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Written Answers — Department of Finance: Insurance Industry Regulation (10 Jul 2019)

Paschal Donohoe: At the outset, the Deputy should note that 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....

Written Answers — Department of Finance: Government Expenditure (10 Jul 2019)

Paschal Donohoe: I can advise the Deputy that the additional resources for commitment to spending increases or taxation reductions available in Budget 2020, if the projected 0.4% General Government Balance surplus was reduced to nil, would be c. €1.2 billion (as outlined in Table 10 of the Stability Programme Update 2019). The subsequent estimated impact on the structural deficit would be a...

Written Answers — Department of Finance: Summer Economic Statement (10 Jul 2019)

Paschal Donohoe: Annex 1 of the June 2019 Summer Economic Statement (SES) shows the impact on expenditure benchmark compliance of, ceteris paribas, using the €0.5 billion committed to the Rainy Day Fund for additional expenditure; a deviation of €0.3 billion in 2020. In terms of the structural balance, using the Department of Finance’s GDP-based alternative methodology for calculating the...

Written Answers — Department of Finance: Help-To-Buy Scheme Expenditure (10 Jul 2019)

Paschal Donohoe: The Help to Buy incentive (HTB) was announced in Budget 2017 and backdated to apply from 19 Jul 2016. I am advised by Revenue that the cost of the scheme by each year of its operation is set out in the following table. Year Cost (€M) 2019* 35.4 2018 73.2 2017 50.5 2016 18.4 *to 31 May 2019 At the end of 2017, 5,392 HTB claims had been approved, this includes a number of claims...

Written Answers — Department of Finance: Budget 2018 (10 Jul 2019)

Paschal Donohoe: Budget 2018 in fact provided for the stamp duty on non-residential property to increase from 2 per cent to 6 per cent. It had been reduced to the flat 2 per cent rate in Budget 2012 (with effect from December 2011). I am advised by Revenue that net receipts of Stamp Duty associated with all types of property for 2018 amounted to approximately €660 million, compared to a target of...

Written Answers — Department of Finance: Tax Data (10 Jul 2019)

Paschal Donohoe: It is assumed the Deputy is referring to Capital Gains Tax (CGT) Entrepreneurial Relief as provided for in section 597AA of the Taxes Consolidation Act 1997. This provision was introduced in the Finance Act 2015 and provides relief from Capital Gains Tax for individuals disposing of business investments in certain circumstances. Statistics on the numbers availing of the Relief, and the cost...

Written Answers — Department of Finance: Departmental Programmes (10 Jul 2019)

Paschal Donohoe: Returns for 2019 will not be filed with Revenue until 2020. In addition, options may be exercised for up to 10 years from the date of grant. In relation to the cost of the Key Employee Engagement Programme (KEEP) to date, as no exercises of options have taken place to date, there has been no cost to the Exchequer in this regard. KEEP provides for an exemption from income tax, USC and...

Written Answers — Department of Finance: Tax Yield (10 Jul 2019)

Paschal Donohoe: In each Budget since Budget 2016, I have introduced a series of ‘compliance measures’ among the taxation policy changes. These are specific Revenue programmes or initiatives aimed at raising tax collection through enhanced taxpayer compliance. In each year I have also assigned additional resources to Revenue to help them to deliver these measures. The Budget 2016 compliance...

Written Answers — Department of Finance: General Government Debt (10 Jul 2019)

Paschal Donohoe: I can advise the Deputy that the Exchequer recorded a surplus in 2018 of €0.1 billion, the first underlying surplus achieved since 2006 assisted inter alia by a strong corporation tax performance. Turning to this year, the projected borrowing requirement is -€2.1 billion with the continued expansion of the National Development Plan; the refinancing of Irish Water's commercial...

Written Answers — Department of Finance: General Government Debt (10 Jul 2019)

Paschal Donohoe: As previously stated, my Department does not publish GNI forecasts, it does, however, publish forecasts in respect of nominal GDP and GNI*. Gross and net debt as a percentage of each of these variables are set out in the following table.. It should be noted that for 2018, figures are based on finalised CSO outturns for GDP. However, the CSO has not published finalised figures in respect of...

