Results 15,041-15,060 of 33,289 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Exchequer Payments (19 Jun 2019)

Paschal Donohoe: I am informed by the National Treasury Management Agency that Exchequer debt service costs in the first quarter of 2019 were just over €2 billion, a decline of 6.2% on the same period last year. They were also marginally below expectations. Exchequer debt service costs peaked in 2014 and have been falling since. The NTMA expects them to fall further this year and next, as...

Written Answers — Department of Finance: Brexit Preparations (19 Jun 2019)

Paschal Donohoe: The European Council in April 2019 agreed to an extension of the Article 50 process until 31 October 2019, following a request by Prime Minister May. The extension includes giving the UK flexibility to leave before that date should the Withdrawal Agreement be ratified.  The European Council decision made clear that the Withdrawal Agreement, including the backstop, cannot be...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (19 Jun 2019)

Paschal Donohoe: I am conscious of the difficulties that the absence of flood insurance cover can cause to homeowners and businesses, and that is one of the reasons the Government has been prioritising investment in flood defences over the last number of years.  However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based...

Written Answers — Department of Finance: Motor Insurance Claims (19 Jun 2019)

Paschal Donohoe: My Department is currently working on developing legislative changes that would oblige insurance companies to inform policyholders of claims made against them. The objective of the proposal is to ensure that policyholders are informed as soon as possible after a claim against their policy is lodged and informed after a claim is settled. In addition, the proposal will seek to require insurers...

Written Answers — Department of Finance: Tax Agreements (19 Jun 2019)

Paschal Donohoe: I have been very clear that further change to the international tax framework is necessary to ensure that we reach a stable global consensus for how and where companies should be taxed.  A certain, stable, and globally agreed international tax framework is vital to facilitate cross border trade and investment.  In this regard I welcome the G20 Finance Ministers’...

Written Answers — Department of Finance: Corporation Tax Regime (19 Jun 2019)

Paschal Donohoe: On 28 May, the OECD Inclusive Framework on BEPS agreed a programme of work aimed at developing a consensus solution to the tax challenges arising from the digitalisation of the economy.  The work will be undertaken under the auspices of the OECD over the coming months, on a "without prejudice" basis. The work programme was published by the OECD on 31 May last and endorsed by G20...

Written Answers — Department of Finance: Fiscal Policy (19 Jun 2019)

Paschal Donohoe: The public finances continue to perform well. In 2018, the General Government balance returned to a surplus for the first time in over a decade – a significant achievement. This followed a number of years of primary budget surpluses. Furthermore, the European Commission have stated that Ireland continues to be compliant with the fiscal rules. For this year and 2020, further surpluses...

Written Answers — Department of Finance: Illicit Trade in Fuel and Tobacco Products (19 Jun 2019)

Paschal Donohoe: The threat that fuel fraud and the illicit tobacco trade pose to legitimate business, to consumers and the Exchequer is clear and I am assured by Revenue that combatting such criminality continues to be a priority for them. Steps taken by Revenue to combat the illegal fuel trade include the introduction of stringent supply chain controls and reporting requirements, and a rigorous...

Written Answers — Department of Finance: Tax Compliance (19 Jun 2019)

Paschal Donohoe: Institutional investors represent one aspect of the property market and have an important role in increasing supply, particularly the supply of urban apartments. Notwithstanding this fact, the Government monitors the actions of investors in the market and has taken action when abuses have been identified.  The Deputy will be aware that action was taken in 2016 to address concerns...

Written Answers — Department of Finance: Fiscal Policy (19 Jun 2019)

Paschal Donohoe: I have noted the assessment of the Stability Programme Update 2019 in the Irish Fiscal Advisory Council’s Fiscal Assessment Report. In keeping with established practice, I will issue a formal response to the Report in due course. The Council’s assessment of the primary budget balance highlights concerns over the risks of reliance on elevated corporation tax receipts and...

Written Answers — Department of Finance: Corporation Tax Regime (19 Jun 2019)

Paschal Donohoe: The European Commission Country Specific Recommendations for EU Member States form an integral part of the European Semester cycle of economic governance. The overall objective is to encourage the Member States to increase their growth potential by continuing to improve their economies and further strengthening their economic resilience. In this regard I welcome the publication of the...

Written Answers — Department of Finance: Central Bank of Ireland Staff (19 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 75, 77 and 79 together. The New Zealand State Services Commissioner is carrying out an investigation into the unauthorised access of New Zealand Budget material and the events surrounding it. I am not going to be drawn into speculating on a matter on which the New Zealand State Services Commissioner is currently compiling a report. The State Services...

Written Answers — Department of Finance: Carbon Tax Implementation (19 Jun 2019)

Paschal Donohoe: In advance of Budget 2019, my Department commissioned the Economic and Social Research Institute to examine the environmental and economic impacts of increasing the Carbon Tax. This research examined how producers and consumers may react to increases in the Carbon Tax. The study estimated that increasing the Carbon Tax by €10 would lead to overall emissions...

Written Answers — Department of Finance: Credit Union Regulation (19 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 78 and 103 together. 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,...

Written Answers — Department of Finance: Summer Economic Statement (19 Jun 2019)

Paschal Donohoe: I can confirm for the Deputy that the Summer Economic Statement (SES) 2019 will shortly be published and presented before the Oireachtas. The SES will set out the broad parameters for macroeconomic growth and the fiscal outlook as well as the constraints facing the economy over the medium term. The Government is currently targeting a headline surplus of 0.4 per cent of GDP next year....

Written Answers — Department of Finance: Budget Submissions (19 Jun 2019)

Paschal Donohoe: I can confirm that the pre-budget submission from the organisation in question is being considered by the relevant officials in the context of Budget and Finance Bill preparations. However, as the Deputy will be aware, it is not the practice of the Minister for Finance to discuss the details of measures which may be under consideration as part of the Budget and Finance Bill.

Written Answers — Department of Finance: Oireachtas Select Committee Recommendations (19 Jun 2019)

Paschal Donohoe: The Committee on Budgetary Oversight's report on Tax Expenditures was received in my office on 9 April this year. This report examines the current process by which the Department of Finance reviews and evaluates tax expenditures, and sets out the oversight role that the Committee can have in monitoring and scrutinising this process in future. It sets out four conclusions and makes eight...

Written Answers — Department of Finance: VAT Rate Application (19 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 the Directive, defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. The installation of defibrillators is also liable to VAT at the standard rate. I am advised by Revenue that generally, businesses that are...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (19 Jun 2019)

Paschal Donohoe: The Home Renovation Incentive (HRI) was introduced by Section 477B of the Taxes Consolidation Act 1997 in 2014. I currently have no plans to re-open the scheme which terminated in accordance with its sunset clause on 31 December 2018. Under my Department's Tax Expenditure Guidelines, the introduction of new tax incentive measures should only be considered in circumstances where there is...

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman Remit (19 Jun 2019)

Paschal Donohoe: The Financial Services and Pensions Ombudsman may investigate complaints against "financial service providers”. This includes complaints against a regulated financial service provider within the meaning of section 2(1) of the Central Bank Act 1942. Under the 1942 Act, "regulated financial service provider" includes "a financial service provider whose business is subject to...