Results 24,901-24,920 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I am advised by Revenue that the total receipts collected from Betting Duty 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 Betting Duty receipts for 2022 are €102m. I am further advised by Revenue that...

Written Answers — Department of Finance: Customs and Excise (25 Apr 2023)

Michael McGrath: I am advised by Revenue that it has two cutters (patrol vessels) in service at the moment. One of those vessels is approaching the end of its service life and Revenue intends to purchase a replacement vessel. An application for partial funding under the ‘Union Anti-Fraud Programme (EUAF)’ towards the cost of a replacement cutter was submitted in 2022 and was successful. A...

Written Answers — Department of Finance: Consumer Rights (25 Apr 2023)

Michael McGrath: Where retailers accept a limited range of payment options, consumers should be informed of the payment options available in advance of a transaction. This can be achieved, for example, by displaying signs stating, “card not accepted” or “cash payment only” at the till and at the store entrance. However, unlike cash, which has legal tender status in Ireland,...

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

Michael McGrath: I am advised by Revenue that this information is not available as it is held at the employer level, forming part of the books and records of each business. However, section 897C of the Taxes Consolidation Act 1997, introduced by Finance Act 2022, provides for the mandatory reporting to Revenue by employers in respect of three specific measures, collectively referred to as...

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

Michael McGrath: I am advised by Revenue that there is an exemption from Capital Acquisitions Tax (CAT) where an individual inherits a dwelling house provided that the individual inheriting, meets certain qualifying conditions. The qualifying conditions include that the person: - has lived in the dwelling for a specified period before the inheritance - will continue to live in the dwelling for a specified...

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

Michael McGrath: I can advise the Deputy that my Department had two contracts with KPMG over the past 12 months with a total value of €110,000 (VAT exclusive) as detailed below: KPMG contract - description of services Contract value (VAT exclusive) Report on the cost and availability of finance for residential development. €80,000 ...

Personal Explanation by Minister (4 May 2023)

Michael McGrath: In accordance with Standing Order 56, I wish to correct the record of the House concerning a response I gave on 18 April in the course of the Dáil debate on the Financial Resolution to apply a 0% rate of VAT to the supply and installation of solar panels from 1 May 2023. Deputy O'Donoghue sought to clarify if the proposed measure was only for supply and installation of solar panels or...

Written Answers — Department of Finance: Energy Prices (4 May 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. TBESS is available to tax...

Written Answers — Department of Finance: Business Supports (4 May 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: Credit Availability (4 May 2023)

Michael McGrath: As Minister for Finance, a key strategic priority is a well regulated, sustainable banking and financial services sector. All viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy. That is why my Department has a range of measures to in place to ensure viable...

Written Answers — Department of Finance: Business Supports (4 May 2023)

Michael McGrath: Last year, a large budgetary surplus of €8 billion was recorded. Absent any major shocks to the economy or our public finances, a large expansion of this surplus is projected for the years ahead. However, this headline position is flattered by the extraordinary rise in corporation tax receipts in recent years. My Department estimates that, last year, more than half of corporation tax...

Written Answers — Department of Finance: Tobacco Control Measures (4 May 2023)

Michael McGrath: Section 75 of the Finance Act 2005 (as amended) legislates for the ascertainment of retail prices of tobacco products, which had previously been dealt with in Section 84 of the Finance Act 1996. The Tobacco Products Tax (TPT) provisions of Finance Act 2005 are subject to the Tobacco Products Tax Directive (2011/64/EU) on the structure and rates of excise duty applied to manufactured...

Written Answers — Department of Finance: Business Supports (4 May 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced in Finance Act 2022. It is a broad-based measure designed to assist businesses that have experienced a significant increase in their natural gas and electricity costs as a result of the invasion of Ukraine by Russia. TBESS is a State aid measure that operates within the rules of the European Commission Temporary Crisis...

Written Answers — Department of Finance: Tax Yield (4 May 2023)

Michael McGrath: The Deputy should note that the yield from betting duty and betting intermediary duty goes directly to the Exchequer. There is no distribution to any organisation. The way in which Exchequer funding, including to the Horse and Greyhound Fund, is allocated is decided as part of the annual estimates process which is a matter for my colleagues, the Minister for Public Expenditure, NDP Delivery...

Written Answers — Department of Finance: Tax Yield (4 May 2023)

Michael McGrath: I propose to take Questions Nos. 152 and 153 together. I am advised by Revenue that a breakdown of receipts from traditional betting duty, remote/online betting duty and betting intermediary duty in each of the years 2018 to 2021 is available on the Revenue website at the following link: www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Tobacco Control Measures (3 May 2023)

Michael McGrath: I propose to take Questions Nos. 106 and 118 together. I am informed by Revenue that the reason for the difference in the data provided in Parliamentary Question No. 136 of 26 February 2019 and Parliamentary Question No. 347 of 21 March 2023 is due to the former providing the percentage of the total number of individual cigarettes sold in packs of 20 units and packs exceeding 20 units while...

Written Answers — Department of Finance: Universal Social Charge (3 May 2023)

Michael McGrath: I propose to take Questions Nos. 107 and 108 together. The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely the Health and Income Levies. The primary purpose of the USC was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services. The USC is an...

Written Answers — Department of Finance: International Bodies (3 May 2023)

Michael McGrath: As the Deputy may be aware, on March 28 I announced Ireland’s intention to declare its interest in hosting the new EU Anti-Money Laundering Authority (“AMLA”). AMLA will be a significant EU institution, tasked with supervision – either directly or jointly with national supervisors – of entities in the financial services sector in the first instance, but...

Written Answers — Department of Finance: Business Supports (3 May 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, following...

Written Answers — Department of Finance: Tax Data (3 May 2023)

Michael McGrath: I am advised by Revenue that based on stamp duty returns for 2022, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers of homes of less than €425k is in the order of €40 million. This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons...