Results 21-40 of 14,758 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Tax Rebates (30 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 236 and 246 together. The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the 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 respect of which Member States may apply reduced rates...

Written Answers — Department of Finance: Motor Industry (30 Apr 2024)

Michael McGrath: I am advised by Revenue that each application for the exemption or relief from Vehicle Registration Tax (VRT) under the Vehicle Registration Tax (Permanent Reliefs) Regulations 1993 is considered on a case-by-case basis. Revenue has confirmed that a Transfer of Residence (TOR) exemption application was submitted by the persons concerned on 9 March 2024 with further supporting documentation...

Written Answers — Department of Finance: Tax Exemptions (30 Apr 2024)

Michael McGrath: As the Deputy will be aware, the VAT treatment of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the EU VAT Directive it is not possible for Ireland to exempt capital works at grassroots sports facilities from VAT or introduce a VAT refund scheme for sports facilities.

Written Answers — Department of Finance: European Union (30 Apr 2024)

Michael McGrath: A very significant number of Acts and Statutory Instruments made or sponsored by the Minister for Finance are necessitated in whole or in part by the requirements of European law. It has not been possible, in the time available, to compile the information requested by the Deputy. My officials will compile the information sought and I will write to the Deputy shortly to provide the...

Written Answers — Department of Finance: Tax Code (30 Apr 2024)

Michael McGrath: As the Deputy 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 Practitioners Act 2007, the Nurses and Midwives Act 2011, and...

Written Answers — Department of Finance: Rental Sector (30 Apr 2024)

Michael McGrath: The Rent Tax Credit (RTC), 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. I am advised by Revenue that the RTC statistics currently available refer only to claims by PAYE taxpayers. Data on claims by self-assessed taxpayers...

Written Answers — Department of Finance: Housing Schemes (30 Apr 2024)

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C (11) of the Taxes Consolidation Act 1997 provides that, for a...

Written Answers — Department of Finance: Tax Data (30 Apr 2024)

Michael McGrath: The Charities VAT Compensation Scheme, administered by Revenue, was introduced in Budget 2018 to reduce the tax burden on charities and to partially compensate them for the VAT paid in delivering on their charitable purposes. Under the scheme, eligible charities may claim a refund of a proportion of their VAT costs based on their level of non-public funding. Where the total amount of...

Written Answers — Department of Finance: Philanthropy Initiatives (30 Apr 2024)

Michael McGrath: There is insufficient detail in the Deputy’s question upon which to base a costing for a new measure as suggested, as such it is not possible to answer the question. However, and as the Deputy may be aware, the Charitable Donation Scheme allows tax relief in Income Tax and Corporation Tax on qualifying donations made to approved bodies. Section 848A of the Taxes Consolidation Act, 1997...

Written Answers — Department of Finance: Local Authorities (30 Apr 2024)

Michael McGrath: My Department does not provide grant-aid to local authorities and therefore had no grant-aid returned or surrendered by local authorities in the year 2022,2023 and to date 2024.

Written Answers — Department of Finance: Pension Provisions (30 Apr 2024)

Michael McGrath: Overall, the policy objective for tax relief on pension contributions is to encourage individuals to save for retirement; to help meet a targeted level of supplementary pension coverage and income replacement; and to assist in preventing an over-reliance on State support for citizens in later life. Accordingly, pensions already have their own special treatment within the tax system to...

Written Answers — Department of Finance: Fuel Prices (30 Apr 2024)

Michael McGrath: At the outset, the Deputy should note that both I and the Government are conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022 in light of the acute impact rising prices were having on households and business, the Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, auto diesel...

Written Answers — Department of Finance: EU Directives (30 Apr 2024)

Michael McGrath: On 24 April, the European Commission issued a letter of formal notice, citing what it considers incorrect transposition of the Fifth AML Directive by Ireland. This was one of the three notices issued on that date to Ireland on transposition matters across different Government Departments. On the Fifth AML Directive, the Commission contend that there was an incorrect transposition of the...

Written Answers — Department of Finance: Tax Data (30 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 250 and 251 together. The application of the 10% rate of stamp duty to certain acquisitions of residential property is provided for in section 31E of the Stamp Duties Consolidation Act 1999, as introduced in 2021. In relation to Parliamentary Question 19512/24, I am advised by Revenue that, based on the latest available returns for the period since the...

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. ...