Results 24,061-24,080 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Yield (18 Jan 2023)

Michael McGrath: I am advised by Revenue that the estimated revenue to be raised in 2023 from legislated increases in the carbon tax in May 2023 and October 2023 respectively is estimated at €138.4m for 2023, comprised of €125m in carbon tax and €13.4m in VAT. This estimate is based on the most recent full year data and does not account for any future behavioural changes.

Written Answers — Department of Finance: Mortgage Resolution Processes (18 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 386 and 387 together. The Central Bank has put in place a range of measures in order to protect consumers who take out or have a mortgage.  This consumer protection framework seeks to ensure that lenders are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage...

Written Answers — Department of Finance: Insurance Coverage (18 Jan 2023)

Michael McGrath: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. Within this context, it should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies providing the service and is based on an assessment of the...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 69, 83, 88 and 89 together. The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses in respect of energy...

Written Answers — Department of Finance: Tax Exemptions (24 Jan 2023)

Michael McGrath: Intangible cultural heritage means the practices, representations, expressions, knowledge, skills that communities recognize as part of their cultural heritage. It includes oral traditions and expressions; performing arts; social practices, rituals and festive events; knowledge and practices concerning nature and the universe; and traditional craftsmanship. The UNESCO Representative List...

Written Answers — Department of Finance: Insurance Coverage (24 Jan 2023)

Michael McGrath: Current Government policy in relation to flood insurance coverage is focused on the development of a sustainable, planned and risk-based approach to managing flooding. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan to 2030. This will protect approximately 23,000 properties across various...

Written Answers — Department of Finance: Debt Collection (24 Jan 2023)

Michael McGrath: During the COVID-19 pandemic, Revenue strongly supported businesses by suspending normal debt collection activities and implementing the Debt Warehouse Scheme to provide businesses with vital liquidity support. In October 2022, Revenue announced an important and significant extension to the Debt Warehousing scheme in light of the challenging economic situation that businesses continue to...

Written Answers — Department of Finance: Credit Unions (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 82 and 90 together. This Government recognises the importance of credit unions as a provider of community banking services. The Programme for Government contains commitments to: - Review the policy framework within which credit unions operate; - Enable and support the credit union movement to grow; - Support credit unions in the expansion of services, to...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 84, 97, 102, 126 and 137 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 fall within Annex III of the Directive, in respect of which Member States may apply either one or two...

Written Answers — Department of Finance: Economic Growth (24 Jan 2023)

Michael McGrath: The world is facing into a period of lower economic growth, with many of Ireland’s key trading partners likely to see sluggish if not negative growth in the coming quarters. This is a direct result of Russia’s invasion of Ukraine and the restriction on gas supplies, which has led to multi-decade high inflation rates in Ireland and the euro-area more broadly. With consumer...

Written Answers — Department of Finance: Economic Policy (24 Jan 2023)

Michael McGrath: The European Financial Forum (EFF) has been successfully produced by IDA in partnership with the Department of Finance since 2016. A decision on whether to host an EFF is taken each year, on a case-by-case basis, following a review of the previous Forum and discussions between IDA, the Department of Finance, and other key stakeholders. In recent years, taking account of the impact of the...

Written Answers — Department of Finance: Mortgage Interest Rates (24 Jan 2023)

Michael McGrath: The type of mortgages, including fixed or variable rate mortgages, offered by different categories of Central Bank regulated entity is a commercial matter for each individual lender. In addition, the mortgage interest rates they charge and the basis for the adjustment of the interest rate is, subject to the terms of the particular contract, a commercial matter for individual lenders having...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: I should say that policy responsibility for the development of forestry in Ireland is within the remit of the Minister for Agriculture, Food and the Marine and of course Coillte. I understand that the development of the investment fund referred to by the Deputy arises in the context of the plan to expand forest cover in Ireland to meet climate change targets. In the context of the issue...

Written Answers — Department of Finance: Banking Sector (24 Jan 2023)

Michael McGrath: In recent years, the banking landscape has changed significantly in Ireland. The number of banks serving the sector reduced from 12 to 3 as banks were amalgamated or closed down and foreign owned entrants exited the Irish retail market. We have also seen a considerable acceleration in technological developments and the pace of uptake has been accelerated by the COVID-19 pandemic. With...

Written Answers — Department of Finance: Insurance Coverage (24 Jan 2023)

Michael McGrath: At the outset, it is important to note that neither the Minister for Finance, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive). As the Deputy will appreciate, policy matters in relation to the National Car Test (NCT) lie with the Minister for...

Written Answers — Department of Finance: Budget 2023 (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 94 and 127 together. Budget 2023was a ‘Cost of Living’ Budget, focussed on protecting the most vulnerable from the impact of inflation. A total net Budget package of €11 billion was put in place, consisting of €4.1 billion in one-off cost of living supports for last year and €6.9 billion in overall measures for this year....

Written Answers — Department of Finance: Tax Reliefs (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 95, 109, 140 and 242 together. Recent Government policy has focused on strengthening the environmental rationale behind company car taxation. Until the changes brought in as part of the Finance Act 2019, Ireland’s vehicle benefit-in-kind regime was unusual in that there was no overall CO2 rationale in the regime. This is despite a CO2 based vehicle...

Written Answers — Department of Finance: Economic Policy (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 96 and 98 together. The latest data from the Central Bank of Ireland show that Irish household net wealth has more than doubled between the second quarter of 2012 and 2022, to reach €1,025 billion. These data also show that the vast majority of household wealth is held in the form of households’ main residence, with the main driver of...

Written Answers — Department of Finance: Departmental Strategies (24 Jan 2023)

Michael McGrath: The Fintech Steering Group was established in the Department of Finance in 2021 as part of action measure 12 of the Ireland for Finance Action Plan 2021. This reflects the fact that Ireland is uniquely positioned to benefit from global investment in fintech, given our experience in both technology and financial services. To date the Group has worked on discussing cross divisional issues on...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 100, 122 and 161 together. I am aware that Oxfam International recently (on January 16th 2023) produced a new report regarding global wealth inequality entitled “Survival of the Richest” which proposes new wealth taxes in Ireland and other jurisdictions. While I understand the background to calls for a specific wealth tax in Ireland, it is not...