Results 18,321-18,340 of 32,610 for speaker:Paschal Donohoe

Ceisteanna - Questions - Priority Questions: Housing Provision (11 Jul 2018)

Paschal Donohoe: The Department of Finance continues to monitor developments in the construction and housing sectors with a view to identifying potential macroeconomic risks. The biggest such risk is a continuation of the present situation, in which supply falls significantly short of demand, estimated to be in the region of 30,000 units per annum given our current demographic projections. Yes, I see the...

Ceisteanna - Questions - Priority Questions: Housing Provision (11 Jul 2018)

Paschal Donohoe: My Department and I have already identified we acknowledge that on a macroeconomic level, and from the point of view of our society, this is a major risk, and I laid that out in my answer to the Deputy. Second, as I acknowledged in my answer, we can see signs of progress being made. In particular, from a planning permission point of view, we have seen 24,531 new homes granted planning...

Ceisteanna - Questions - Priority Questions: Housing Provision (11 Jul 2018)

Paschal Donohoe: The Deputy is pointing to the very fiscal rules to prevent a form of economic behaviour happening. I remember the Deputy campaigning against those fiscal rules at the time of the referendum on the fiscal compact treaty. I remember him again and again warning of the risks of policies that could overheat the economy. What the Deputy is doing now is making use of the fiscal rules he...

Ceisteanna - Questions - Priority Questions: Brexit Issues (11 Jul 2018)

Paschal Donohoe: A no-deal hard Brexit would arise if the EU-UK negotiations fail to reach an agreement within the Article 50 two-year timeline. This would involve the UK exiting the EU with no successor agreement in place and without a transition period to avoid a cliff edge in March 2019. In the short term, a no-deal hard Brexit would have a material and real impact on Ireland, which would be...

Ceisteanna - Questions - Priority Questions: Brexit Issues (11 Jul 2018)

Paschal Donohoe: On the Deputy's additional questions, the job figures the Deputy has associated with the change in levels of employment and unemployment are correct and are in line with what my Department stated a number of months ago. Second, in respect of the Deputy's question about regulatory alignment, the Copenhagen papers articulated clearly that an effect that will be at least as big as the effect...

Written Answers — Department of Finance: Tax Code (11 Jul 2018)

Paschal Donohoe: An Irish tax resident person is subject to Irish income tax on their world-wide income, including income from a foreign source such as fees from performances abroad. If the performance fees are paid in a jurisdiction with which Ireland has a Double Taxation agreement, relief may be granted for foreign tax paid by way of a credit against any Irish tax that may be due. In the case of a...

Written Answers — Department of Finance: Tax Compliance (11 Jul 2018)

Paschal Donohoe: I am aware of the recent report by the GUE/NGL group in the European Parliament. As the Deputy is aware, I am not at liberty, nor is it appropriate for me, to discuss the tax affairs of individual companies. I would first note that Revenue, as a statutorily independent body, monitors the tax affairs of taxpayers and takes a proactive approach to the identification of, and response to,...

Written Answers — Department of Finance: Universal Social Charge Review (11 Jul 2018)

Paschal Donohoe: I propose to take Questions Nos. 73 and 105 together. The Programme for Government commitment to the phasing out of the USC was specified to be as part of a wider medium-term process of income tax reform which would maintain the breadth of the tax base, while reducing excessive tax rates for middle income earners and limiting the benefits for high earners. We have made steady progress in...

Written Answers — Department of Finance: Community Banking (11 Jul 2018)

Paschal Donohoe: My Department and the Department of Rural and Community Development published a Report on Local Public Banking pursuant to the Programme for Partnership Government commitment to “thoroughly investigate the German Sparkassen model for the development of local public banks that operate in well-defined regions”. Specifically, the Report examined a proposal from Irish Rural...

