Results 141-160 of 15,009 for in 'Written Answers' speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Advertising (23 May 2024)

Michael McGrath: The information requested by the Deputy in relation to the amount spent by my Department on advertising from 2019 to date in 2024 is set out in tabular form below. The Department is not in a position to demarcate online spend from other forms of expenditure, as some advertising will inevitably involve both. Year Amount 2019 Advertising...

Written Answers — Department of Finance: Tax Credits (23 May 2024)

Michael McGrath: There are no specific provisions for indigenous SMEs in the R&D tax credit, and nor are there any restrictions for indigenous SMEs wishing to avail of the scheme. It is available to all firms, within the charge to Irish tax, that undertake qualifying R&D activities. However, I am aware that Revenue issued updated guidance in 2017 with the specific aim to reduce the administrative...

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

Michael McGrath: As the Deputy will be aware, drafting of the Access to Cash Bill 2024 is proceeding on a priority basis. The purpose of the General Scheme of the Bill, which I published with Government approval on the 23rd of January, is to establish a framework to provide that any future evolution of the cash infrastructure will be managed in a fair, orderly, transparent, and equitable manner. The Bill...

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

Michael McGrath: 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 :...

Written Answers — Department of Finance: Tax Reliefs (23 May 2024)

Michael McGrath: By way of background, prior to 31 December 2022, where the combined contributions by an employer and an employee to a PRSA did not exceed the employee’s annual percentage limit (between 15% and 40% of “net relevant earnings”, varying depending on age, up to a maximum relieved salary of €115,000), the contributions were relieved from tax. However, where the combined...

Written Answers — Department of Finance: Insurance Industry (23 May 2024)

Michael McGrath: At the outset it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Insurance reform is a key priority for this...

Written Answers — Department of Finance: Tax Reliefs (22 May 2024)

Michael McGrath: From 1 January 2023, new rates of benefit-in-kind (BIK) were applied to the provision of an employer provided car, which take into account the CO2 emissions of the car. As a consequence, lower rates of tax will generally apply to cars that are more environmentally friendly. Employer provided car The amount taxable as a BIK remains determined by the cars original market value (OMV) and...

Written Answers — Department of Finance: Vehicle Registration Tax (22 May 2024)

Michael McGrath: Under the Finance Act 1992, Vehicle Registration Tax (VRT) is assessed on a vehicle at the time of its registration, and the way the tax is computed depends on the category of vehicle involved. VRT on Category A vehicles (generally passenger vehicles) is assessed based on the value of the vehicle and its emissions levels for carbon dioxide (CO2 ) and nitrogen oxide (NOx). The VRT on...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances that is payable by the person receiving the gift or inheritance (the beneficiary) and is calculated by reference to the value of the property received. Where a person receives gifts or inheritances that are in excess of the relevant CAT tax-free threshold (Group threshold), CAT at a rate of 33% applies on the excess. The...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: I note the Deputy's query in relation to the taxation of investments and specifically about non-Irish residents investing in funds that are domiciled here. The normal tax treatment afforded to Irish collective investment fund is that funds invested are allowed to grow on a tax-free basis within the fund. The income is taxed at the level of the investor rather than the fund, as is...

Written Answers — Department of Finance: Tax Exemptions (22 May 2024)

Michael McGrath: 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 those engaged in a regulated...

Written Answers — Department of Finance: Tax Yield (22 May 2024)

Michael McGrath: I propose to take Questions Nos. 56 to 58, inclusive, together. I am advised by Revenue that the amount generated by the local property tax and the number of properties, per Local Authority area, in 2023, are available in Table 2 of the Property Tax Statistics publication for January 2024, which is available on the Revenue website at:...

Written Answers — Department of Finance: Tax Code (22 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 Code (21 May 2024)

Michael McGrath: The Residential Zoned Land Tax or RZLT was introduced in Finance Act 2021 and seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. RZLT, which is an action under Housing for All, aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for...

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

Michael McGrath: The Help to Buy 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 level...

Written Answers — Department of Finance: Consumer Protection (21 May 2024)

Michael McGrath: There is generally a condition in insurance policies that, under the terms of the contract, an insurer may assume control and deal with the settlement of any claim. This is the contractual position, and there is generally no requirement that an insurer seek a policyholder’s approval before settling a third-party claim. As the Deputy will be aware, the duties of insurers with...

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

Michael McGrath: As the Deputy is aware questions around the application of the flat-rate farmers refund order have been raised on a number of occasion particularly over how VAT refund claims are being administered and processed by the Revenue Commissioners. The refund order was originally introduced in 1972 and has seen minor amendments to the type of expenditure covered. In 1993, the order was updated...

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

Michael McGrath: Increasing the supply of new homes is key priority for the Government. In 2023, 32,600 new homes were built, 10 per cent higher than the previous year and the highest level since the series began in 2011. During the first quarter of this year, there were 5,840 new home completions, the second highest level since records began in 2011. In the 12 months to end-March 2024, there were 31,800...

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: EU Agreements (21 May 2024)

Michael McGrath: The Capital Markets Union (CMU) is an ongoing and long term project which aims to deepen and further integrate Europe’s capital markets, support growth and enhance the resilience of the financial system. For Ireland, CMU has the potential to widen the sources of available funding for our companies as well as provide opportunities for our export-oriented financial services sector to...