Results 24,621-24,640 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (21 Mar 2023)

Michael McGrath: I am advised by Revenue that 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: Tax Code (21 Mar 2023)

Michael McGrath: The application of excise duty on fuel in Ireland is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). The ETD prescribes minimum tax rates for fuel with which all Member States must comply. ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the...

Written Answers — Department of Finance: Tax Credits (21 Mar 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: Rental Sector (21 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 include a €400 million impact from the rental credit for 2023 and €200 million...

Written Answers — Department of Finance: Fiscal Policy (21 Mar 2023)

Michael McGrath: My Department produces, and publishes, two set of macroeconomic and fiscal projections each year – its spring forecasts (set out in the annual Stability Programme Update) and its autumn forecasts (set out in the Economic and Fiscal Outlookthat accompanies the annual budget). In this regard, the Government will publish the April 2023 Update of the Stability Programme in the coming...

Written Answers — Department of Finance: Banking Sector (21 Mar 2023)

Michael McGrath: Loan sales are a commercial decision for the Board of Directors of any bank. In my role as the Minister for Finance I do not have a role to play in making such commercial decisions. The Central Bank has advised that it does not comment on the commercial decisions of banks. However, the Central Bank has also advised that its focus is on ensuring continued progress by the banks on...

Written Answers — Department of Finance: Banking Sector (21 Mar 2023)

Michael McGrath: I am advised by the Central Bank of Ireland that the transfer of assets via a securitisation will typically need to fulfil a “true sale” analysis. This is a legal test developed by the courts to determine whether a transaction is properly characterised as a sale or secured loan. Where necessary, originators will need to consider with their legal advisors whether a relevant...

Written Answers — Department of Finance: Rental Sector (21 Mar 2023)

Michael McGrath: The rent tax credit was introduced under Finance Act 2022 and is, subject to a number of conditions, broadly available in the following three circumstances: 1. where the claimant makes a qualifying payment in respect of a residential property which they use as their principal private residence; 2. where the claimant makes a qualifying payment in respect of a residential property which...

Written Answers — Department of Finance: Departmental Schemes (21 Mar 2023)

Michael McGrath: An Approved Profit-Sharing Scheme (APSS) provides a mechanism whereby a company may appropriate shares to its employees and the employee is, subject to certain conditions, exempt from an income tax charge on the share appropriation. The appropriation is however subject to Universal Social Charge (USC) and Pay Related Social Insurance (PRSI). Under this scheme an employee may be allocated...

Written Answers — Department of Finance: Rental Sector (21 Mar 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and will be available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. The credit may be claimed, subject to a number of conditions, broadly in the following three circumstances: 1. where the claimant makes a...

Written Answers — Department of Finance: Fiscal Policy (21 Mar 2023)

Michael McGrath: In respect of the Ireland Strategic Investment Fund’s (ISIF) investment relationship with SVB Financial Group the NTMA has advised me that as of end February 2023, ISIF has approximately $100 million invested in 5 investment funds managed by SVB Capital, which is a subsidiary of the SVB Financial Group. The distributions received by ISIF from these investments since 2012 exceed the...

Written Answers — Department of Finance: Banking Sector (21 Mar 2023)

Michael McGrath: I understand that the Deputy is referring to the recent collapse of Silicon Valley Bank (SVB). As the Deputy will be aware swift action was taken by the US and UK regulatory authorities following the collapse including guaranteeing deposits and the sale of SVB (UK). A meeting of the Financial Stability Group (FSG) took place on Monday 13 March to discuss the collapse of SVB. The FSG...

Written Answers — Department of Finance: Tax Exemptions (21 Mar 2023)

Michael McGrath: The age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total income does not exceed €36,000....

Written Answers — Department of Finance: Departmental Data (21 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 333 and 334 together. I am advised by Revenue that the table below shows the annual increases in the retail price of the most popular price category (MPPC) for a 20 pack of cigarettes since 2011, together with the portions related to tax increases and trade increases. MPPC Tax Trade Total Increase MPPC ...

Written Answers — Department of Finance: Mortgage Interest Rates (21 Mar 2023)

Michael McGrath: The Central Bank has put in place a range of measures in order to protect consumers who are mortgage holders. The consumer protection framework in place seeks to ensure that lenders are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle. For example, through protections at the initial...

Written Answers — Department of Finance: National Asset Management Agency (21 Mar 2023)

Michael McGrath: I am advised by NAMA that the Agency, through its group entity National Asset Property Management Limited (“NAPM”), holds a long leasehold interest with 40 years remaining in a site at Block 19, which contains the Dry Docks. The freehold of the site is owned by Waterways Ireland. I am advised that a joint disposal of the entire site, combining both the long leasehold and...

Written Answers — Department of Finance: Legislative Measures (21 Mar 2023)

Michael McGrath: The Retail Banking Review, published in November 2022, recommended that the Department of Finance should develop Access to Cash legislation and prepare heads of a bill in 2023. The Review also called on Department officials to prepare heads of a bill in 2023 to require ATM operators to be authorised and supervised by the Central Bank and to provide the Central Bank with responsibility and...

Written Answers — Department of Finance: Housing Schemes (21 Mar 2023)

Michael McGrath: Help to Buy (HTB) scheme assists first-time purchasers (FTP) with the deposit they need to buy or build a new house or apartment. It offers a refund of Income Tax (IT) and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined section 477C Taxes Consolidation Act 1997. The current HTB process includes three stages - application stage,...

Written Answers — Department of Finance: Illicit Trade (21 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 339 and 340 together. I am advised by Revenue that it uses a range of measures to tackle the sale of illicit cigarettes, including online sales. At the core of these measures is identifying and targeting the smuggling of illicit tobacco products into the State, with a view to disrupting the supply chain, seizing the products and, where possible, prosecuting...

Written Answers — Department of Finance: Print Media (21 Mar 2023)

Michael McGrath: The Deputy should note that pricing decisions in relation to goods or services are a matter for the businesses supplying them. There is no obligation for a business to pass on savings to customers arising from a reduced rate of VAT.