Results 12,641-12,660 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Reliefs Availability (13 Nov 2019)

Paschal Donohoe: I understand that the Deputy is proposing that income tax relief, similar to that which is provided for under Section 644 TCA 1997, would apply where landlords provide long-term leases of residential properties. As the Deputy will be aware, decisions by me in relation to the Tax Acts are made in the context of the annual Budget and Finance Bill process. However, bearing in mind the issues...

Written Answers — Department of Finance: Tax Collection Forecasts (13 Nov 2019)

Paschal Donohoe: My Department periodically reviews its approach to tax forecasting, with the most recent full review published in 2008. A new review group has been established with a mandate to review and assess tax forecasting methodology over the past decade. The Tax Forecasting Methodology Review Group is composed of members of various institutions, both domestic and international, engaged in tax...

Written Answers — Department of Finance: EU Budget Contribution (13 Nov 2019)

Paschal Donohoe: The contributions of each Member State to the EU Budget include Traditional Own Resources (Customs Duties) and a portion of VAT, with the remainder coming from Gross National Income (GNI). The following table outlines the Irish contribution to the EU Budget for each of the 2015 to 2018 and to date in 2019. These figures include Traditional Own Resources. Year Payments...

Written Answers — Department of Finance: Banking Sector (13 Nov 2019)

Paschal Donohoe: The Central Bank of Ireland has an overall and independent responsibility to promote and protect financial stability and the mortgage lending measures introduced in 2015 are an important tool available to the Bank for that purpose. In that context, the Central Bank carries out an annual review of the mortgage measures, including the key parameters of the LTV and LTI limits and the...

Written Answers — Department of Finance: Tax Code (13 Nov 2019)

Paschal Donohoe: As part of a joint research programme between the Department of Finance, the Revenue Commissioners and the Economic and Social Research Institute (ESRI), the ESRI published research on the impacts of increases in the carbon tax, including distributional impacts. This research paper can be accessed at:  . In June 2019, the ESRI published a special article, Carbon...

Written Answers — Department of Finance: Tax Code (13 Nov 2019)

Paschal Donohoe: The overarching legislative framework for the taxation of aviation fuels used in intra EU and international flights is in EU and international laws. EU Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive, requires Member States to exempt certain fuels used for commercial aviation purposes from excise duty. The...

Written Answers — Department of Finance: European Central Bank (13 Nov 2019)

Paschal Donohoe: The ECB's mandate is to maintain price stability in the euro area. The Central Bank of Ireland contributes to the formulation of monetary policy at Eurosystem level, and further details of this? are set out in the Bank’s Annual Report. The Treaty on the Functioning of the European Union prohibits the ECB from seeking or taking instructions from EU institutions or bodies, from any...

Written Answers — Department of Finance: Tax Yield (13 Nov 2019)

Paschal Donohoe: In Budget 2020 I announced that all new revenues arising from the increase in the rate of carbon tax would be ring-fenced for climate action purposes. It is estimated that the €6 increase in the rate of carbon tax will raise approximately €90 million additional revenue in 2020.  These funds will be used to protect those most exposed to higher fuel and energy...

Written Answers — Department of Finance: Brexit Issues (13 Nov 2019)

Paschal Donohoe: Since the result of the UK referendum in 2016, Brexit has been embedded in all of the Government’s economic decision-making, and in the management of our economy.  At all times the Government has sought to protect our citizens and support the economy, enterprise and jobs.  Budget 2020 builds on the preparations that have been underway across Government since the UK referendum...

Written Answers — Department of Finance: Currency Exchange (13 Nov 2019)

Paschal Donohoe: Budget 2020, including the macroeconomic outlook which underpins it, was based on the prudent assumption that the UK would leave the EU on 31 October without an agreement. The macroeconomic outlook is set out in the Economic and Fiscal Outlook published with Budget 2020. The euro-sterling exchange rate assumptions underlying Budget 2020, based on exchange rate outturns as of mid-September...

