Results 41-60 of 14,957 for in 'Written Answers' speaker:Michael McGrath

Written Answers — Department of Finance: Official Engagements (11 Jun 2024)

Michael McGrath: Since my appointment as Minister for Finance in December 2022, I have not yet had any formal engagement with the Turkish Finance Minister, Mehmet Simsek. Ireland shares membership of a number of European organisations alongside Turkey, such as the Organisation for Economic Cooperation and Development (OECD), while diplomatic relations are facilitated between our respective resident Embassies...

Written Answers — Department of Finance: Pension Provisions (11 Jun 2024)

Michael McGrath: The Department of Social Protection (DSP) State pension (contributory) is a taxable source of income, similar to certain other DSP payments including Jobseekers’ Benefit and Maternity Benefit. As such, it is liable to Income Tax (IT) although it is not subject to the Universal Social Charge (USC) or Pay Related Social Insurance (PRSI). Section 126(2B) of the Taxes Consolidation Act...

Written Answers — Department of Finance: Departmental Correspondence (11 Jun 2024)

Michael McGrath: Officials from my Department have consulted with the insurance sector on the matter raised by the Deputy, including with Insurance Ireland. It has confirmed that, in its view, there is no widespread market capacity issue in the provision of insurance for children’s summer camps, and that some of the largest insurance companies in the State offer cover for a range of activities. It did...

Written Answers — Department of Finance: Revenue Commissioners (11 Jun 2024)

Michael McGrath: I am advised by Revenue that in the past four years (i.e., 01/06/2020 – 31/05/2024), 115 compliance interventions have been opened in respect of individuals aged over 80 years. The Deputy will wish to note that Revenue operates a 3 Level Compliance Intervention Framework, designed to provide a consistent graduated response to risks identified in the taxpayer base. This Framework...

Written Answers — Department of Finance: Tax Code (11 Jun 2024)

Michael McGrath: As the Deputy will be aware, the 9 per cent VAT rate was applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5 per cent rate. The 9 per cent rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place...

Written Answers — Department of Finance: Vehicle Registration Tax (11 Jun 2024)

Michael McGrath: The Deputy should note that if a vehicle is a mechanically propelled vehicle that is used on public roads, there is a requirement to register that vehicle, under section 131 of the Finance Act 1992. Registration is required to take place within 30 days of construction or importation into the State under Statutory Instrument 318/1992 - Vehicle Registration and Taxation Regulations 1992. A...

Written Answers — Department of Finance: Revenue Commissioners (11 Jun 2024)

Michael McGrath: My Department and Revenue have, for some time, been aware of issues which arose from contractual arrangements within the General Practitioner (GP) community whereby some GPs treat income under their General Medical Services (GMS) contract as income of a GP practice in which they are a partner or an employee, rather than income of that individual GP. To clarify the correct tax treatment of GMS...

Written Answers — Department of Finance: Departmental Contracts (11 Jun 2024)

Michael McGrath: The ‘National Public Procurement Policy Framework’ issued by the Office of Government Procurement (OGP) sets out the procurement procedures to be followed by government departments and state bodies in accordance with EU rules and national guidelines. In addition, my Department has its own internal policy and guidance documents to assist staff to comply with all procurement...

Written Answers — Department of Finance: Fiscal Data (11 Jun 2024)

Michael McGrath: The Stability Programme Update (SPU) published by my department in April forecasts an increase in nominal general government gross debt of €11.8 billion between 2023 and 2027. Over the same period, a general government surplus is forecast for each year to the cumulative value of €37.7 billion. Movements in general government gross debt can be explained by the general government...

Written Answers — Department of Finance: Tax Data (11 Jun 2024)

Michael McGrath: The Commission on Taxation and Welfare (the Commission) was established in April 2021 as a result of a commitment in the Programme for Government. The Commission was asked to independently consider how best the taxation and welfare systems can support economic activity, and promote increased employment and prosperity while ensuring that there are sufficient resources available to meet the...

Written Answers — Department of Finance: Banking Sector (11 Jun 2024)

Michael McGrath: As a small open economy, connected to Europe, the US and the wider world, Ireland is committed to a competitive, transparent and stable corporation tax system. As the Deputy will be aware, the trading profits of companies in Ireland are generally taxed at the standard corporation tax rate of 12.5%, and under the Pillar Two agreement the effective rate has increased to 15% for in-scope...

Written Answers — Department of Finance: Primary Medical Certificates (11 Jun 2024)

Michael McGrath: The Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme (DDS) is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual. However, this is very much a matter for Government as whilst...

Written Answers — Department of Finance: Overseas Development Aid (11 Jun 2024)

Michael McGrath: As the Deputy may be aware, the Stability Programme Update sets out on a technical, no policy change basis, Ireland’s budgetary projections, including voted expenditure projections, over the forecast horizon (from 2023 to 2027) on an aggregate level. On this basis, the voted expenditure ceilings reflect the 5% growth rate set out in Government's medium-term budgetary strategy. SPU...

Written Answers — Department of Finance: Revenue Commissioners (11 Jun 2024)

Michael McGrath: The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, farmers can elect whether or not to register for VAT in respect of their farming business, and this affects how VAT incurred on their inputs (such as the purchase of farm equipment) is treated. Farmers who elect to register for VAT are obliged to...

Written Answers — Department of Finance: Tax Exemptions (11 Jun 2024)

Michael McGrath: As the Deputy is 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 income...

Written Answers — Department of Finance: Revenue Commissioners (11 Jun 2024)

Michael McGrath: As the Deputy is aware, 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, the vast majority of which related to VAT and payroll taxes deducted by employers from their employees....

Written Answers — Department of Finance: Tax Code (11 Jun 2024)

Michael McGrath: I am advised by Revenue that its Ready Reckoner is available for calculating the annual impact of potential changes in rates of taxation. The Ready Reckoner estimates assume no behavioural change as a result of the additional price increases. This data is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx. With...

Written Answers — Department of Finance: Departmental Programmes (11 Jun 2024)

Michael McGrath: The NTMA has informed me that the Ireland Strategic Investment Fund (“ISIF”) carefully evaluated for a number of years ways in which it could invest on a commercial basis to support the development of new film studio infrastructure in Ireland in light of the increasing demand for film studio infrastructure globally, Ireland’s attractiveness as a location for producing...

Written Answers — Department of Finance: Departmental Data (11 Jun 2024)

Michael McGrath: I am advised by Revenue that the table below presents a geographical breakdown of the total number of approved Help to Buy claims. The table outlines the number of approved claims as well as total and average claim amount (payments) as of 6 June 2024. County Number Claim Amount (€m) Average Claim Amount (nearest hundred) Carlow 481 9.5 19,700 ...

Written Answers — Department of Finance: Housing Schemes (11 Jun 2024)

Michael McGrath: In relation to the Deputy's query about the of lowering the LTV ratio for the Help to Buy Scheme, the position remains as set out in my answer to Parliamentary Question no. 183 of 7 December 2023 and my answer to Parliamentary Question No. 218 of 16 April 2024 and I have no plans to change the LTV ratio as proposed. Notwithstanding this, it should be noted that decisions regarding taxation...