Results 17,101-17,120 of 32,602 for speaker:Paschal Donohoe

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Brexit Issues (22 Nov 2018)

Paschal Donohoe: First, I expect recruitment to continue across the period. As the Deputy mentioned, the key point is that it is based on a central case scenario of a Brexit transitional period being in place. That appears to be possible, but there is more work to be done. In addition, regardless of the eventual Brexit scenario, the United Kingdom is becoming a third country from a customs policy...

Written Answers — Department of Finance: VAT Rate Increases (22 Nov 2018)

Paschal Donohoe: The 9% VAT rate was introduced as part of the Jobs Initiative from July 2011 to December 2013 and was aimed at boosting tourism and the creation of additional jobs in that sector. From Budget 2014 it was decided to retain the 9% rate to support the increased number of jobs, and latterly, due to the weakness in Sterling following Brexit. It was for these reasons that I retained the 9% rate...

Written Answers — Department of Finance: Carbon Tax Yield (22 Nov 2018)

Paschal Donohoe: Solid Fuel Carbon Tax was commenced in May 2013 at a rate of €10 per tonne of carbon dioxide emitted when combusted, and was increased to €20 per tonne in 2014. Approximately 75% of solid fuel carbon tax yield relates to coal. Annual net receipts for the tax amounted to €23.5m in 2015, €24.4m in 2016 and €19.1m in 2017. As of end October, receipts to...

Written Answers — Department of Finance: Insurance Fraud (22 Nov 2018)

Paschal Donohoe: As the Deputy is aware, recommendation 26 of the Report on the Cost of Motor Insurancecalls for An Garda Síochána to explore the potential for further cooperation between it and the insurance sector in relation to insurance fraud investigation. In this regard, one measure which the Working Group considered as part of the Report was the establishment of a dedicated team within An...

Written Answers — Department of Finance: Banking Sector (22 Nov 2018)

Paschal Donohoe: As I have previously informed the House, I intend to bring forward heads of a Central Bank (Amendment) Bill for Government approval in Quarter 1 2019. In that regard it is my intention that the proposed legislation will identify the legislative changes that are required to implement a customer centric culture and to enhance individual accountability. I have long been on the record as...

Written Answers — Department of Finance: Brexit Staff (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 17 and 27 together. I am advised that Revenue is actively engaging in the Interdepartmental work on Brexit coordinated by the Department of An Taoiseach and the Department of Foreign Affairs and Trade. As the Deputies are aware, in July 2018 the Government made a number of decisions in relation to preparations for a ‘Central Case...

Written Answers — Department of Finance: Help-To-Buy Scheme (22 Nov 2018)

Paschal Donohoe: Earlier this year, I commissioned an independent Cost Benefit Analysis (CBA) of the Help to Buy (HTB) incentive. Following a competitive tender process, Indecon International Economic Consultants were appointed to carry out this analysis. The report of the CBA was published at Budget time in the Department of Finance Report on Tax Expenditures and is available on my Department’s...

Written Answers — Department of Finance: EU Budget Contribution (22 Nov 2018)

Paschal Donohoe: As the Deputy will be aware, the European Commission’s proposal for the next Multiannual Financial Framework (MFF) 2021-2027 was published on 2ndMay 2018. I welcome the publication of the proposals which marks the start of an important debate on the future of the EU budget. The proposals come at a time of great change and adjustment for the EU; with new priorities (including migration,...

Written Answers — Department of Finance: Insurance Industry (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 20 and 26 together. The Central Bank of Ireland has advised me that it was notified by the Danish Financial Supervisory Authority on 7 March 2018 that it had ordered Alpha Insurance A/S to cease writing new business including renewal of existing contracts and business with immediate effect. It was further notified on 9 May 2018 that the liquidators of the...

Written Answers — Department of Finance: Credit Unions (22 Nov 2018)

Paschal Donohoe: The Government has a clear policy to support the strategic growth and development of credit unions delivering the comprehensive recommendations set out in the Commission on Credit Unions Report and the Credit Union Advisory Committee (CUAC) report in 2016, both of which involved extensive stakeholder engagement. CUAC remains an important advisor to me on strategic issues facing the sector. ...

Written Answers — Department of Finance: Tax Reliefs Application (22 Nov 2018)

Paschal Donohoe: Revenue’s role is to ensure compliance with tax legislation and to collect the correct tax due based on taxable income determined in accordance with the relevant tax legislation. In computing taxable income, the legislation provides for deductions in respect of various tax credits and reliefs including losses incurred both current and carried forward, subject to conditions. These...

Written Answers — Department of Finance: Social and Affordable Housing Funding (22 Nov 2018)

Paschal Donohoe: The fiscal rules to which Ireland is subject have direct application through a number of EU regulations and through the Fiscal Responsibility Act 2012. Any change to these regulations would have to follow the normal EU approach, beginning with a proposal from the Commission before consideration by Member States and the European Parliament. The fiscal rules provide some scope for...

Written Answers — Department of Finance: Insurance Costs (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 24 and 28 together. The Minister for Finance is responsible for the development of the legal framework governing financial regulation. Neither he nor the Central Bank can interfere in the pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on the risks they are willing to accept. However,...

Written Answers — Department of Finance: Licensed Moneylenders (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 25, 31 and 38 together. I met with the Social Finance Foundation last week and was briefed on the report it had commissioned from the Centre for Co-operative Studies in University College Cork. The purpose of the research was to examine the extent and variety of interest rate restrictions within the EU and further afield and to assess the appropriateness...

Written Answers — Department of Finance: Insurance Costs (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 29 and 39 together. As the Deputy is aware, the second phase of the Cost of Insurance Working Group project culminated in the publication on 25th January of the Report on the Cost of Employer and Public Liability Insurance, following its approval by Government.  This Report makes 15 recommendations with 29 associated actions to be carried out, detailed in...

Written Answers — Department of Finance: Tax Compliance (22 Nov 2018)

Paschal Donohoe: By way of general information, Part 38 of the Taxes Consolidation Act 1997 provides that returns of income shall be in the ‘form prescribed by Revenue’. Therefore, any question of simplifying tax return obligations for any group of taxpayers is a matter for Revenue. In this regard, I am assured by Revenue that it supports the Small and Medium Enterprises (SME) sector by...

Written Answers — Department of Finance: Tax Code (22 Nov 2018)

Paschal Donohoe: The Deputy will be aware that the Commission proposal for an interim Digital Services Tax, which imposes a 3% levy on the turnover of certain companies’ digital activities, is currently being debated among Member States – both at a technical and political level. Ireland has a significant number of concerns with the Commission’s interim tax proposals. These concerns...

Written Answers — Department of Finance: NAMA Assets Sale (22 Nov 2018)

Paschal Donohoe: The C&AG section 226 report recorded a small number of instances (4 out of a total of 78) where Section 172 confirmations could not be located in respect of sales. I am advised that Section 172 confirmations are examined by NAMA when a sale occurs and that NAMA has a policy of obtaining written confirmation from purchasers of NAMA secured assets that, among other things, the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (22 Nov 2018)

Paschal Donohoe: I have been advised by the Central Bank of Ireland that, within their responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place. The...

Written Answers — Department of Finance: Tax Code (22 Nov 2018)

Paschal Donohoe: As announced in the Budget I have increased the rate of betting duty from 1 per cent to 2 per cent for all bookmakers and the rate of betting intermediary duty from 15 per cent to 25 per cent on the commission earned for betting intermediaries. These measures will take effect from 1 January 2019. The rate of betting duty at 1 per cent on the amount of bets wagered in Ireland is at an...