Results 18,601-18,620 of 32,864 for speaker:Paschal Donohoe

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

Paschal Donohoe: As the Deputy will be aware, my Department and the Department of Rural and Community Development were jointly responsible for fulfilling the Programme for Government commitment to “thoroughly investigate the German Sparkassen model for the development of local public banks that operate in well-defined regions”. My colleague, Minister Ring and I, brought the completed Report...

Written Answers — Department of Finance: Stamp Duty (11 Jul 2018)

Paschal Donohoe: The "Getting Ireland Brexit Ready" document, published in conjunction with Budget 2017, committed my Department to conduct a review of Stamp Duty on share transactions in 2017. This document noted that it was proposed to carry out a review of the application of Stamp Duty to stocks or marketable securities of an Irish incorporated company in the context of the sustainability of the Stamp Duty...

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

Paschal Donohoe: As the Deputy will be aware Government policy on banking remuneration has remained unchanged since the financial crisis. The State's banking remuneration restrictions date back to the State’s 2009 preference share investments and these were replicated and extended in the 2011 "Minister's letter". These restrictions apply to all staff at all ranks impacting c. 23,000 workers across...

Written Answers — Department of Finance: NAMA Operations (11 Jul 2018)

Paschal Donohoe: It is important to recognise from the outset that NAMA does not own property, rather, NAMA owns loans secured by property which is owned by its debtors. NAMA, as a lender, cannot force a borrower to take action which would reduce his or her repayment capacity, such as providing a property for social or private housing where that is not the financially optimal course of action for the debtor....

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

Paschal Donohoe: It is a long-held principle of capital acquisitions tax (CAT) that transfers of property between spouses are exempt. Since 1985, all inheritances between spouses are exempt from tax and are not taken into account in computing tax. A similar exemption for gifts between spouses is also in place since 1990. The spousal exemption from gift and inheritance tax was extended to civil partners with...

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

Paschal Donohoe: Contract manufacturing is a form of outsourcing whereby an Irish-resident firm engages a company abroad to manufacture goods on its behalf (and vice versa). Crucially, for the purposes of calculating GDP in accordance with the internationally agreed standards (ESA 2010), the inputs used in the production process, including the valuable intellectual property rights, remain in the ownership of...

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

Paschal Donohoe: The Programme for a Partnership Government contains a commitment to “thoroughly investigate the German Sparkassen model for the development of local public banks that operate in well-defined regions”. My Department and the Department of Rural and Community Development were tasked with fulfilling this commitment. As the Deputy will be aware, the Report on Local Public Banking in...

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

Paschal Donohoe: The Tax Appeals Commission (TAC) was established in March 2016 as part of the reform of the Finance (Tax Appeals) Act 2015. The vision for the new commission was that it would provide enhanced arrangements for an independent, efficient, well-defined, clear and transparent system for appeals relating to decisions of the Revenue Commissioners. The Tax Appeals Commission (TAC) has received...

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

Paschal Donohoe: While the issue of "End of Life" Vehicles does not fall under the remit of my Department, I am aware that there is a motor industry group which is highlighting what they consider to be a link between the number of cars being scrapped annually and the lack of availability or the higher price of motor insurance for such cars. In this respect, Minister of State Michael D’Arcy TD met...

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

Paschal Donohoe: Capital allowances for intangible assets were introduced in Finance Act 2009 to support the development of the knowledge economy and the provision of high quality employment. When the capital allowances were introduced, to ensure that a measure of tax remained in charge annually, a restriction was provided to cap the amount of income that the allowances could be used against in any year at...

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

Paschal Donohoe: The Deputy should note 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 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, it is...

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

Paschal Donohoe: Ireland’s economic recovery has been underpinned by a significant improvement in competitiveness. The latest figures from the Central Bank of Ireland show that Ireland's real harmonised competitiveness indicator, a widely used measure of competitiveness in Europe, has improved by approximately 19 per cent between its peak in 2008 and February 2018. The restoration of Irish...

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

Paschal Donohoe: I should stress at the outset that the Government has no formal role in the commercial decisions of the banks as to their future business model and whether or not they will close particular branches. The Deputy will no doubt appreciate that the provision of services by banks, including the location of branches, is a commercial decision for the Boards and management of the institutions. ...

Written Answers — Department of Finance: Proposed Legislation (11 Jul 2018)

Paschal Donohoe: I intend to introduce rainy day fund legislation very shortly. The Bill has been drafted, and I am now seeking the Government's approval for its publication and presentation to Dáil Éireann. It is my intention to commence second stage on this Bill at the beginning of the Autumn session, at which time I look forward to discussing my policy approach and how it takes account of...

Written Answers — Department of Finance: Mortgage Lending (11 Jul 2018)

Paschal Donohoe: As Minister for Finance, I have no role in the decision making processes of credit institutions and what products any such institutions wish to provide. This is a commercial matter for each individual credit institution having regard to the relevant legal and regulatory requirements which apply. The Deputy may, however, be interested to note that the Central Bank of Ireland, as part of...

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

Paschal Donohoe: I understand that the Deputy is referring to report "The Missing Profits of Nations" by G. Zucman, T. Tørsløv and L. Wier, that examines attribution of profits by mutlinationals around the world. Firstly, I reject any assertion that Ireland is a tax haven. The report does not provide any definition of a tax haven and appears to assert that Ireland, and many other countries,...

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

Paschal Donohoe: I am advised by the Revenue Commissioners that in order to qualify for the capital gains tax exemption announced in Budget 2018 for land and buildings held for a minimum period of 4 years, the land or building must have been acquired in the period commencing on 7 December 2011 and ending on 31 December 2014. There are a range of factors that influence the sale of commercial property,...

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

Paschal Donohoe: The Managing Director of the IMF, Christine Lagarde, visited Dublin on 25-26 June to attend a conference, ‘The Euro at 20’, organised by the IMF together with the Central Bank of Ireland which also hosted the event. I met with Ms Lagarde on Monday 25th June during the course of this visit. The meeting did not have a formal agenda. However, in the course of the meeting we...

Written Answers — Department of Finance: Stability and Growth Pact (11 Jul 2018)

Paschal Donohoe: The creation of the rainy day fund forms part of the Government’s policy to stabilise the public finances and increase the State’s resilience to external economic shocks. The rainy day fund is intended to be used to address severe events as opposed to the normal fluctuations within the economic cycle. However, severe impacts of the economic cycle could be addressed by the rainy...

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

Paschal Donohoe: As the Deputy will be aware the fourth National Economic Dialogue took place on June 27th and 28th this year. This dialogue plays an integral part in the preparations for Budget 2019 and provided an opportunity to consider how best to optimise available resources in the interests of all citizens. The aim is to foster discussion on how to best sustain and strengthen the recovery while...