-19 pandemic on the economy. Of necessity, the underlying legislation and the scheme itself were developed rapidly, having regard to the Government objective of providing financial...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 196 and 213 together. In September 2018 my Department published Ireland's Corporation Tax Roadmap. This Roadmap set out the progress made at that time, and the direction in which we would go, towards ensuring that Ireland's corporation tax regime remained appropriate in order to support economic growth and prosperity. Significant actions have been taken on...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 197 and 202 together. The Programme for Government “Our Shared Future” contains a number of commitments in the area of budgetary policy and taxation including a commitment to use both taxation measures, as well as expenditure measures, to close the deficit and fund public services if required. In doing so, the Government will seek to focus...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: The Programme for Government “Our Shared Future” contains a number of commitments in the area of budgetary policy and taxation including a commitment to the establishment of a Commission on Welfare and Taxation. The stated purpose of the Commission will be to consider how best the tax system can support economic activity and promote increased employment and prosperity while...

Written Answers — Department of Finance: Property Tax (7 Jul 2020)

Paschal Donohoe: The Programme for Government "Our Shared Future" adopted by the Government on 27 June 2020 includes a commitment to bring forward legislation in relation to the Local Property Tax (LPT) on the basis of fairness and that most homeowners will face no increase in their LPT liability. In addition there is a commitment to bring new homes, which are currently exempt from the LPT, into the taxation...

Written Answers — Department of Finance: Credit Unions (7 Jul 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, the need for which is heightened at this time. Credit unions account for approximately one third of the consumer credit market and are...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: It is intended that, beginning in 2020, the Recovery Fund will be available for three years and will consist of three primary elements: - Infrastructure development - focussing on areas such as housing, retrofitting and transport to maintain employment and lay the foundation for future employment. - Reskilling and retraining - for those who have lost their jobs as a result of the...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: The Programme for Government sets out the Government’s intention to utilise taxation measures, as well as expenditure measures, to close the deficit and fund public services, if required. It is further stated in the Programme that governmental policy will aim to focus any tax rises on those taxes which tax behaviours with negative externalities, such as carbon tax, sugar tax, and...

Written Answers — Department of Finance: Tax Code (7 Jul 2020)

Paschal Donohoe: The Programme for Government states that there will be a review Capital Gains Tax (CGT) in each Budget over the next five-years, in particular with the objective of supporting innovation driven enterprises that will help transition to a low carbon economy. CGT is subject to ongoing review, which involves the consideration and assessment of the rate of CGT and the reliefs and exemptions...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 205, 207 to 209, inclusive, and 211 together. The Programme for Government ‘Our Shared Future’ contains a number of commitments relating to taxation, including in relation to the tax credit referred to by the Deputy. The intention is to deliver these commitments within the duration of the life of the Government, noting the need to provide a...

Written Answers — Department of Finance: Tax Code (7 Jul 2020)

Paschal Donohoe: As the Deputy will be aware, consideration of possible changes to CAT rates and thresholds generally takes place as part of the annual Tax Strategy Group, Budget and Finance Bill process. Together, these processes consider options for changes across the wider tax system. As is normal, the Deputy will appreciate that I cannot comment on any possible changes in advance of the 2021 Budget.

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: As the Deputy will be aware, I am supportive and have repeatedly spoken on the need to broaden the tax base. A number of measures have been taken in this regard in recent years and include the introduction of the Universal Social Charge, the Local Property Tax and the Sugar Sweetened Drinks Tax. More recently changes to the VAT rate and carbon tax changes were introduced to broaden the tax...

Written Answers — Department of Finance: Statutory Instruments (7 Jul 2020)

Paschal Donohoe: Statutory Instrument 110 of 2019, the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019, was signed into law on 22 March 2019. These Regulations transpose Article 30 of the Fourth Anti-Money Laundering Directive (as amended by the Fifth Anti-Money Laundering Directive) and maintain the obligation, first established in 2016, for corporate...

Written Answers — Department of Finance: Tax Credits (7 Jul 2020)

Paschal Donohoe: The Research and Development (R&D) tax credit allows companies to claim a 25% tax credit in respect of expenditure incurred on qualifying R&D activities. In making a claim for the R&D tax credit, companies must satisfy two tests: the activity must be a qualifying activity (a science test); and the amount of the claim must be based on R&D expenditure incurred...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: I have been advised by the Central Bank of Ireland (the Central Bank) that it is committed to regularly reviewing its statutory Codes and ensuring they remain effective. The Central Bank first introduced the Code of Conduct on Mortgage Arrears (CCMA) in 2009 in the midst of an economic and employment crisis to provide statutory safeguards for vulnerable, financially-distressed borrowers...

Written Answers — Department of Finance: Programme for Government (7 Jul 2020)

Paschal Donohoe: The Programme for Government has committed to introduce a Senior Executive Accountability Regime (SEAR). SEAR will drive positive changes in terms of culture, greater delegation of responsibilities, and enhanced accountability while simplifying the taking of sanctions against individuals who fail in their financial sector roles. Officials in my Department are engaging with the Attorney...

Written Answers — Department of Finance: Covid-19 Pandemic (7 Jul 2020)

Paschal Donohoe: The Government is very much aware of the economic difficulties and challenges the Covid-19 pandemic is causing for very many people and businesses. Therefore, in the Programme for Government - Our Shared Future - this new Government commits itself to make every effort to get people back to work, to re-open businesses while developing the strategies and the policies to drive this forward....