Results 24,561-24,580 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Over the past year, Ireland has experienced a broad-based and decades-high surge in inflationary pressures. The key driver of these pressures has been Russia’s war in Ukraine and Putin’s weaponisation of gas supplies. This has driven a sharp rise in energy prices across the world economy with Europe at the epicentre of the energy price shock. Spillover effects from higher energy...

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

Michael McGrath: The €500 rent tax credit introduced in Budget 2023 will be available until 2025, at an estimated cost of €200 million per year. In 2023 renters can claim the relief in respect of rent paid in both 2023 and in 2022. This is reflected in my Department’s fiscal projections, which incorporate a €400 million impact from the rental credit for 2023 and €200...

Written Answers — Department of Finance: Revenue Commissioners (7 Mar 2023)

Michael McGrath: I am advised by Revenue that the operating structures of its public offices are constantly under review to ensure that taxpayers can avail of assistance as needed. Revenue’s provision of a full range of online, secure, and easy to use services, including an online communication channel, for taxpayers to manage their tax affairs, largely removes any requirement to attend public offices....

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

Michael McGrath: The drafting of legislation is undertaken by Office of the Parliamentary Counsel to the Government, within the Attorney General’s Office, on the instructions of Government Departments, including the Department of Finance. The final text as enacted is, of course, ultimately a matter for the Oireachtas. The drafting of legislation takes place in the context of section 18 of the...

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

Michael McGrath: As I outlined in my reply to Parliamentary Question No. 234 of 28 February 2023, PSD2 is a maximum harmonisation directive and this means that Member States may not introduce new provisions beyond those laid down in the Directive when transposing it. In addition, it follows that such provisions elsewhere should not contravene PSD2. I also outlined that PSD2 did not directly deal with...

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: 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. TBESS is provided for in Sections 100 to 102 of the Finance Act 2022. The scheme is administered by Revenue and initially provided support to qualifying businesses in respect of energy costs relating to the...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Consumer price (HICP) inflation picked up sharply over the past year, with average annual inflation of just over 8 per cent recorded in 2022, compared with around ½ per cent over the past decade on average. Almost every advanced economy is in a similar position, with euro area inflation reaching an average of just under 8½ per cent last year. The primary driver of global...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Consumer price (HICP) inflation picked up sharply over the past year, with average annual inflation of just over 8 per cent recorded in 2022. This compares with average inflation of around ½ per cent over the preceding decade. Almost every advanced economy is in the same position, with euro area inflation averaging around 8½ per cent last year. The key driver of global...

Written Answers — Department of Finance: Cost of Living Issues (7 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 255 and 263 together. Consumer price (HICP) inflation picked up sharply over the past year, with average annual inflation of just over 8 per cent recorded in 2022. This compares with average inflation of around ½ per cent over the preceding decade. Almost every advanced economy is in the same position, with euro area inflation averaging around 8½...

Written Answers — Department of Finance: Inflation Rate (7 Mar 2023)

Michael McGrath: Over the past year, almost every advanced economy has had to grapple with the effects of multi-decade high levels of inflation, driven by the surge in global energy prices. In Ireland average annual inflation stood at just over 8 per cent for 2022 as a whole, significantly higher than the ½ per cent average rate of inflation recorded for the previous decade. This has had a significant...

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

Michael McGrath: I propose to take Questions Nos. 257 and 260 together. Ireland is currently facing many of the same economic headwinds as the wider European economy. Over the past year, almost every advanced economy has had to grapple with the effects of multi-decade high inflation, driven by the surge in global energy prices. In Ireland average annual inflation stood at just over 8 per cent for 2022...

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

Michael McGrath: The current estimate from the enterprise agencies IDA Ireland and Enterprise Ireland is that direct employment in the international financial services sector stood at around 56,000 at the end of 2022. This is an increase of over 3,000 in the numbers employed compared to the end of 2021. In addition to these high-value jobs, there are many more thousands of people who are employed indirectly...

Written Answers — Department of Finance: Foreign Direct Investment (7 Mar 2023)

Michael McGrath: Ireland remains a very attractive location for foreign direct investment (FDI), reflecting our international reputation as a stable and pro-enterprise economy. I am conscious of the need to maintain our competitive position globally, given the important contribution that this FDI makes to the domestic economy. The stock of FDI in Ireland stood at over €1.3 trillion at the end of...

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

Michael McGrath: I am advised by Revenue that income tax on both PAYE employees and self-employment income is calculated by reference to the same rate bands, which will vary depending on the personal circumstances of the individual. A range of tax credits may also apply, again depending on the personal circumstances of the individual. Income up to a certain limit is taxed at the ‘standard rate’...

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

Michael McGrath: Over the course of the last year, the Irish economy has faced numerous economic headwinds, the most pressing of which relates to Russia’s invasion of Ukraine which drove a sharp rise in energy prices across the global economy with Europe at the epicentre of the energy price shock. Ireland has experienced broad-based and decades-high inflationary pressures as a result. Inflation...

Written Answers — Department of Finance: Tax Reliefs (8 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 83 and 87 together. The rent-a-room scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence as residential accommodation in order to bring about an increase in the availability of rental accommodation. In accordance with section 216A of the Taxes Consolidation Act 1997, an...

Written Answers — Department of Finance: Business Supports (8 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 (8 Mar 2023)

Michael McGrath: Help to Buy (HTB) is a scheme available to first-time purchasers who are buying or building a new house or apartment. It offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in section 477C of the Taxes Consolidation Act 1997. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Insurance Industry (8 Mar 2023)

Michael McGrath: The Cabinet Committee Sub-Group on Insurance Reform oversees implementation of the Action Plan for Insurance Reform. This Plan sets out the Whole- of-Government approach, with 66 actions to improve the insurance environment for consumers, businesses and community groups. The most recent Implementation Report, published in November, shows that 90 per cent of the initiatives under the Action...