Results 13,381-13,400 of 33,280 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Brexit Data (7 Nov 2019)

Paschal Donohoe: It has always been clear from the published studies, including those by my Department, that Brexit, in whatever form it takes, will have a negative impact on our economy and our living standards, and that this impact is significantly greater in the ‘No-Deal’ Brexit scenario. Budget 2020, including the macroeconomic and fiscal outlook which underpins it, was based on the prudent...

Written Answers — Department of Finance: VAT Rate Application (7 Nov 2019)

Paschal Donohoe: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. Under the Directive it is not permissible to differentiate the supply of new residential property for different buyers, such as first-time buyers, for the purpose of applying VAT rates.

Written Answers — Department of Finance: Insurance Industry Regulation (7 Nov 2019)

Paschal Donohoe: I understand that the Deputy is referring to the regulation of motor insurers in Ireland, in particular regarding the way that they conduct business and make decisions regarding consumers. At the outset, it is important to note that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation in Ireland, including the regulatory...

Written Answers — Department of Finance: Tax Code (7 Nov 2019)

Paschal Donohoe: I propose to take Questions Nos. 56 and 57 together. The FRE allowance regime is an administratively based practice operated by Revenue, where both specific commonality of expenditure exists across an employment category and the statutory requirement for a tax deduction for expenses as set out in section 114 of the Taxes Consolidation Act (TCA) 1997 is satisfied, namely, the expense must be...

Written Answers — Department of Finance: Central Bank of Ireland Data (7 Nov 2019)

Paschal Donohoe: The Central Bank has advised that it does not comment on details of inspections. It carries out its supervision of regulated entities in a number of ways, which includes both desk based and on-site reviews of various activities in regulated entities and is currently undertaking such supervisory work at a sample of non-banks, including Credit Servicing Firms. The Consumer Protection...

Written Answers — Department of Finance: Banking Sector Regulation (7 Nov 2019)

Paschal Donohoe: The revised Payment Services Directive (PSD2) regulates new market players, enhances consumer protection, ensures competition and harmonises payments regulations across Europe. In order to enhance consumer protection and to reduce the risk of fraud, PSD2 requires the use of identification methods known as strong customer authentication (SCA). Strong customer authentication, as provided...

Written Answers — Department of Finance: Banking Sector Data (7 Nov 2019)

Paschal Donohoe: I am advised that the Central Bank does not specifically collect data on online banking usage, such as the requested. Many of the main banks offer online services as standard for current accounts. The Central Bank publishes data in respect of current accounts held by personal consumers and the latest publication, from June 2019, highlights that at the end of 2018 there were 5,345,752...

Written Answers — Department of Finance: Insurance Data (7 Nov 2019)

Paschal Donohoe: Increasing the availability of data in relation to Employer and Public Liability Insurance is a matter which was discussed by the Cost of Insurance Working Group in its Report on the Cost of Employer and Public Liability Insurance (2018). It recommended a number of actions to improve transparency in this area. Amongst these, Recommendation 1 requires the Central Statistics Office (CSO) to...

Written Answers — Department of Finance: Pharmaceutical Sector (7 Nov 2019)

Paschal Donohoe: In 2013, due to the weight of the pharmaceutical sector in Irish GDP at the time, my Department produced a report seeking to assess the impact of a ‘patent cliff’ in the pharmaceutical sector on the Irish economy, arising from a clustering of patented drugs going off patent in quick succession. The report, titled “The Impact of the Patent Cliff on Pharma-Chem Output in...

Written Answers — Department of Finance: Pharmaceutical Sector (7 Nov 2019)

Paschal Donohoe: Ireland has a well-established specialisation in the pharma-chem sector, which makes up a large proportion of total exports and contributes significantly to GDP. As a result of the ‘patent cliff’ in 2013, my Department carried out research to assess its impact on pharma-chem output in Ireland. The research concluded that the ‘patent cliff’ caused a drop in...

Written Answers — Department of Finance: Apple Escrow Account (7 Nov 2019)

Paschal Donohoe: As the Deputy will be aware, the State has recovered the alleged State aid from Apple. The total amount recovered is c €14.3 billion (which is the principal amount and relevant EU interest). The final payment was made in early September 2018. These sums have been placed into an Escrow Fund with the proceeds being released only when there has been a final determination in the European...

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

Paschal Donohoe: It is assumed that the Deputy is not referring to the abatement of a public service pension, which, in accordance with the Public Service Pensions (Single Scheme and other Provisions) Act 2012, only applies where a retired public servant, in receipt of a public service pension, takes up employment in the public service. Where a public servant in receipt of a public service pension takes up...

Written Answers — Department of Public Expenditure and Reform: Public Procurement Regulations (7 Nov 2019)

Paschal Donohoe: The Office of Government Procurement (OGP) has developed a suite of policy measures aimed at assisting SMEs to access public procurement opportunities (implemented through Circular 10/14). These include: - Proportionate financial capacity criterion (turnover requirements limited to twice the contract value) - Contracting authorities are encouraged to divide public contracts into...

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...