Results 11,501-11,520 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: 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 which is available at link: . While the exact changes proposed by the Deputy are not all included, they can be extrapolated on a straight line or pro-rata basis from those shown.

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I am advised by Revenue that the estimated yield from increasing the rate of Capital Gains Tax (CGT)  is published on page 13 of the Revenue Ready Reckoner, available at link; . While the exact changes sought by the Deputy are not provided, they can be estimated on a straight-line or pro-rata basis. It should be noted that these estimates are based upon an assumption that there would be...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: The regime for the operation of Real Estate Investment Trusts (REITs) in Ireland was introduced in Finance Act 2013. The framework for REITs is designed to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment through a corporate vehicle. The property rental income and gains are exempt from tax within the...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: The Deputy will be aware that companies in Ireland are mainly taxed at the standard corporation tax rate of 12.5 per cent.  The higher corporation tax rate of 25 per cent applies to certain income of companies, mainly non-trading income.  I am aware of different figures and methodologies being used to calculate effective tax rates paid by companies in Ireland.  While some of...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I assume the Deputy is referring to the High-Income Individual’s Restriction. The restriction is designed to ensure that individuals with an adjusted income level of €400,000 or more (where the full restriction applies) pay an effective rate of Income Tax of approximately 30%. Where adjusted income is less than €400,000, a tapering approach ensures that there is a...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: The Special Assignee Relief Programme (SARP) is an income tax incentive designed to help reduce the cost to employers of assigning skilled individuals in their companies from abroad, to take up positions in the Irish-based operations of their employer or an associated company, thereby facilitating the creation of jobs and the development and expansion of businesses in Ireland. In...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: In order to estimate the potential revenue from a wealth tax, it is necessary to identify the wealth held by individuals. As there is currently no such wealth tax in operation in Ireland, the Department understands that the Revenue Commissioners have no basis or requirement to compile the data needed to produce estimates in relation to a potential wealth tax. Although an individual's...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I propose to take Questions Nos. 118 and 119 together. I am advised by Revenue that an individual’s liability to Irish income tax is determined by reference to the source of his or her income and his or her Irish tax residence, ordinary residence and domicile status for a particular year. An individual will be considered tax resident in the State if he or she is present in...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I assume the Deputy is referring to the 80% Windfall Tax which applied to certain disposals of land from 30 October 2009 to 31 December 2014. The National Asset Management Agency Act 2009 amended the Taxes Consolidation Act 1997 by providing for an 80% windfall tax on profits or gains arising from disposals of development land, to the extent that those gains were attributable...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I am informed by Revenue that the Ready Reckoner, available on its website at link shows on page 26, the estimated amounts that could be raised by a levy on non-principal private residences (NPPR). While the rates proposed by the Deputy are not provided, they can be estimated on a straight-line or pro-rata basis from those shown. These figures are based on NPPRs identified in Local...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I am informed by Revenue that it has no information on which properties are empty and consequently cannot estimate the potential yield from a levy on empty homes. Regarding a vacant property tax more generally, an independent report on this topic commissioned by my Department was laid before Dáil Éireann on 18th September 2018 in accordance with the provisions of section 86 of...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: My Department does not hold information in relation to land that would enable it to make estimations of revenue as sought in the  Deputy's question.

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I am advised by Revenue that the estimated yields from standard-rating discretionary tax reliefs currently available at the marginal rate are as shown in the following table. These yields are based on 2017 data, other than the estimate on the carry forward of excess reliefs under the High-Income Earners Restriction, where 2016 is the latest available year. The estimates are tentative and do...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: It is not possible to provide estimated revenue yields for the policy measure proposed by the Deputy as the system of sectoral classification of businesses by NACE code does not provide sufficient accuracy for the specific profits on insurance companies to be separately identified from tax returns, and therefore for a robust estimate to be made. Notwithstanding this, for the reasons set...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: I am advised by Revenue that if the diesel rate was increased in equal amounts over a three-year period, the overall additional receipts that would be raised over that period are estimated at €792 million as set out in the following table: - €m Year 1 132 Year 2 264 Year 3 396 ...

Written Answers — Department of Finance: Tax Data (16 Jun 2020)

Paschal Donohoe: In line with the recommendation of the 2019 Climate Action Plan, I equalised the rates of electricity tax for business and non-business customers in Budget 2020. At that time, it was estimated that the additional revenue arising from this measure would be some €2.5 million.It is not possible at this time to state the potential impact of Covid-19 on the 2020 yield.

Written Answers — Department of Finance: Banking Sector (16 Jun 2020)

Paschal Donohoe: As the Deputy is aware, I 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. Furthermore, officials in my Department are alert to issues raised directly by the public and these inform the Department’s ongoing engagement...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jun 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. Of necessity, the underlying legislation and the scheme itself were developed very quickly, having regard to the objective of getting financial assistance to employers and employees, where businesses have been seriously affected by the...

Written Answers — Department of Finance: Small and Medium Enterprises (16 Jun 2020)

Paschal Donohoe: As the Deputy may be aware, the Department of Finance undertakes a biannual SME Credit Demand Survey that monitors SME credit demand and related issues.  The results from this survey have shown that the number of SMEs with no debt has increased in recent years. The latest results, in respect of the period April 2019 to September 2019, shows that 55% of SMEs surveyed reported they had no...

Written Answers — Department of Finance: Banking Sector (16 Jun 2020)

Paschal Donohoe: As Minister for Finance, I have no statutory function in relation to the banking decisions made by individual lending institutions as these are taken by the board and management of the relevant institution. However, as the Deputy may be aware given the current COVID-19 crisis on 18 March I met with the Chief Executives of the five major retail banks and the Banking and Payments Federation of...