Results 25,041-25,060 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Information and Communications Technology (9 May 2023)

Michael McGrath: For operational and security reasons, we have previously been advised by the National Cyber Security Centre (NCSC) not to disclose details of systems and processes which could in any way compromise departmental security. In particular, it is not considered appropriate to disclose information which might assist criminals to identify potential vulnerabilities in departmental cybersecurity...

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

Michael McGrath: I am advised by Revenue that the breakdown of the number of taxpayer units paying USC at each USC rate and the amount of liability associated with each USC rate is set out in the following table. It is important to note that, in the table below, taxpayer units may be included in some or all of the USC rate categories depending on their income levels. For example,a taxpayer unit subject to the...

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

Michael McGrath: In response to the Deputy's question the NTMA have supplied the material below. Table 1 sets out the total debt service cost on Ireland’s National Debt for each of the years 2006 to 2022. Table 2 sets out projected debt service for each of the years 2023 to 2026. These estimates were prepared in the context of the recent Stability Programme Update 2023. Debt service comprises net...

Written Answers — Department of Finance: Legislative Reviews (9 May 2023)

Michael McGrath: It has not been possible in the time available to compile an updated list of the information sought in the Deputy's PQ. My officials will revert in writing to the Deputy when this is ready. This is likely to take some considerable time given the scope of the question posed.

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

Michael McGrath: A number of tax reliefs are in place specifically to support the farming sector, for example, accelerated capital allowances for farm safety equipment, various stock reliefs, carbon tax relief on farm diesel, succession farm partnerships relief, VAT rebates on farm buildings. In respect of the leasing of land for farming purposes (including tillage and horticulture), section 664 of the Taxes...

Written Answers — Department of Finance: Tax Credits (9 May 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. One of the conditions attached to the credit relates to the relationship between the claimant, tenant and landlord. Where the relationship between the claimant and...

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

Michael McGrath: I am advised by Revenue that the estimated first and full year yield to the Exchequer from the introduction of two new income tax bands of 47% on earnings between €135,000 and €200,000 and 55% on earnings greater than €200,000 is €1.16 billion and €1.51 billion respectively.

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

Michael McGrath: Anti-money laundering legislation requires each EU Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT). The purpose of the Register is to help prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts. Trustees have a legal obligation to register details of relevant trusts and their...

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

Michael McGrath: The 2009 Commission on Taxation reviewed the One-Parent Family Tax Credit and acknowledged that it played a role in supporting and incentivising the labour market participation of single and widowed parents. However, in its recommendations, the Commission concluded that the credit should be retained but that it should be allocated to the principal carer of the child only. A feature of the...

Written Answers — Department of Finance: Consumer Prices (9 May 2023)

Michael McGrath: The main driver of inflationary pressures over the past year has been Russia’s invasion of Ukraine and the energy market pressures that followed. Consumer price (HICP) inflation picked up sharply over the last year and averaged 8.1 per cent for 2022 as a whole, peaking at around 9½ per cent last summer. Energy prices have now retreated from the highs reached last year. In...

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

Michael McGrath: The Help to Buy scheme (HTB) assists first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home providing for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid by the applicant(s) over the previous four tax years. Eligibility of the applicant, together with the maximum potential relief available is determined at...

Written Answers — Department of Finance: Defective Building Materials (9 May 2023)

Michael McGrath: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. The Government response to the MICA issue is led by my colleague the Minister for Housing, Local Government and Heritage and a scheme of financial support to help affected homeowners has been put in place. In terms of financial institutions who provide mortgages to help people...

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

Michael McGrath: It is widely acknowledged that the cost of claims is the main driver of the cost of insurance. The Personal Injuries Guidelines – adopted in April 2021 – therefore represent a landmark achievement of the Government’s insurance reform agenda, as they have significantly lowered award levels for many common injuries. Recent data from the Personal Injuries Assessment Board...

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

Michael McGrath: Stamp duty consanguinity relief, which is available only in respect of farmland, is currently due to expire at the end of 2023. It serves to reduce the stamp duty rate applicable to the acquisition of farmland by qualifying individuals from the current standard rate on non-residential property of 7.5% to 1%. Qualification is primarily determined by the person acquiring the land being closely...

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

Michael McGrath: The Finance Act 2022 introduced a 50% excise relief to micro producers of 'cider and perry' as defined in section 73(1) of Finance Act 2003. The scope of the relief applies specifically to cider and perry exceeding 2.8% vol. but not exceeding 8.5% vol. This relief is available on up to 8,000 hectolitres of cider and perry produced by microproducers with an annual production threshold of up to...

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

Michael McGrath: There are currently no tax reliefs specifically targeting UK-based student accommodation costs for Irish taxpayers attending university in the UK. I have no plans, at present, in this regard. In relation to the recently introduced Rent Tax Credit, which is provided for in section 473B of the Taxes Consolidation Act 1997 (TCA), the purpose behind this temporary measure is to assist as part...

Written Answers — Department of Finance: Revenue Commissioners (9 May 2023)

Michael McGrath: I am advised by Revenue that nitrous oxide is not prohibited and has a number of legitimate uses, for example in the food industry. However, where Revenue has reasonable grounds for believing that importations of nitrous oxide will not be used for legitimate purposes and are intended for human consumption as a psychoactive substance, then Revenue has the power to detain and seize nitrous...

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

Michael McGrath: Policy matters relating to the disability allowance payment are a matter for the Minister for Social Protection. In relation to mortgage matters more generally, 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...

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, and as set out in Parliamentary Question No. 422 of 18 April 2023, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates influences the overall level of interest rates...

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

Michael McGrath: I propose to take Questions Nos. 228 and 231 together. Over the course of the last year, Ireland has faced numerous headwinds. First, Russia’s invasion of Ukraine induced a crisis in global energy markets which sparked decades-high levels of consumer price (HICP) inflation. Secondly, inflation became an increasingly broad-based phenomenon, with spill overs from energy prices to many...