Written Answers — Department of Finance: Eurozone Issues (13 Nov 2019)

Paschal Donohoe: As Minister for Finance, I attend the Economic and Financial Affairs Council of the European Union (ECOFIN) which is responsible for EU policy in a number of areas including economic policy. I also attend meetings of the Eurogroup, where the Ministers of the Euro Area Member States discuss matters concerning their shared responsibilities related to the euro. At both the ECOFIN and...

Written Answers — Department of Finance: Economic Competitiveness (13 Nov 2019)

Paschal Donohoe: Strong economic growth is a sign of our economy’s competitiveness, with GDP up 6½ percent in year-on-year terms in the first half of this year. Although in the Irish context, GDP can be distorted by globalisation factors, other indicators such as modified domestic demand confirm continued growth in our economy. The strength of the economy is most clearly evident in the labour...

Written Answers — Department of Finance: Economic Growth (13 Nov 2019)

Paschal Donohoe: Budget 2020, which was based on the assumption of a no-deal Brexit, projected GDP growth of 5.5 per cent this year and just 0.7 per cent next year, reflecting the Brexit impact and a weakening in the global environment. Growth in modified domestic demand – a better barometer of economic conditions in Ireland – is estimated at 3.2 per cent this year and 1.4 per cent next year. ...

Written Answers — Department of Finance: Eurozone Issues (13 Nov 2019)

Paschal Donohoe: As set out in the Budget 2020, Economic and Fiscal Outlook document, an important milestone is expected to be achieved this year, namely that the debt-to-GDP ratio is projected at below the 60 per cent threshold set out in the Stability and Growth Pact, for the first time in the post crisis era. Ireland’s position in terms of gross general government consolidated debt is below the...

Written Answers — Department of Finance: Brexit Issues (13 Nov 2019)

Paschal Donohoe: Since the result of the UK referendum in 2016, Brexit has been embedded in all of the Government’s economic decision-making, and in the management of our economy. At all times the Government has sought to protect our citizens and support the economy, enterprise and jobs. Dedicated measures were announced in Budgets 2017, 2018 and 2019 including up to €600 million that has been...

Written Answers — Department of Finance: Brexit Issues (13 Nov 2019)

Paschal Donohoe: My Department continuously identifies and monitors possible risks to, and weaknesses in, the Irish economy, most of which are currently external in nature. In the Budget 2020 Economic and Fiscal Outlook, four key external risks were identified. Firstly, there is a possibility that the slowdown in global growth will become more prolonged, despite the initial expectation of the slowdown...

Written Answers — Department of Finance: NAMA Operations (13 Nov 2019)

Paschal Donohoe: The Deputy will be aware that I, as Minister for Finance, have no role in respect of NAMA’s operations and decisions, or in properties securing its loans. However, as previously outllined in a response on 3rd October 2019, in this instance, I am advised by NAMA that it has never had involvement with the referenced site.

Written Answers — Department of Finance: Mortgage Interest Rates (13 Nov 2019)

Paschal Donohoe: The European Central Bank (ECB) sets monetary policy and official interest rates for the Eurozone as a whole and also plays a key role in the prudential supervision of European banks and the maintenance of the stability of the overall banking system in the context of the Single Supervisory Mechanism. It is a matter for each credit institution to set its own lending and deposit rates having...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (13 Nov 2019)

Paschal Donohoe: Deputy, in advance of my reply, I am assuming that your use of the words “investment funds” is a reference to those firms in the non-bank sector i.e. retail credit and credit servicing firms. It is within the remit of the Central Bank of Ireland’s (the Central Bank) responsibilities to safeguard stability and protect consumers, and its approach to...

Written Answers — Department of Finance: Price Inflation (13 Nov 2019)

Paschal Donohoe: Irish inflation has been subdued for a number of years. For example, on a Harmonised Index of Consumer Prices (HICP) basis, annual inflation has been below 1 per cent since 2013. This trend is unlikely to change this year with HICP inflation of 0.9 per cent on average for the first ten months of 2019. This phenomenon is not restricted to Ireland. In recent years, low inflation has been a...