Results 24,501-24,520 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Exit tax charged on life assurance polices and investments in domestic funds including ETFs is a collection mechanism that is coupled with the gross roll-up regime. The gross roll-up taxation regime for investments in domestic funds and for investments in life policies was introduced in Finance Bill 2000. The general thrust of the gross roll-up regime is that there is no annual tax on income...

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

Michael McGrath: I am aware that Oxfam International produced a new report on January 16th 2023 regarding global wealth inequality entitled “Survival of the Richest” which proposes new wealth taxes in Ireland and in other jurisdictions. While I understand the background to calls for a specific wealth tax in Ireland, it is not the case that wealth in Ireland is untaxed, as taxes on wealth are...

Written Answers — Department of Finance: Small and Medium Enterprises (7 Mar 2023)

Michael McGrath: My Department has introduced a number of taxation measures which support the scale-up of small businesses in Ireland, including: the section 486C relief for certain start-up companies; the Employment Investment Incentive (EII); the Key Employee Engagement Programme (KEEP); the Start-Up Relief for Entrepreneurs (SURE); and the Start-Up Capital Investment (SCI). Finance Act 2008 introduced...

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

Michael McGrath: I am acutely aware of the effect that high energy prices and the cost of living are having on families, businesses and the most vulnerable. In recognition of these ongoing challenges, last month the government agreed a new €1.2 billion package of measures to put money back into people’s pockets, help with the bills, and ensure there is no cliff-edge removal of the temporary...

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

Michael McGrath: I propose to take Questions Nos. 88, 116, 130 and 254 together. I, and my Government colleagues, are aware of the issues being raised in relation to vehicle benefit-in-kind. This is something which is under consideration at the moment. I expect to be able to provide further clarity shortly. Additionally, to note, it is not possible from the data submitted to Revenue in respect of...

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

Michael McGrath: The legislation governing entitlement to the incapacitated child tax credit is contained in section 465 of the Taxes Consolidation Act 1997, as amended. The legislation provides that an individual is entitled to a tax credit of €3,300 per qualifying child for a year of assessment if he or she proves that at any time during the year of assessment, he or she has a child who is: -...

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

Michael McGrath: The R&D tax credit was reviewed in 2022, along with the Knowledge Development Box (KDB). The review was published on Budget day as part of the Budget 2023 Report on Tax Expenditures, and is available on the Budget 2023 website at the following link:www.gov.ie/en/publication/ccc22-budget-2023-taxation-me asures/ A public consultation process was also held as part of that review....

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

Michael McGrath: My predecessor Minister Donohoe committed to a comprehensive review of the Disabled Drivers and Passengers Scheme (DDS) as part of a broader review of mobility supports. In order to achieve this objective, Minister O’Gorman agreed in September 2021 that the DDS review should be incorporated into the work of the National Disability Inclusion Strategy (NDIS) Transport Working Group...

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

Michael McGrath: I propose to take Questions Nos. 93 and 129 together. The Deputy should note at the outset that VRT is an emissions-based tax and therefore the amount of VRT incurred will vary across different vehicle makes and models. The charge is determined by the Open Market Selling Price of the vehicle. Recent reform to the rates structure results in increased VRT rates for high emission vehicles,...

Written Answers — Department of Finance: Business Supports (7 Mar 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. The TBESS 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...

Written Answers — Department of Finance: Banking Sector (7 Mar 2023)

Michael McGrath: The Central Bank Tracker Mortgage Examination required lenders to identify all borrowers affected by tracker related issues and to compensate those affected borrowers for tracker related failings on a mortgage in line with the Principles for Redress that formed part of the framework. The Principles for Redress set out that lenders make redress and compensation offers that were fair and...

Written Answers — Department of Finance: Income Inequality (7 Mar 2023)

Michael McGrath: I am aware of the data to which the Deputy refers; I am also aware of the latest data from the Central Bank of Ireland's Distributional Wealth Accounts which show that net wealth inequality has declined over the past decade. The Gini coefficient – a common measure of inequality – fell from 0.78 in the second quarter of 2013 to 0.68 in the first quarter of 2022. The report to...

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

Michael McGrath: I propose to take Questions Nos. 99 and 107 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: Tax Credits (7 Mar 2023)

Michael McGrath: The purpose of the Stay and Spend Tax Credit scheme was to provide targeted support to businesses within the hospitality sector whose operations were likely to be most affected by public health restrictions that were in place as a result of the Covid-19 pandemic. The scheme terminated on 30 April 2021. I am advised by Revenue that In respect of the period from the 1 October 2020 to 31...

Written Answers — Department of Finance: Banking Sector (7 Mar 2023)

Michael McGrath: The Central Bank Tracker Mortgage Examination required lenders to identify all borrowers affected by tracker related issues and to compensate those affected borrowers for tracker related failings on a mortgage in line with the Principles for Redress that formed part of the framework. The Principles for Redress set out that lenders make redress and compensation offers that were fair and...

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

Michael McGrath: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. Finance Act 2018 introduced a short-term, tapered regional uplift for...

Written Answers — Department of Finance: Official Engagements (7 Mar 2023)

Michael McGrath: As the Deputy will be aware, I attended the World Economic Forum in January of this year where I participated in a range of high-level meetings and participated in panel discussions on the future of work and on global efforts to combat poverty. I also participated in a number of interviews with international and Irish media, with focus on promoting Ireland as a location for investment and job...

Written Answers — Department of Finance: Financial Services (7 Mar 2023)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is committed to providing a receptive service that is delivered in an accessible and inclusive manner, and is responsive to the needs of its customers. The FSPO adheres to ‘Our Public Service’, a framework developed by the Department of Public Expenditure, NDP Delivery, and Reform for innovation and continuous development in...

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

Michael McGrath: I understand that the Deputy is referring to a report "The Missing Profits of Nations" that examines the attribution of profits by multinational enterprises (MNEs) around the world. The central analysis of the paper looks at links between the level of profit booked, and the level of wages paid in a country. This creates a misleading impression that corporate profits are or should be...

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