Results 12,661-12,680 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Public Expenditure and Reform: Public Sector Staff Remuneration (7 Nov 2019)

Paschal Donohoe: The individual referred to was not, before appointment, a serving civil or public servant. In general, public service pay policy requires that new entrants are appointed at the minimum of the scale. Where different arrangements apply, these are set out in the terms and conditions of appointment and should be clarified by the relevant employer.

Written Answers — Department of Finance: Tax Credits (6 Nov 2019)

Paschal Donohoe: In situations where a couple is cohabiting, rather than married or in a civil partnership, each partner is treated for the purposes of income tax as a separate and unconnected individual. Because they are treated separately for tax purposes, credits, tax bands and reliefs cannot be transferred from one partner to the other. The basis for the current tax treatment of married couples...

Written Answers — Department of Finance: Pension Levy (6 Nov 2019)

Paschal Donohoe: The pension fund levy was introduced in 2011 in the wake of the financial crisis and at a time when the economy was in serious difficulties. The levy was designed to claw back a small amount of the very generous tax reliefs that those contributing to pension arrangements had benefitted from over many years. The levy went to fund the tax reductions and expenditure measures introduced in the...

Written Answers — Department of Finance: Universal Social Charge Application (6 Nov 2019)

Paschal Donohoe: Individuals will continue to pay Universal Social Charge (USC) as normal up to the age of 70. Reduced rates of USC apply for those aged over 70 with total annual income of less than €60,000. This ensures that the highest rate of USC paid on income is 2%. There is no charge to PRSI (Pay Related Social Insurance) for those aged over 66. Additionally, a person aged 65 and over...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Capital allowances for intangible assets were introduced in the Finance Act 2009 to support the development of the knowledge economy and the provision of high quality employment. When the capital allowances were introduced a restriction was provided to cap at 80% the amount of income the allowances could be used against in any year. The cap was removed for a period between 2015 and 2017 to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I thank the Deputy for the argument he has put forward. I note his acknowledgement of the degree of change that we have made. My view is that our tax treatment of intellectual assets is appropriate. It recognises the value of these assets and the contribution that they can make to economy, and also the need for us to tax them effectively and fairly. On the issue regarding the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I will make three points. First, I wish to state in the strongest terms that the changes I made in the previous Finance Bill to deal with this area were not influenced by any one company, nor was I approached on this matter by any one company. I am not suggesting that the Deputy is alleging that that is what motivated my action in this regard. Given the scale of this issue, however, it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: On a fixed basis, up to 15 years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: It is up to 15 years. My team has informed me that it can also be claimed over an accounting period on an amortised basis but that could be between three and 15 years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: The net point is that it is a long period.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: We have figures on a national basis and they are available. I may have shared those figures with the committee in the past but I can do so again. I do not have that information available on a company-by-company basis.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: That information is available in a tabular format up to the end of 2017. I can share that with the committee.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I have given this matter the most serious consideration. The Deputy has acknowledged that the Finance Bill contains a number of measures designed to address how we tax this sector. On budget night I introduced some very significant and justified compliance measurements on the basis of issues, of which I am now fully aware and on which I have been briefed. Capital gains tax is not the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I am aware of the scale to which the Deputy referred. During the debate on the matter last night, I indicated that one aspect I had asked my Department to examine was the scale of the assets and the effect they have on the property market. I am fully aware of some of the issues to which the Deputy refers. Just because such entities have grown in a certain way in the past does not mean they...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I have been reminded of a feature to which I would like to draw the committee's attention. Deputy Pearse Doherty raised an issue with events declared that lead to a tax liability. Within the Bill, separately to the measures introduced as financial resolutions, we have brought in a measure whereby the filing requirement for IREFs will be placed on a mandatory footing and the details on the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I will restate a few things and say a few additional things. I want to ensure that what I said a moment ago about the filing of returns is clear. A feature of the debate on the Finance Bill every year is that most of it tends to focus on amendments rather than the sections of the Bill as presented. For the purposes of absolute clarity, I want to make it clear that a measure that is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: As we go forward, an IREF will have to file a return regardless of whether it believes an event has happened that requires it to pay tax. I am sure the Deputy is probably clear on that. It is worthwhile to put it on the record that this change is being made. I would like to speak about the contribution that is made by the funds that are active in our State. We are debating the funds in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I recollect the discussion we had on this issue a year ago. As the Deputy will recall, I gave a commitment to examine the issue and I believe I wrote to him with a copy of this review as part of the TSG process. I can, of course, send that review to him again. I have concerns about the potential impact of introducing changes or expanding the operation of principal private residence...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: The Deputy has raised this issue with me on a number of occasions. My decision not to make the change in recent budgets has been driven by cost as reducing the exit tax rate to 33% would have a full year cost of €25 million. Notwithstanding this potential Exchequer cost, there are other issues that I have had to take into account. As the Deputy will be aware, in 2018 a review was...