Results 11,861-11,880 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: VAT Rate Increases (13 May 2020)

Paschal Donohoe: Shortly after the introduction of VAT, Revenue allowed the zero rate to be applied to certain food supplement products (vitamins, minerals and fish oils). This concessionary approach expanded as the market developed over the years and resulted in the zero rating by Revenue of further similar products, including products other than vitamins, minerals and fish oils. Revenue has acknowledged...

Written Answers — Department of Finance: Revenue Commissioners (13 May 2020)

Paschal Donohoe: Revenue has advised me that it reviewed the tax position of the person in question on 29 January 2020 and I am assured that their record is now fully up to date. Revenue has also advised me that it confirmed the correct tax position to the person on the same date via its ‘MyEnquiries’ system. Unfortunately, Revenue omitted to provide an update to the Deputy and apologises for...

Written Answers — Department of Finance: Mortgage Interest Relief Expenditure (13 May 2020)

Paschal Donohoe: Mortgage Interest Relief (MIR) is currently available for mortgage loans taken out between 1 January 2004 and 31 December 2012, which were used for the purchase, repair or improvement of a principal private residence. The rate of relief depends on whether the loan was taken out by a first-time buyer, the date of purchase and the length of time the loan has been held. The rate of relief is...

Written Answers — Department of Finance: Tax Credits (13 May 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 the...

Written Answers — Department of Finance: Universal Social Charge Exemptions (13 May 2020)

Paschal Donohoe: I am advised by Revenue that the estimated first and full year cost to the Exchequer of exempting all income below €30,000 from the Universal Social Charge (USC) is €1,056m and €1,219m respectively. This estimate has been generated by reference to 2020 incomes, calculated on the basis of actual data for the year 2017, the latest year for which returns are available,...

Written Answers — Department of Finance: Corporation Tax Regime (13 May 2020)

Paschal Donohoe: The Deputy may recall that my Department issued a Technical Note to the Committee on Finance, Public Expenditure & Reform and Taoiseach (FinPERT) in August 2018 which dealt with the potential consequences of changes to the treatment of Corporation Tax Loss relief in respect of banks. The Technical Note can be found at the following link: In answering the Deputy’s current...

Written Answers — Department of Finance: VAT Rate Application (13 May 2020)

Paschal Donohoe: I am advised that information regarding the potential impact of possible rate changes on VAT receipts is available in Revenue’s Ready Reckoner at link: . Increases or decreases in excess of the listed 1% change can be extrapolated on a straight-line basis. Please note that the Ready Reckoner does not account for COVID-19. Under the EU VAT Directive, with which Irish VAT law must...

Written Answers — Department of Finance: Banking Sector (13 May 2020)

Paschal Donohoe: The spread of COVID-19 is a major shock to growth prospects across the globe. It is clear that the pandemic is disrupting economic activity, both internationally and in Ireland, with adverse impacts on households, businesses and the financial system in the near term. The necessary containment measures on public health grounds will have a significant impact on the euro area and Irish...

Written Answers — Department of Finance: Ireland Strategic Investment Fund (13 May 2020)

Paschal Donohoe: The National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (“ISIF”) is already actively engaged across a range of investment initiatives relating to the regeneration of the core of many of our regional cities and major towns. Investment in support of Regional Development is one of ISIF’s priority themes under its refocused...

Written Answers — Department of Finance: Carbon Tax (13 May 2020)

Paschal Donohoe: I am advised by Revenue that the estimated additional receipts from the Budget 2020 increase of €6 per tonne in Carbon Tax are shown in the following table. These estimates are based on normal consumption levels and no allowance has been made for any change in consumption in future years. Year €m 2020 +93 2021 ...

Written Answers — Department of Finance: Bank Charges (13 May 2020)

Paschal Donohoe: All credit institutions in Ireland are independent commercial entities and the imposition of bank fees and charges is a commercial decision for the bank involved. You will be aware that, as Minister for Finance, I have no statutory role in relation to the charges applied by credit institutions. Under Section 149 of the Consumer Credit Act 1995, as amended, the responsibility for the...

Written Answers — Department of Finance: Bank Charges (13 May 2020)

Paschal Donohoe: All credit institutions in Ireland are independent commercial entities and the imposition of bank fees and charges is a commercial decision for the bank involved. You will be aware that, as Minister for Finance, I have no statutory role in relation to the charges applied by credit institutions. Under Section 149 of the Consumer Credit Act 1995, as amended, the responsibility for the...

Written Answers — Department of Finance: Exchequer Returns (13 May 2020)

Paschal Donohoe: In January the Medium Term Fiscal Strategy (MTFS) outlined, at a high level, the growth, revenue, expenditure and corresponding general government position over a five year horizon. The Stability Programme Update (SPU)2020, published in April and formally submitted to the European Commission and European Council, incorporated the impact of the Covid-19 pandemic and the adopted policy...

Written Answers — Department of Finance: Public Expenditure Policy (13 May 2020)

Paschal Donohoe: The Government published its Draft Stability Programme Update on 21 April. This set out an updated economic and fiscal scenario, for this year and next, incorporating the impact of the Covid-19 pandemic. The necessary fiscal cost of providing short-term support to the private sector will be significant. A general government deficit of €23 billion is currently projected for this year....

Written Answers — Department of Finance: Commencement of Legislation (13 May 2020)

Paschal Donohoe: The Consumer Insurance Contracts Act 2019 was signed into law by the President on the 26th of December 2019. At the end of January I took the decision that the matter of when to commence the Act should be taken by the next Government. The background to this decision was a series of meetings with the major insurers where significant concerns were expressed about the early implementation of...

Written Answers — Department of Finance: NAMA Operations (13 May 2020)

Paschal Donohoe: As part of its Annual Report for 2018, NAMA revised its projected surplus to be returned to the State upward to €4 billion, subject to favourable market conditions. The realisation of the surplus depends on the success of NAMA’s ongoing deleveraging and the completion of its Dublin Docklands and Poolbeg SDZs and residential funding programmes. Following a direction by the...

Written Answers — Department of Finance: Tax Code (13 May 2020)

Paschal Donohoe: Revenue have issued guidance in relation to the circumstances and the manner in which it will amend vehicle benefit-in-kind charges to take account of the impact of the COVID-19 crises. This guidance can be accessed via the below link:

Written Answers — Department of Finance: Banking Sector (13 May 2020)

Paschal Donohoe: There is a detailed regulatory framework in place for the banking sector which establishes how they classify non-performing loans and the capital they must set aside for loans that turn non-performing. In general, a loan is defined as non-performing if a customer is assessed as unlikely to pay or repayments on a loan are more than 90 days past-due. It is important to note that banks...

Written Answers — Department of Finance: Tax Reliefs Eligibility (13 May 2020)

Paschal Donohoe: Section 473A of the Taxes Consolidation Act 1997 provides for income tax relief in respect of qualifying tuition fees paid by an individual for a third level education course, subject to the terms and conditions set out in that section. The relief is granted at the standard rate of income tax (currently 20%), where an individual pays qualifying fees for an approved course, whether on his or...

Written Answers — Department of Finance: Financial Services Regulation (13 May 2020)

Paschal Donohoe: First of all, I would expect that all moneylenders would behave responsibly and respect the public health measures, including the social distancing measures, which have been put in place by the Government. Moneylenders should seek to implement alternative repayment methods, if possible, during this time. The Central Bank of Ireland (Central Bank) is responsible for the licensing and...