Results 24,521-24,540 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I want to assure the Deputy that I am fully conscious that public debt in Ireland is amongst the highest in the world on a per capita basis. Indeed, last month, my Department published its Annual Report on Public Debt in Ireland 2022, which highlighted that debt per capita amounted to €44,250 per capita last year. The analysis set out in this document also showed, however, that the...

Written Answers — Department of Finance: Tax Code (7 Mar 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. However, Government recognises the challenging business environment the tourism and hospitality sectors are operating in and the role that these businesses play...

Written Answers — Department of Finance: Insurance Industry (7 Mar 2023)

Michael McGrath: As the Deputy will appreciate, 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). Nevertheless, this Government is continuing to prioritise...

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

Michael McGrath: I propose to take Questions Nos. 113 and 222 together. At the outset, the Deputy should note that neither the Government nor the Minister for Finance have a role in dictating the list price of vehicles which are decided by car manufactures or car dealerships. My colleague, the Minister for Transport, has overall policy responsibility for transport policy including managing the...

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

Michael McGrath: Capital allowances are currently available for hotel enterprises subject to meeting the conditions set down in the legislation. These allowances are available for industrial buildings, which includes certain buildings and structures, when used for particular purposes (including for the purposes of the trade of hotel-keeping). Generally, capital expenditure on the construction or refurbishment...

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

Michael McGrath: I am advised by Revenue that the amount of Carbon Tax collected in 2021 and the provisional amount collected in 2022 are €652.3 million and €790.5 million respectively. The provisional figure for 2022 may be subject to revision.

Written Answers — Department of Finance: EU Budgets (7 Mar 2023)

Michael McGrath: Ireland’s projected contributions to the current EU Budget Multiannual Financial Framework, which spans the period 2021 until 2027, are expected to rise over the remainder of the lifetime of the Framework agreement. Ireland’s gross contributions to the EU Budget are forecasted to increase from approximately €4 billion in 2023 to €4.5 billion in 2027. It should...

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 Code (7 Mar 2023)

Michael McGrath: Professional Services Withholding Tax (PSWT) is a deduction at the standard rate of income tax, currently 20%, from relevant payments made by accountable persons to specified persons in respect of certain professional services. The tax deducted is a payment on account against the specified person’s final Income Tax or Corporation Tax liability for the year, with the amount of PSWT...

Written Answers — Department of Finance: Insurance Coverage (7 Mar 2023)

Michael McGrath: At the outset, I wish to reassure the Deputy that I recognise the concerns felt by many community groups across the country around the cost and availability of insurance cover. Accordingly, Government has prioritised insurance reform through the Action Plan for Insurance Reform. The third Action Plan Implementation Report demonstrates that considerable progress has been achieved, with 90...

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

Michael McGrath: Under Irish VAT law the supply of services by writers, composers and performing artists are subject to the standard rate of VAT, currently 23%. The providers of such services are required to register for and charge VAT where their supplies exceed €37,000 per annum. However, in line with normal VAT rules, if the recipients of the services are registered for VAT and use the supplies in...

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

Michael McGrath: Small and medium businesses are the foundation of the Irish economy, accounting for 99.8% of all enterprises and the majority of employment in the State. Their importance to our economy is reflected in our Programme for Government commitments. During the COVID-19 pandemic, Government strongly supported small businesses. For example Revenue supported businesses by suspending normal debt...

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

Michael McGrath: 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 from 1 September 2022 to 30 April 2023. However,...

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

Michael McGrath: I am informed by Revenue that traders are not required to identify the VAT yield generated from the supply of specific services or supplies to particular customer groups, on their VAT returns. Therefore, Revenue does not have data from tax returns on which to base an accurate estimate of the net benefit per household arising from the reduced VAT rate of 9% applied to electricity and gas...

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

Michael McGrath: I propose to take Questions Nos. 126, 133 and 135 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...

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

Michael McGrath: 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 from 1 September 2022 to 30 April 2023. However,...

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

Michael McGrath: As indicated in my predecessor's Budget 2023 address to the House on 27 September 2022, the Help to Buy scheme has been a significant support for first time buyers of new homes. Since its inception in 2017 and to 31 January 2024, some 37,500 first-time buyers, either singly or as part of a couple, have benefited from the scheme. To reiterate the response to Parliamentary Question No. 121 of...

Written Answers — Department of Finance: Economic Data (7 Mar 2023)

Michael McGrath: In 2022, the Irish economy continued to exhibit strong growth when compared to its EU and Eurozone counterparts. Irish GDP grew by 12 per cent, compared to growth rates of around 3½ per cent in the Eurozone and wider European Union. This is reflective of very strong growth in the multinational sector, where the value of goods exports produced and shipped from here increased by 26 per...

Written Answers — Department of Finance: Credit Unions (7 Mar 2023)

Michael McGrath: Minister Carroll MacNeill will lead the Government's engagement with the credit union sector in relation to the Credit Union (Amendment) Bill 2022 and other credit union matters. Since Minister Carroll MacNeill was appointed to her position, she has met with the Irish League of Credit Union (ILCU), the Credit Union Manager's Association (CUMA) and the National Supervisors Forum (NSF). She...