Results 19,541-19,560 of 32,643 for speaker:Paschal Donohoe

Written Answers — Department of Finance: NAMA Property Construction (19 Apr 2018)

Paschal Donohoe: At the outset, it is important to note that NAMA does not build residential property. Instead, where commercially viable, it funds residential delivery on sites controlled by its debtors and receivers. In late 2013, NAMA indicated that it aimed to fund the delivery of 4,500 homes on lands controlled by NAMA debtors and receivers over the period to end-2016. By end-2016 this target had...

Written Answers — Department of Finance: Tax Rebates (19 Apr 2018)

Paschal Donohoe: I am advised by Revenue that it cannot determine if a refund of tax is correctly due in situations where statutory tax returns remain outstanding. The person in question has not filed their Income Tax returns for the years 2015 and 2016. Once the returns are filed, Revenue will be in a position to quantify the person's overall tax position and determine if any refund is due....

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I welcome the opportunity to be here today to discuss the draft stability programme update. As the Chairman said, this sets out our forecasts for Ireland and is the first update of our projections since budget 2018. It is presented in draft form. I look forward to hearing the views of the committee members. The final version will be submitted to Brussels later this month. I wish to...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: The summer economic statement will be in early July. At that point we will be in a position to provide an indication on how we believe the economy will perform next year. What I will be doing at that point is not just talking about what kind of resources may or may not be available, but I will also be speaking about what I believe will be the right budgetary policy for the economy for next...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I will take the last question first. Climate change fines do not form part of any liability that I expect to develop for next year. I will have to come back to the committee with potential scenarios beyond that, which I will do. It is correct to say that the potential for liabilities to be created via potential fines is a factor that I am considering, but I have not put figures against it...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I will have Commission figures on that in two weeks. If I use the benchmark of the figures that were available last year in the economic statement, then we are talking about a gross figure of €3.7 billion dropping to €3.2 billion because of the rainy day fund, to which I am still committed. If I look at the fiscal smoothing effect of the figures that I communicated yesterday,...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: That is very approximate but all of this will change as we move through the year.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: Potentially, yes, but all of these things also depend on what kind of budgetary policy one wants to take at that point. It is conceivable, for example, that if all of that money were to be spent, there would be a need for the State to borrow more to do it. The question is, with those kinds of resources available, whether it is correct to put that into additional capital expenditure when...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: Regarding overall tax performance, I note that for the first quarter of this year we collected €12 billion overall, which is an increase of 3.5% on the same quarter a year ago. It is a gap versus profile of €140 million. A sum of €140 million is a lot of money of course, but there is a gap of -1.2% compared with what we were due to collect. That is well within the kind...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: At this point it is unlikely that there will be any significant change in that budget. If we were going to make a very big change we would have to allow some lead-in time.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: The overall amount that we have factored in for additional public pay next year is €400 million. Do we have a figure factored in for dealing with new entrant pay? We do not have an additional figure beyond that €400 million. That is entirely consistent with the wage agreement that we published in which we said we would put a process in place, which we are doing. Indeed, we...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: Any further change would have to be a budget day decision.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: In answer to the first question about when the Brexit-associated risks will become clearer, I note that there will be a meeting of the European Council in June and another one in October. We will need to make progress on many of the key issues that matter to Ireland there. However, my expectation is that many of the things that will affect our economy's performance will begin to crystallise...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: First, we do believe that we are going to get agreement from the European institutions to spend the rainy day fund in a counter-cyclical way. We are engaging with the Commission on that matter at the moment. It is doing some work across the EU in terms of developing these funds. Even within the current legal framework there is recognition of an exceptional circumstances clause. If we...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: In terms of the way I said it, I hope that I did not create a whip sensation.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: I hope that people might be willing to work for longer-----

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: -----and are willing to work if jobs are created for them.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: Something that I would like to address later this year is one of the things that we need to think through. If we keep on looking at how we drive economic growth sector by sector, and do not have a holistic appreciation of what that is, then we will get to a point where we will begin to hit pressures and contradictions even sooner than we should. If we keep on considering ways to drive...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: On the effect an increase in corporate tax rates would have on the resources available to us and the choices we would be able to make, my view is that reducing corporation tax would result in job losses and reduced tax revenue. Deputy Boyd Barrett and I have differing views on the matter. I will not reduce the corporate tax rate beyond the current level and the top line rate of 12.5% will...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (18 Apr 2018)

Paschal Donohoe: The Deputy asked me for figures on gross fiscal space and I answered him on that basis.