Results 1-20 of 14,724 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Banking Sector (25 Apr 2024)

Michael McGrath: I would note that, in the first instance, the nature of policies such as those highlighted by the Deputy are independent commercial decisions. However, cash has an important role in both society and the economy. One way I am working to protect that role is through the Access to Cash Bill 2024. The General Scheme of the Bill was published on 23 January 2024, and aims to ensure that...

Written Answers — Department of Finance: State Properties (25 Apr 2024)

Michael McGrath: I wish to advise the Deputy that, NAMA does not own properties. On establishment, NAMA acquired loans from participating institutions for which properties act/acted as security. NAMA’s portfolio has been significantly deleveraged and its remaining secured property portfolio is largely concentrated in the residential development land sector and not individual property units. NARPS...

Written Answers — Department of Finance: Tax Code (25 Apr 2024)

Michael McGrath: Stamp duty applies to the acquisition of residential property at a rate of 1% on the transfer of ownership of property with a value of up to €1m and 2% on any balance over €1m. The bulk purchase of houses (not apartments) i.e. the acquisition of 10 or more in any 12-month period, triggers a 10% stamp duty rate. If triggered, it will also be applied to all of the up to 9...

Written Answers — Department of Finance: Housing Schemes (25 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 155, 156, 157, 158, 159, 160 and 161 together. Help to Buy is a demand led scheme which is subject to a broad range of variables, including housing completion rates and prices. For the purposes of the Budget 2023 documentation, a figure of €175 million was estimated as the full year cost going forward. For the purposes of the Budget 2024 documentation,...

Written Answers — Department of Finance: Tax Code (25 Apr 2024)

Michael McGrath: I am advised by Revenue that a Tax Credit Certificate, confirming tax credit and rate band allocations for 2024, issued to the person concerned on 11 December 2023 via Revenue’s myAccount facility. Revenue further confirm that the person concerned is in receipt of all appropriate tax credits and rate band allowances for 2024. Should the person concerned require any further...

Written Answers — Department of Finance: Banking Sector (25 Apr 2024)

Michael McGrath: There is a robust regulatory framework governing the provision and management of credit agreements provided to consumers. Within the scope of the financial services legislative and regulatory framework, any entity which in involved in the business of providing mortgages to consumers must be regulated by the Central Bank of Ireland as a credit institution or a retail credit firm. ...

Written Answers — Department of Finance: Tax Exemptions (24 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 33 and 36 together. As the Deputies will be aware, the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health professionals registered under the Medical...

Written Answers — Department of Finance: Business Supports (24 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 34 and 35 together. The Tax Debt Warehousing Scheme was introduced in 2020 was introduced to provide vital liquidity support to businesses impacted by Covid-19 trading restrictions. The scheme allowed for the deferral of collection of certain tax liabilities relating to Period 1, the “Covid-19 restricted trading period”. The tax liabilities...

Written Answers — Department of Finance: Customs and Excise (24 Apr 2024)

Michael McGrath: Mobile x-ray scanners and detector dog teams, which are integral components of Revenue’s response framework targeting fraud, illicit trade, smuggling and organised crime, are just a component of a suite of resources, detection equipment and technologies deployed by it, in addition to the application of the comprehensive legal framework in place as set out in relevant tax and customs...

Written Answers — Department of Finance: Vehicle Registration Tax (24 Apr 2024)

Michael McGrath: The guidelines for VRT Registration can be found at the following website: www.revenue.ie/en/tax-professionals/tdm/vehicle-registration -tax/vrt-manual-section-01.pdf. If the Deputy has a specific case he wishes to highlight I am happy to share any details he can provide with the Revenue Commissioners.

Written Answers — Department of Finance: Departmental Advertising (24 Apr 2024)

Michael McGrath: The Department of Finance had no advertising spend in the years 2022 and 2023.

Written Answers — Department of Finance: Departmental Contracts (24 Apr 2024)

Michael McGrath: Since the Global Disinformation Index was established in 2018, neither my Department nor my officials have engaged the services of or allocated the company funding or support in any capacity.

Written Answers — Department of Finance: Motor Industry (23 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 190 to 192, inclusive, together. I am informed by Revenue that, as permitted by the legislation on Vehicle Registration Tax, certain services concerning vehicle registration are carried out on Revenue’s behalf by an external service provider(ESP). This work is undertaken by the ESP as part of its contract to provide a wide range of vehicle-related...

Written Answers — Department of Finance: Vehicle Registration Tax (23 Apr 2024)

Michael McGrath: Statutory Instrument (S.I.) No. 318 of 1992, Vehicle Registration and Taxation Regulations (as amended by S.I. 542 of 2012) prescribes the format, lettering, dimensions and technical specifications of vehicle registration plates that must be displayed on all vehicles used on public roads. Under the regulations, the Irish language name prescribed for Dublin is Baile Átha Cliath. The...

Written Answers — Department of Finance: Vacant Properties (23 Apr 2024)

Michael McGrath: The Vacant Homes Tax (VHT) as announced in Budget 2023, aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022 and states that a residential property will be within the scope of VHT, if it has been occupied as a dwelling for less than 30 days in a chargeable period. VHT operates on a self-assessment...

Written Answers — Department of Finance: Tax Code (23 Apr 2024)

Michael McGrath: On 6 April 2023, I published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’. The review is wide ranging and looking at a range of issues relevant to the funds sector. One aspect of the work of the review team is a consideration of three specific areas of taxation in line...

Written Answers — Department of Finance: Tax Exemptions (23 Apr 2024)

Michael McGrath: The annual cost and number of claimants of the ‘Rent-a-Room Relief’’ is available in the Cost of Tax Expenditures Publication, which is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis tics/tax-expenditures/costs-expenditures.aspx. The following table sets out data on the number of taxpayer units availing of the...

Written Answers — Department of Finance: Tax Code (23 Apr 2024)

Michael McGrath: Ireland’s taxation of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of...

Written Answers — Department of Finance: Banking Sector (23 Apr 2024)

Michael McGrath: To January 2024, the State has recovered €6.24bn of our investment in AIB by way of the IPO of AIB in 2017, the ongoing AIB trading plan, the four share sales during 2022 and 2023 and the two share buybacks which together, have reduced our shareholding from 99% to below 39% today. DATE SHARE SALE NO. SHARES SOLD AVERAGE PRICE GROSS PROCEEDS...

Written Answers — Department of Finance: Tax Data (23 Apr 2024)

Michael McGrath: As the Deputy is aware, in July 2023 my Department published a paper examining the Potential Fiscal Impacts of the Transition to a Lower Carbon Economy in Ireland. The paper examined the potential fiscal impacts of current domestic climate action policies including commitments in the Climate Action Plan 2023 and the Programme for Government and is available online:...