Results 25,101-25,120 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I propose to take Questions Nos. 208 and 209 together. Budget 2023 provided for the transfer of €6 billion from the budgetary surplus to the National Reserve Fund (NRF). This was operationalised via the transfer of €2 billion in September last year, followed by the transfer of €4 billion in February of this year. The National Reserve Fund is within the General...

Written Answers — Department of Finance: Tax Code (18 May 2023)

Michael McGrath: The Programme for Government commits to indexing income tax credits and bands, as incomes rise, to prevent an increase in the real burden of tax and to ensure that low-income workers are not brought into the tax net. The medium-term budgetary strategy set out in the Summer Economic Statement 2021 assumes a tax package of €500 million each year. This assumption will be reviewed as...

Written Answers — Department of Finance: Tax Data (18 May 2023)

Michael McGrath: The Programme for Government, “Our Shared Future”, states that “from Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax net because of no changes to...

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

Michael McGrath: The Ireland Strategic Investment Fund (“ISIF”), which is part of the NTMA, has a mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The ISIF Impact Strategy prioritises the use of its capital and resources to address strategic challenges and focuses its efforts on making transformational investments across its...

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

Michael McGrath: I am aware of the media reports of the incident in Australia which the Deputy has referred to. I am not aware of any instances of leaking of confidential State documents in the manner referred to or by the firm involved in Ireland. I am advised that the Official Secrets Act 1963 would apply to any appointments to Government Commissions or Committees of a similar nature in Ireland and would...

Written Answers — Department of Finance: Banking Sector (18 May 2023)

Michael McGrath: 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 the interest rates offered by banks on monies held on...

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

Michael McGrath: I am advised by Revenue that the breakdown of new Category A (passenger car) registrations in each VRT band for 2021, 2022 and to the end of March 2023 is provided in the table below. VRT Band 2021 2022 2023 Band 01 15,603 23,907 14,078 Band 02 999 479 144 Band...

Written Answers — Department of Finance: Rights of People with Disabilities (18 May 2023)

Michael McGrath: 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 organisations. In order to qualify for relief, the applicant must hold a Primary...

Written Answers — Department of Finance: Tax Yield (23 May 2023)

Michael McGrath: 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 January 2024. Therefore,...

Written Answers — Department of Finance: Tax Code (23 May 2023)

Michael McGrath: Section 257 of the Taxes Consolidation Act 1997 requires all deposit takers to deduct Deposit Interest Retention Tax (DIRT) from payments of interest made to an account unless the account qualifies as an exempt account. Information on the accounts to which a DIRT exemption may apply is contained in Tax and Duty Manual Part 08-04-08, which is available on the Revenue website at...

Written Answers — Department of Finance: Housing Schemes (23 May 2023)

Michael McGrath: People who have been separated or divorced may be eligible for Help to Buy (HTB) provided that they meet the eligibility criteria for the scheme. However, s. 477C of the Taxes Consolidation Act 1997 (TCA) requires that HTB claimants must be first-time purchasers. First-time purchaser, for the purposes of HTB is defined as: "an individual who, at the time of a claim under subsection...

Written Answers — Department of Finance: Budget Process (23 May 2023)

Michael McGrath: As the Deputy will recall, the Tax Policy Changes document published as part of Budget 2023 set out both the first and full year cost of taxation measures. Carryover is calculated as the difference between the effect on a full year and that on 2023. The impact of carryover will be reviewed as part of the normal budgetary process, as there are several moving parts to be considered, such as the...

Written Answers — Department of Finance: Tax Yield (23 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 22, the estimated full year cost or yield of potential changes to Mineral Oil Tax rates for Diesel. The Ready Reckoner is available at the following link: www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf Based on the volume of diesel...

Written Answers — Department of Finance: Departmental Data (23 May 2023)

Michael McGrath: I propose to take Questions Nos. 228 and 229 together. In relation to Dail Question No. 228 (Ref: 24123/23), I am advised by Revenue that a breakdown of new car sales based on car body type in each VRT band for 2020, 2021, 2022 and to the end of March 2023 is provided in the table below. To protect taxpayer confidentiality and adhere to Revenue’s statistical disclosure protocol, values...

Written Answers — Department of Finance: Interest Rates (23 May 2023)

Michael McGrath: While individual insolvency proposals and arrangements are matters for the parties to a particular insolvency situation, I nevertheless welcome the judgement in the recent case to which the Deputy refers. I believe that mortgage creditors should note that case and I would encourage mortgage creditors to consider all possible options to assist their borrowers experiencing mortgage...

Written Answers — Department of Finance: Tax Code (23 May 2023)

Michael McGrath: Finance Act 2021 introduced Part 22A Residential Zoned Land Tax (RZLT) into the Taxes Consolidation Act 1997. The RZLT is designed to prompt residential development by landowners of land that is zoned for residential or mixed-use (including residential) purposes and that is serviced. RZLT is an annual tax, calculated at a rate of 3 of the market value of the land within its scope. The tax...

Written Answers — Department of Finance: Wildlife Conservation (23 May 2023)

Michael McGrath: I wish to advise the Deputy that my Department, currently, has no policy in place to install structures - artificial or otherwise - which may provide shelter and habitat space for wild species. My Department recognises its responsibility to support Ireland’s environmental and wider sustainable development objectives. To this effect, a Green Committee was established in the Department...

Written Answers — Department of Finance: Legislative Process (23 May 2023)

Michael McGrath: I thank the Deputy for his question. I am aware that the prompt enactment of this Credit Union (Amendment) Bill is widely sought by credit unions and both Minister Carroll MacNeill and I are working hard to progress this legislation as quickly as possible. However, at present, it is not possible to determine the precise timeframe by which the Bill will complete all stages in the Dáil. ...

Written Answers — Department of Finance: Business Supports (23 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 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 businesses in respect of energy costs relating to the period from 1...

Written Answers — Department of Finance: Tax Reliefs (23 May 2023)

Michael McGrath: The following table lists the tax reliefs specific to the farming sector which are due to expire in either 2023 or 2024, including the relevant legislative provision and sunset date: Relief Legislative provision Sunset Stamp Duty Consanguinity Relief on Non-Residential Transfers Schedule 1 Stamp Duties Consolidation Act 1999 31...