Results 17,381-17,400 of 33,392 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Agreements (15 Jan 2019)

Paschal Donohoe: The Deputy is aware that the European Commission proposal for an interim Digital Services Tax, which imposes a 3% levy on the turnover of certain companies’ digital activities, has been debated among Member States at both a technical and political level since first proposed, last March. The Digital Services Tax proposal was included as an item for policy agreement at ECOFIN on 4...

Written Answers — Department of Finance: Financial Services Regulation (15 Jan 2019)

Paschal Donohoe: It is important to any society that a responsible and sustainable financial sector provides appropriate credit to consumers. Many regulated financial service providers meet this need in Ireland and provide cIredit of various duration and price for a variety of purposes. Licensed moneylenders are part of this credit landscape and provide credit to consumers who are often unable to obtain...

Written Answers — Department of Finance: Banking Sector Regulation (15 Jan 2019)

Paschal Donohoe: The Central Bank of Ireland is the competent authority for authorising and supervising UCITS funds in Ireland. I have been informed by the Bank that in Q4 2018 it began key supervisory work to review all Irish domiciled UCITS funds that report to be actively managed to determine if they are potentially index tracking. ESMA has defined closet indexing as the situation ‘whereby asset...

Written Answers — Department of Finance: Brexit Issues (15 Jan 2019)

Paschal Donohoe: The Government are aware of the complexity of Brexit which, in whatever form it takes, will likely have a negative economic impact on Ireland. My Department has been to the forefront in assessing the impact of Brexit on our economy, commissioning joint research with the ESRI on the issue even prior to the referendum taking place. It is clear from this research and further studies, that a hard...

Written Answers — Department of Finance: Departmental Meetings (15 Jan 2019)

Paschal Donohoe: As the Deputy will be aware, I and my officials have regular meetings with the CEOs/senior officials of the banks operating in Ireland. Some of these meetings focus on specific issues such as the tracker investigations but also can cover more wide ranging general issues. Obviously due to client confidentiality, commercial sensitivities and General Data Protection Regulation, the...

Written Answers — Department of Finance: VAT Rate Application (15 Jan 2019)

Paschal Donohoe: Under the VAT Consolidation Act 2010, the standard rate of VAT applies to all food supplements, which are not foods in the ordinary and everyday meaning of the word. However, a longstanding concession provided through Revenue guidance permitted the zero rating of certain types of food supplements including vitamins, minerals and fish oils. The operation of the current concession became...

Written Answers — Department of Finance: Central Bank of Ireland Reports (15 Jan 2019)

Paschal Donohoe: Officials from my Department have been in discussion with the Central Bank with regard to the proposals as set out in the report on behaviour and culture in the Irish retail banks since its publication in July 2018. My officials are preparing a detailed analysis of the proposals, which has been informed by the discussions with the Central Bank and learnings from HM Treasury's experience...

Written Answers — Department of Finance: VAT Rate Application (15 Jan 2019)

Paschal Donohoe: The VAT Compensation Scheme for Charities was introduced in Budget 2018 to reduce the VAT burden on charities through the partial compensation of VAT they incur. This Scheme was introduced in 2019 in respect of VAT expenses incurred in 2018. Charities will be entitled to a refund of a proportion of their VAT costs based on the level of non-public funding they receive, up to a total capped...

Written Answers — Department of Finance: Customs and Excise Controls (15 Jan 2019)

Paschal Donohoe: EU Directive 92/83/EEC deals with the harmonization of the structures of excise duties on alcohol and other alcoholic beverages. This Directive provides that Member States may apply reduced rates of excise for small beer producers and also for small distilleries (spirit drinks producers). Ireland has exercised the option to apply reduced rates of excise for small beer producers. Having...

Written Answers — Department of Finance: Living City Initiative (15 Jan 2019)

Paschal Donohoe: The Living City Initiative was introduced in the Finance Act 2013 and commenced on 5th May 2015 when the initiative was extended beyond the original planned pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny. In line with my Department's commitment to evidence based policy-making, the inclusion of these additional four cities followed the...

