Results 14,121-14,140 of 32,610 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief Orders 2019, Swiss Confederation and Kingdom of the Netherlands (2 Jul 2019)

Paschal Donohoe: That is correct, but the benefit of the OECD work is that an equivalent of that has to be implemented in any other jurisdiction participating in the work. While we may have strong recognition of this in our existing tax law, the benefit of the OECD approach is that it encourages everybody else to do the same.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief Orders 2019, Swiss Confederation and Kingdom of the Netherlands (2 Jul 2019)

Paschal Donohoe: That is the purpose of a change like this, but I know that-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief Orders 2019, Swiss Confederation and Kingdom of the Netherlands (2 Jul 2019)

Paschal Donohoe: This is an especially technical question, so if the Deputy is agreeable, I will ask Mr. O'Dea to answer directly.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief Orders 2019, Swiss Confederation and Kingdom of the Netherlands (2 Jul 2019)

Paschal Donohoe: This will apply to existing companies, as opposed to companies due to be set up. The Deputy asked if this has any impact on changes we made in last year's Finance Bill and it does not. The Deputy also asked about a matter covered in a newspaper today. The Deputy has not commented on the individual company and I will not do so either as it would not be appropriate. My experience is that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief Orders 2019, Swiss Confederation and Kingdom of the Netherlands (2 Jul 2019)

Paschal Donohoe: The changes will refer to existing companies as opposed to those that are being set up. That is what I aimed to say a few moments ago. The ratification of the OECD changes will make it significantly harder for tax avoidance to happen in the way it has in the past. If I go any further than that, my comments will be associated with the company being discussed today, which would not be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Double Taxation Relief Orders 2019, Swiss Confederation and Kingdom of the Netherlands (2 Jul 2019)

Paschal Donohoe: The Deputy is referring to a particular company that is covered in a major newspaper today. I can understand entirely why she wants to raise the matter, given some of issues raised by the newspaper today. It is simply not appropriate for me to comment on it. Any comments I make will be interpreted as applying to the affairs of a taxpayer and that is not something I believe is appropriate...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: I thank the committee for inviting me to discuss this important matter. It is important to recognise that credit unions, as volunteer-run financial co-operatives, provide an invaluable service to both rural and urban areas in Ireland. As Minister for Finance, I am keen to continue to support the sector, and this is reflected in the regular engagement I have had with it. In February, I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: It was just general engagement.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: The version of it that I have left out a concluding page. I might just go on to my concluding page. Once the deadline for submissions has closed, the Department, in collaboration with the Central Bank, will consider the feedback received as part of the consultation process. It is worth noting that as Minister for Finance, I have reduced the stabilisation scheme levy as a percentage of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: No, I did not; nor am I required to seek its input. I consulted my officials and looked at the recommendation that was made to me from the Central Bank.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: No. I am glad to have the opportunity to clear that matter up. What the Tánaiste was referring to was the changes I am looking to make in respect of the interest rate cap for lending from the credit union movement. When the issue was raised with him, he assumed it was a reference to the interest rate change while in fact the Deputy who was raising the issue with him was referring to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: The treatment of for-profit financial institutions and the credit unions is different as a result of these changes. Our banks, correctly, will have to cover the full 100% cost. For credit unions, at the highest point the cost will move up to 50%. It will be a matter for the Minister for Finance of the day to decide when this period comes to an end and to decide the appropriate threshold...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: I am seeking to place the change in the funding levy in the context of what will be happening to other levies that the credit union movement is due to pay. My key point on the industry funding levy is that I believe I have given recognition of the particular needs of the credit union movement by ensuring that it pays 50% of the cost as opposed to all of it. That is a proportionate...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: Our analysis indicates that for next year there will be a reduction in the total levies that the credit union movement will be paying.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: It will. However, when we move into 2021 the stabilisation levy will be open for review.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: That depends on the outcome of the review of the stabilisation levy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: I reiterate the key point. We have approached this by putting in place a 50% recovery rate. This means that credit unions are treated strikingly differently, as should be the case, from the other bodies to which Deputy Burton has referred. This is precisely in recognition of the point the Deputy made about the capital or funding needs that credit unions have and the nature of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: I agree. This is why I am not sitting in front of the committee with a proposal for a 100% industry funding of the levy. I agree with the Deputy’s point. All Deputies share his view that this sector is uniquely different to other parts of the broad financial sector in our economy. That is why we have a target of the credit unions being levied at half the rate of some of the sectors...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: The Deputy knows I cannot because this is guided by recommendations made by the Central Bank. It is a fair horizon within which to plan one’s affairs. The credit union movement will now know where it stands across 2021 and 2022. This is after the significant work done to flag that this change was due.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)

Paschal Donohoe: That is completely different. There is a significant difference between the charity sector and any sector involved in the lending of money. That is the reason the regulatory needs we have for organisations involved in providing billions of euro worth of credit into our economy every year are completely different to the needs we have to regulate the charity sector. The Deputy made the...