Results 11,481-11,500 of 33,214 for speaker:Paschal Donohoe

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

Paschal Donohoe: ‘Ireland for Finance’, launched in April 2019, is a whole of government strategy for the development of the international financial services sector to 2025.  The Strategy is structured around action measures grouped under four pillars: Operating Environment, Technology and Innovation, Talent, and Communications and Promotion. There are also three horizontal priorities which...

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

Paschal Donohoe: In their statistical release on Residential Mortgage Arrears Statistics, the Central Bank publishes a range of data on the number of mortgages and mortgage arrears.  This publication details quarterly developments in the number and value of mortgages in arrears covering all residential properties in Ireland. The collected data covers bank and non-bank entities. All entities...

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

Paschal Donohoe: I am advised by Revenue that the estimated carbon tax receipts for 2020 are €455m (VAT exclusive). This estimate is based on trends seen to date during the year, including the fall in consumption due to COVID-19 restrictions.  With regard to carbon tax receipts over the period 2021 to 2025, this will depend on a number of factors, such as changes in...

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

Paschal Donohoe: In 2015 a strategy was launched called IFS2020: A Strategy for Ireland’s International Financial Services Sector 2015–2020.  New implementation structures were established under that Strategy and the Clearing House Group no longer exists.  This committee structure continues under the most recent Strategy for the development of the international financial services...

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

Paschal Donohoe: In relation to the Deputy's question, I would like to begin by noting that the IFSC Clearing House Group no longer exists.  In its place there is the ‘Joint Committee’ which was established under IFS2020: A Strategy for Ireland’s International Financial Services Sector 2015–2020. The Joint Committee consists of two committees which have continued into the...

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

Paschal Donohoe: For the purpose of this reply it is assumed that the Deputy is referring to GNI* rather GNI. The fluctuation in gross general government debt as a proportion of GDP, GNP and GNI* over the past ten years has been two-fold; a steady increase from 2009-2012 contrasted by a sharp decline from 2012-2019, across all three debt ratios. The table below sets out the outturn data in respect of gross...

Written Answers — Department of Finance: Departmental Staff (29 Sep 2020)

Paschal Donohoe: I wish to inform the Deputy that I currently have no requests to increase staff levels in my Department. During the summer a Unit was put in place in the EU & International Division of my Department to support my role of President of the Euro Group of Finance Ministers. There are currently 7 staff members assigned to this Unit. All requests to increase staff levels in my Department...

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

Paschal Donohoe: I am aware of the reports that NatWest is engaged in a strategic review of its operations, including those of  Ulster Bank Ireland. The Government has no formal role in such a review or any commercial decisions that result as these are a matter for the Board and Management of the Bank and its parent company, NatWest.  I understand that the process is ongoing and that no...

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...

Written Answers — Department of Finance: Brexit Supports (29 Sep 2020)

Paschal Donohoe: As the Deputy will be aware, on 21stJuly 2020, Heads of State and Government reached agreement on the Post-2020 Multiannual Financial Framework (MFF) and Next Generation EU, totalling €1.82 trillion. Difficult discussions took place over four days, but the Government welcomes this agreement. This is a fair and balanced outcomeand demonstrates that Europe can work collectively to deal...

Written Answers — Department of Finance: Vehicle Registration Tax (24 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 90 and 91 together. Vehicle Registration Tax is charged on new cars or used imports registering in the State for the first time. The VRT reform option in the Tax Strategy Group paper sets out a mechanism for transitioning to the new road emissions test 'WLTP' and recalibrating the tax design in light of the more realistic emissions recorded. This is...

Written Answers — Department of Finance: Budget Process (24 Sep 2020)

Paschal Donohoe: As the Deputy may be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Cycle to Work Scheme (24 Sep 2020)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 provides for the cycle to work scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a bicycle and associated safety equipment up to a maximum of €1,500 for e-bikes and €1,250 for other bicycles for an employee to use, in whole or in part, to travel to work. These thresholds were increased...

Written Answers — Department of Finance: Value Added Tax (24 Sep 2020)

Paschal Donohoe: I am advised by Revenue that information provided on VAT3 returns (the primary return filed by VAT traders) does not require a business to separately identify the yield from particular VAT rates or sectors of the economy. However, based on other Revenue data and third-party data sources, a tentative estimate on the impact of a reduction in the VAT rate on hospitality and tourism...

Written Answers — Department of Finance: Vehicle Registration Tax (24 Sep 2020)

Paschal Donohoe: I am informed by Revenue that VRT is levied under the provisions of the Finance Act 1992, Part II, Chapter IV. There are a number of exemptions and reliefs under this legislation including a zero rating on vehicles such as ambulances and fire engines, and, under certain circumstances, relief from VRT and VAT under the provisions of the Disabled Drivers and Disabled Passengers (Tax...

Written Answers — Department of Finance: Wage Subsidy Scheme (24 Sep 2020)

Paschal Donohoe: The Deputy will be aware that under Section 851A of the Taxes Consolidation Act 1997, Revenue is precluded by reason of its taxpayer confidentiality obligations, from providing any details in relation to the company in question. 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...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (24 Sep 2020)

Paschal Donohoe: As the Deputy is aware, on 18 March the Banking and Payments Federation of Ireland (BPFI) announced a coordinated approach by banks and other lenders to help their businesses and personal customers who were economically impacted by the Covid-19 crisis. These measures included flexible loan repayment arrangements, and included a loan payment break of up to three months which was subsequently...

Written Answers — Department of Finance: Tax Reliefs (24 Sep 2020)

Paschal Donohoe: I am advised by Revenue that Transborder Relief may apply in the case of an individual resident in the State but who commutes to his or her place of work outside the State. This relief is set out in section 825A of the Taxes Consolidation Act 1997. The relief effectively removes the foreign employment income from a liability to Irish tax where foreign tax has been paid on that employment...

Written Answers — Department of Finance: Banking Sector (24 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 99 and 101 together. Ulster Bank Ireland is a significant employer, has 88 branches, has a sizeable 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 and...

Written Answers — Department of Finance: Mortgage Lending (24 Sep 2020)

Paschal Donohoe: I will not speculate or comment on the specific matter raised by the Deputy but I can outline the protections that apply when mortgages are transferred from a regulated entity. The relevant Irish and EU consumer protections continue to apply to any mortgage that has transferred. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015provided that all the consumer protections a...