Results 13,021-13,040 of 32,610 for speaker:Paschal Donohoe

Finance Bill 2019: Financial Resolutions (24 Oct 2019)

Paschal Donohoe: I move the following Resolutions: THAT Chapter 4 of Part 5 of the Taxes Consolidation Act 1997 (No. 39 of 1997), which relates to other benefit in kind charges, be amended in sections 121 and 121A in the manner and to the extent specified in the Act giving effect to this Resolution.”

Written Answers — Department of Finance: Legislative Programme (24 Oct 2019)

Paschal Donohoe: As I have stated recently in this House, the need to rebuild trust in the Banking sector is a priority for this Government. The Central Bank (Amendment) Bill will increase individual accountability in the financial sector. The proposed legislation will drive positive changes in terms of wider banking culture and enhanced accountability, while simplifying the taking of sanctions...

Written Answers — Department of Finance: Legislative Programme (24 Oct 2019)

Paschal Donohoe: The purpose of the Central Bank (Amendment) Bill is to increase individual accountability in the financial sector. The proposed legislation will drive positive changes in terms of wider banking culture, greater delegation of responsibilities, and enhanced accountability while simplifying the taking of sanctions against individuals who fail in their financial sector roles. My...

Written Answers — Department of Finance: Insurance Costs (24 Oct 2019)

Paschal Donohoe: I am aware of the issues facing some businesses when it comes to the affordability and availability of insurance, and I have a lot of sympathy with regard to the business in the details supplied, which I agree provides an important service in its particular field. I understand that the issue related to in the details supplied has been exacerbated by the announcement of a UK-based...

Written Answers — Department of Finance: VAT Rate Application (24 Oct 2019)

Paschal Donohoe: As the Deputy is aware, food supplement products are currently subject to VAT at the standard rate of VAT (23%). 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...

Written Answers — Department of Finance: Tax Credits (24 Oct 2019)

Paschal Donohoe: I am advised by Revenue that the cost of increasing the Home Carer Tax Credit by the amounts requested by the Deputy are set out in the following table. I announced in my Budget speech that the Home Carer Tax Credit will be increased to €1,600 per year from 2020. Home Carer Tax Credit Increase € Home Carer Tax Credit Value € First Year...

Written Answers — Department of Finance: Budget 2020 (24 Oct 2019)

Paschal Donohoe: The various tax measures introduced in Budget 2020 are listed in ‘Budget 2020 Tax Policy Changes’ published at Budget time. Excluding the Carbon tax — the proceeds of which will be ring-fenced for climate-related investment and to safeguard against any potential impacts for those most at risk — the net impact of these measures in 2020 is an increase in taxes of c....

Written Answers — Department of Finance: Rainy Day Fund (24 Oct 2019)

Paschal Donohoe: In my Budget 2020 speech, I set out that a disorderly Brexit is now the baseline scenario for budget planning purposes, and therefore a budget deficit is in prospect. On that basis, I decided that there will be no transfer of €500 million from the Exchequer this year to the National Surplus (Exceptional Contingencies) Reserve Fund (the Rainy Day Fund)....

Written Answers — Department of Finance: Rainy Day Fund (24 Oct 2019)

Paschal Donohoe: I have decided that there will be no transfer of €500 million from the Exchequer in 2020 to the National Surplus (Exceptional Contingencies) Reserve Fund (the Rainy Day Fund). The €500 million of Exchequer funding not being transferred to the Rainy Day Fund will remain as Exchequer cash balances and therefore will be used to meet the Exchequer...

Written Answers — Department of Finance: Rainy Day Fund (24 Oct 2019)

Paschal Donohoe: The Deputy is correct that annual transfers to the Rainy Day Fund will not impact on the General Government Balance, as they are considered a within government transaction and not counted as general government expenditure. However, such transfers will represent expenditure from the Exchequer account and will, hence, impact the Exchequer balance. As I outlined on Budget day, a...

Written Answers — Department of Finance: Excise Duties (24 Oct 2019)

Paschal Donohoe: I have been advised by Revenue that there are no tax returns or other information on the volumes of vaping products or e-cigarettes in Ireland. Therefore there is no basis available on which to estimate a figure of the yield which would be returned if an excise duty was imposed on the liquid containing nicotine used for vaping and e-cigarettes.

Written Answers — Department of Finance: Universal Social Charge Application (24 Oct 2019)

Paschal Donohoe: I am advised by Revenue that the estimated first and full year cost to the Exchequer of increasing the current USC threshold from €13,000 to €80,000 is €1,673m and €1,922m, respectively. The result of this change is that individuals with income of less than €80,000 will be exempt from USC, and that the current rates would continue to apply...

Written Answers — Department of Finance: Tax Data (24 Oct 2019)

Paschal Donohoe: I propose to take Questions Nos. 68 to 70, inclusive, together. I am informed by the Revenue Commissioners that the estimated full year costs of increasing the CAT Category A threshold to the proposed amounts, and the costs of increasing the Category A threshold while simultaneously reducing the CAT rates as proposed, is as set out in the following table. Category A - Full Year Cost...

Written Answers — Department of Finance: Departmental Legal Cases Data (24 Oct 2019)

Paschal Donohoe: My Department has made 4 financial settlements from 1 January 2015 to date. A breakdown of these is contained in the following table. Year  Number of Financial Settlements Number of which included Confidentiality Clauses 2015 1 0 2016 0 0 2017 1 0 ...

Written Answers — Department of Finance: Financial Services Regulation (24 Oct 2019)

Paschal Donohoe: As Minister for Finance I am responsible for the development of the legal framework governing financial regulation.  As such, it would be inappropriate for me to comment on or intervene in an individual case such as that referred to in the details supplied by the Deputy. I would note however that a consumer can make a complaint to the Financial Services and Pensions Ombudsman (FSPO) in...

Written Answers — Department of Finance: Brexit Issues (24 Oct 2019)

Paschal Donohoe: On 17 October, the EU Taskforce and UK Government agreed a revised text of a Withdrawal Agreement and Political Declaration, which was subsequently endorsed by the European Council. Subject to ratification of the Withdrawal Agreement by both the UK Parliament and the European Parliament, the UK will enter a transition period until the end of 2020, with the possibility of an extension for...

Written Answers — Department of Finance: Brexit Preparations (24 Oct 2019)

Paschal Donohoe: Budget 2020, including the macroeconomic outlook which underpins its, 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. This included, at Box 4, an assessment of the macroeconomic outlook that would apply in the event of an agreed exit by the...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (24 Oct 2019)

Paschal Donohoe: As the Deputy is aware, the Minister of State for Financial Services and Insurance, Mr. Michael D’Arcy, TD, has raised the issue of dual pricing with the Central Bank at a recent meeting and sought their views. In response, the Central Bank has confirmed that they will undertake a review of price optimisation, which includes the practice of dual pricing, as this has been...

Written Answers — Department of Finance: Mortgage Lending (24 Oct 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, which were introduced in 2015, are an important tool available to the Bank for that purpose.  The Central Bank has committed itself to keeping the particular leading measures under review and the Bank is conducting...

Written Answers — Department of Finance: Brexit Preparations (24 Oct 2019)

Paschal Donohoe: Budget 2020 was presented on the basis of a disorderly exit by the United Kingdom (UK) from the European Union (EU). Given uncertainty around the manner and timing of the UK’s departure this was the correct approach to take. Should the UK leave the EU on an orderly basis, through implementation of the Withdrawal Agreement recently agreed between the UK and EU, Ireland’s fiscal...