Results 24,781-24,800 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Fuel Grant is regulated by S.I. 635/2015 and provides for payment of a fuel grant based on a the value of excise chargeable per litre rate of fuel. The current value is €0.636 for petrol, €0.535 for diesel and €0.106 for liquefied petroleum gas (LPG) in respect of the mineral oil taxes applying to these...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 351, 352, 353, 354, 355 and 356 together. 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: Tax Code (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 357, 358, 370 and 371 together. The position is that section 470 of the Taxes Consolidation Act 1997 (TCA 1997) provides for tax relief in respect of payments made to authorised insurers under relevant contracts in respect of medical insurance and dental insurance. Qualifying medical insurance policies can be for health insurance, dental insurance or...

Written Answers — Department of Finance: Official Engagements (18 Apr 2023)

Michael McGrath: The St Patrick's Day programme in which I participated for 2023 involved visits to both Toronto and Chicago. During the programme in Toronto I did not meet with the Mayor of Toronto, as that office became vacant following the resignation of Mayor Tory in February of this year. Among those I met while there was Minister Bethlenfalvy, Ontario Minister for Finance. This was an opportunity...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard, are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. This independence is...

Written Answers — Department of Finance: Customs and Excise (18 Apr 2023)

Michael McGrath: I am advised by Revenue that details of Customs inspections at the various aerodrome locations, the value of cash and items seized and items returned on appeal and the amount of excise and duty collected, is provided in the table below for the years in question. The value of contraband includes all types of seizures from excisable products, weapons, controlled drugs, meats, etc. The...

Written Answers — Department of Finance: Tax Yield (18 Apr 2023)

Michael McGrath: I assume that the Deputy’s question relates specifically to Income Tax, as opposed to Universal Social Charge. On that basis, I am advised by Revenue that the estimated first and full year yield to the Exchequer from the introduction of a third rate of income tax of 45 per cent applicable to taxable income in excess of €400,000 is €160 million and €220...

Written Answers — Department of Finance: Tax Yield (18 Apr 2023)

Michael McGrath: I am advised by Revenue that the estimated additional full-year revenue generated from a 50% Capital Gains Tax (CGT) rate applying to the taxable gains of individuals with incomes of more than €375,000 would be in excess of €103 million.  This full-year estimate is based on 2020 data, the latest year for which fully analysed data are available. This estimate assumes no...

Written Answers — Department of Finance: Renewable Energy Generation (18 Apr 2023)

Michael McGrath: Prior to Finance Act 2017, agricultural land which was leased for solar panels was not classified as qualifying agricultural property for the purposes of Capital Gains Tax retirement relief or agricultural relief from Capital Acquisitions Tax.  Following a review announced in Budget 2018, and in recognition of the then Government's commitment to facilitate the development of solar...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: As the Deputy will be aware neither Revenue nor I can comment directly or indirectly on the arrangements of individual persons/businesses. Neither am in a position to identify or enumerate all financial supports provided by various Departments outside of my remit under relevant schemes designed to support or assist businesses. However, with regard to the specific schemes mentioned and...

Written Answers — Department of Finance: Business Supports (18 Apr 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced in Finance Act 2022 to support qualifying businesses with increases in their electricity or natural gas costs arising from the invasion of Ukraine by Russia. 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, subject to State...

Written Answers — Department of Finance: Tax Yield (18 Apr 2023)

Michael McGrath: I am advised by Revenue that the estimated cost to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy is €348 million and €401 million respectively. As the Deputy may be aware, a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with...

Written Answers — Department of Finance: Rental Sector (18 Apr 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 may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end 2025. Claims in respect of the 2022 year of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that year.  For claims relating to 2023,...

Written Answers — Department of Finance: Fiscal Policy (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 374 and 375 together. The Department of Finance and the Revenue Commissioners are continually monitoring the impact of the potential economic impact of implementation of the OECD agreement. An initial estimate of the potential cost of implementation of both pillars of the OECD agreement in terms of reduced tax receipts was published in 2020 as being...

Written Answers — Department of Finance: Customs and Excise (18 Apr 2023)

Michael McGrath: I am advised by Revenue that the total receipts collected from Tobacco Products Tax (TPT) in 2021, and prior years, are published on the Revenue website at the following link: www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx The provisional TPT receipts for 2022 are €1,160.6 million.

Written Answers — Department of Finance: Customs and Excise (18 Apr 2023)

Michael McGrath: 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 pouch of roll-your-own tobacco since 2011, together with the portions related to tax increases and trade increases in each year. The Deputy will wish to note that, for the years 2011 to 2016 the MPPC pouch contained 12.5 grams of tobacco, whereas from...

Written Answers — Department of Finance: Mortgage Interest Rates (18 Apr 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB).  In line with its objective to reduce the level of inflation to its long-term target, the ECB has increased official interest rates on six occasions by a total of 3.5% since the summer.   This has impacted on the general level of interest rates in all...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 380 and 381 together. The Living City Initiative (LCI) is a scheme of property tax incentives provided for in sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within...

Written Answers — Department of Finance: Departmental Schemes (18 Apr 2023)

Michael McGrath: The Help to Buy (HTB) scheme is designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. It is a condition of the scheme that the applicant is compliant with their tax obligations and has Tax Clearance. I am advised by Revenue that the HTB application concerned is currently pending as the Income Tax Return for...

Written Answers — Department of Finance: Financial Services (18 Apr 2023)

Michael McGrath: If a consumer suspects fraudulent activity on their account, they should immediately report this incident to their local Garda station as it is a criminal matter. They should also engage with their financial service provider as early as possible to allow them to investigate the issue and try to rectify any unauthorised transactions made. Instances of fraud should also be reported to the...