Results 18,621-18,640 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Costs (26 Jun 2018)

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland 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 willing to accept.  This...

Written Answers — Department of Finance: IBRC Liquidation (26 Jun 2018)

Paschal Donohoe: Under the Companies Act all costs, charges and expenses properly incurred in the winding up of a company, including the remuneration of the liquidator are payable out of the assets of the company. For the 59 months since the start of the liquidation in February 2013 to 31st December 2017, the net fees earned by the KPMG special liquidation team were €144.9m...

Written Answers — Department of Finance: Tax Strategy Group (26 Jun 2018)

Paschal Donohoe: As the Deputy is aware, the Tax Strategy Group (TSG) is in place since the early 1990’s and chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually by officials. The TSG is not a decision making body and the...

Written Answers — Department of Finance: Young Farmers Scheme Eligibility (26 Jun 2018)

Paschal Donohoe: As the deputy has stated in his question, there are certain tax reliefs that are available to young farmers. Under Section 667B of the Taxes Consolidation Act 1997, young farmers who achieve specified educational qualifications are entitled to increased stock relief at a rate of 100%. S. 667B requires that the farmer be under 35 years of age in the year in which they...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (26 Jun 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, you should be aware that the provision of insurance is a commercial matter for insurance companies,...

Written Answers — Department of Finance: Tax Appeals Commission (26 Jun 2018)

Paschal Donohoe: I am advised by Revenue that it raised tax assessments for the years 2011, 2012 and 2013 against individuals who hold patronage shares that were issued by the entity in question. However all collection has been deferred while a ‘test case’ in regard to the taxability of such shares is being considered by the Tax Appeals Commission. The Tax Appeals Commission, which is an...

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: As the deputy may be aware, the numbers of those availing of the rent a room relief and the cost to the Exchequer can be found on the cost of tax expenditures report. The report can be located at the following link: https://www.revenue.ie/en/corporate/information-about-revenu e/statistics/tax-expenditures/costs-expenditures.aspx. I am advised by Revenue that it is not possible to estimate...

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: The Home Renovation Incentive (HRI) is a scheme that allows home owners, landlords and local authority tenants to claim tax relief on qualifying works. The works must be completed by a tax-compliant contractor and be subject to 13.5% VAT. The HRI relief is paid in the form of a tax credit at 13.5% of qualifying expenditure, which can be set against Income Tax evenly over two years,...

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: Income is classified under a number of categories for taxation purposes and there are distinct rules for each category. As the Deputy notes, rental income from Irish property is taxed under Case V of Schedule D. The rules for Case V provide that landlords can carry forward rental losses for offset against future rental profits, but cannot offset rental losses against other net...

Written Answers — Department of Finance: Tax Deduction Systems (26 Jun 2018)

Paschal Donohoe: In Budget 2018 I introduced a new deduction for pre-letting expenses of a revenue nature incurred on a property that has been vacant for a period of 12 months or more. I introduced this measure in order to encourage owners of vacant residential property to bring such properties into the rental market. A cap on allowable expenses of €5,000 per property applies, and the...

Written Answers — Department of Finance: Tax Deduction Systems (26 Jun 2018)

Paschal Donohoe: The Report of the Working Group on the Tax and Fiscal Treatment of Rental Accommodation Providers (2017) identified the measure suggested by the deputy as a possible medium-term option. The report does not cost the measure but notes that three factors relevant for the costing would be: - the reduction in current income tax revenues; - in the longer term, the claw-back of the deduction as...

Written Answers — Department of Finance: Tax Reliefs Costs (26 Jun 2018)

Paschal Donohoe: To cost the measures requested by the Deputy, certain information would need to be available, including the number of eligible landlords, estimates for the relevant element of the capital costs and the numbers of properties purchased with a tenant in situ. In the absence of this information it is not possible to cost the proposal.

Written Answers — Department of Finance: Living City Initiative (26 Jun 2018)

Paschal Donohoe: The Special Regeneration Areas for the Living City Initiative were designated following consultation with the relevant city councils and an independent review by a third party advisor. Specific qualifying criteria were set down that were required to be taken into account by the city councils when putting forward the proposed Special Regeneration Areas for each city. In particular,...

Written Answers — Department of Finance: Tax Exemptions (26 Jun 2018)

Paschal Donohoe: I propose to take Questions Nos. 108 and 128 together. Section 130 of the Finance Act 1992 (as amended by Section 102 of the Finance Act 2010) introduced, from 1 January 2011, a revised classification system for the assessment of VRT which reflects the categories used for classification of vehicles at European level under various EC Directives.  Passenger Vehicles (EU Category M) and...

Written Answers — Department of Finance: Legislative Reviews (26 Jun 2018)

Paschal Donohoe: Section 135(3A) of the Taxes Consolidation Act 1997 was introduced to counter a specific avoidance scheme identified by Revenue  whereby taxpayers were seeking to extract profits from companies in a manner which avoided a charge to income tax. The scheme involved individuals avoiding a liability to income tax where the individual disposed of shares and arranged for the consideration for...

Written Answers — Department of Finance: Tax Exemptions (26 Jun 2018)

Paschal Donohoe: I propose to take Questions Nos. 110 and 118 together. I am informed by Revenue that the costs for increasing the annual exemption limits for persons aged 65 years and over can be found by consulting the Revenue Ready Reckoner, available at https://www.revenue.ie/en/corporate/documents/statistics/rea dy-reckoner.pdf. The cost requested is as follows; Cost of Increasing Aged 65 and over...

Written Answers — Department of Finance: Financial Services Sector (26 Jun 2018)

Paschal Donohoe: In March 2015, the Government launched the ‘International Financial Services 2020 Strategy’ (IFS2020), which is led by Minister of State Michael D’Arcy TD. One of the main deliverables is to create 10,000 net new jobs across the Enterprise Ireland and IDA Ireland portfolios in international financial services over five years from 2015 – 2020. To end-2017 the...

Written Answers — Department of Finance: Legislative Programme (26 Jun 2018)

Paschal Donohoe: As the Deputy knows, the Funds Industry has been a successful and significant element of the Irish financial services landscape for many years.  This success has been underpinned by various periodic relevant changes in the legislative landscape that have made Ireland an attractive domicile for promoters in Asia, across Europe, the U.S., and further afield. In addition, we also have a...

Written Answers — Department of Finance: Stability and Growth Pact (26 Jun 2018)

Paschal Donohoe: The estimates prepared by the European Commission, in its Spring Forecast, and my Department, in the Stability Programme Update 2018, both project a structural deficit of 0.4 per cent of GDP for next year. If an additional €500 million were to be spent this would, in the first instance, increase the deficit, and have a corresponding impact on the structural position. On the assumption...

Written Answers — Department of Finance: Stability and Growth Pact (26 Jun 2018)

Paschal Donohoe: A Member State in the preventive arm of the Stability and Growth Pact is legally required to be at, or making sufficient progress towards, its Medium Term budgetary Objective (MTO). Ireland's MTO is a structural deficit of 0.5 per cent of GDP. The European Commission sets the required annual fiscal adjustment based on inter alia the cyclical position of the economy.  In 'normal'...