Results 24,481-24,500 of 27,945 for speaker:Michael McGrath

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: It should certainly not be the case that any individual borrower is disadvantaged because of where their tracker mortgage ended up, so the principle of remediation being applied across the board is one I absolutely subscribe to. I will examine the issue the Deputy has raised. The original lenders were in scope and they should have followed through with those customers. As the Deputy knows,...

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: As I say, it should not be the case that those borrowers would be disadvantaged in regard to the application of the tracker redress or remediation scheme because of where their loan ended up. I will examine that issue. Of course, it is also the case that their tracker mortgage contract has to be fully honoured by the new loan owner. The Deputy said they were compensated, they got redress...

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: They do not have the option to fix, and I understand the point the Deputy is making. I will examine the issue offline.

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

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

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: It is important to give certainty to the sector. It is appropriate we have a transition to the restoration of the rate on 1 September. There was considerable debate and speculation and it would have been challenging for many businesses that are dealing with increased energy and other costs and grappling with remaining competitive and keeping their doors open. I was very conscious of that....

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: I thank the Deputy for acknowledging there is a role for political judgment in all these decisions. As he well knows, given the way the public finances were managed, in the base it was provided that the underlying rate here is 13.5%. Accordingly, there is a cost to the Exchequer in the form of providing additional resources by way of revenue foregone were we to continue with the 9% rate...

Ceisteanna Eile - Other Questions: Economic Data (7 Mar 2023)

Michael McGrath: At the time of budget 2023, my Department forecast the total level of public debt at the end of 2022 to be €226 billion. This is a level equal to 45% of GDP, 60% of GNP or 86% of GNI*. Gross national income, or GNI* as we call it, is considered the most reliable measure of economic activity in Ireland as it removes globalisation activity and thereby provides a better measure of the...

Ceisteanna Eile - Other Questions: Economic Data (7 Mar 2023)

Michael McGrath: I thank the Deputy. As part of the European fiscal architecture, the Stability and Growth Pact is expressed in terms of GDP. That is not our preferred measure for Ireland for the reasons we have put on record on many occasions. That is why we now publish the GNI* measure regularly and why we express the national debt as a percentage of GNI*. This gives us a figure of 86%. I should put on...

Ceisteanna Eile - Other Questions: Economic Data (7 Mar 2023)

Michael McGrath: We have been very open and transparent about the limitations of GDP as a measure, as we see it, in respect of contract manufacturing, intellectual property, IP, flows and the role of aircraft leasing. That said, it is the official measure of economic activity in Europe and, indeed, across the developed world. We will, therefore, continue to provide this information, but we will also provide...

Ceisteanna Eile - Other Questions: Energy Policy (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 82, 84 and 87 together. The TBESS was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. TBESS is provided for in sections 100 to 102, inclusive, of the Finance Act 2022. The scheme is administered by the Revenue and initially provided support to qualifying businesses in respect of...

Ceisteanna Eile - Other Questions: Energy Policy (7 Mar 2023)

Michael McGrath: We are seeing increases in the number of registrations and claims. The Revenue publishes statistical reports concerning TBESS weekly. These reports are available on the website. As of 1 March 2023, some 25,423 businesses had registered for the scheme and 23,833 claims had been approved, to the value of €51.65 million. Of course, the changes we announced two weeks ago will, I am...

Written Answers — Department of Finance: Mortgage Interest Rates (7 Mar 2023)

Michael McGrath: The Government appreciates the difficulties that the current inflation and interest rate environment is causing for many households, including those households servicing or applying for a mortgage. The European Central Bank (ECB), which has an independent mandate to maintain price stability, is taking action to bring inflation down to its desired target of two per cent over the medium term....

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: Budget 2023 included a personal income tax package amounting to €1.13 billion in 2023. Budget 2023 did not introduce a new tax free allowance for workers, instead the Standard Rate Cut-Off Point for single persons was increased by €3,200 or 8.7 per cent to €40,000, with commensurate increases for persons who are married/in civil partnerships. The main tax credits –...

Written Answers — Department of Finance: Business Supports (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 69 and 80 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. Details of the scheme are set out in Finance Act 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period...

Written Answers — Department of Finance: Mortgage Interest Rates (7 Mar 2023)

Michael McGrath: The Government fully appreciates the difficulties that the current inflation and interest rate environment is causing for many households, including households servicing a mortgage. However, as the Deputy will appreciate, the European Central Bank (ECB) is independent in the formulation and implementation of monetary policy and it is taking action to bring inflation down to its desired...

Written Answers — Department of Finance: Consumer Protection (7 Mar 2023)

Michael McGrath: I would like to thank Deputy Tóibín for his question regarding the cashless ticket system in place for the purchase of tickets for GAA matches and events. I can confirm that no meetings have taken place between me, in my role as Minister for Finance, or my Department officials and officials from the GAA regarding the issue raised. The details supplied referenced the contract...

Written Answers — Department of Finance: Tax Code (7 Mar 2023)

Michael McGrath: As the Deputy will be aware, 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 reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Finance: Departmental Bodies (7 Mar 2023)

Michael McGrath: As the Deputy is aware the previous members of the DDMBA resigned effective from 30th November 2021. Since then two Expression of Interest campaigns have been held, seeking suitable candidates for the Board. The Department of Health has led on all actions and tasks with respect to the Expression of Interest Campaigns. Department of Finance officials have provided support to the Department of...

Written Answers — Department of Finance: Primary Medical Certificates (7 Mar 2023)

Michael McGrath: As the Deputy is aware the previous members of the DDMBA resigned effective from 30th November 2021. Since then two Expression of Interest campaigns have been held, seeking suitable candidates for the Board. The Department of Health has led on all actions and tasks with respect to the Expression of Interest Campaigns. Department of Finance officials have provided support to the Department of...

Written Answers — Department of Finance: Tax Credits (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 78, 83, 92, 97, 98, 101, 114, 132, 138 and 250 together. The Finance Act 2022 introduced the Rent Tax Credit, which is provided for in section 473B of the Taxes Consolidation Act 1997. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022...