Results 18,141-18,160 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Stamp Duty (7 Sep 2018)

Paschal Donohoe: I have been advised by Revenue of the position in relation to the transfer of a family home insofar as capital acquisitions tax, stamp duty and capital gains tax are concerned. Capital acquisitions tax Section 86 of the Capital Acquisitions Tax Consolidation Act 2003 provides for an exemption, subject to certain conditions, in relation to dwelling houses that allows for property to...

Written Answers — Department of Finance: Personal Contract Plans (7 Sep 2018)

Paschal Donohoe: The Competition and Consumer Protection Commission and the Central Bank both produced papers on the PCP market in Ireland in March of this year. These reports demonstrated that PCP finance has grown considerably in recent years and is becoming an increasingly important source of finance for the purchase of new cars. While the availability of such credit is important...

Written Answers — Department of Finance: Tax Reliefs Data (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that, as the Key Employee Engagement Programme (KEEP) only came into effect on 1 January 2018, details of the costs and numbers availing of this programme will only be available once the relevant employer tax returns for 2018 have been received and processed. The first KEEP return is due 31 March 2019.

Written Answers — Department of Finance: Tax Data (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that information on the earnings distributions for tax years from 2004 to 2016 is available at: . The Table titled “RVA01 - Distribution of Income Tax by Type of Gross Income, Range of Gross Income, Marital Status, Year and Statistic” provides data on gross income range broken down by marital status, as sought by the Deputy.

Written Answers — Department of Finance: Universal Social Charge Data (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that the 3% USC levy for non-PAYE income over €100,000 is paid by approximately 12,400 taxpayer units. Abolishing this surcharge would have an estimated full year cost to the Exchequer of the order of €125 million. These estimates have been generated by reference to projected 2019 incomes, calculated on the basis of actual data for 2016, the latest...

Written Answers — Department of Finance: Tax Yield (7 Sep 2018)

Paschal Donohoe: It is assumed that the Deputy is referring to introducing a 32% flat tax rate on dividend income from Irish resident companies to replace all Income Tax, USC and PRSI currently collected. I am advised by Revenue that based on tax returns for 2016 and the yield from Dividend Withholding Tax for the same year, a tentative estimate of the potential tax gain from imposing a flat tax...

Written Answers — Department of Finance: Tax Yield (7 Sep 2018)

Paschal Donohoe: I propose to take Questions Nos. 175, 177 and 178 together. I am informed by Revenue that estimates of the Exchequer impact from changes to the rate of Capital Gains Tax (CGT) can be found in the Revenue Ready-Reckoner at .  While the Ready Reckoner does not show the cost of reducing the rate to 20% as requested by the Deputy, it can be estimated on a pro-rata or straight-line basis with...

Written Answers — Department of Finance: Tax Reliefs Costs (7 Sep 2018)

Paschal Donohoe: It is assumed that the Deputy is referring to the revised Entrepreneur Relief provided for in Section 597AA of the Taxes Consolidation Act 1997. I am advised by Revenue that the current lifetime limit applicable to this relief is €1 million in chargeable gains at a CGT rate of 10%. The cost of increasing this limit to €15 million as suggested by the Deputy would be approximately...

Written Answers — Department of Finance: VAT Rate Reductions (7 Sep 2018)

Paschal Donohoe: Irish VAT law must comply with the EU VAT Directive, which directs that Member States must apply a standard VAT rate of 15% or more.  Ireland's standard VAT rate is currently 23% and it is possible under EU VAT law to reduce the rate to 20%. Reducing the standard rate from 23% to 20% would cost the Exchequer almost €1.4 billion. Further statistics in relation to the cost or yield...

Written Answers — Department of Finance: VAT Yield (7 Sep 2018)

Paschal Donohoe: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The VAT Directive provides that VAT registration thresholds may only be raised by Member States to maintain their value in real terms, that is, they may only be increased in line with inflation. Our VAT thresholds were increased to their current values, €37,500 for services and €75,000 for goods, on...

Written Answers — Department of Finance: Mortgage Repayments (7 Sep 2018)

Paschal Donohoe: Since the establishment of the Single Supervisory Mechanism (SSM) in November 2014, the focus has shifted from reducing mortgage arrears levels to reducing Non-performing Loans (NPLs). This shift in focus has been accompanied by a new strict definition Europe-wide of what constitutes an NPL by the European Banking Authority (EBA) which means that certain restructures are deemed NPL even if...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (7 Sep 2018)

Paschal Donohoe: I propose to take Questions Nos. 182 and 183 together. The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution for SMEs and its strategic mission is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU...

Written Answers — Department of Finance: Small and Medium Enterprises (7 Sep 2018)

Paschal Donohoe: The Deputy will be aware that in my role as Minister for Finance I have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time; these are taken by the board and management of the relevant institution. This includes decisions in relation...

Written Answers — Department of Finance: Tax Collection Forecasts (7 Sep 2018)

Paschal Donohoe: I am advised by Revenue that the estimates originally published in the Pre-Budget 2019 Ready Reckoner for the cost of increasing the earned income credit were incorrect. The matter has been rectified and the correct figures are now published in the Ready Reckoner which is available at . Revenue has confirmed that the earned income credit was...

Written Answers — Department of Finance: Tax Agreements (7 Sep 2018)

Paschal Donohoe: As the Deputy will be aware, the base erosion anti-abuse tax or "BEAT" is an anti-avoidance measure that applies to very large companies ($500 million of sales in the USA per annum) who make large payments to foreign related companies.  It works by requiring the company to re-calculate its entire US tax bill to see what it would pay if it were subject to a 10% tax rate but all deductions...

Written Answers — Department of Finance: Construction Industry (7 Sep 2018)

Paschal Donohoe: The Department of Finance continues to monitor developments in the construction sector, including the risk of overheating.  While professional training and skills needs in the industry are the responsibility of the Department of Education and Skills, the Department of Finance also monitors developments in this area. The key indicators for the construction sector do not suggest...

Written Answers — Department of Finance: Brexit Issues (7 Sep 2018)

Paschal Donohoe: The Government’s contingency planning for Brexit was initiated well in advance of the UK referendum in June 2016. To this end, co-ordination of the whole-of-Government response to Brexit is being taken forward through the cross-Departmental coordination structures chaired by the Department of Foreign Affairs and Trade and on 18 July the Tánaiste presented a Memorandum to the...

Written Answers — Department of Finance: Brexit Issues (7 Sep 2018)

Paschal Donohoe: The Department of Finance has been assessing and preparing for the impact of Brexit since well before the referendum on 23 June 2016, with this work now intensified. The primary policy areas for the Department relate to the economic and financial sector implications stemming from Brexit. This work is being undertaken within the whole-of-Government framework coordinated by the Department of...

Written Answers — Department of Finance: National Payments Plan Implementation (7 Sep 2018)

Paschal Donohoe: Over the past number of years, the EU has been creating a single market for payments across the Member States and my Department has been working on transposing those measures. The Payment Accounts Directive was transposed in September 2016, ensuring access to a payment account with basic features for anyone who does not have a payment account. The revised Payment Services Directive...

Written Answers — Department of Finance: Budget Submissions (7 Sep 2018)

Paschal Donohoe: My Department has so far received in the order of 200 Pre-Budget Submissions from a wide range of groups and individuals. These are being considered by the relevant officials in the context of Budget and Finance Bill preparation. I can confirm that a submission from the organization in question has been received. However, as the Deputy will be aware, it is not the practice of the...