Written Answers Nos. 56 - 64
56. Deputy Peter Fitzpatrick asked the Minister for Finance if he will confirm an increase from €500 to €650 for the small business exemption in respect of the shop local gift voucher scheme; and if he will make a statement on the matter. [11060/16]
Amharc ar fhreagraAs set out in "A Programme for a Partnership Government" it is our intention, working with the Oireachtas, to increase the Small Benefits Exemption (voucher) from €500 to €650. The Deputy will be aware that taxation changes of this nature are normally progressed via the annual Budget and Finance Bill cycle.
57. Deputy Thomas Pringle asked the Minister for Finance when the 2015 annual report of the National Treasury Management Agency will be available; the process for the formal review of the strategy of the Ireland Strategic Investment Fund, scheduled to take place in 2016 in consultation with the Department of Public Expenditure and Reform; the opportunities for Oireachtas Members and other stakeholders to feed into this process; and if he will make a statement on the matter. [11078/16]
Amharc ar fhreagraI can advise the Deputy that I have been informed by the National Treasury Management Agency that the Annual Report and Audited Accounts of the Agency will be provided to me by end-June and it is intended that these would be published in July.
Subsequent to the Annual Report and Audited Accounts being provided to me, I will bring these reports to Government and, consequent to Government approval, they will then be laid before the Houses of the Oireachtas. This is in accordance with sections 12 and 13 of the National Treasury Management Agency Act 1990, as amended, which prescribe the reporting relationship between the NTMA and the Minister for Finance, the Government and the Houses of the Oireachtas.
As mentioned by the Deputy, a review of the strategy of the Ireland Strategic Investment Fund (ISIF) will take place in the second half of 2016. This is scheduled to take place after the first 18 months of the Fund's operations have elapsed. The Fund was established under the NTMA (Amendment) Act 2014, which was enacted in December of that year. A decision to conduct a review of the Fund's strategy after 18 months was based on its unique mandate as a sovereign development fund. This unique mandate refers to its double bottom line which comprises of investing: (i) on a commercial basis; and (ii) in a manner designed to support economic activity and employment in Ireland.
At this point the Fund has been established for just under 18 months with its first investment strategy having been published in July 2015. It is timely that a review of the Fund's investment strategy be conducted during the second half of 2016 as this ensures that a sufficient period of time has elapsed in order consider the operations and impact of the Fund.
The NTMA (Amendment) Act 2014 provides that ownership of the Fund vests with the Minister for Finance. It also provides that the Fund shall, in reviewing its investment strategy, consult the Minister for Finance and the Minister for Public Expenditure and Reform. The review of the ISIF will be conducted in accordance with these provisions. In addition, the legislation provides that the Minister for Finance may consult with other Government Ministers as appropriate. As the review will not be conducted for some time yet, the exact details of the process and timelines of the review have yet to be considered fully. It is envisaged that the review will involve close consultation between ISIF and my Department, as well as the Department of Public Expenditure & Reform, and any other Department as considered appropriate. However, the exact details of the review in terms of the stakeholders to be consulted have yet to be considered and decisions on these issues will be taken in the lead up to the review's commencement in the second half of 2016.
58. Deputy Thomas Pringle asked the Minister for Finance the legislative and other measures necessary to divest all remaining Ireland Strategic Investment Fund investments in the fossil fuel industry; the prohibition of any future investments in the fossil fuel industry in Ireland or internationally and the adoption of a 100% renewable energy investment policy for the fund; and if he will make a statement on the matter. [11079/16]
Amharc ar fhreagraThe Ireland Strategic Investment Fund's (ISIF) investment holdings in fossil fuel companies are among the legacy global investments inherited from its predecessor fund, the National Pensions Reserve Fund (NPRF). In keeping with the ISIF's mandate to hold or invest its assets (other than directed investments) on a commercial basis in a manner designed to support economic activity and employment in Ireland, these legacy investments are being sold by ISIF over time to fund Irish investment commitments as they arise.
I am informed that the Fund has reduced its overall equity exposure from approximately 25% at end 2014 to approximately 11% at end 2015. Furthermore, this allocation is expected to be continuously reduced as the Fund deploys its capital. The Fund's divestment approach is phased with a view to protecting the taxpayer from unnecessary losses. This is in alignment with the Fund's double bottom line mandate of investment (i) on a commercial basis and (ii) in a manner designed to support economic activity and employment in Ireland.
The first investment strategy of the Ireland Strategic Investment Fund, which was published in July 2015, is publicly available. It sets out the long-term strategic direction for the Fund, and outlines that the "Energy (allocation) will include a significant element of renewable energy investments". Importantly, the Fund commits to operating to the highest global standards, investing in line with both the Principles for Responsible Investment (PRI), of which it is a signatory, incorporating environmental, social and governance factors into its investment decision making, and the Santiago Principles, which are the globally accepted best practice principles for sovereign funds. To date, any exclusions from the Fund (e.g. on the basis of ethical investment criteria) are those mandated by legislation, such as the Cluster Munitions and Anti-Personnel Mines Act 2008 (as amended).
