Results 24,841-24,860 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Consultations (20 Apr 2023)

Michael McGrath: It was not possible for my Department and a number of the bodies under the aegis of my Department to provide the information sought in the time available. These bodies are the Credit Review Office, Irish Bank Resolution Corporation, Financial Services and Pensions Ombudsman, Irish Financial Advisory Council and the National Treasury Management Agency. I will, therefore, make arrangements to...

Written Answers — Department of Finance: European Court of Human Rights (20 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 196 and 204 together. I am aware of the recent judgment by the European Court of Human Rights in the case of L.B. v Hungary and Revenue and my Department are considering its implications for Ireland’s legislative framework which provides for publication of tax defaulters. There are significant differences between the Irish and Hungarian provisions for...

Written Answers — Department of Finance: Tax Residency (20 Apr 2023)

Michael McGrath: I am advised by Revenue that non-resident landlords are not obliged to arrange for a collection agent to undertake to make annual tax returns to the Revenue Commissioners on their behalf. Revenue can, however, deem a person resident in the State to be a collection agent for a non-resident person. The purpose of this provision is to ensure that the correct tax is collected from non-resident...

Written Answers — Department of Finance: Construction Industry (20 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 198 to 200, inclusive, and 202 together. As the Deputy will be aware, the Housing for All plan aims to increase the supply of housing to an average of 33,000 homes per year, with an estimated development funding requirement of approximately €13.5 million per annum. This development funding will comprise both debt and equity, and will be deployed...

Written Answers — Department of Finance: Capital Expenditure Programme (20 Apr 2023)

Michael McGrath: Home Building Finance Ireland was set up by the Government in 2019 to provide funding directly to housebuilders to build homes for owner occupiers, renters and those in need of social housing. Since then, HBFI has provided funding of €1.25bn to fund 5,717 new homes across 21 counties. 68% of the funding provided to date is for houses and 32% for apartments. Over the last number...

Written Answers — Department of Finance: Tax Collection (20 Apr 2023)

Michael McGrath: The introduction of the Vacant Homes Tax follows from my Department's commitment under Housing for All to collect data on vacancy with a view to introducing a vacant property tax. The Finance (Local Property Tax) (Amendment) Act 2021 facilitated the collection on data on vacant property through Local Property Tax (LPT) returns. A preliminary analysis of the vacancy data was published by...

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: I move amendment No. 1: To delete all words after "Dáil Éireann" and substitute the following: "notes that: — the European Central Bank (ECB) is independent in the formulation of monetary policy for the Eurozone Area; — the ECB's objective is to maintain price stability and wishes to ensure a timely return of inflation to its 2 per cent medium-term target; and ...

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: It is not in the motion before the Dáil. Deputy Doherty said in the media yesterday that it would cost in the region of €400 million between now and the end of the year, and that it would be funded from the surplus. He did not say how much it would cost next year.

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: He has not said it will end at the end of the year and when or in what circumstances it will end. He has put forward a motion, which the Dáil has to consider, not what he has said elsewhere or previously. My officials estimate it could cost up to €600 million in a full year. There was no mention of mortgage interest relief in Sinn Fein's pre-budget submission published last...

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: These are just the demands made in the past couple of weeks. All of these are undoubtedly worthy proposals in themselves but when they are aggregated, they certainly add up to hundreds of millions of euro of additional expenditure at a minimum.

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: They are not.

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: The proposal Sinn Féin has put forward tonight is not.

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: If Sinn Féin is genuine, it should publish a consolidated package setting out in total what its proposals are. Just as it recycles the same tax proposals every year in the pre-budget submission-----

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: -----restricting pension tax relief and hammering high earners, there is a predictability to the expenditure proposals as well. Each proposal is designed to target an individual group of voters without any overall strategy or coherence. As regards the impact of this motion, the proposal is unlikely to be of benefit to mortgage holders who fixed their mortgages - approximately two fifths...

Re-introduction of Mortgage Interest Relief: Motion [Private Members] (25 Apr 2023)

Michael McGrath: That is not spelled out. This is despite such mortgage holders experiencing a significant increase in the cost of their mortgages. Additionally, it is important to note there may be scope for many borrowers, in particular variable rate mortgage borrowers who have built up equity in their homes, to look at alternative mortgage options to reduce their mortgage costs. That being said,...

Written Answers — Department of Finance: Insurance Coverage (26 Apr 2023)

Michael McGrath: I note that the question relates to issues being experienced in relation to a specific life insurance policy. As the Deputy will appreciate, as the Minister for Finance, I am unable to comment on individual cases, nor can I intervene in disputes that individuals may have with their insurance provider. In addition, neither I, nor the Central Bank of Ireland, can direct the pricing or provision...

Written Answers — Department of Finance: Tax Data (26 Apr 2023)

Michael McGrath: 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 impacts of the pandemic and the current energy crisis. At the end of...

Written Answers — Department of Finance: Tax Data (26 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 69 to 71, inclusive, together. In relation to Dáil Question No. 69 (Ref: 19797/23) and Dáil Question No. 70 (Ref: 19798/23), the Deputy may be aware that there is now only one REIT remaining in the Irish market. As a result, I am advised by Revenue that, due to Revenue’s obligation to maintain the confidentiality of taxpayer information,...

Written Answers — Department of Finance: Tax Data (26 Apr 2023)

Michael McGrath: Last year as part of Budget 2023, my Department published an analysis entitled De-risking the Public Finances – Assessing Corporation Tax Receipts. This paper outlined a range of methodologies for estimating ‘windfall’ corporation tax receipts i.e. the amount that cannot be explained by underlying drivers and, therefore, may be more vulnerable to a shock. In general...