Written Answers — Department of Finance: Tax Yield (15 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: Stamp Duty (15 Jan 2019)

Paschal Donohoe: I am advised by Revenue that the provisional receipts of Stamp Duty associated with property in 2018 amounted to €661 million. It is estimated that €490 million of these receipts relate to non-residential property. While a formal forecast for Stamp Duty on non-residential property for 2019 is not prepared, Revenue's tentative estimate on a full-year basis is €530 million.

Written Answers — Department of Finance: Sovereign Debt (15 Jan 2019)

Paschal Donohoe: I propose to take Questions Nos. 208 and 209 together. The National Treasury Management Agency (NTMA) has advised me that at end-2018, the volume of medium/long-term Irish sovereign debt due to mature over the seven year period to end-2025 was just over €73 billion. The annual breakdown is set out in the table below. The maturity profile of Irish Government bonds and EU Programme loans...

Written Answers — Department of Finance: Tax Data (15 Jan 2019)

Paschal Donohoe: I am advised by Revenue that it is a qualifying condition of the dwelling house exemption that a person inheriting a dwelling house cannot have an interest in another dwelling house at the date of the inheritance. A recent High Court judgement held that a person inheriting a dwelling house cannot have a beneficial interest in a dwelling house forming part of the residue of an estate until...

Written Answers — Department of Finance: Tax Data (15 Jan 2019)

Paschal Donohoe: I am advised by Revenue that emergency tax should only apply in limited circumstances under PAYE Modernisation. These circumstances typically occur where an employee has not provided a valid Personal Public Service Number (PPSN) to an employer or where it is an employee’s first employment in the State. Also, in very rare circumstances emergency tax could apply because an...

Written Answers — Department of Finance: Brexit Data (15 Jan 2019)

Paschal Donohoe: I am advised by Revenue that they will require an additional 600 staff as a result of Brexit. This is based on the central case scenario of an orderly withdrawal, to include a transition period to the end of 2020, followed by an agreed future trading relationship between the EU and the UK. The Government approved the phased recruitment of 600 Revenue staff in September of last year. Budget...

Written Answers — Department of Finance: Investor Compensation Company Limited (15 Jan 2019)

Paschal Donohoe: I propose to take Questions Nos. 213, 215 and 216 together. The Investor Compensation Company DAC (ICCL) is an independent body set up in accordance with the Investor Compensation Act, 1998 (the Act). The ICCL is Ireland’s statutory ‘fund of last resort’ for customers of authorised investment firms. I am informed by the Central Bank that membership of the investor...

Written Answers — Department of Finance: Investor Compensation Company Limited (15 Jan 2019)

Paschal Donohoe: The Investor Compensation Company DAC (ICCL) is an independent body established in accordance with the Investor Compensation Act 1998. The ICCL is Ireland’s statutory ‘fund of last resort’ for the clients of authorised investment firms. The Act prescribes that the ICCL shall pay compensation to clients of specified categories of investment firms where a firm is unable to...

Written Answers — Department of Finance: NAMA Staff Remuneration (15 Jan 2019)

Paschal Donohoe: The response to the deputy is set out in the table. Year Total discretionary performance-related payments Number of Benefitting Employees Highest discretionary performance-related payments to an individual 2006 €2,807,229 116 €377,000 2007 €3,165,551 138 €403,000 2008 €3,459,751 161 €395,500 2009 €2,751,361 167 €200,000 2010...

Written Answers — Department of Finance: EU Issues (15 Jan 2019)

Paschal Donohoe: The European Commission recently published a Roadmap document titled 'Taxation - more efficient EU law-making procedure' which is seeking the views of members of the public and is open until 17th January 2019. It is aimed at seeking the views of the general public rather than the Member States. I am aware that a European Commission Communication paper is due to be published shortly on a...