Results 81-100 of 27,727 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 212 to 214, inclusive, together. Mortgage Interest Tax Relief, which is a one-year temporary relief, is available to home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. It is available at the standard rate of income tax and is based on the increase in the...

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

Michael McGrath: I propose to take Questions Nos. 215 and 216 together. Mortgage Interest Tax Relief, which is a one-year temporary relief, is available to home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. It is available at the standard rate of income tax and is based on the increase in the interest...

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

Michael McGrath: I am advised by Revenue that there are a number of reliefs available to Farmers under Stamp Duty, Capital Acquisitions Tax (CAT) and Capital Gains Tax (CGT) if certain qualifying conditions are met. In relation to Stamp Duty specifically, I assume that the Deputy is referring to the Young Trained Farmer Relief, provided for in Section 81AA of the Stamp Duties Consolidation Act 1999 and...

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

Michael McGrath: Ireland’s excise duty treatment of fuel used for air navigation is governed by European Union (EU) law as set out in Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive (ETD). The provisions of the current ETD relating to aviation fuels are transposed into national law in Finance Act 1999 (as amended), which provides for...

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

Michael McGrath: The Deputy should note that as of 13 May 2024 there are 708 appellants on the waiting list. 321 appellants have been assessed since the appeals process recommenced and, 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 as possible.

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

Michael McGrath: I propose to take Questions Nos. 220 and 225 together. 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...

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

Michael McGrath: As requested by the Deputy, Exchequer tax revenue as a share of GNI* is set out in the table below. These figures are consistent with the projections published in the Stability Programme Update. - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total...

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

Michael McGrath: The General Government Gross Debt is a gross measure of government liabilities. It measures the gross level of borrowings for the general government sector. The General Government sector comprises the sub-sectors of central government, local government, and social security funds. The Net Debt is gross government liabilities excluding Excessive Deficit Procedure (EDP) financial assets of...

Written Answers — Department of Finance: Financial Services (21 May 2024)

Michael McGrath: A direct debit means a payment service for debiting a payer’s payment account, where a payment transaction is initiated by the payee on the basis of the consent given by the payer to the payee, to the payee’s payment service provider or to the payer’s own payment service provider, generally known as the direct debit mandate. Payment Service Providers (PSPs) authorised...

Written Answers — Department of Finance: National Minimum Wage (21 May 2024)

Michael McGrath: I am advised that my Department has not produced estimates of the impact of future increases in the minimum wage on the income tax yield as changes to the minimum wage are decided by Government annually, informed by the recommendations of the Low Pay Commission.

Written Answers — Department of Finance: Public Expenditure Policy (21 May 2024)

Michael McGrath: I published the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 on 25 March 2024. The Bill passed all stages in Dáil Éireann on 15 May. The Infrastructure, Climate and Nature Fund (ICN Fund) is one of the two new funds being established under this Bill. Under the proposed legislation, each year from 2024 to 2030, it is intended that €2 billion...

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

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...

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

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is contained in section 114 Taxes Consolidation Act 1997 (TCA). To qualify for tax relief under this section, any expenses of travelling (and subsistence relating to that travel) must be necessarily incurred in the performance of the duties of the relevant employment. For all other expenses, they must be wholly,...

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

Michael McGrath: The position in relation to the Deputy's question is as follows. As of 13 May 2024 there are 708 appellants on the waiting list. 321 appellants have been assessed since the appeals process recommenced and, 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 as possible. Given the...

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

Michael McGrath: I am informed by Revenue that its annual research paper on Corporation Tax includes the most recent sectoral information in respect of Corporation Tax receipts and is available on Revenue’s website at www.revenue.ie/en/corporate/documents/research/ct-analysis-2 024.pdf. The Deputy’s attention is drawn to Figure 3 in the paper, which notes the value of chemical and pharmaceutical...

Written Answers — Department of Finance: Economic Growth (21 May 2024)

Michael McGrath: Despite facing a number of economic headwinds over recent years, the available evidence suggests the economy is in reasonable shape, at least in aggregate terms. The brightest spot in the Irish economy is undoubtedly in the labour market. At the end of last year, well over 2.7 million people were in employment – a record level. As a result, the unemployment rate has remained low...

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

Michael McGrath: I propose to take Questions Nos. 232 and 234 together. Taxation remains one of the most effective policy levers available to any Government, and each EU Member State has developed a tax mix appropriate to their particular economy. Ireland has always maintained that tax competition is an important policy tool, particularly for smaller Member States, provided that competition is fair and...

Written Answers — Department of Finance: Foreign Direct Investment (21 May 2024)

Michael McGrath: Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment into the Irish economy. The latest figures show the stock of foreign direct investment (FDI) in Ireland stood at almost €1.3 trillion at the end of 2023. It is important, given the impact of FDI on the domestic economy, that Ireland maintains its...

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

Michael McGrath: Income tax on both PAYE employees and self-employment income is calculated by reference to the same rate bands, which will vary depending on the personal circumstances of the individual. A range of tax credits may also apply, again depending on the personal circumstances of the individual. Income up to a certain limit is taxed at the ‘standard rate’ of income tax, which is...

Written Answers — Department of Finance: Financial Services (21 May 2024)

Michael McGrath: The authorisation and broader regulatory requirements applicable to regulated financial service providers operating in Ireland is dependent on the nature of the regulated activities carried out and as such regulated financial service providers may be subject to authorisation and regulatory requirements under different regimes. The Central Bank of Ireland is responsible for the...