Results 14,681-14,700 of 32,569 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Credits (21 May 2019)

Paschal Donohoe: The rent relief tax credit was abolished in Budget 2011 and is no longer available to those that commenced renting for the first time from 8 December 2010.  This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage interest relief increases...

Written Answers — Department of Finance: Tax Credits (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 160 and 161 together. I am advised by Revenue that statistical information in respect of the Research & Development credit is available at link www.revenue.ie/en/corporate/information-about-revenue/statis tics/tax-expenditures/index.aspx for all years up to 2017. Information on likely future expenditure on research and development is not available....

Written Answers — Department of Finance: Tax Appeals Commission (21 May 2019)

Paschal Donohoe: There were 3,585 appeals on hand before the Tax Appeals Commission (TAC) as at 30 April, 2019. I am advised by the TAC that it is difficult to provide an actual quantum figure because the original quantum of tax under appeal may be modified post filing of the notice of appeal (i.e. where an aspect of the appeal is settled or withdrawn), the parties may disagree in relation to the precise...

Written Answers — Department of Finance: NAMA Operations (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 165 to 167, inclusive, together. NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State. The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40 per cent of GDP to national debt. Total government debt now stands at over...

Written Answers — Department of Finance: Tax Data (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 168 to 170, inclusive, together. I am advised by Revenue that the estimated number of companies (rounded to the nearest 100) that were involved in aircraft leasing liable to corporation tax is shown below together with the estimated Corporation Tax yield from companies which were involved in aircraft leasing.   Year Number of Companies Net Receipts...

Written Answers — Department of Finance: Company Data (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 171 to 173, inclusive, together. The most recent information available is from the CSO publication, Aircraft Leasing in Ireland 2007-2016.  In relation to the number of direct employees in aircraft leasing companies, the CSO report shows that this has increased from 1,010 in 2012 to 1,482 in 2016. Table 1 Direct employees in companies of aircraft leasing...

Written Answers — Department of Finance: Film Industry Tax Reliefs (21 May 2019)

Paschal Donohoe: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The credit is granted at a rate of 32% of the lowest of: - eligible expenditure - 80% of the total cost of production of the film - €70,000,000. The minimum amount that must be spent on the production is €250,000 and the minimum eligible...

Written Answers — Department of Finance: Insurance Coverage (21 May 2019)

Paschal Donohoe: At the outset, the Deputy should note that as Minister for Finance, 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...

Written Answers — Department of Finance: VAT Rate Application (21 May 2019)

Paschal Donohoe: VAT is chargeable on supplies made to Public Bodies as a matter of course.  In general, public bodies are not taxable persons and their activities are therefore outside the scope of VAT and, therefore, they have no entitlement to VAT deductibility on their inputs even though VAT will have been charged on any invoices issued to them.  While the activities of a public body are...

Written Answers — Department of Finance: National Broadband Plan Implementation (21 May 2019)

Paschal Donohoe: Under the Fiscal Responsibility Act 2012, the Irish Fiscal Advisory Council (IFAC) has been assigned the monitoring and assessment functions required of an independent national fiscal institution under the Treaty on Stability, Co-ordination and Governance in the Economic and Monetary Union. The Act requires IFAC to “provide an assessment of whether the fiscal stance for the year...

Written Answers — Department of Finance: Brexit Preparations (21 May 2019)

Paschal Donohoe: In the context of extensive and detailed Brexit preparedness and contingency work across all Government Departments and Agencies, Revenue determined that in a ‘Central Case’ scenario (i.e. an orderly withdrawal of the UK from the EU, to include a transition period until the end of 2020), an additional 600 Revenue staff would be required. In September 2018, the Government granted...

Written Answers — Department of Finance: Tax Code (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 179 and 180 together. I am advised by the Revenue Commissioners that because data from tax returns do not provide a basis for compiling separate figures of the amount of Capital Gains Tax (CGT) liability associated with passive activity, there is no basis to provide an estimate of the yield that could be raised by increasing the rate (on passive gains) by 3%....

Written Answers — Department of Finance: Tax Code (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 181 to 184, inclusive, together. As there have been no subsequent developments in this area, the position remains the same as in my response to the Deputy's PQs regarding the same scenarios on 19 June 2018 which is as follows: In order to estimate the potential revenue from a wealth tax, it is necessary to identify the wealth held by individuals. As...

Written Answers — Department of Finance: Real Estate Investment Trusts (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 185 and 187 together. The regime for the operation of Real Estate Investment Trusts (REITs) in Ireland was introduced in Finance Act 2013. The framework for REITs is designed to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment through a corporate vehicle. The...

Written Answers — Department of Finance: Irish Real Estate Fund (21 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 186 and 188 together. Finance Act 2016 introduced the Irish Real Estate Funds (IREFs) regime. The regime provides that the profits arising to an Irish fund from Irish property remain within the charge to Irish tax. An IREF is an investment undertaking where 25% or more of the value of the assets is derived from real estate assets in the State. Generally,...

Written Answers — Department of Finance: Tax Data (21 May 2019)

Paschal Donohoe: I am advised by Revenue that tax returns do not record the onshoring of assets (or the year in which onshoring occurred). The available information is the amounts of capital allowances claimed in respect of intangible assets. The 80% cap on capital allowances was re-introduced in Finance Bill 2017 and it applies to all intangible assets acquired from 11 October 2017. It is important to...

Written Answers — Department of Finance: Corporation Tax Regime (21 May 2019)

Paschal Donohoe: Corporation Tax Loss Relief is provided for by Section 396 of the Taxes Consolidation Act (TCA) 1997. It allows for losses incurred in the course of business to be accounted for when calculating tax liabilities. Loss relief for corporation tax is a long standing feature of the Irish Corporate Tax system and is a standard feature of Corporation Tax systems in all OECD countries.  ...

Written Answers — Department of Finance: Corporation Tax Regime (21 May 2019)

Paschal Donohoe: In September 2018, I published Ireland’s Corporation Tax Roadmap. This roadmap takes stock of the changing international tax environment, outlines the actions Ireland has taken to date and the further actions that will be taken over the coming years to ensure that our corporation tax code is line with international best practices.  It outlines the various commitments we have made...

Written Answers — Department of Finance: Financial Services Sector (21 May 2019)

Paschal Donohoe: Section 126AA of the Stamp Duties Consolidation Act 1999 imposes an annual levy on certain financial institutions on the basis of the amount of deposit interest retention tax (DIRT) payable by them in a specified ‘base’ year. The levy is intended to raise a fixed annual yield of €150M.  In relation to the years 2017 and 2018, a rate of 59% was required to yield...

Written Answers — Department of Finance: Financial Services Regulation (21 May 2019)

Paschal Donohoe: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law.  Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the...