Results 17,481-17,500 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Brexit Issues (25 Oct 2018)

Paschal Donohoe: My Department’s budget forecasts assume, as a central scenario, that the UK will make an ‘orderly’ exit from the EU. This involves a transition period being agreed until the end of 2020, and a free trade agreement being agreed thereafter. However, I am conscious that the nature of the UK’s exit remains uncertain, and that the risks of a harder Brexit have...

Written Answers — Department of Finance: Tax Reliefs Costs (25 Oct 2018)

Paschal Donohoe: I announced in the Budget that the amount of interest that may be deducted by landlords in respect of loans used to purchase, improve or repair a residential property will be restored to 100% from 1 January 2019 at an estimated cost of €10 million in the first year and €18 million in a full year. It is not a new initiative but rather an acceleration of the rate of the...

Written Answers — Department of Finance: Banking Sector Remuneration (25 Oct 2018)

Paschal Donohoe: Deputies will be aware that Government policy on banking remuneration has remained unchanged since the financial crisis. Extensive restrictions are in place and from the outset let us be clear these are not simply confined to a handful of senior bankers whose pay is restricted by the €500,000 pay cap (excluding a standard pension contribution). These affect c.23,000 workers across the...

Written Answers — Department of Finance: Film Industry Tax Reliefs (25 Oct 2018)

Paschal Donohoe: I propose to take Questions Nos. 19 and 52 together. Under Section 481, a company which produces a film can claim a payable tax credit of 32% of eligible expenditure, subject to certain limits. Eligible expenditure is the amount that the producer company spends in Ireland, wholly and exclusively on producing the film. Expenditure outside of Ireland does not qualify for the tax...

Written Answers — Department of Finance: Credit Union Advisory Committee (25 Oct 2018)

Paschal Donohoe: The Credit Union Advisory Committee (CUAC) is a statutory committee established under section 180 of the Credit Union Act 1997 to advise the Minister for Finance in relation to: - the improvement of the management of credit unions; - the protection of the interests of members and creditors of credit unions; and - other matters relating to credit unions. Four new appointments...

Written Answers — Department of Finance: Banking Sector (25 Oct 2018)

Paschal Donohoe: I wish to clarify for the Deputy that the Irish Banking Culture Board is a private initiative from the banking industry in Ireland aimed at rebuilding trust and confidence in the industry following the tracker mortgage scandal, and as such it is not within the remit of my Department nor the Central Bank as regulator. It is intended that the Irish Banking Culture Board will be an...

Written Answers — Department of Finance: Tax Code (25 Oct 2018)

Paschal Donohoe: The Department of Finance Tax Expenditure Guidelines, published in October 2014, sets out guidelines for best practice in ex-ante and ex-post evaluation of tax expenditures and is used by my Department when considering whether or not to introduce a new tax expenditure, or in reviewing an existing measure. These guidelines indicate that tax expenditures should only be used in limited...

Written Answers — Department of Finance: Small and Medium Enterprises (25 Oct 2018)

Paschal Donohoe: There are no specific provisions for small and medium enterprises (SMEs) in the research and development (R&D) tax credit, and nor are there any restrictions for SMEs wishing to avail of the scheme. It is available to all firms, within the charge to Irish tax, that undertake qualifying R&D activities in the European Economic Area. However I am aware that Revenue issued guidance in...

Written Answers — Department of Finance: Insurance Costs (25 Oct 2018)

Paschal Donohoe: I propose to take Questions Nos. 24 and 40 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: Betting Regulations (25 Oct 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% to 25% on the commission earned for betting intermediaries. These measures will take effect from 1 January 2019. The Government’s priority has been to level the playing field by extending the tax to remote...

Written Answers — Department of Finance: Mortgage Interest Rates (25 Oct 2018)

Paschal Donohoe: The level of interest rates being charged in Ireland is an important issue for the Government and the charging of excessive rates on mortgages would not be acceptable. It is also important that Ireland has a healthy commercial banking system that is able to provide finance to customers and has an ability to withstand economic and financial market shocks. This means it must be in a position...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (25 Oct 2018)

Paschal Donohoe: While published as part of the Budget 2019 documents on Tuesday 9 October last the Department’s Ireland Strategic Investment Fund (ISIF) Review was concluded in 2017. It was an important input into the Government’s Decisions on the Rainy Day Fund and Home Building Finance Ireland (HBFI) as part of Budget 2018 last year; and on the reallocation of ISIF funds in July 2018 and the...

Written Answers — Department of Finance: Motor Insurance Costs (25 Oct 2018)

Paschal Donohoe: The Deputy should note at the outset that in my role as Minister for Finance I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank can interfere in the provision or 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...

Written Answers — Department of Finance: VAT Rate Application (25 Oct 2018)

Paschal Donohoe: I propose to take Questions Nos. 29 and 35 together. With effect from 1 January 2019, services and goods currently applying at the second reduced VAT rate of 9% will increase to 13.5%, with the exception of newspapers and periodicals and sporting facilities. The VAT rate applying to catering and restaurant supplies, tourist accommodation, cinemas, theatres, museums, historic houses, open...

Written Answers — Department of Finance: Legislative Measures (25 Oct 2018)

Paschal Donohoe: I am pleased to inform the Deputy that Government on Tuesday approved the text of the National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018, which will now be published in the coming days. This Bill will provide the legislative underpinning for the Rainy Day Fund, which will be formally known as the National Surplus (Exceptional Contingencies) Reserve Fund. The Fund is...

Written Answers — Department of Finance: Credit Union Advisory Committee (25 Oct 2018)

Paschal Donohoe: The Credit Union Advisory Committee (CUAC) is a committee established under section 180 of the Credit Union Act 1997. The function of the CUAC is to advise the Minister for Finance and such other persons as I think fit, in relation to the improvement of the management of Credit Unions, the protection of the interests of members and creditors of credit unions and other matters relating to...

Written Answers — Department of Finance: Credit Union Services (25 Oct 2018)

Paschal Donohoe: I propose to take Questions Nos. 32 and 58 together. 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...

Written Answers — Department of Finance: Banking Sector (25 Oct 2018)

Paschal Donohoe: The Deputy will be aware that I, in my role as Minister for Finance, cannot stop loan sales, even by the banks in which the State has a shareholding. The same stipulation applied to my predecessor. Decisions relating to loan sales, including the composition of loans included, are the responsibility of the Board and management of the banks which must be run on an independent and commercial...

Written Answers — Department of Finance: Illicit Trade in Fuel and Tobacco Products (25 Oct 2018)

Paschal Donohoe: I propose to take Questions Nos. 34 and 57 together. The threat that fuel fraud, the illicit alcohol and illicit tobacco trades pose to legitimate business, to consumers and the Exchequer is clear and I am assured by Revenue that combatting such activity and criminality continues to be a priority for them. Steps taken by Revenue to combat the illegal fuel trade include the...

Written Answers — Department of Finance: Social and Affordable Housing Provision (25 Oct 2018)

Paschal Donohoe: In line with “Rebuilding Ireland” commitments, the Ireland Strategic Investment Fund (ISIF) and a number of key Government Departments examined the feasibility of establishing a funding vehicle, in conjunction with the private sector to facilitate investment in social and affordable housing. The objective was to create an 'off-balance sheet' mechanism which could facilitate...