Written Answers — Department of Finance: Motor Insurance Coverage (11 Jul 2018)

Paschal Donohoe: I propose to take Questions Nos. 75 and 86 together. I am aware of the concerns raised by the Deputies. However, you should note that neither the Minister for Finance, the Central Bank nor I 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 an assessment of the risks they are...

Written Answers — Department of Finance: Brexit Negotiations (11 Jul 2018)

Paschal Donohoe: The Government are negotiating to avoid a hard border on the island of Ireland. 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. This includes ‘no deal’ contingency planning. This planning provides base line scenarios for the impact of...

Written Answers — Department of Finance: Economic Growth (11 Jul 2018)

Paschal Donohoe: Recent economic indicators have generally been positive, indicating that the recovery is continuing in a sustainable manner. Preliminary real GDP growth of 7.8 per cent was recorded for 2017, but this is heavily distorted by activity in the multinational sector. Modified domestic demand, which adjusts for distortions in the data, is up 4.0 per cent in 2017. The strength of domestic...

Written Answers — Department of Finance: Revenue Commissioners Enforcement Activity (11 Jul 2018)

Paschal Donohoe: I propose to take Questions Nos. 78 and 106 together. The threat that fuel fraud and the illicit tobacco trade pose to legitimate business, to consumers and the Exchequer is clear and I am advised by Revenue that taking action against this criminality continues to be a priority for them. Steps taken by Revenue to combat the illegal fuel trade include the introduction of stringent new...

Written Answers — Department of Finance: Tax Appeals Commission (11 Jul 2018)

Paschal Donohoe: The Tax Appeals Commission (TAC) was established with the goal of providing an enhanced and cost-effective appeal mechanism for tax cases, and to provide transparency and increased certainty for taxpayers. While dealing with the backlog of appeals is a matter for the independent Commission, I was happy to support the work of the Commissioners in this regard by, since their inception,...

Written Answers — Department of Finance: Motor Insurance Costs (11 Jul 2018)

Paschal Donohoe: I propose to take Questions Nos. 80 and 97 together. The Cost of Insurance Working Group’s Report on the Cost of Motor Insurance was published in January 2017 and makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, set out in an Action Plan. In line with the commitment to publish quarterly update reports on the implementation of the...

Written Answers — Department of Finance: Promissory Notes (11 Jul 2018)

Paschal Donohoe: While it may appear prudent to replace debt that was issued at a higher borrowing cost than the cost that applies to debt issued today, the reality is more complex and often less attractive. When bond yields fall, the market value of debt issued at higher rates goes up. This means it would cost the National Treasury Management Agency (NTMA) more to buy that debt from the investors who hold it...

Written Answers — Department of Finance: State Aid Investigations (11 Jul 2018)

Paschal Donohoe: Ireland has never accepted the Commission’s analysis in the Apple State aid decision and is challenging the Commission's decision before the European Courts. Notwithstanding this, the Irish authorities have engaged fully with the Commission throughout the State aid investigation. This involved a significant degree of legal and technical complexity, and additional expertise has been...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (11 Jul 2018)

Paschal Donohoe: I am conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and businesses, and that is one of the reasons the Government has been prioritising investment in flood defences over the last number of years. However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: European Council Meetings (11 Jul 2018)

Paschal Donohoe: The June ECOFIN Council commenced with a Breakfast discussion on the economic situation and Ministers were debriefed by the Eurogroup President on the Eurogroup meeting held on the day before. We also discussed the future of EU finances in the framework of discussions on the next multiannual financial framework. On the legislative side of the agenda, the Council discussed the VAT "quick fix"...

Written Answers — Department of Finance: Dog Breeding Industry (11 Jul 2018)

Paschal Donohoe: I am advised by Revenue that dog breeding businesses are monitored for compliance with tax and duty obligations in the same way as taxpayers across all other business sectors. This includes analysing risk indicators and selecting cases for intervention based on the risks identified. Depending on the level of risk identified the intervention can include assurance checks, tax audit or...