Results 24,681-24,700 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Schemes (28 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 244 and 245 together. By way of background, the Debt Warehousing scheme allows for the deferral of the payment of VAT, PAYE (Employer) and certain self-assessed income tax liabilities, including TWSS and EWSS overpayments. It provided a vital liquidity support to businesses during the COVID pandemic and continues to support businesses as they recover from the...

Written Answers — Department of Finance: Enterprise Support Services (28 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: Insurance Coverage (28 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 247, 248 and 249 together. Government is aware that a small number of activity-related sectors are currently facing difficulty in terms of affordability and availability of insurance. We have therefore prioritised the implementation of the Action Plan for Insurance Reform, which aims to improve the cost and availability of insurance for all groups, including...

Written Answers — Department of Finance: Revenue Commissioners (28 Mar 2023)

Michael McGrath: I am advised by Revenue that it is aware of the recent judgment by the European Court of Human Rights in the case of L.B.vHungaryand is considering its implications. Revenue is legally required to compile and publish lists of certain tax defaulters. This system has been in place since 1983 and was revised most recently in Finance Act 2021, which provided for the current publication regime...

Written Answers — Department of Finance: Departmental Schemes (28 Mar 2023)

Michael McGrath: I am advised by Revenue that rental income of participants in the Fair Deal scheme who rent out their homes while in nursing home care is taxed in the same manner as any other rental income from a residential property. The participant will be charged to tax under Case V of Schedule D on the full amount of their rental income. The participant is entitled to deduct certain expenses from the...

Written Answers — Department of Finance: Energy Prices (28 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 of...

Written Answers — Department of Finance: Grant Payments (28 Mar 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000 or €22,000, depending on the level of adaption required for the vehicle. There is...

Written Answers — Department of Finance: Official Engagements (28 Mar 2023)

Michael McGrath: Ireland has a long-standing and excellent bilateral relationship with Poland, which is now framed within the context of our common membership of the European Union. Since my appointment as Minister for Finance, I have enjoyed meeting all of my EU counterparts, including Polish Minister for Finance Magdalena Rzeczkowska, at monthly Eurogroup and ECOFIN meetings. At present, no plans are in...

Written Answers — Department of Finance: Rental Sector (28 Mar 2023)

Michael McGrath: 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 and subsequent years to end-2025. Qualifying payments must be made under a tenancy. A tenancy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I move amendment No. 1: In page 3, between lines 10 and 11, to insert the following: “Amendment of section 121 of Taxes Consolidation Act 1997 1.Section 121 of the Taxes Consolidation Act 1997 is amended in subsection (4A)— (a) in paragraph (aa)(i), by the insertion of “subject to paragraph (ab),” before “€35,000”, (b) by the insertion...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: As the Deputy has said, this was legislated for in 2019. It is fair to say that some companies changed their fleet of vehicles and took on board the legislative change that was enacted but had not yet come into effect but not all did so. There have also been difficulties in the supply chain with new vehicles over recent years. When I came into office, I was aware this could be an issue...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: In considering what changes I was going to make, I also had to take into account what could be operationalised. The Revenue Commissioners and payroll software providers would have to apply changes. The advice was to minimise the number of changes. If we went into the body of the table, started changing all of the rates and made significant changes that would probably have resulted in a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I thank the Deputy. It is important that we give a clear message to businesses. To be fair, we should acknowledge that many changed the nature of the vehicles they were providing to their employees. We heard from those who were impacted negatively by the changes, but many others were not and a lot of companies did the right thing and had the resources to do so. It is important that I, as...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I want to put on record - and companies know this - that there is a tapering off of BIK relief for EVs to continue into 2024 and 2025. We want companies to make change now and it is important for their employees that they would do so. On the tapering mechanism, the changes will operate in parallel with the preferential BIK treatment for EVs to the end of 2025. This means the quantum of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I do not have a number for how many individuals are impacted by these changes. Unfortunately the BIK data for employers is not broken down into the different forms of benefit that are taxed so I do not have that data and by extension I do not have the costs for what we are proposing. On the point that the reduction is greater for those with high emissions vehicles, it is also the case...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It is not easy but I will engage further with Revenue to see if that information can be obtained. I would like to have that data, but at the moment, the way it is reported by companies into the Revenue system does not provide that level of granularity. I would like to have that and we will see what we can do in that regard but I cannot promise it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I move amendment No. 2: In page 3, between lines 10 and 11, to insert the following: “Amendment of section 121A of Taxes Consolidation Act 1997 2.Section 121A of the Taxes Consolidation Act 1997 is amended, in subsection (2)(b)— (a) in subparagraph (vi), by the substitution of “€50,000,” for “€50,000, and”, (b) in subparagraph...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I will go through the points raised by the Deputy. Subsection 1 amends the Taxes Consolidation Act 1997. The Deputy has highlighted subsection 1(a)(i), which updates the legislative references in the section to revise the agriculture block exemption regulation, ABER. The reference is used in the context of the definition of "micro enterprise" and "small enterprise" as provided for in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: No. It does not have any practical impact. It is just a matter of definitions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: Yes, it is. We have no discretion. It arises from the agreement reached at EU level. Were we not to do this, we would be involved in a breach of state aid rules. We do not have any national discretion on the question.