Results 17,561-17,580 of 32,864 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The previous tax relief in respect of rent paid was abolished in budget 2011 and it is no longer available to those who commenced renting for the first time from 8 December 2010. This followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: May I make a brief statement? With the Chairman's agreement, I advise the committee that with respect to the special assignee relief programme, I propose to bring forward an amendment to section 825C of the Taxes Consolidation Act 1997 on Report Stage relating to the operation of this programme. I will provide further information to Opposition spokespersons today by correspondence, and this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The context to the Deputy's amendment, as he mentioned, is chapter 18 of the report of the Comptroller and Auditor General report on the accounts of the public service for 2017. As the Deputy mentioned, Revenue indicates that it currently has three units in its large cases division with responsibility for both the tax affairs of high-wealth individuals and for challenging tax avoidance...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: As part of the work I have to do in preparing for budgets and the next Finance Bill, I am always open to considering things like this. I do not, however, want to have a commitment to a report on it within our Finance Bill.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The Deputy's amendment states he does want a report.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: As I said, I am happy to engage with the Revenue Commissioners on this to see if there is work that could be done in respect of data. These are all matters I consider in the light of Finance Bills. Given that this issue has been raised, and has been raised before in a chapter of the report of the Comptroller and Auditor General, I am happy to engage with the Revenue Commissioners and see if...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: On the question of management fees, I assume Deputy McGrath's amendment has in mind landlords rather than owner-occupiers. From what he said, I think that it does.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I am afraid I am going to disappoint Deputy McGrath. I am going to give a straight answer. I have not considered it yet. My Department has been doing much work in respect of to LPT and the different options available. My understanding at the moment is that there is not a recognition of management fees when a person pays his or her LPT.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I will be open with the Deputy. I have not got to the point where I have to consider that again.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: It will not be for a little while yet.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The focus of the last number of months has been the budget and Finance Bill. Now that is done, one of the many matters I will be moving on to is LPT.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: On amendment No. 60 then-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Section 97(2)(e) of the Taxes Consolidation Act 1997 commits the deduction for tax purposes of interest on borrowed money employed in the purchase, improvement or repair of premises against rental income. Under section 97(2), however, this interest relief is not authorised unless the person claiming it can show that he or she has complied with part 7 of the Residential Tenancies Act 2004 to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The Revenue Commissioners have informed me that whereas the vast majority of taxpayers submit accurate and timely returns and declarations, Revenue minimises the opportunities for those who might seek advantage through non-compliance, specifically including the claiming for expenses that have not been borne, by conducting an extensive programme of risk-based compliance checks each year. In...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I take the point. I will engage with the Revenue Commissioners to see if they would recommend any further changes in this regard. On the basis of the information they have about the compliance activity carried out in the sector, the quantity of checks appears high, at over 5,000, and the total yield that has come out of that is just under €45 million. Therefore, it would appear...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: The Deputy will be aware that, earlier this year, my Department, along with the Department of Employment Affairs and Social Protection, published a report entitled, "The use of intermediary-type structures and self-employment arrangements: implications for social insurance and tax revenues". He will also be aware that this report was informed by a public consultation. The report noted...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I have not seen the report of the Committee of Public Accounts to which the Deputy referred. I understand the Deputy's quotation is from a draft report. I am required to respond to all of the reports of the Committee of Public Accounts by minute and if the language referenced emerges in the report of the committee when published, I will respond to it. The Revenue Commissioners have...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: A limited form of income tax relief is available to certain taxpayers for interest payments on a qualifying mortgage loan, as set out in section 244 of the Taxes Consolidation Act 1997. The relief has expired for mortgages taken out prior to 2004 and ceased for new borrowings from January 2013. This mortgage interest relief is, therefore, only available on qualifying mortgage loans taken...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: I agree with the point made by the Deputy about productivity levels in the SME sector. Earlier in the year my Department published a paper, in conjunction with the OECD, in which we analysed productivity levels in the economy once we had stripped out the very large companies integrated into global supply chains. The analysis showed that we had productivity levels that were lower than they...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2018: Committee Stage (Resumed) (8 Nov 2018)

Paschal Donohoe: Yes.