Results 101-120 of 27,727 for speaker:Michael McGrath

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

Michael McGrath: My Department publishes the Annual Taxation Report each year to provide a structural analysis of the Irish tax system so as to identify emerging fiscal imbalances. The latest version of the report, published in 2023, examined vulnerabilities in the corporation tax base, highlighting the concentration of this revenue stream amongst both a small number of firms – with over half the...

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

Michael McGrath: As the Deputy is aware, supporting SMEs and farm borrowers has been a cornerstone policy for Government. It is important that all viable SMEs have access to an adequate amount of credit from various sources. To support SMEs in this regard, the Government has implemented several initiatives to enhance the availability of credit. In terms of monitoring the working capital requirements for...

Written Answers — Department of Finance: Gambling Sector (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 148 to 157, inclusive, together. An operator of gaming machines must apply annually to the District Court for a certificate in respect of a gaming licence. This is required for each premises where it is intended to make gaming machines available for play. Where the District Court grants this certificate, the operator must then apply to Revenue for a Gaming...

Written Answers — Department of Finance: Universal Social Charge (16 May 2024)

Michael McGrath: I propose to take Questions Nos. 158 and 159 together. I am advised by Revenue of the estimated costs for the proposals outlined by the Deputy on a first and full year basis. They are shown in the below table. As a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with income of...

Written Answers — Department of Finance: Tax Exemptions (16 May 2024)

Michael McGrath: As the Deputy will be aware, the age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total...

Written Answers — Department of Finance: Insurance Industry (16 May 2024)

Michael McGrath: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. As the Deputy will appreciate, I am unable to comment on individual cases and media reports relating to same. As the Deputy will be aware, the duties of insurers are outlined in Section 16 of the Consumer Insurance Contracts Act 2019, which requires that an insurer shall...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: No alternative sovereign wealth fund has actually been tabled by the Opposition party in question.

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: The Bill that the Government has brought forward has been widely commended by the Irish Fiscal Advisory Council, the Central Bank of Ireland, the European Commission, the OECD and a list of ratings agencies and other independent experts, both domestic and international. I agree with Deputy Doherty about the risk of using windfall corporate tax receipts inappropriately. We will not do...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputies on all sides of the House for their co-operation in the consideration of this Bill on Second Stage, in the really good engagement we had on Committee Stage and again today on Report Stage. To those who say they are in favour in principle of a sovereign wealth fund but are against the specific one brought forward by the Government after a huge amount of work, I say, "Please...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I am well able to acknowledge the scale of the challenge and Deputy Gould should have the good grace to acknowledge where progress is being made. Progress is being made not just in Cork but all over the country. I will let the Deputy speak to Niall Ó Donnabháin, Brian Geaney or whoever in Cork City Council. They will take him through the numbers. The council is making progress,...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: Of course we need to do more, but if the Deputy looks at-----

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: HAP is State-supported housing. We can dance on a pinhead about what it is. Of course it is not council housing, but it is State-supported housing in that the State is paying. It is not the ideal. We want people to be in secure affordable homes with long-term secure tenure. That is the State's objective and why we have gone back to building at real scale. A total of 800 social housing...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputy Doherty for tabling these amendments and all the other Deputies for their contributions. We had a good discussion of this issue on Committee Stage. We do not agree entirely, that is for sure, but I set out then and am happy to set out now the reasons we are adopting the approach we are. I reiterate at the outset that housing will benefit from the establishment of the...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: That is not true.

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputy Doherty for his contribution. We will discuss the issue of housing in more detail in the next group of amendments. It is fair to point out the role of the Ireland Strategic Investment Fund, which is focused on investment in the Irish economy across the four key investment themes of climate, housing and enabling investments, scaling indigenous businesses, and food and...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank the Deputies opposite for their constructive engagement on the Bill so far, particularly on Committee Stage when we had a good and lengthy discussion on the different sections, the purpose of setting up these two new funds and the different perspectives on how the funds might be managed. I thank the Members for their co-operation in facilitating the swift progression of this...

Written Answers — Department of Finance: Insurance Industry (15 May 2024)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Notwithstanding this, reforming the insurance sector is a key policy objective for the Government. Through the comprehensive Action Plan for Insurance...

Written Answers — Department of Finance: Financial Services (14 May 2024)

Michael McGrath: I note the Deputy's query in relation to individual savings schemes. It is important to highlight the existing tax free savings products which are available in Ireland and provide and efficient and attractive way for people to save. The National Treasury Management Agency (NTMA), through State Savings products, offers a wide range of tax free savings products to the general public,...

Written Answers — Department of Finance: Insurance Coverage (14 May 2024)

Michael McGrath: As the Deputy is aware, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. This is set out in the EU framework for insurance – the Solvency II Directive – and limits the actions that Government can take in relation to insurance for thatched properties. Nevertheless, I can assure the Deputy that this Government is...

Written Answers — Department of Finance: Tax Code (14 May 2024)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...