Written Answers — Department of Finance: Budget Timetable (10 Jul 2019)

Paschal Donohoe: As a member of the European Union, Ireland is subject to the Stability and Growth Pact (SGP). As part of the SGP, the so-called ‘two-pack’ Regulations were introduced in 2013. This included Regulation (EU) No. 473/2013 on ‘common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro...

Written Answers — Department of Finance: State Assets (10 Jul 2019)

Paschal Donohoe: I propose to take Questions Nos. 135 and 136 together. I am advised by the National Treasury Management Agency (NTMA) that the Exchequer cash/liquid asset balances were just over €25 billion at end-June 2019. It is important to give some context to this large balance. The NTMA is continuing with its strategy of pre-funding to meet future redemptions. It adopts a prudent...

Written Answers — Department of Finance: Tax Credits (10 Jul 2019)

Paschal Donohoe: I propose to take Questions Nos. 137 to 143, inclusive, together. I am advised by Revenue that detailed statistical information in respect of the Research & Development (R&D) credit is available at for 2012 to 2017 (earlier years are not readily available and estimates of refunds for future years are not prepared). Regarding Questions 30305/19, 30306/19 and 30310/19, the...

Written Answers — Department of Finance: Betting Regulations (10 Jul 2019)

Paschal Donohoe: I propose to take Questions Nos. 144 and 145 together. Betting Tax is paid on a quarterly basis and in arrears (i.e. the returns received in April 2019 cover the period January to March 2019. The first quarter returns yielded €22 million and it is estimated that €11 million of this amount arose from the increase in the rate to 2%. The second quarterly returns for 2019...

Written Answers — Department of Finance: Knowledge Development Box (10 Jul 2019)

Paschal Donohoe: I propose to take Questions Nos. 146 and 147 together. I am advised by Revenue that the most recent data on the annual cost and the number of claimants of the Knowledge Development Box (KDB) for the years 2016 and provisional figures for 2017 are published on page 18 of Revenue’s paper on 2018 Corporation Tax payments and 2017 Corporation Tax returns. This information is available...

Written Answers — Department of Finance: Banking Sector Data (10 Jul 2019)

Paschal Donohoe: I am advised by Revenue that section 126AA of the Stamp Duties Consolidation Act 1999 imposes an annual levy on banks for each of the years 2017 to 2021 that is intended to raise a fixed amount of €150 million in each year. This fixed amount is apportioned between the banks on the basis of the amount of deposit interest retention tax (DIRT) paid by a particular bank in a specified year...

Written Answers — Department of Finance: Banking Sector Data (10 Jul 2019)

Paschal Donohoe: The State's shareholding in Allied Irish Banks and Bank of Ireland are directed investments under the Strategic Investment Fund (ISIF) and it receives dividends from these investments. The state's shareholding in PTSB is held by the exchequer, the bank has not paid a dividend in recent years. The following dividends were received by the ISIF in 2018 and 2019: Irish Banks 2018 2019 AIB...

Written Answers — Department of Finance: State Bodies Data (10 Jul 2019)

Paschal Donohoe: The following table lists the dividends paid to the Exchequer by commercial State-sponsored bodies in 2018. Expected dividends from individual bodies is commercially sensitive information, however, as per the Stability Programme Update 2019, I have budgeted for a total of €249.4 million in dividend receipts in 2019, of which €68.6 million has been received to end-June. Though a...

Written Answers — Department of Finance: VAT Exemptions (10 Jul 2019)

Paschal Donohoe: I propose to take Questions Nos. 151 and 152 together. The standard rate of VAT applies to food supplements. However, a Revenue concession allowed the zero rate to be applied to certain types of vitamins, minerals and fish oils. Because of difficulties in interpretation, the Revenue Commissioners decided to remove this concession with effect from 1 March 2019 so that all food supplements...

Written Answers — Department of Public Expenditure and Reform: Northern Ireland (10 Jul 2019)

Paschal Donohoe: The Irish Government has consistently maintained its strong commitment both to the full implementation of the current PEACE and INTERREG programmes and to a successor programme post-2020. My officials and I have worked to ensure that this important funding continues after Brexit. I was pleased, therefore, that in May 2018, the European Commission included a proposal for a special new...

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