Results 25,081-25,100 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Individual investors who are tax resident in Ireland may be subject to exit tax at a rate of 41% on the following types of investments under what is known as the “gross roll-up” taxation regime:Investments in Irish funds,Investments in life policies,Investments in offshore funds, and Investments in offshore life policies.The taxation of individuals who are not tax resident in...

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

Michael McGrath: I am advised by Revenue that the Revenue Ready Reckoner can be used to estimate the effect of changes to the tax code, including on page 23, the estimated full year cost or yield of potential changes to the Carbon tax rates. The Ready Reckoner is available at the following link: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf

Written Answers — Department of Finance: Universal Social Charge (17 May 2023)

Michael McGrath: The Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace the Health and Income Levies.  Its primary purpose 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 individualised tax, meaning that a person’s liability to the tax is determined on the...

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

Michael McGrath: I am advised by Revenue that the estimated costs to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy of increasing the tax bands by 10% are €810 million and €935 million respectively.

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

Michael McGrath: My Department has not released any funds under the per cent for art scheme in any of the five years to date in 2023.

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

Michael McGrath: In relation to the broader issue raised by the Deputy, the bank branch network has reduced in recent years, as the landscape for the provision of banking services has evolved. In light of this changing landscape, my Department completed a broad-ranging review of the retail banking sector. Its final report was published in November 2022 and is available on the website of the Department of...

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

Michael McGrath: As the Deputy will be aware, the Administrator of an insurance company is an officer of the court appointed by the High Court under the Insurance Act (No.2) 1983 as amended. Accordingly, the provision of reports of the Administrator is a matter for the President of the High Court and is independent of me, or my Department.

Finance Act 2022 (Temporary Business Energy Support Scheme) (Specified Period) (No. 2) Order 2023: Motion (24 May 2023)

Michael McGrath: I move: That Dáil Éireann approves the following Regulations in draft: Finance Act 2022 (Temporary Business Energy Support Scheme) (Specified Period) (No. 2) Order 2023, a copy of which was laid in draft form before Dáil Éireann on 19th May, 2023.

Written Answers — Department of Finance: Illicit Trade (16 May 2023)

Michael McGrath: I propose to take Questions Nos. 260, 267, 268, 270, 271 and 272 together. I am advised that each year since 2009, Revenue, in conjunction with the HSE’s National Tobacco Control Office, has commissioned Ipsos MRBI to conduct independent market research among smokers about the source of their cigarettes. The survey is an independent research study into illegal tobacco products...

Written Answers — Department of Finance: Banking Sector (16 May 2023)

Michael McGrath: I propose to take Questions Nos. 261, 262 and 263 together. Deposit interest rates are a means for banks to attract or maintain a stable source of funding. The determination of the rate of interest to offer to attract depositors is a commercial decision, which is the sole responsibility of the board and management of each bank. Neither the Central Bank of Ireland nor I have a role in setting...

Written Answers — Department of Finance: Housing Schemes (16 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 on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Code (16 May 2023)

Michael McGrath: Under the provisions of the Horse and Greyhound Racing Act 2001, from 2001-2008 the Horse and Greyhound Racing Fund received a guaranteed level of funding each year, which was based on betting duty receipts from the preceding year, subject to a minimum level based on the year 2000 amount, adjusted for inflation. In 2009, given the economic climate at the time, the funding basis was...

Written Answers — Department of Finance: Housing Schemes (16 May 2023)

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...

Written Answers — Department of Finance: Defective Building Materials (16 May 2023)

Michael McGrath: I appreciate the difficulties being faced by Mica homeowners and, as the Deputy is aware, the Government response on this issue is led by my colleague the Minister for Housing, Local Government and Heritage. The provision of bridging loans or any other form of credit by Central Bank regulated entities, subject to complying with the general legal and regulatory requirements which govern...

Written Answers — Department of Finance: Social Media (16 May 2023)

Michael McGrath: During the timeframe specified by the Deputy, none of my Department’s social media posts were exclusively in Irish and 0.5% featured bilingual translations. My Department intends to increase its Irish content, especially around regular posts such as the exchequer returns. Those bodies under the aegis of my Department with social media accounts have advised as follows: Between 1...

Written Answers — Department of Finance: Equality Issues (16 May 2023)

Michael McGrath: My Department adheres fully to its requirements as set out by the Disability Act of 2005. The Department has an appointed Disability Liaison Officer (DLO) who liaises closely with both current staff and those in the pre-employment process to ensure that employees are supported in terms of disclosing any disabilities and in facilitating reasonable accommodations that they may require. The DLO...

Written Answers — Department of Finance: Tax Appeals Commission (16 May 2023)

Michael McGrath: I am advised by Revenue that in this context the “four-year rule” is the general four-year time limit on a Revenue officer’s right to make or amend assessments. This time limit runs from the end of the year of assessment (that is, the tax year or company accounting period) in which the tax return is filed. For example, if an individual filed an income tax return and...

Written Answers — Department of Finance: Vacant Properties (16 May 2023)

Michael McGrath: As the Deputy is aware, the Vacant Homes Tax is a new measure announced in Budget 2023, which aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. The first chargeable period commenced on 1 November 2022. The first self-assessed returns are due on 7 November this year and the tax will be payable on 1...

Written Answers — Department of Finance: Departmental Schemes (18 May 2023)

Michael McGrath: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA 1997) provides for the ‘Cycle to Work’ scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a new bicycle for an employee or director up to certain limits, and subject to certain conditions being satisfied. Associated safety equipment may also be provided, which is subject to the...

Written Answers — Department of Finance: National Debt (18 May 2023)

Michael McGrath: The NTMA have advised me that at end-April 2023, Ireland’s Gross National Debt stood at €235.9bn. The National Reserve Fund (NRF) is currently invested in Exchequer Notes. All things being equal, any reduction in NRF holdings of Exchequer Notes would result in a corresponding reduction in Ireland’s Gross National Debt.