Results 14,501-14,520 of 32,569 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: I will address Deputy Burton's point briefly. I am not suggesting that exemptions continue indefinitely. We have to change this situation. As I stated to Deputy Breathnach earlier, I accept the inequity of one property being subject to the property tax while another is not. An equal inequity in the eyes of some, however, would be charging one person on the basis of 2019 property values...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: I did indeed. The incoming Governor of the Central Bank has now been appointed. He was appointed when the Government made its recommendation to the President and the President then acted on that recommendation. The Government's recommendation was made on the back of my recommendation which itself followed an independent and thorough process that yielded a single name at its conclusion....

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: The New Zealand authorities have indicated that they are aiming to have this inquiry finished by the end of June. That is, however, a matter for them.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: Regarding the different points the Deputy made, first, he alleged I have breached the fiscal rules in the-----

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: No, I think the Deputy said I had breached the fiscal rules.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: Each budget I have introduced has been assessed by the European Commission as being compliant with our fiscal rules. I remember being where the Deputy is seated and being assured that rules were being met. I have to do better than that even though the rules are being met. To be clear, the European Commission has assessed the performance of the budgets I have introduced vis-à-visthe...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: No. The Deputy said that I had breached Government ceilings on a number of occasions. I am just stating what I have done. Third, to address the point regarding Brexit, in the stability programme update, SPU, we called out what would be the effect on our economy of a hard Brexit taking place. That was published in April. It is highlighted in a box in the SPU. However, the Deputy's...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: I will need to acknowledge and outline on budget day the ways in which that will be paid for, and I will do that.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: I have always said there are a number of different ways in which it can be paid for. The future tax revenues we will collect are an obvious way in which it can be paid for but there are other choices that we can make as well. I have always said that.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: I have not done that to date.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: My view is that we will be able to maintain other projects we have in the national development plan. When we made the decision earlier this year to pay the additional costs from the national children’s hospital without changing the capital ceilings earlier, I was told this would result in a variety of project cancellations. That has not happened. If earlier in the year I had...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: As I said, I have demonstrated this year our ability to deliver the funding that is needed for the national children’s hospital without making changes elsewhere. As I approach budget day having outlined the resources available to us in the summer economic statement, I believe we will be able to continue with that approach. With respect to the national broadband plan, in particular, I...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: In the context of the Deputy’s assessment of where we stand from IFAC's point of view, will he give consideration to changes we have made in broadening the tax base to deal with the very risk he identified? Over the past two budgets, the tax base has been broadened. This was done despite the fact the sectors of our economy affected by tax broadening did not want it. It happened...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: My understanding is that in normal circumstances the landowner would pay capital gains tax.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: The landowner will pay capital gains tax.

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: It is low in terms of a percentage of the total value of the property but the landowner is paying capital gains tax. The trade-off is that I want to ensure that more land upon which we can build more homes will be made available. I am trying to get the balance right. I am not making this policy choice because of a desire to protect private gain, I am doing it to try to ensure that we will...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: That has a big policy consequence as well. In essence, the Deputy is accepting my assumption that if we were to introduce such a tax measure, it would reduce the ability to make land available for additional homes. The Deputy’s answer to that question is that he would acquire it by means of compulsory purchase orders. That would have significant consequences for landowners. We can...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: In the context of the Deputy's point on the short and medium-term effects of Brexit on the national finances, I published an estimate of that earlier in the year and indicated that the effect would be significant. I also indicated that it would mean that the surpluses we have begun to run - and which would have run at a higher pace in the future - would be affected considerably and that the...

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: To make sure I understand the Chairman's question, is he talking about the particular issue of management fees?

Committee on Budgetary Oversight: Local Property Tax Review: Discussion (11 Jun 2019)

Paschal Donohoe: I said in the report and on the day it was launched that I was aware of the interest in the Oireachtas in considering this issue. However, people living in properties, homes or apartments who are paying management fees are also more than likely in receipt of services supplied by the local authority as well. We need to assess the contribution they make in that light. Currently, people...