Results 15,621-15,640 of 33,392 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (8 May 2019)

Paschal Donohoe: I am advised by Revenue that the meeting scheduled for 17 April 2019 with the organisation concerned took place. I am further advised that in the course of the meeting Revenue confirmed its position that the rules and limits in relation to increases in pensions in payment as set out in the Revenue Pensions Manual does not restrict pension annuity providers paying out on historic policies...

Written Answers — Department of Finance: Irish Real Estate Fund (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 145, 148, and 151 to 153, inclusive, together. The Irish Real Estate Fund (IREF) regime was introduced by Finance Act 2016 and is effective for accounting periods starting on or after 1 January 2017. Under the regime, a fund is classified as an IREF if it derives 25% or more of its value from Irish land and buildings. The section was introduced to address...

Written Answers — Department of Finance: Real Estate Investment Trusts (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 146, 149 and 150 together. Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. The function of the REIT framework is not to provide an overall tax exemption, but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply to...

Written Answers — Department of Finance: Economic Data (8 May 2019)

Paschal Donohoe: I have outlined previously that a disproportionate focus on the concept of fiscal space risks encouraging a profligate fiscal policy that could jeopardise the sustainability of our public finances. In formulating budgetary policy the Government must be guided by what is right for the economy at this point in the cycle, not by what is technically permissible within the limits of the fiscal...

Written Answers — Department of Finance: Budget Measures (8 May 2019)

Paschal Donohoe: The estimated yield from non-indexation for Budget 2020, will not be finalised until the Office of the Revenue Commissioners has completed and published its Pre-Budget 2020 Income Tax Ready Reckoner, which is expected to be published in Quarter 3 2019. This sets out the cost to the Exchequer of indexing various income tax components by 1%.  In addition, the updated Budget 2020...

Written Answers — Department of Finance: Standard Bank Account (8 May 2019)

Paschal Donohoe: I am not aware of any reason why a joint account between two spouses would be frozen in the event of one of the spouses dying. I assume that the Deputy has a particular case in mind. I would advise such a person who clearly is not satisfied with the actions of the particular bank to make a complaint to the bank's internal complaint resolution process. If they are not satisfied with...

Written Answers — Department of Finance: VAT Rebates (8 May 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 EU VAT Directive, defibrillators, other than implantable defibrillators, are liable to VAT at the 23% standard VAT rate. The installation of defibrillators is also liable to VAT at the standard rate. Generally, businesses that are registered for VAT, including...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (8 May 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...

Written Answers — Department of Finance: IBRC Operations (8 May 2019)

Paschal Donohoe: The Joint Special Liquidators of IBRC announced in December 2018 that they would pay all outstanding amounts owed to admitted unsecured creditors of IBRC. As part of this final 50% dividend payment to admitted unsecured creditors the State received c. €593 million from its claims. This brings to c.€1.19 billion that has been returned to the State to date. The Joint Special...

Written Answers — Department of Finance: NAMA Accounts (8 May 2019)

Paschal Donohoe: I wish to advise the Deputy that NAMA’s currently projected surplus of €3.5 billion is expected to be available for return to the State when the Agency substantially completes its work in 2020/2021. NAMA is on track to have repaid all its subordinated debt and to have reimbursed the private shareholders in the NAMA Investment DAC by that time. It is important to note that...

Written Answers — Department of Finance: State Banking Sector (8 May 2019)

Paschal Donohoe: The Deputy is aware that the Government does not see itself as a long-term investor in the banking sector. The funds used to make these investments are a diversion of taxpayer resources that could be put to better use. Equity investments are also risky and this particularly applies to bank shares as this country knows to its cost. Accordingly, the Government’s policy is to...

Written Answers — Department of Finance: Housing Issues (8 May 2019)

Paschal Donohoe: My Department estimates that the medium-term demand for housing is around 35,000 units per annum.  Over the period 2008 - 2018, an average of less than 15,000 units were built each year, resulting in a considerable level of ‘pent-up’ demand.  In order to satisfy this pent-up demand, housing output will need to be higher than the level of annual underlying demand for a...

Written Answers — Department of Finance: Economic Data (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 165 to 167, inclusive, together. The Department of Finance has developed a number of alternative statistical models to assist in its assessment of the medium term growth potential of Ireland’s economy and its cyclical position over the short term. These results, along with other economic indicators (including the modified current account, labour...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Data (8 May 2019)

Paschal Donohoe: I am informed by Revenue that monthly statistics on the Home Renovation Incentive (HRI) are published at www.revenue.ie/en/corporate/information-about-revenue/statis tics/tax-expenditures/hri/hri-quarterly.aspx. The number of HRI works, by year commenced, and the value of associated tax credits available under the Incentive is provided below. The tax credits can be availed of in the two (or...

Written Answers — Department of Finance: Central Bank of Ireland Staff (8 May 2019)

Paschal Donohoe: Subsequent to the Deputy submitting his question, the Government agreed at the Government meeting on 1 May last to nominate Mr. Gabriel Makhlouf for appointment by the President as the new Governor of the Central Bank of Ireland.  Mr. Makhlouf is the Treasury Secretary and Chief Executive of the New Zealand Treasury, and the New Zealand Government’s chief economic...

Written Answers — Department of Finance: Bank Branch Closures (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 170 and 171 together. As the Deputy will be aware, AIB is an independent company with listings on the Irish and London Stock Exchanges. Decisions in regard to branches are the sole responsibility of the board and management of AIB which must be run on an independent and commercial basis. The bank's independence is protected by a Relationship...

Written Answers — Department of Finance: EU Funding (8 May 2019)

Paschal Donohoe: The proposed InvestEU programme will replace the Investment Plan for Europe (Juncker Plan) under the multiannual financial framework (MFF). The programme will run from 2021-2027. When it comes into effect, it will streamline 14 financial instruments, currently under 8 different programmes, into one overarching instrument. Preliminary agreement on the InvestEU programme has been reached...

Written Answers — Department of Finance: Banking Sector (8 May 2019)

Paschal Donohoe: As the Deputy will be aware, AIB is an independent company with listings on the Irish and London Stock Exchanges. The decisions around lending operations are the sole responsibility of the board and management of AIB which must be run on an independent and commercial basis. The bank's independence is protected by a Relationship Framework which is a legally binding document that...

Written Answers — Department of Finance: Tax on Tobacco Products (8 May 2019)

Paschal Donohoe: I am advised by Revenue that if tax on a pack of 20 cigarettes was increased using an annual tax escalator of 5% and the rate of inflation of 1.1% (March 2019), the most popular price category of cigarettes priced at €13 would increase by €0.62.

Written Answers — Department of Finance: Tax on Tobacco Products (8 May 2019)

Paschal Donohoe: I am advised by Revenue that if tax on a 30g pack of roll-your-own tobacco was increased using an annual tax escalator of 10% and the rate of inflation of 1.1% (March 2019), a pack priced at €17 would increase by €1.55. The Deputy may be interested to note that Revenue’s Ready Reckoner, available at www.revenue.ie/en/corporate/information-about-revenue/statis...