Results 24,881-24,900 of 27,945 for speaker:Michael McGrath

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: On the investment strategy of a fund that we would set up, I do not believe it would make sense to invest it all in one economy, that would be taking on too much risk. It would need to be diversified. We will have ample opportunity to discuss the detail of that. On corporation tax, we have factored in that €2 billion hit in 2025. It remains the current estimate of the Department of...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: I thank the Deputy. There was a lot there and we will not be able to cover all of it, but maybe I will touch on the national debt, corporation tax and the rental market and the Minister for Public Expenditure, National Development Plan Delivery and Reform, Deputy Donohoe, might touch on the Ukraine issue and the making of provision in that regard. The Deputy spoke quite a bit about housing...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: I will add to what the Minister for Finance said. He spoke about the overall position we are in with regard to receipts and surpluses. The truth is that other countries all over the world would look at the position we are in with envy. It underlines the importance of us making the right decisions for our people now and in the future. Wherever the Minister, other Government colleagues and...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: The Government response during the pandemic added approximately €30 billion to the national debt. We also had national debt prior to the global financial crisis and the economic crisis that happened in Ireland in the years following that. Those crises undoubtedly added to the national debt. The rescue of the banking system also added to the debt. We can certainly provide a...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: The debt is falling relative to the size of the economy. That is generally how the debts of countries are measured. We are making progress in that regard. Table 1 on page 5 shows the debt in nominal terms - gross and net figures - and the debt ratio relative to GNI*. As the Deputy can see, in the current year we can expect the closing position of the debt to be 79% of GNI*, and falling to...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: I thank the Deputy for her question. That is a point that is often made. The Government and I consistently acknowledge that many people are under real pressure. The Minister, Deputy Donohoe, and I meet people all of the time when we are out and about doing constituency work. They share the same experiences with us as Deputy Ryan’s constituents do with her. Most people recognise...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: The fund is set up primarily to meet age-related costs but not exclusively so. There will be other demands on the State which we know will arise in the future. We know of climate action measures and that the digitalisation agenda will cost money. If one thinks about the cost of the digitalisation of our health service, for example, there will be very real costs involved in that. but...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: We can keep those quite brief. I want to acknowledge the Cathaoirleach Gníomhach's point. The Minister, Deputy Donohoe, and I came into the Oireachtas in 2007. We have both been here for 16 years. We were here for the end of the economic boom and we were here for the really dark times. Of course, that has had an influence on our outlook and the outlook of the Government because we...

Committee on Budgetary Oversight: Stability Programme Update: Ministers for Finance, and Public Expenditure, National Development Plan Delivery and Reform (26 Apr 2023)

Michael McGrath: It was a small number of one-off transactions that combined to have a material impact.

Written Answers — Department of Finance: Credit Unions (27 Apr 2023)

Michael McGrath: I thank the Deputy for his question. Credit unions in Ireland are regulated and supervised under the Credit Union Act, 1997 (the 1997 Act) and regulations issued by the Central Bank, which set out the framework for the registration, regulation and operation of credit unions including detailed governance and prudential requirements. Credit union current accounts The 1997 Act and the Credit...

Written Answers — Department of Finance: Tax Rebates (27 Apr 2023)

Michael McGrath: As the Deputy will be aware VAT operates on two monthly cycles, consequently the Dáil passed a Financial Resolution on 18 April 2023 to allow this important measure in relation to solar panels to come into effect on 1 May which is the start of the next VAT period. Were I to have waited until the Finance Bill passes through the Oireachtas and is signed into law, the measure would...

Written Answers — Department of Finance: Universal Social Charge (27 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 212 and 215 together. I am advised by Revenue that the total Universal Social Charge (USC) receipts broken down by PAYE and non-PAYE are presented in the table below. It is important to point out that figures in respect of 2023 are projections. Year PAYE (€m) Non-PAYE (€m) Total (€m) ...

Written Answers — Department of Finance: Housing Provision (27 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 approved funding of €1.25bn to fund 5,717 new homes across 21 counties. 68% of the funding approved to date is for houses and 32% for apartments. HBFI provides funding for...

Written Answers — Department of Finance: Departmental Contracts (27 Apr 2023)

Michael McGrath: I can advise the Deputy that my Department does not have any record of contracts awarded by it to the company mentioned in the details supplied.

Written Answers — Department of Finance: Departmental Data (25 Apr 2023)

Michael McGrath: I am informed by Revenue that it does not collect information regarding the specific date of sale of cigarette packs. However, based on tobacco product stamp returns it can determine the numbers of cigarette packets assembled for sale in the State in a given year. The volume of packs in excess of 20 cigarettes assembled is provided in the table below in respect of the period requested by the...

Written Answers — Department of Finance: Tax Data (25 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 208 to 210, inclusive, together. I am advised by Revenue that a shortfall in Local Property Tax (LPT) payments, deducted from Department of Social Protection (DSP) payments for 2021, occurred due to an IT systems miscalculation that resulted in the weekly deduction being calculated over 53 weeks rather than the standard 50 weeks. The systems error was unique...

Written Answers — Department of Finance: Tax Code (25 Apr 2023)

Michael McGrath: I can confirm that the zero rate of VAT will apply to all solar panels for private dwellings, including both water heating solar panels and electricity generating solar panels.

Written Answers — Department of Finance: Tax Code (25 Apr 2023)

Michael McGrath: As set out in Housing Policy Objective 15.2 of Housing for All, a new tax to activate vacant land for residential purposes, and which will in time replace the Vacant Site Levy, was enacted as a part of the Finance Act 2021. The Residential Zoned Land Tax (or ‘RZLT’) was included as a part of the Finance Act 2021. The tax measure, which will be levied at 3% of the market...

Written Answers — Department of Finance: Tax Credits (25 Apr 2023)

Michael McGrath: I propose to take Questions Nos. 213 to 216, inclusive, together. The Single Person Child Carer Credit (SPCCC) was introduced from 1 January 2014. It replaced the One- Parent Family Credit. By way of background, the 2009 Commission on Taxation reviewed the One-Parent Family Tax Credit. It acknowledged that the credit played a role in supporting and incentivising the labour market...

Written Answers — Department of Finance: Departmental Schemes (25 Apr 2023)

Michael McGrath: Following the resignation of all previous Disabled Drivers Medical Board of Appeal (DDMBA) members in November 2021, the process of re-establishing the Board has proved to be very challenging. The background to the process to date is set out below. With respect to the recruitment of new members, it should be noted that five members are legislatively required for a functional Board with a...