Results 16,341-16,360 of 32,593 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (29 Jan 2019)

Paschal Donohoe: For the purposes of clarity, I believe the €156 million referred to in the Deputy’s question relates to agreements to which both the National Treasury Management Agency (the “NTMA”) and the Strategic Banking Corporation of Ireland (the “SBCI”) are separately party. Details on these agreements are set out, as follows; however, I am advised by the NTMA...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (29 Jan 2019)

Paschal Donohoe: I refer the Deputy to my response to PQ 3744/19, which sets out the agreements with Finance Ireland Limited and its subsidiary FICS Holdings (One) DAC. I am advised that neither the National Treasury Management Agency, as controller and manager of the ISIF, nor the Strategic Banking Corporation of Ireland has any agreements with ‘Close Bros’.

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (29 Jan 2019)

Paschal Donohoe: I refer the Deputy to the response to PQ 3744/19, which sets out the agreements with Finance Ireland Limited and its subsidiary FICS Holdings (One) DAC. These agreements are commercially negotiated and it would not be appropriate to disclose this commercially sensitive information. However, I would draw the Deputy's attention to the facts, as set out in PQ 3744/19, that the Ireland...

Written Answers — Department of Finance: Insurance Costs (29 Jan 2019)

Paschal Donohoe: With regard to the examination of alternative motor insurance systems, such as that in use in New Zealand as referenced in the details supplied, I would refer the Deputy to the Cost of Insurance Working Group’s 2017 Report on the Cost of Motor Insurance and in particular Chapter 7.5 and Appendix 7 of that Report which deal with international comparisons. The Report notes the use in...

Written Answers — Department of Finance: Illicit Trade (29 Jan 2019)

Paschal Donohoe: Solid fuel carbon tax commenced in May 2013 and the current rates per tonne of carbon dioxide emitted are €52.67, €36.67, €17.99 and €27.99 respectively for coal, peat briquettes, milled peat and other peat. Annual net receipts for solid fuel carbon tax amounted to €25.3 million in 2018. Approximately 75% of solid fuel carbon tax yield relates to coal. ...

Written Answers — Department of Finance: Illicit Trade in Fuel and Tobacco Products (29 Jan 2019)

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

Written Answers — Department of Finance: VAT Rate Application (29 Jan 2019)

Paschal Donohoe: I propose to take Questions Nos. 163, 171 and 176 together. The standard rate of VAT applies to food supplements. However, a Revenue Commissioners concession allowed the zero rate to be applied to certain types of vitamins, minerals and fish oils. Revenue has since decided to remove this concession with effect from 1 March 2019 so that all food supplements will be charged at the...

Written Answers — Department of Finance: Home Building Finance Ireland Establishment (29 Jan 2019)

Paschal Donohoe: Home Building Finance Ireland (HBFI) was incorporated on 7 December 2018, pursuant to the Home Building Finance Ireland Act 2018. The official launch of HBFI took place on 28 January 2019, with both myself and Minister Eoghan Murphy in attendance. HBFI began accepting applications on 28 January 2019. The primary method of contact with HBFI is through its website () where an expression of...

Written Answers — Department of Finance: Tax Reliefs Data (29 Jan 2019)

Paschal Donohoe: It is assumed that the Deputy is referring to the revised Entrepreneur Relief provided for in Section 597AA of the Taxes Consolidation Act 1997. I should say that no evidence is available to me which suggests that a significant number of Irish businesses have domiciled to the UK to take advantage of the higher lifetime CGT limit in that jurisdiction. In general, consideration of any changes...

Written Answers — Department of Finance: VAT Exemptions (29 Jan 2019)

Paschal Donohoe: Ireland avails of the following exemptions provided for under Articles 394 and 395 of the EU VAT Directive (originally under Article 27(1) to (5) of the 1977 Sixth VAT Directive): 1. The exemption of fish supplied by fishermen to taxable persons, including buyers from outside Ireland, regardless of turnover threshold. 2. The treatment of supplies of zero-rated food products as...

Written Answers — Department of Finance: Tax Yield (29 Jan 2019)

Paschal Donohoe: I am advised by Revenue that the provisional receipts from Sugar Sweetened Drinks Tax (SSDT) in 2018 are €16.5m. As this was a new tax, forecasting the level of receipts in advance was challenging, but based on the best available information was estimated at €30m. This assumed a commencement date of 1 April 2018. The subsequent 1 May commencement date impacted on the returns...

Written Answers — Department of Finance: VAT Rate Reductions (29 Jan 2019)

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. The VAT Directive provides that Member States may apply either one or two reduced rates of VAT to certain goods and services listed in Annex III of the Directive. In addition, the Directive allows for historic VAT treatment to be maintained under certain conditions on...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (29 Jan 2019)

Paschal Donohoe: In my responses to Parliamentary Questions No. 69 of 22 November 2018 and No. 77 of 23 January 2019, I set out how tax underpaid by investors as a consequence of an incorrectly issued Statement of Qualification for relief under the Employment and Investment incentive may be recovered from an investee company in certain circumstances. I also advised that, in such circumstances, the company...

Written Answers — Department of Finance: Motor Industry (29 Jan 2019)

Paschal Donohoe: The large scale importation of used cars from the UK during 2016 to 2018 may be due to a number of factors such as the relative weaknesses of sterling and the disparity in policies between the UK and Ireland in relation to the taxation of diesel and diesel vehicles. My Department recognises that the large scale importation of used cars from the UK over the past number of years is...

Written Answers — Department of Finance: Mortgage Interest Rates (29 Jan 2019)

Paschal Donohoe: All mortgage or other loans which are sold or assigned to a new creditor will continue to be subject to the terms of the contract as entered into by the borrower, including the terms which provide for an adjustment to the borrowing rate. Also, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 provides that all the consumer protections a borrower had prior to a loan...

Written Answers — Department of Finance: Insurance Costs (29 Jan 2019)

Paschal Donohoe: 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 has the power to direct insurance companies on the pricing or provision of insurance products. Indeed, the EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain...

Written Answers — Department of Finance: Knowledge Development Box (29 Jan 2019)

Paschal Donohoe: As the Deputy will be aware, no data in respect of 2018 will be available to Revenue until the corporation tax returns for accounting years ended in 2018 are filed, processed and analysed. I am advised by Revenue that the latest available information is from Corporation Tax returns for 2016, which indicate 11 companies claimed the Knowledge Development Box with a tax cost of €9...

Written Answers — Department of Finance: Legislative Process (29 Jan 2019)

Paschal Donohoe: I set out in the following table legislation which has been sent to EU institutions for consultation purposes since 10 March 2016. The Deputy should note that some items have been consulted on after the approval by Government of the Heads, while some items will not have been consulted on until after publication of the Bill itself, as is apparent from the dates in the table. Title of...

Written Answers — Department of Finance: NAMA Operations (29 Jan 2019)

Paschal Donohoe: The Deputy will be aware that NAMA does not own or control property, rather NAMA owns loans for which the properties act as security. I am advised that the properties concerned are under the control of the court-appointed administrator of a deceased person’s estate and that NAMA is a secured creditor. The Deputy will be aware that one of the primary duties of an administrator is to...

Written Answers — Department of Finance: Carbon Tax Implementation (29 Jan 2019)

Paschal Donohoe: Decisions on tax policy take place every year as part of the annual budgetary process. The Environmental Taxes paper prepared annually for the Tax Strategy Group contains analysis on the carbon tax and this helps inform subsequent budget decisions. The Tax Strategy Group papers are available to read on the Department of Finance website. The ESRI was commissioned and has published...