Results 25,141-25,160 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Financial Services (30 May 2023)

Michael McGrath: Seniors Money Mortgages (Ireland) Designated Activity Company, trading as Seniors Money/Spry/Spry Finance is authorised by the Central Bank as a Retail Credit Firm (RCF). RCFs are required to comply with all relevant requirements of financial services legislation, including the regulatory requirements set out in the Central Bank's existing codes of conduct and regulations. These include:the...

Written Answers — Department of Finance: Tax Exemptions (30 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 beneficial...

Written Answers — Department of Finance: EU Budgets (30 May 2023)

Michael McGrath: Ireland’s projected contribution to the EU Budget in 2023 is currently forecasted to be €3.750 billion. Ireland’s contribution to the EU Budget in 2022 was €3.557 billion. Data on Ireland’s EU Budget receipts are published annually, for the previous year, in my Department’s Budgetary Statistics in the second half of each year – exact 2022...

Written Answers — Department of Finance: National Treasury Management Agency (30 May 2023)

Michael McGrath: I am advised that the National Treasury Management Agency (NTMA) uses two measures of National Debt. The first is Gross National Debt which is the debt incurred by the Exchequer before the deduction of cash and other financial assets. The second is Net National Debt which is the net debt incurred by the Exchequer after the deduction of cash and other financial assets. Exchequer Notes,...

Written Answers — Department of Finance: Exchequer Payments (30 May 2023)

Michael McGrath: Exchequer Notes outstanding at each year-end from 2016 to 2022 are listed in the table below. These figures are taken from the financial statements of the National Debt, as compiled by the National Treasury Management Agency. The table below also shows the amount of those Exchequer Notes held by bodies classified within the General Government sector. This information has been provided by the...

Written Answers — Department of Finance: Exchequer Payments (30 May 2023)

Michael McGrath: A purchase of Exchequer Notes by a general government body (such as NRF, NTF, SIF, etc.) would have no impact on general government spending as it is a financial transaction. When compiling the general government accounts, financial transactions are excluded in the calculation of general government receipts, expenditure and subsequently the surplus/deficit. The transaction would simply be an...

Written Answers — Department of Finance: Tax Collection (30 May 2023)

Michael McGrath: I propose to take Questions Nos. 209, 210, 211, 212 and 213 together. Local Property Tax (LPT) is a self-assessed tax charged on the market value of residential properties in the State. LPT is collected by Revenue. LPT is estimated to yield over €500 million in 2023. It is anticipated that the LPT yield will increase marginally annually, as new housing units are completed and enter the...

Written Answers — Department of Finance: Revenue Commissioners (30 May 2023)

Michael McGrath: Revenue has primary responsibility for the prevention, detection, interception and seizure of controlled drugs intended to be smuggled or illegally imported into, or exported from, the State. I am advised by Revenue that controlled drugs incorporate drug infused sweets, including cannabis and tetrahydrocannabinol (THC) infused jellies. Cannabis/THC jellies are edible products that contain...

Written Answers — Department of Finance: Tax Reliefs (30 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: Energy Conservation (30 May 2023)

Michael McGrath: A new tax incentive was introduced in Finance Act 2022 for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of attracting and retaining small-scale landlords in the private rental sector. This measure is provided for in section 97B of the Taxes Consolidation Act 1997. The provision is intended to provide for a deduction of certain...

Written Answers — Department of Finance: Rental Sector (30 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. Claims in respect of the 2022 year of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that year. For claims relating to 2023, PAYE...

Written Answers — Department of Finance: Rental Sector (30 May 2023)

Michael McGrath: The Central Bank of Ireland, as part of its independent mandate to preserve and protect financial stability in Ireland, has statutory responsibility for the regulation of mortgage lending by banks and other Central Bank regulated mortgage lending institutions operating in Ireland. In line with this mandate it has introduced certain macroprudential measures for residential mortgage lending....

Written Answers — Department of Finance: Insurance Industry (30 May 2023)

Michael McGrath: I note that the question refers to the cost of insurance for a specific business. At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). Nevertheless, this Government is aware that certain business...

Written Answers — Department of Finance: Childcare Services (30 May 2023)

Michael McGrath: I wish to inform the Deputy that the Department of Finance does not assist or make financial contribution to, the sourcing or provision of childcare or creche facilities for the children of staff members of any grade or position.

Written Answers — Department of Finance: Exchequer Returns (30 May 2023)

Michael McGrath: My Department published estimates of the structural budget balance for 2023 in the Government's Stability Programme Update last month. The estimates show a modest structural surplus (c.0.8 per cent of GNI*) for this year. However, these are subject to considerable uncertainty as has been highlighted on many occasions by my Department. It is certainly the case that the economy is at full...

Written Answers — Department of Finance: Tax Exemptions (30 May 2023)

Michael McGrath: As the Deputy will be aware VAT operates on two monthly cycles, consequently the Dáil passed a Financial Resolution on 18 April 2023 to allow this important measure in relation to solar panels to come into effect on 1 May, which was the start of the next VAT period. If I had waited until the Finance Bill passed through the Oireachtas and was signed into law, the measure would not...

Written Answers — Department of Finance: Tax Code (30 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 respect of which Member States may apply reduced rates of VAT. Under VAT law,...

Written Answers — Department of Finance: Tax Yield (30 May 2023)

Michael McGrath: I propose to take Questions Nos. 224 and 225 together. I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide an accurate estimate of VAT collected on the assistive technology scheme in schools using information provided on tax returns.

Written Answers — Department of Finance: Departmental Expenditure (30 May 2023)

Michael McGrath: I wish to advise the Deputy that the following payments were made by my Department in 2022. Consulting firms €608,133 Accountancy firms €0 Legal costs €232,057 HR Specialists €9,322 *Consultancy - €168,790 was recouped from the banks **HR Specialists -...

Written Answers — Department of Finance: Financial Services (30 May 2023)

Michael McGrath: I propose to take Questions Nos. 227 and 228 together. There is a comprehensive consumer protection framework in place to ensure that Central Bank regulated entities are transparent and fair in all their dealings with borrowers, and that borrowers are protected from the beginning to the end of the mortgage life cycle; for example, through protections at the initial marketing/advertising...