Results 11,901-11,920 of 32,602 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Help-To-Buy Scheme (13 May 2020)

Paschal Donohoe: The Help-to-Buy incentive, introduced with effect from 1 January 2017, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes...

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

Paschal Donohoe: I am advised by Revenue that the number of individuals earning above the €100,000 threshold, where credits would begin to taper as outlined by the Deputy, can be found in the ‘Individualised Gross Incomes’ document published on Revenue’s website at the following link: . 2017 is the most recent tax year for which data are currently available. As this document shows,...

Written Answers — Department of Finance: Electric Vehicles (13 May 2020)

Paschal Donohoe: In Finance Act 2017, I introduced an exemption from benefit-in-kind for employer-provided electric vehicles (cars and vans). An electric vehicle is one that derives its motive power exclusively from an electric motor. As such, hybrid vehicles do not qualify for this treatment. The benefit-in-kind exemption applied in respect of an electric car or electric van made available for an...

Written Answers — Department of Finance: Land Issues (13 May 2020)

Paschal Donohoe: Section 664 of the Taxes Consolidation Act 1997 provides for an income tax exemption for certain income arising from the leasing of farm land. This relief was introduced in Finance Act 1985 to encourage landowners to lease out land on a long-term basis to active farmers, thereby encouraging more productive use of the land. Subject to an upper limit, individuals who qualify for the relief are...

Written Answers — Department of Finance: Fuel Prices (13 May 2020)

Paschal Donohoe: Ireland relies on importing fuel to meet its energy needs and this leaves the Irish economy particularly exposed to the uncertainty of international oil price movements. However, as an energy importer Ireland has benefitted from the steep fall in oil prices since 2014, from approximately $100 in 2014 to $64 in 2019. Nonetheless, in recent months, there has been considerable volatility in...

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

Paschal Donohoe: I propose to take Questions Nos. 61 and 68 together. As the Deputy will know, we are now in the midst of a severe recession, both globally and domestically. Jobs and our people, have borne the brunt of the unprecedented economic decline. But we can and we will recover. Our economy can grow again next year, employment can grow, unemployment can fall, and our public finances can improve. This...

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

Paschal Donohoe: The information requested by the Deputy is set out in the following table. AIB AIB Bank of Ireland Bank of Ireland PTSB PTSB Date Share Price Value of Shareholding €M (c. 71% of total shares following IPO) Share Price Value of Shareholding €M (C. 14% of total shares) ...

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

Paschal Donohoe: The annual 2019 results for AIB and Bank of Ireland which were announced in March showed two profitable banks that were supporting our economic growth with strong and sustainable lending. Both banks made additional large strides in reducing NPEs further last year and continuing on their paths of digital transformation. However, as the Deputy will be aware, the economic landscape has since...

Written Answers — Department of Finance: Public Procurement Contracts (13 May 2020)

Paschal Donohoe: I propose to take Questions Nos. 64 and 65 together. As the Deputy is aware, European Union law sets out minimum harmonised public procurement rules. These rules govern the way public authorities and certain utility operators purchase goods, works and services. The rules are set out in three principal EU Directives which are transposed into national legislation and apply to tenders for public...

Written Answers — Department of Finance: Public Procurement Contracts (13 May 2020)

Paschal Donohoe: I propose to take Questions Nos. 66 and 67 together. Details of payments for valid supplier invoices processed by my Department and the bodies under its aegis during 2019; after 30 days of receipt, and 90 days of receipt, are contained in the following tables (the various tables have been compiled based on the accounts as at the time the PQ was first received). It should also be noted that...

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

Paschal Donohoe: Section 469 of the Taxes Consolidation Act 1997 provides for tax relief in respect of qualifying expenses incurred in the provision of health care in a tax year. Examples of qualifying expenses include GP fees, prescribed medicines, non-routine dental and optical care and nursing home fees. Detailed guidance on health expenses is available on Revenue’s website at the following link:...

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

Paschal Donohoe: As the Deputy is probably aware, 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 to a relevant planning decision. Profits or gains from these activities that were not attributable to a relevant planning...

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

Paschal Donohoe: I am advised by Revenue that it was informed by the Department of Employment Affairs and Social Protection (DEASP) that the person’s State Contributory Pension payment increased by €5 per week with effect from 6 January 2020. In situations where a person has both a private pension and a State Contributory Pension from DEASP, the tax due on the latter (DEASP payment) is...

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

Paschal Donohoe: As the Deputy will be aware, regulated entities have introduced three-month payment moratoria on mortgages, and personal and business loans for business and personal customers affected by COVID-19. Regulated entities will now make available a further three-month extension to the current payment moratoria to customers that continue to be directly impacted by the fallout from the Covid-19...

Written Answers — Department of Finance: Insurance Coverage (13 May 2020)

Paschal Donohoe: Let me say at the outset that I am very aware of the affordability and availability of insurance cover issues facing local community groups and projects, such as the one outlined in the Deputy’s question. I have much sympathy for the position such groups find themselves in, however as the Deputy is aware, there are significant constraints on what the Government can do to immediately...

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,...