Results 11,801-11,820 of 33,214 for speaker:Paschal Donohoe

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...

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

Paschal Donohoe: I am advised by Revenue that the issues to which the Deputy is referring are resolved. Following direct discussions between the companies’ tax agent and Revenue, tax clearance certification was issued through the e-tax clearance system. The relevant access numbers have also been provided to the companies, which can be used by any third party to verify their tax clearance status.

Decision of the General Court of the European Union in the Apple Case: Statements (24 Jul 2020)

Paschal Donohoe: I congratulate the Leas-Cheann Comhairle on her election. I welcome the opportunity to comment on the recent judgment of the General Court of the European Union. It was always important that the State challenged this decision and did not accept the Commission's reasoning, as some in this House and elsewhere wanted. The decision of the previous Government to appeal the Commission decision...

Written Answers — Department of Finance: Mortgage Schemes (23 Jul 2020)

Paschal Donohoe: I fully appreciate the concerns you raise at this difficult time about people who are experiencing uncertainty about mortgage applications and drawdowns. My Department is maintaining close contact with the Central Bank of Ireland and Banking and Payments Federation Ireland – the BPFI - as the lending industry works to address the difficulties the Covid-19 situation is causing for both...

Written Answers — Department of Finance: Revenue Commissioners (23 Jul 2020)

Paschal Donohoe: I am advised by Revenue that the Revenue On-Line System (ROS) is specifically designed for the collection and administration of various taxes and duties The system is used in the main by business taxpayers, including the self-employed, and in many cases is operated by tax agents on behalf of clients rather than by the actual businesses. Personal taxpayers use an altogether different online...

Written Answers — Department of Finance: Insurance Industry (23 Jul 2020)

Paschal Donohoe: It should be noted at the outset that in my role as Minister for Finance, I have no influence over whether an insurer should provide a partial refund of motor premiums to its customers, as this is very much a commercial decision for each company to make. However, I strongly believe that all sectors must play their role in assisting customers in these difficult times. In view of this, my...

Written Answers — Department of Finance: Bus Operators (23 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 and has been 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 been seriously affected by...

Written Answers — Department of Finance: Bus Operators (23 Jul 2020)

Paschal Donohoe: Payment breaks have been provided on a voluntary basis by members of the Banking and Payments Federation of Ireland (BPFI). This allowed lenders to quickly to provide substantial and rapid relief to impacted borrowers during a fast moving and evolving public health crisis. While Government has welcomed this important support provided by members of the BPFI for their business and consumer...

Written Answers — Department of Finance: Banking Sector (23 Jul 2020)

Paschal Donohoe: As the Deputy has indicated, this was an administrative error which resulted in an erroneous entry in the Irish Credit Bureau (ICB). Customers learned of this when the bank wrote informing them that the issue had been resolved. I would encourage any customer with concerns to contact the bank directly on the dedicated customer helpline that EBS has set up to assist and advise customers....