Statements on the Future of Banking in Ireland - Opening Speech by Minister Donohoe
Check Against Delivery
Ceann Comhairle, thank you for the opportunity to discuss this very important topic. I am sharing time with the Minister of State, Deputy Fleming.
We are living in uncertain times, and this assessment is particularly applicable to the banking sector. It has been a difficult year with all of the challenges that the pandemic has brought and the number of market announcements already this year.
As Deputies will recall we discussed the issue of banking at length in March. In May I was also invited to address the Seanad and hear the views of Senators on the future of banking.
In addition, Revenue will require that a deduction for personal use of private cars is made which typically will range from one quarter to one half of the amount of relief being claimed depending on how much the vehicle is used in the business.
The example set out in the table below shows that a jeep costing €45,000 has the same net after-tax cost as a car costing €32,000.
Financing
How a vehicle is financed will have no bearing on the level of tax relief over the lifetime of the vehicle apart from certain Personal Contract Plans (PCPs) where the vehicle is handed back at the end of the contract period, which is rare.