Results 24,421-24,440 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (23 Feb 2023)

Michael McGrath: 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 BIK regime being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: Tax Code (23 Feb 2023)

Michael McGrath: As the Deputy will be aware, in making any decision in relation to VAT rates or other taxation measures, the Government must balance the costs of the measures in question against their impact and the overall budgetary framework. In the case of the VAT reductions covering hairdressing, tourism and hospitality sectors an extension of the 9% VAT rate to the end of 2023 would cost over...

Written Answers — Department of Finance: Departmental Projects (23 Feb 2023)

Michael McGrath: There is continued monitoring of tax related issues by my Department. Over the course of each year, a number of reviews of tax expenditures and other tax related matters are carried out by, or on behalf of, the Department of Finance. These may be used to ascertain whether existing tax measures should be amended, continued, extended or ended, or to otherwise review or assess certain taxes...

Written Answers — Department of Finance: Fuel Sales (23 Feb 2023)

Michael McGrath: I am advised by Revenue that the licence in question issued 3 February 2023. An application dated 23 November 2022 was submitted by the company in question. The requirements for this licence type are a Short Certificate of incorporation and a Certificate of Registration of Business Name, (both dated within four weeks), tax clearance, excise licence duty and approval from the local Excise team...

Written Answers — Department of Finance: Tax Yield (23 Feb 2023)

Michael McGrath: I am advised by Revenue that Natural Gas Carbon Tax (NGCT) is scheduled to increase by €7.50 per tonne of CO2 emitted on 1 May 2023. It is estimated that the revenue raised from this increase is provided in the table below. Accounting Period Payable Revenue (€million) from €7.50 per tonne increase/decrease 1 May - 30 June ...

Written Answers — Department of Finance: Tax Reliefs (28 Feb 2023)

Michael McGrath: I am advised by Revenue that the estimated cost to date of the temporary reductions to Mineral Oil Tax (MOT) on Petrol, Diesel, and Marked Gas Oil (MGO), since their introduction in March 2022, are shown in the following table. Fuel Type MOT €m VAT €m Petrol 131.7 30.3 Diesel 382.5 28.2...

Written Answers — Department of Finance: Tax Reliefs (28 Feb 2023)

Michael McGrath: I am advised by Revenue that the scenario outlined in the Deputy’s Question currently qualifies under the rent-a-room scheme. Sums arising to an individual in respect of the letting for residential purposes of a room or rooms in an individual’s “sole or main residence”, including the provision of meals, cleaning, laundry or other services supplied in connection...

Written Answers — Department of Finance: Financial Irregularities (28 Feb 2023)

Michael McGrath: There are no specific confirmation of payee requirements in legislation and payee name is not a required part of the identification of a beneficiary. There are some disadvantages to using the name of the payee as part of the identification of the beneficiary, including unintended rejections of transactions due to minor discrepancies between the name provided by the payer and the actual...

Written Answers — Department of Finance: Banking Sector (28 Feb 2023)

Michael McGrath: Section 851A of the Taxes Consolidation Act 1997 precludes the Revenue Commissioners from directly or indirectly disclosing taxpayer information to third parties unless this is specifically provided for in legislation. Therefore, neither Revenue nor I can comment on the tax affairs of any individual or company, so I can only refer to publicly available information. The latest data available...

Written Answers — Department of Finance: Tax Reliefs (28 Feb 2023)

Michael McGrath: As the Deputy is aware, loss relief for corporation tax is a long-standing feature of the Irish corporate tax system and a standard feature of corporation tax systems in most OECD countries. It recognises the fact that a business cycle runs over several years and that it would be unfair to tax income earned in one year and not allow relief for losses incurred in another. Loss relief works by...

Written Answers — Department of Finance: Tax Reliefs (28 Feb 2023)

Michael McGrath: As the Deputy may be aware, the Living City Initiative (LCI) (provided for in Finance Act 2013 and commenced on 5 May 2015) is a tax incentive aimed at the regeneration of the historic inner cities of Dublin, Cork, Galway, Kilkenny, Limerick and Waterford. The scheme provides income or corporation tax relief for qualifying expenditure incurred in refurbishing/converting qualifying buildings...

Written Answers — Department of Finance: Tax Code (28 Feb 2023)

Michael McGrath: Following clarification from the Deputy’s office, I understand that the purpose behind the question is to clarify if the income tax changes introduced in Budget 2023 apply to persons aged 65 or over and in receipt of occupational pensions. As the Deputy will be aware, Budget 2023 included a significant income tax package amounting to a cost of €1.13 billion in 2023 and...

Written Answers — Department of Finance: Departmental Schemes (28 Feb 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a...

Written Answers — Department of Finance: Business Supports (28 Feb 2023)

Michael McGrath: Details of the Temporary Business Energy Support Scheme (TBESS) are set out in Finance Act 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 30 April 2023 and is available to tax compliant businesses carrying on a trade or profession the profits of which are chargeable to tax under Case I or Case II of...

Written Answers — Department of Finance: Debt Restructuring (28 Feb 2023)

Michael McGrath: I propose to take Questions Nos. 219 to 222, inclusive, together. As Minister for Finance, I do not have a role in the credit assessment, risk assessment or debt resolution processes of any bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial...

Written Answers — Department of Finance: Insurance Coverage (28 Feb 2023)

Michael McGrath: Government is aware that a small number of activity-related sectors, including motorcycle sports, are currently facing difficulty in terms of affordability and availability of insurance. We have prioritised the implementation of the Action Plan for Insurance Reform, which aims to improve the cost and availability of insurance for all groups, including sporting organisations. The latest...

Written Answers — Department of Finance: Energy Prices (28 Feb 2023)

Michael McGrath: Details of the Temporary Business Energy Support Scheme (TBESS) are set out in Finance Act 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 30 April 2023 and is available to tax compliant businesses carrying on a trade or profession the profits of which are chargeable to tax under Case I or Case II of...

Written Answers — Department of Finance: Mortgage Interest Rates (28 Feb 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). As the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates will influence the overall level of interest rates throughout the economy. However, in a market economy the...

Written Answers — Department of Finance: Departmental Data (28 Feb 2023)

Michael McGrath: My Department has not paid for any promotion of any of the social media posts it has made, or used social media influencers, online personalities, television and or radio personalities for this purpose. I am advised that none of the bodies under the aegis of my Department engaged social media influencers, online personalities, television or radio personalities during the timeline specified.

Written Answers — Department of Finance: Tax Code (28 Feb 2023)

Michael McGrath: In January of this year, officials from my Department compiled a ministerial briefing on the temporary 9 per cent VAT rate, which included an economic assessment of the measure. The material outlined the macroeconomic backdrop to any extension of the 9 per cent rate, noting that the economy has rebounded strongly from the pandemic and that economic activity is now above pre-pandemic...