Results 14,241-14,260 of 32,569 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Economic Policy (20 Jun 2019)

Paschal Donohoe: I regularly monitor the latest economic developments. My Department continually analyses and prepares briefing on short and medium-term macroeconomic trends in European and international economy. This includes informing me of the latest forecasts from the international institutions for the global economy, and for our key trading partners. At European level, through both the ECOFIN and...

Written Answers — Department of Finance: Brexit Staff (20 Jun 2019)

Paschal Donohoe: I am informed by Revenue that since the start of 2019, Revenue has appointed over 550 staff from open recruitment and interdepartmental competitions, the majority of these have been assigned to customs roles or to backfill positions from which existing Revenue staff have been assigned to customs duties. As serving staff take up their new Brexit-related roles, Revenue is back-filling the...

Written Answers — Department of Finance: Carbon Tax Collection (20 Jun 2019)

Paschal Donohoe: I am advised by the Revenue Commissioners that what constitutes consideration for a supply of goods or services is defined in EU VAT law, with which Irish VAT law must comply, and consists of everything which the supplier is entitled to receive in return for goods or services supplied including taxes, duties, levies and charges, excluding the VAT itself. Therefore, VAT is chargeable on the...

Written Answers — Department of Finance: Property Tax Exemptions (20 Jun 2019)

Paschal Donohoe: The legislation governing the administration of Local Property Tax (LPT) provides for a limited number of exemptions from LPT. There is no specific exemption for properties affected by Mica and there are no plans to introduce such an exemption. LPT operates on a self-assessment basis and it is a matter for the property owner in the first instance to file an LPT Return, if they have not...

Written Answers — Department of Finance: Banking Sector Data (20 Jun 2019)

Paschal Donohoe: The Payment Accounts Directive, transposed in September 2016 by the European Union (Payment Accounts) Regulations 2016 (S.I. No. 482 of 2016), contains a right to open a payment account with basic features with a credit institution. The Central Bank is the designated competent authority for the purposes of the European Union (Payment Accounts) Regulations 2016. The most recent...

Written Answers — Department of Finance: Motor Insurance Costs (20 Jun 2019)

Paschal Donohoe: At the outset, the Deputy should note that the legal framework governing insurance regulation is determined at EU level through the Solvency II Directive. This is transposed into Irish law by the European Union (Insurance and Reinsurance) Regulation 2015 (SI No. 485 of 2015). Solvency II provides the basis for how insurers can operate in the EU and amongst other things prohibits interference...

Written Answers — Department of Finance: Tax Reliefs Data (20 Jun 2019)

Paschal Donohoe: I can advise the Deputy that there are four tax reliefs that are scheduled to terminate within the next 12 months. Whether a relief or scheme is to be extended will be considered as part of the deliberative process in relation to Budget 2020. The four reliefs are a capital allowance scheme, known as the Living City Initiative, a farm restructuring scheme allowing relief from capital gains...

Written Answers — Department of Finance: Knowledge Development Box (20 Jun 2019)

Paschal Donohoe: I am advised by Revenue that the annual cost of the Knowledge Development Box (KDB) and the number of claimants that availed of the credit are published in Revenue’s paper on 2018 Corporation Tax payments and 2017 tax returns, which is available on the Revenue website at The table referencing the KDB is extracted below: Year Number of Claimants Cost €m 2016 12 9.4 ...

Written Answers — Department of Finance: Tax Reliefs Data (20 Jun 2019)

Paschal Donohoe: I am advised by Revenue that estimated costs of increases to the lifetime gains limit for Entrepreneur Relief from Capital Gains Tax are available on page 14 of the Revenue Ready Reckoner, which is available at . While not all of the increases proposed by the Deputy are included in the Ready Reckoner, these can be estimated on a straight-line or pro-rata basis from those shown.

Written Answers — Department of Finance: Universal Social Charge Data (20 Jun 2019)

Paschal Donohoe: I am advised by Revenue that the cost of abolishing the 3% USC surcharge that applies to non-PAYE income over €100,000 is estimated at €70 million in the first year and €125 million in a full year. These estimated figures are based on projected 2019 incomes, calculated on actual data for the year 2016, and may be revised. The estimates do not account for any...

Written Answers — Department of Finance: Tax Reliefs Data (20 Jun 2019)

Paschal Donohoe: I understand that the "conversion" the Deputy is referring to is from industrial or commercial (i.e. non-residential) use into residential use. In Budget 2018, I increased the rate of stamp duty on the purchase of non-residential land and buildings from 2% to 6% while leaving the rate of duty on residential buildings at 2%. I also introduced a related measure intended to further...

Written Answers — Department of Finance: Tax Credits (20 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 73 and 74 together. The projected cost/yield from indexation of income tax credits and bands for Budget 2020 will not be finalised until Revenue has completed and published its Pre-Budget 2020 Ready Reckoner, which isexpected to be published in early Quarter 3 2019. The most up-to-date information available at present is the Post-Budget 2019 Revenue Ready...

Written Answers — Department of Finance: Credit Union Regulation (20 Jun 2019)

Paschal Donohoe: As the Deputy is aware, credit unions are regulated and supervised by the Registrar of Credit Unions at the Central Bank who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability, and to protect the savings of credit union members. Since...

Written Answers — Department of Finance: Motor Insurance Costs (20 Jun 2019)

Paschal Donohoe: At the outset, the Deputy should note that I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept....

Written Answers — Department of Finance: Summer Economic Statement (20 Jun 2019)

Paschal Donohoe: Ireland has seen a strong level of international investment in its commercial real estate sector since 2013. More recently, there has been significant investment in the residential sector. Much of this investment has been in the form of non-bank lending and equity financing. Notwithstanding the increase in foreign investment in the construction sector, the Central Bank of Ireland’s...

Written Answers — Department of Finance: Construction Industry (20 Jun 2019)

Paschal Donohoe: I am advised by the Central Bank that its Statistics division collect data on the outstanding stock of Credit Advanced to Irish Resident Private-Sector Enterprises by Irish banks relating to the Construction and Real Estate Sectors. This information can be found on the Central Bank's website in Table A.14 -Credit advanced to Irish resident- private enterprises. (Link below) The annual...

Written Answers — Department of Finance: Financial Services Regulation (20 Jun 2019)

Paschal Donohoe: The Central Bank is independent in the performance of its authorisation functions. During the assessment phase of the authorisation process, I understand that the Central Bank will assess each application for authorisation to determine whether the applicant has demonstrated that it meets the requirements set out in Part V, Chapter 3 of the Central Bank Act 1997, which include a requirement...

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman Remit (20 Jun 2019)

Paschal Donohoe: The 21st of January 2019 was appointed as the day on which the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 came into operation by Statutory Instrument 3 of 2019. Persons had three months from that date to avail of the transitional provisions in the Act. As I previously confirmed in reply to a Parliamentary Question yesterday (PQ 25649), persons who are taken to be...

Written Answers — Department of Finance: Revenue Commissioners Data (20 Jun 2019)

Paschal Donohoe: I am advised by Revenue that it is not possible to provide the information requested by the Deputy because the relevant data is not captured or maintained in a manner that allows segregation of rental income related tax liabilities. Since 2015, Revenue records details of all compliance interventions on its case management system. However, the information is captured at tax head level (i.e....

Written Answers — Department of Finance: VAT Exemptions (20 Jun 2019)

Paschal Donohoe: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with Irish VAT legislation, slurry spreading equipment is liable to VAT at the standard rate, currently 23%, and there is no discretion, under the EU VAT Directive, to exempt these goods from VAT. I am advised by the Revenue Commissioners that farmers may elect to register...