Results 41-60 of 27,727 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Rebates (21 May 2024)

Michael McGrath: As the Deputy is aware questions around the application of the flat-rate farmers refund order have been raised on a number of occasion particularly over how VAT refund claims are being administered and processed by the Revenue Commissioners. The refund order was originally introduced in 1972 and has seen minor amendments to the type of expenditure covered. In 1993, the order was updated...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: Increasing the supply of new homes is key priority for the Government. In 2023, 32,600 new homes were built, 10 per cent higher than the previous year and the highest level since the series began in 2011. During the first quarter of this year, there were 5,840 new home completions, the second highest level since records began in 2011. In the 12 months to end-March 2024, there were 31,800...

Written Answers — Department of Finance: Tax Credits (21 May 2024)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in the case of a jointly assessed couple, and €500 in all...

Written Answers — Department of Finance: EU Agreements (21 May 2024)

Michael McGrath: The Capital Markets Union (CMU) is an ongoing and long term project which aims to deepen and further integrate Europe’s capital markets, support growth and enhance the resilience of the financial system. For Ireland, CMU has the potential to widen the sources of available funding for our companies as well as provide opportunities for our export-oriented financial services sector to...

Written Answers — Department of Finance: Banking Sector (21 May 2024)

Michael McGrath: There are a number of regulatory measures which apply to the provision of new residential mortgage credit, including bridging finance for such a purpose, to consumers. These include the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and the Central Bank Consumer Protection Code (2012). These measures place a number of obligations on lenders in relation to the...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: The Government is acutely aware that the bulk purchase of homes deeply affects aspiring owner-occupiers and first time buyers, and has introduced numerous measures to address this. This has been addressed both through disincentivising bulk purchases, and through positive steps taken to increase the housing supply. The Department of Finance has been routinely monitoring this area and engaging...

Written Answers — Department of Finance: Primary Medical Certificates (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 81, 97 and 107 together. First, I can report that as of 13 May 2024 there are 708 appellants on the waiting list for the DDMBA. 321 appellants have been assessed since the appeals process recommenced. Of these, 203 were successful. The Board has prioritised the waiting list using clinically-based criteria. They are working to address the backlog as quickly...

Written Answers — Department of Finance: Departmental Strategies (21 May 2024)

Michael McGrath: As Minister for Finance I have no supervisory or investigative role in relation to fraud which is a criminal offence and falls under the remit of the Minister for Justice. However, my Department is drafting a National Payment Strategy (NPS) that, inter alia, is considering actions to prevent fraud, which is a critical issue and something that was not considered in the 2013 National...

Written Answers — Department of Finance: Business Supports (21 May 2024)

Michael McGrath: The Tax Debt Warehousing Scheme was introduced in May 2020 to provide a vital liquidity support to businesses impacted by Covid-19 trading restrictions. The scheme allowed businesses to temporarily ‘park’ eligible taxes, on an interest-free basis, until 1 May 2024. At its peak in January 2022, there was €3.2 billion debt in the warehouse, the vast majority of which...

Written Answers — Department of Finance: Legislative Measures (21 May 2024)

Michael McGrath: The Department of Finance's Retail Banking Review, published in November 2022, concluded that cash, despite a decline in its usage, remains an important element of the payments system and the broader economy and it is essential that cash remains readily available to customers through ATMs and other means across the country. The Review recommended that the Department of Finance should...

Written Answers — Department of Finance: Illicit Trade (21 May 2024)

Michael McGrath: The Deputy should note that fines for the sale of illicit tobacco are contained in Tobacco Products Tax (TPT) legislation, as set out in Chapter 3 of Part 2 of the Finance Act 2005 (as amended). Sections 78 and 78A of the Act provide that, without prejudice to any other penalty, any person convicted of an offence in relation to the illegal selling of unstamped tobacco products or of illicit...

Written Answers — Department of Finance: Tax Reliefs (21 May 2024)

Michael McGrath: The Help to Buy (HTB) Scheme was introduced in 2017 with the purpose of assisting first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. The relief is only available in respect of new builds, with a view to increasing the supply of new housing and stimulating demand. The incentive gives a refund of Income Tax and Deposit...

Written Answers — Department of Finance: Tax Credits (21 May 2024)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in the case of a jointly assessed couple, and €500 in all...

Written Answers — Department of Finance: Broadcasting Sector (21 May 2024)

Michael McGrath: As part of his Budget 2023 speech, my predecessor Minister Donohoe announced that he had instructed officials to explore opportunities to support the unscripted sector. This process was undertaken within the Department throughout 2023. After careful consideration I announced, as part of Budget 2024, the intention to proceed with a measure for the unscripted sector. Work is being undertaken by...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: As the Deputy will be aware, the 9 per cent VAT rate was applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5 per cent rate. The 9 per cent rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: The Government is acutely aware of the difficulties in the housing market and the challenges this presents for many people and families at the moment. The need to address vacancy and to ensure all viable housing stock is being used is a priority for the Government. In Housing for All, the Government has set out a suite of incentives to address vacancy and efficient use of existing stock. ...

Written Answers — Department of Finance: Consumer Protection (21 May 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints against financial service and pension providers from consumers and small businesses. It plays a vital role in the robust financial consumer protection framework in place in Ireland to support consumers of financial services. The Deputy has raised the issue...

Written Answers — Department of Finance: EU Regulations (21 May 2024)

Michael McGrath: We are well aware that Ireland and the rest of the EU needs to substantially increase sustainable investment over the next decade. This investment cannot come solely from governments, private investors must crowd in and the taxonomy will encourage and guide investors to identify and channel money towards genuinely “green” investments. As the Deputy knows, the EU taxonomy for...

Written Answers — Department of Finance: Tax Yield (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 96 and 110 together. Income tax receipts of €11.2 billion were collected in the first four months of the year. This was up by €0.7 billion or just over 7 per cent on the same period last year. This is a clear reflection of the strength of our labour market despite all the external challenges that we have faced over the last number of years. ...

Written Answers — Department of Finance: Tax Data (21 May 2024)

Michael McGrath: An individual who is resident or ordinarily resident, but not domiciled in the State, is taxable on the remittance basis of tax in respect of foreign income and gains. Such individuals pay tax on: (1) Income and gains arising in Ireland, (2) Foreign income which they “remit” or bring into the State, and (3) Foreign gains which they "remit" into...