Results 17,121-17,140 of 32,610 for speaker:Paschal Donohoe

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...

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

Paschal Donohoe: At the outset, the Deputy should note that while I am very conscious of the sensitivity of this issue, neither I in my role as Minister for Finance, nor the Central Bank of Ireland, can interfere in determining what an insurance contract covers and what it excludes as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they...

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

Paschal Donohoe: The Central Bank of Ireland have advised me that within the remit of 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: European Central Bank (22 Nov 2018)

Paschal Donohoe: The European Central Bank (ECB) recently confirmed that it will continue to make net purchases of €15 billion per month under the Asset Purchase Programme (APP) - also known as Quantitative Easing - for the final quarter of 2018, when it expects that net purchases will end. However, the ECB intends to reinvest the principal payments from maturing securities purchased under the APP...

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

Paschal Donohoe: Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law. The Deputy will be aware that the Insurance (Amendment) Act 2018 (Act 21 of 2018) was signed into law in July this year. The Act, inter alia, provides for the payment of 100% of the...

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: Gambling Sector (22 Nov 2018)

Paschal Donohoe: The legal framework for the approval of a Gaming Licence is as follows.  An operator of gaming machines is required to hold a Gaming Licence for each premises where gaming machines are available for play.  Section 19 of the Gaming and Lotteries Act 1956 provides that Revenue shall, on the application of a person to whom a certificate for a gaming licence has been granted by the...

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

Paschal Donohoe: I am advised that, from Q1 2014 to Q3 2018, NAMA funded the construction of 8,013 new residential units in Ireland on residential development land under the control of its debtors and receivers. It is important to note that NAMA can only fund developments which are under the control of its debtors and receivers and which are commercially viable. The breakdown by local authority area of the...

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

Paschal Donohoe: The Government has welcomed the agreement reached between the EU and UK negotiators on a draft Withdrawal Agreement. Our priority now is to work towards the finalisation of that draft Withdrawal Agreement and the political declaration on the EU-UK future relationship. However any Brexit scenario will mean considerable change and impact for Ireland. The Government’s contingency...

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

Paschal Donohoe: Under section 10 of the National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018, the only place to which a drawdown of the Fund can be made is the Exchequer. Any movement onward of funds for any purpose will be subject to the full rigour of the public financial procedures and will require a resolution of the Dáil.

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

Paschal Donohoe: I am assured by Revenue that it has maintained a focus on High Wealth Individuals (HWIs) over a long period. HWIs have been managed by dedicated units within its then Large Cases Division since it was established in 2003. Revenue recently split its Large Cases Division into two divisions, one of which is now focused on HWIs, avoidance and pensions. I am advised by Revenue that one of the...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (22 Nov 2018)

Paschal Donohoe: Section 477B of the Taxes Consolidation Act 1997 provides for the Home Renovation incentive (HRI).  As the Deputy will be aware, HRI provides a tax relief by way of an income tax credit on repair, renovation or improvement works on principal private residences or rental properties carried out by tax compliant contractors. A key element of obtaining relief is that the contractor must be a...

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

Paschal Donohoe: I propose to take Questions Nos. 54, 55 and 64 together. I am advised by Revenue that the estimated full year cost of increasing the standard rate cut off point for all income tax bands by €14,700 which would bring it to €50,000 for a single person and €100,000 for a couple in a single year, would be approximately €2.3 billion. This estimated figure has been...