The ISIF has a close working relationship with what is now the Department of Communications, Climate Change & Natural Resources and is committed to investing in the energy sector in a manner that is consistent with the Government's commitment to make the transition to a low carbon, climate resilient and sustainable economy, as reflected in the Climate Change and Low Carbon Development Act 2015 and in the Paris Agreement, signed recently by Minister for the Environment, Community and Local Government on Ireland's behalf.
The Fund's investment policy is set out in the National Treasury Management Agency (Amendment) Act 2014, and its strategy is determined, monitored and kept under review in accordance with that Act.
59. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the Revenue Commissioners can enter into a long-term arrangement in respect of outstanding taxes in the case of a person (details supplied); and if he will make a statement on the matter. [11103/16]
Amharc ar fhreagraI am advised by Revenue that there have been discussions with the person concerned since November 2014 but no proposal to address the tax debt in question was made to Revenue. As a result Revenue was left with no alternative but to advise the person earlier this month that enforcement proceedings to collect the debt would be taken.
As a final opportunity to deal with this matter before enforcement proceedings start, Revenue is happy to discuss a mutually agreeable phased payment arrangement for the debt in question. The person concerned should immediately contact Mr Michael Coleman of the Collector-General's office at 069 24821 to progress matters.
60. Deputy John McGuinness asked the Minister for Finance to expedite a review of an application by a person (details supplied) under the disabled drivers regulations 1994. [11160/16]
Amharc ar fhreagraThe Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, and exemption from motor tax in respect of that vehicle, and support with fuel costs. To qualify for the scheme, an applicant must hold a Primary Medical Certificate.
To receive a Primary Medical Certificate, an applicant must be permanently and severely disabled within the terms of these Regulations and satisfy one of the following conditions:
1. be wholly or almost wholly without the use of both legs;
2. be wholly without the use of one leg and almost wholly without the use of the other leg such that the applicant is severely restricted as to movement of the lower limbs;
3. be without both hands or without both arms;
4. be without one or both legs;
5. be wholly or almost wholly without the use of both hands or arms and wholly or almost wholly without the use of one leg;
6. have the medical condition of dwarfism and have serious difficulties of movement of the lower limbs.
The Senior Medical Officer for the relevant local Health Service Executive administrative area makes a professional clinical determination as to whether an individual applicant satisfies the medical criteria. A successful applicant is provided with a Primary Medical Certificate, which is required to claim the reliefs provided for in the Regulations. An unsuccessful applicant can appeal the decision of the Senior Medical Officer to the Disabled Drivers Medical Board of Appeal, which makes a new clinical determination in respect of the individual.
I would point out that Regulation 6(1)(e) of the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (S.I. 353 of 1994) provides that the Medical Board of Appeal is independent in the exercise of its functions.
61. Deputy David Cullinane asked the Minister for Education and Skills the institutes of technology which are running a deficit, in tabular form. [10956/16]
Amharc ar fhreagraThe draft financial statements of the following Institutes of Technology are showing a deficit for 2014/15 academic year: Athlone Institute of Technology; Cork Institute of Technology; Dundalk Institute of Technology; Galway-Mayo Institute of Technology; Letterkenny Institute of Technology; Institute of Technology Tralee; Waterford Institute of Technology.
It should be noted that a number of these institutes have accumulated reserves which can be used to meet their deficit. The Higher Education Authority are closely monitoring the financial position of the institutes listed and are working with them to put appropriate mechanisms in place to eliminate the deficits.
62. Deputy David Cullinane asked the Minister for Education and Skills what percentage of the budget of the Waterford Institute of Technology goes on salaries. [10957/16]
Amharc ar fhreagra63. Deputy David Cullinane asked the Minister for Education and Skills the impact of the Lansdowne Road agreement on the budget of Waterford Institute of Technology. [10958/16]
Amharc ar fhreagra64. Deputy David Cullinane asked the Minister for Education and Skills the cost of the Lansdowne Road agreement to Waterford Institute of Technology and if he will meet this cost through an increased budget. [10959/16]
Amharc ar fhreagraI propose to take Questions Nos. 62 to 64, inclusive, together.
The Higher Education Authority has provided the following details to my Department with regard to the split between pay and non-pay in respect of the 2016 operating budget of Waterford Institute of Technology (WIT). Pay is 85% and non pay is 15% (excluding certain activities such as research etc) of the budget. In addition, the details provided show that the impact of the Lansdowne Road Agreement on WIT's budget is estimated to be €5.075m over the period of 2017/18 to 2019/2020.
Any monies due to staff of WIT under the terms of the Lansdowne Road Agreement will be provided for in Vote 26: Education & Skills as part of the 2017 Estimates Allocation.
