Results 181-200 of 15,009 for speaker:Michael McGrath in 'Written Answers'

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

Michael McGrath: The Programme for Government (PfG), “Our Shared Future” contains a number of specific commitments relating to income tax. These include the commitment that, “from Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income...

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

Michael McGrath: The Government is 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 businesses, the Government provided for temporary cuts in excise rates which, inclusive of VAT amounted to 21 cents, 16 cents and 5.4 cents per litre on petrol, auto-diesel and marked gas...

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

Michael McGrath: The Exchequer costs of Research and Development (R&D) tax credit claims for accounting periods ending in 2020, 2021 and 2022 respectively are €658 million, €753 million and €1.148 billion. I am advised by Revenue that the figure for claims in respect of 2022 is a provisional figure as additional processing is required in relation to specified returns associated with...

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

Michael McGrath: I propose to take Questions Nos. 108 and 117 together. On 24 April, the European Commission issued a letter of formal notice, citing, what it considers, as an 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...

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

Michael McGrath: It is important to note that there are already a number of wealth taxes in place in Ireland, including Capital Gains Tax (CGT), Capital Acquisitions Tax (CAT) and Local Property Tax. Certain forms of Stamp Duty also act as taxes on wealth charged in a number of ways, including on the acquisition of shares, stocks and marketable securities of Irish registered companies, and on the acquisition...

Written Answers — Department of Finance: National Treasury Management Agency (21 May 2024)

Michael McGrath: The National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (ISIF) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In line with this mandate, ISIF focusses its efforts on making transformational investments across its impact themes of Housing and Enabling...

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: Departmental Reports (21 May 2024)

Michael McGrath: The Stability Programme Update published last month sets out the Government’s macroeconomic and fiscal forecasts. The SPU is a technical document and the projections are prepared on the basis of the policy position set out in Budget 2024, with no new policy measures incorporated. It is important to highlight that due to new economic governance rules at the European Union level, this...

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

Michael McGrath: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes, taxable in the normal manner, which was introduced in Finance Act 2006. The regime achieves this by imposing an additional tax charge on the value of retirement benefits above set limits when they are drawn down. The SFT limit was initially set at €5 million when it was first...

Written Answers — Department of Finance: Inflation Rate (21 May 2024)

Michael McGrath: The most significant challenge to households’ living standards in recent years has been inflation which has put pressure on real household incomes. Inflation reached multi-decade highs in 2022, averaging 8.1 per cent with a peak of 9.6 per cent in June 2022 (as measured by the HICP). Whilst the initial driver of this inflationary pressure was a surge in global energy prices, it...

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

Michael McGrath: The official visit to Frankfurt was the first international engagement since my appointment as Minister of State at the Department of Finance. An invitation to deliver the keynote address at an event organised by the Irish Consulate in Frankfurt along with the Ireland for Law initiative was the catalyst for the visit which featured an intensive engagement programme of meetings with industry,...

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

Michael McGrath: The Help to Buy 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 Help to Buy scheme has been a significant support for first...

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

Michael McGrath: The Help to Buy (HTB) scheme is administered by Revenue to assist first-time buyers with buying or building a new house or apartment. The scheme gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to qualifying criteria outlined in the legislation. In the July 2020 stimulus plan, the scheme was amended so that the...

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

Michael McGrath: For the purpose of answering the question from the Deputy, I would note that the European Investment Bank (EIB) Group does not have a CEO, rather it has a President, who is Nadia Calvino and who took up the role on 1 January 2024. In this regard, I last met formally with Ms. Calvino during her inaugural visit to Dublin as EIB Group President earlier this month on 2 May. This involved a...

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

Michael McGrath: I propose to take Questions Nos. 209 and 210 together. The VAT rating 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: Tax Exemptions (21 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 EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within the categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a...

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...