Results 25,061-25,080 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 229 and 230 together. Over the last number of years, the Irish economy has faced numerous economic shocks in quick succession. Brexit, the Covid-19 pandemic, and most recently, the inflationary cycle brought about mainly as a result of Russia’s invasion of Ukraine, have each posed significant challenges to the Irish economy. Throughout each of these...

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

Michael McGrath: I propose to take Questions Nos. 232 and 233 together. 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...

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

Michael McGrath: I propose to take Questions Nos. 234 and 235 together. International data suggests that the outlook for the global economy may not be as pessimistic as had been thought at the end of last year. Resilient labour markets, an earlier than anticipated easing in headline inflation and effective government supports for firms and households have mitigated against some of the worst effects of...

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

Michael McGrath: Small and medium size businesses (SMEs) play a pivotal role in our domestic economy supporting thousands of jobs each year. Labour intensive sectors, such as the agri-food sector, have helped drive down the unemployment rate to just 3.9 per cent in April, the lowest monthly unemployment rate since 2001. Over the past year, Ireland along with almost all other advanced economies, has had...

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 influences the overall level of interest rates throughout the economy. However, the setting of retail lending rates...

Written Answers — Department of Finance: Tax Data (11 May 2023)

Michael McGrath: I am advised by Revenue that a breakdown of excise receipts for 2021 and prior years is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx. In relation to VAT, I am further advised by Revenue that traders are not required to identify the VAT yield generated from the supply of...

Written Answers — Department of Finance: Departmental Data (11 May 2023)

Michael McGrath: At the outset, it is important to clarify that in my role as Minister for Finance, I have no involvement in respect of the distribution of the Horse and Greyhound Fund. The Fund is under the remit of the Department of Agriculture as it contains equestrian and animal welfare elements, in this way it differs from regular sports funding. The way in which Exchequer funding to the Horse and...

Written Answers — Department of Finance: Tax Collection (10 May 2023)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. From 1 May 2023,...

Written Answers — Department of Finance: State Claims Agency (10 May 2023)

Michael McGrath: I am informed by the National Treasury Management Agency that it was not possible to respond to this information request in the time available and therefore I will make arrangements to provide a response in line with Standing Order 42A.

Written Answers — Department of Finance: Revenue Commissioners (10 May 2023)

Michael McGrath: I am advised that Revenue provides a wide range of service channels to taxpayers who require assistance including online, phone, postal and an appointment service. While Revenue previously provided a traditional over the counter service in a number of their offices, changing demands of taxpayers and the need to provide an efficient and cost-effective service has resulted in the overall mix...

Written Answers — Department of Finance: Departmental Schemes (10 May 2023)

Michael McGrath: The Living City Initiative (LCI) (provided for in Finance Act 2013 and commenced on 5 May 2015) is a tax incentive aimed at the regeneration of the historic inner cities of Dublin, Cork, Galway, Kilkenny, Limerick and Waterford. The scheme provides income or corporation tax relief for qualifying expenditure incurred in refurbishing/converting qualifying buildings which are located within...

Written Answers — Department of Finance: Departmental Data (10 May 2023)

Michael McGrath: The Living City Initiative (LCI) is a scheme of property tax incentives provided for in sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within ‘Special Regeneration Areas' in Cork, Dublin, Galway,...

Written Answers — Department of Finance: National Asset Management Agency (10 May 2023)

Michael McGrath: I wish to advise the Deputy that by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing confidential debtor information, including specific details relating to loans advanced to debtors or the confidential terms of facility agreements. Generally speaking however, I am advised that NAMA may provide funding to its debtors and receivers in cases where it can...

Written Answers — Department of Finance: Tax Rebates (17 May 2023)

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. I am advised by Revenue that the HTB application of the persons...

Written Answers — Department of Finance: Financial Services (17 May 2023)

Michael McGrath: I propose to take Questions Nos. 31 and 32 together. The Government is acutely aware of recent events which are impacting on mortgage interest rates. As you know the formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB).       However, research has indicated that there is potential for existing mortgage holders...

Written Answers — Department of Finance: Banking Sector (17 May 2023)

Michael McGrath: Deposit Guarantee Schemes (DGSs) across Europe were revised and improved in 2015, with uniform protection for depositors, improved operational procedures and a harmonised target level of 0.8% of covered deposits. This target level means that as deposits grow, so too does the DGS fund. In Ireland, the DGS has been successfully invoked five times to protect depositors, most recently with the...

Written Answers — Department of Finance: Departmental Contracts (17 May 2023)

Michael McGrath: I wish to advise the Deputy that the figures sought are provided below. It should be noted that these figures refer to both the Department of Finance and the Department of Public Expenditure, National Development Plan Delivery and Reform as there is a shared service in respect of Facilities Management including cleaning for both Departments. Supplier 2021 2022 ...

Written Answers — Department of Finance: Revenue Commissioners (17 May 2023)

Michael McGrath: The capital budget allocation for the Revenue Commissioners in the years of 2021, 2022 and 2023 is as follows:  V09 Capital Allocation 2021 2022 2023 € 000 € 000 € 000 Gross Total 33,000 21,000 28,457 Appropriations in Aid 1,400 ...

Written Answers — Department of Finance: National Asset Management Agency (17 May 2023)

Michael McGrath: I refer the Deputy to my response of 10th May 2023 to question 56 which states that, by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing confidential debtor information, including specific details relating to loans advanced to individual debtors or receivers. I am advised by NAMA that, from inception to end-2022, and to end-April 2023, €5.3...

Written Answers — Department of Finance: Departmental Data (17 May 2023)

Michael McGrath: The NTMA have advised me that the investment objective of the National (Surplus) Reserve Fund is to preserve, to the extent possible, the full nominal value of the fund having regard to the credit rating of the financial institution or issuer of the investments. The NTMA has informed me that in line with that objective, the Fund is currently invested in Irish Exchequer notes at commercial...