Results 25,001-25,020 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Anti-Terrorism Measures (9 May 2023)

Michael McGrath: I am informed by the Central Bank of Ireland that there is no specific guidance on the transfer of funds to Cuba and that Cuba is not on the list of jurisdictions subject to increased monitoring by the Financial Action Task Force, which sets the global standards in the Anti-Money Launder/Countering the Financing of Terrorism (AML/CFT) area, of which Ireland is a long standing member. In...

Written Answers — Department of Finance: Mortgage Interest Rates (9 May 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). As the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates will influence the overall level of interest rates throughout the economy. However, the setting of retail lending...

Written Answers — Department of Finance: Insurance Coverage (9 May 2023)

Michael McGrath: I wish to acknowledge the issue raised by the Deputy regarding the difficulties experienced by some sporting organisations in obtaining insurance. As the Deputy will be aware, neither I, the Minister for Finance, nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as per the EU Solvency IIDirective insurance framework. As such, the Government faces...

Written Answers — Department of Finance: Interest Rates (9 May 2023)

Michael McGrath: Given the broad-based nature of inflationary pressures last year, central banks have, by necessity, rapidly tightened monetary policy. Price stability is a cornerstone of macroeconomic stability. With the further ¼ point rate rise announced last Thursday, the ECB has now increased interest rates by 3¾ percentage points since July. Although necessary to avoid inflationary...

Written Answers — Department of Finance: Business Supports (9 May 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 arising from the invasion of Ukraine by Russia. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1...

Written Answers — Department of Finance: Primary Medical Certificates (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 70, 95, 114 and 219 together. The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable...

Written Answers — Department of Finance: Budget Targets (9 May 2023)

Michael McGrath: Economic and budgetary forecasts covering the period 2023-2026 were set out in the Stability Programme Update which was published and submitted to the European Commission and Council last month. For this year, my Department is forecasting a general government surplus of €10 billion, the equivalent of 3½ per cent of modified gross national income. For next year, the general...

Written Answers — Department of Finance: Tax Code (9 May 2023)

Michael McGrath: As set out in Housing Policy Objective 15.2 of Housing for All, a new residential zoned land tax to activate vacant land for residential purposes, and to replace the Vacant Site Levy, was enacted in Finance Act 2021. The tax measure will be levied at 3% of the land's market value, as indicated on maps to be prepared and published by local authorities. Certain exclusions apply. Local...

Written Answers — Department of Finance: Business Supports (9 May 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 arising from the invasion of Ukraine by Russia. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1...

Written Answers — Department of Finance: Tax Reliefs (9 May 2023)

Michael McGrath: The exiting of small or accidental landlords from the private rental sector is a consequence of multiple factors, for example, the changing regulatory environment and the recent rise in house prices. It is important to note that a wide array of tax reliefs and exemptions are already available for landlords and the property sector. The combined cost of these, in tax receipts forgone, is...

Written Answers — Department of Finance: Tax Collection (9 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: Universal Social Charge (9 May 2023)

Michael McGrath: 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 Programme for Government (PfG), “Our Shared Future”, contains...

Written Answers — Department of Finance: Insurance Industry (9 May 2023)

Michael McGrath: As the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Nevertheless, this Government is continuing to prioritise...

Written Answers — Department of Finance: Inflation Rate (9 May 2023)

Michael McGrath: Almost all advanced economies have faced multi-decade high rates of inflation over the past year and Ireland is no exception. Consumer price (HICP) inflation averaged just over 8 per cent last year, compared to around ½ per cent in the preceding decade. The easing of wholesale energy markets over the last number of months suggests that inflation has passed its peak and is on a...

Written Answers — Department of Finance: Tax Code (9 May 2023)

Michael McGrath: Under our domestic tax rules, an individual who holds a private sector employment in the State is chargeable to tax in the State in full on the emoluments of the employment and such income is also within the scope of the PAYE system of payroll deductions at source. This treatment applies to individuals who are resident in the State for tax purposes and also to individuals who are not resident...

Written Answers — Department of Finance: Financial Services (9 May 2023)

Michael McGrath: Research has indicated that there is potential for existing mortgage holders to make mortgage savings by switching their mortgage. This is a particularly important consideration at a time of rising interest rates. I have met with the CEOs of the retail banks and a number of non-bank lenders where I emphasised that they should take a consumer focused approach to encourage switching where...

Written Answers — Department of Finance: Insurance Industry (9 May 2023)

Michael McGrath: I welcome this first mid-year report of the National Claims Information Database (NCID) on private motor insurance, which contains a number of positive messages. At the outset, against the backdrop of high inflation, the report indicates that the average cost of a motor premium declined by a further 5 per cent in the first 6 months of 2022, to €578. On a quarterly basis, average earned...

Written Answers — Department of Finance: Fiscal Policy (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 82, 101 and 116 together. This year, a large budgetary surplus of €10 billion is projected and in the absence of 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...

Written Answers — Department of Finance: Financial Services (9 May 2023)

Michael McGrath: I would like to thank the Deputy for her question which provides me with an opportunity to update on the progress being made by my Department in relation to the regulation of Independent ATM Deployers (IADs). Firstly I want to provide some clarity on the statement that 75% of ATMs in Ireland are now owned by organisations that are not banks. IADs currently control approximately 75%...

Written Answers — Department of Finance: Business Supports (9 May 2023)

Michael McGrath: I propose to take Questions Nos. 84, 91, 93, 99, 109 and 111 together. The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs arising from Russia’s invasion of Ukraine. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying...